Latest Ratios: P/E Ratio -3.7x · EV/EBITDA N/A · ROE -51.5%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7M | $6M | $6M | $3M | $806316 | $30M | $122M | $16M | $14M | $18M | $8M |
| Enterprise Value | $6M | $5M | $1M | $-1923474 | $3M | $31M | $124M | $20M | $17M | $19M | $7M |
| P/E Ratio → | -3.73 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.10 | 2.73 | 101.00 | 10.22 | 0.73 | 39.07 | 68.73 | 24.41 | 8277.40 | — | — |
| P/B Ratio | 3.53 | 3.11 | 1.15 | 0.61 | 0.13 | 2.14 | — | — | — | 6.11 | 1.72 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.49 | 24.01 | -7.11 | 2.62 | 40.99 | 70.36 | 31.32 | 9761.72 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.2% | 99.2% | 29.7% | 62.0% | 44.4% | 100.0% | 81.4% | 63.2% | -352542.7% | — | — |
| Operating Margin | -99.0% | -99.0% | -7923.6% | -4002.1% | -2044.6% | -2014.2% | -449.0% | -1409.2% | -372249.5% | — | — |
| Net Profit Margin | -82.1% | -82.1% | -7056.2% | -3513.3% | -2026.7% | -2322.0% | -497.2% | -1447.9% | -285968.3% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -51.5% | -51.5% | -84.1% | -173.4% | -220.5% | -277.3% | — | — | -408.7% | -87.2% | -106.9% |
| ROA | -50.2% | -50.2% | -81.1% | -120.4% | -152.8% | -148.4% | -204.4% | -324.2% | -146.0% | -75.3% | -95.2% |
| ROIC | -159.8% | -159.8% | -1346.7% | -193.8% | -141.9% | -134.7% | -295.4% | -327.5% | -178.7% | -145.0% | -109.4% |
| ROCE | -62.1% | -62.1% | -94.5% | -197.5% | -210.4% | -185.3% | -436.4% | -453.0% | -256.9% | -181.0% | -123.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.58 | 0.23 | — | — | — | 0.20 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.27 | -0.87 | -1.03 | 0.33 | 0.11 | — | — | — | 0.14 | -0.19 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -150.24 | -146.99 | -11.72 | -15.33 | -83.52 | -981.83 | — |
Net cash position: cash ($527388) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.17 | 10.17 | 134.50 | 15.14 | 0.44 | 0.70 | 0.80 | 0.13 | 0.10 | 0.22 | 3.82 |
| Quick Ratio | 10.17 | 10.17 | 134.50 | 15.14 | 0.44 | 0.70 | 0.80 | 0.13 | 0.10 | 0.22 | 3.82 |
| Cash Ratio | 3.69 | 3.69 | 116.63 | 14.59 | 0.35 | 0.50 | 0.58 | 0.08 | 0.03 | 0.19 | 3.69 |
| Asset Turnover | — | 1.06 | 0.01 | 0.06 | 0.10 | 0.04 | 0.32 | 0.21 | 0.00 | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 139.75 | — | 24.58 | 20.74 | 58.73 | 95.93 | 19.17 | 751.21 | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $5M | $3M | $912717 | $103773 | $59551 | $40519 | $29300 | $22493 | $19000 | $13503 |
Imminent liquidity and dilution
According to recent market data, Versus Systems trades at a P/S ratio of 2.81, a multiple that appears disconnected from the company's negative earnings and the extreme risk of insolvency indicated by its minimal cash reserves of approximately $527,388 as of the latest reporting period.
The current valuation suggests investors are pricing in a high-growth software trajectory that remains unproven by the company's erratic revenue history. Given the lack of positive earnings or free cash flow, traditional multiples like P/E are non-meaningful, leaving the stock highly sensitive to retail sentiment rather than fundamental value.
As reported in financial statements, the company maintains gross margins frequently near 100%, yet this metric fails to reflect true earning power because operating margins remain deeply negative at -98.99%, indicating that the business model is currently unable to cover its core administrative and research expenses.
The high gross margin is a structural artifact of the company's role as a software intermediary rather than a prize fulfiller. However, this efficiency is entirely negated by the massive overhead required to maintain the platform, suggesting that the company's path to profitability is obstructed by an unsustainable cost structure.
Based on quarterly data, the company's asset turnover remains extremely low, often near 0.00, which suggests that Versus Systems is struggling to generate meaningful revenue from its existing asset base, further complicating the company's ability to achieve operational self-sufficiency in the near term.
The erratic nature of the company's DSO, which reached 20,267 in 2025Q4, implies significant friction in converting project-based contracts into actual cash inflows. This inefficiency forces the company to rely on external financing, as the internal cash conversion cycle is currently too unstable to support ongoing operations.
According to recent SEC filings, the company's cash position of $527,388 provides a dangerously thin margin of safety, especially when compared to the historical quarterly cash burn rates that have consistently eroded the company's total asset base over the past several reporting periods.
While the current ratio appears high in certain quarters due to accounting anomalies, the underlying liquidity is poor, as the company lacks the recurring revenue streams necessary to sustain its operations. Investors should monitor the company's ability to secure additional funding, as the current liquidity position appears insufficient for long-term survival.
Analysts frequently misapply the P/S ratio to Versus Systems, failing to account for the fact that the company's revenue is largely project-based and non-recurring, which obscures the reality that the firm is essentially a high-burn service provider rather than a scalable, high-margin software-as-a-service enterprise.
Using P/S as a primary valuation tool ignores the massive gap between revenue and cash generation, leading to an overestimation of the company's intrinsic value. A more appropriate metric would be the 'Burn-to-Revenue' ratio, which would better highlight the company's persistent reliance on external capital to fund its operations.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying VS stock.
Versus Systems Inc.'s current P/E ratio is -3.7x. This places it at the 50th percentile of its historical range.
Versus Systems Inc.'s return on equity (ROE) is -51.5%. The historical average is -142.5%.
Based on historical data, Versus Systems Inc. is trading at a P/E of -3.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Versus Systems Inc. has 99.2% gross margin and -99.0% operating margin.