Latest Ratios: P/E Ratio 137.6x · EV/EBITDA 10.5x · ROE 0.6%. (1999–2025 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 | $36M | $47M | $75M | $104M | $51M | $70M | $28M | $38M | $25M | $21M | $10M |
| Enterprise Value | $25M | $37M | $66M | $94M | $47M | $60M | $23M | $38M | $23M | $16M | $7M |
| P/E Ratio → | 137.55 | 183.41 | 56.25 | 12.30 | 26.00 | 28.00 | 18.53 | — | 30.98 | 6.44 | 5.08 |
| P/S Ratio | 1.59 | 2.11 | 2.86 | 2.68 | 1.80 | 2.88 | 1.45 | 2.02 | 1.40 | 1.26 | 0.67 |
| P/B Ratio | 0.78 | 1.04 | 1.65 | 2.39 | 1.51 | 2.26 | 2.37 | 3.71 | 2.39 | 2.01 | 1.63 |
| P/FCF | 11.59 | 15.41 | — | 18.69 | — | — | 12.28 | — | 16.51 | 8.29 | 7.24 |
| P/OCF | 7.76 | 10.32 | 59.93 | 15.54 | — | — | 12.28 | — | 13.86 | 7.87 | 5.96 |
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 | — | 1.63 | 2.49 | 2.42 | 1.66 | 2.46 | 1.22 | 2.02 | 1.26 | 0.96 | 0.43 |
| EV / EBITDA | 10.49 | 15.45 | 19.21 | 7.94 | 12.06 | 29.41 | 12.22 | 44.24 | 17.69 | 10.07 | 2.93 |
| EV / EBIT | 56.80 | 83.61 | 32.84 | 9.03 | 18.11 | 41.32 | 18.95 | 144.05 | 22.85 | 12.16 | 3.20 |
| EV / FCF | — | 11.90 | — | 16.88 | — | — | 10.35 | — | 14.88 | 6.31 | 4.70 |
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 | 67.9% | 67.9% | 73.7% | 70.7% | 57.4% | 46.7% | 62.3% | 51.9% | 61.1% | 61.9% | 61.9% |
| Operating Margin | 2.0% | 2.0% | 7.6% | 26.8% | 9.2% | 6.0% | 6.4% | 1.4% | 5.5% | 7.9% | 13.6% |
| Net Profit Margin | 1.2% | 1.2% | 5.2% | 23.6% | 6.9% | 10.4% | 7.7% | -0.4% | 4.5% | 19.7% | 13.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.6% | 0.6% | 3.1% | 23.8% | 6.0% | 11.8% | 13.5% | -0.7% | 7.8% | 38.8% | 38.0% |
| ROA | 0.4% | 0.4% | 2.0% | 14.7% | 3.8% | 7.0% | 7.4% | -0.5% | 5.4% | 26.3% | 23.9% |
| ROIC | 0.9% | 0.9% | 4.3% | 24.7% | 7.7% | 7.7% | 10.5% | 2.1% | 11.1% | 24.1% | 80.6% |
| ROCE | 0.8% | 0.8% | 3.6% | 21.0% | 6.0% | 5.1% | 8.6% | 2.1% | 9.1% | 15.3% | 38.4% |
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 | 0.17 | 0.17 | 0.18 | 0.20 | 0.28 | 0.30 | 0.21 | 0.14 | 0.00 | 0.01 | 0.01 |
| Debt / EBITDA | 3.31 | 3.31 | 2.42 | 0.74 | 2.46 | 4.59 | 1.32 | 1.72 | 0.01 | 0.06 | 0.01 |
| Net Debt / Equity | — | -0.24 | -0.21 | -0.23 | -0.12 | -0.33 | -0.37 | 0.01 | -0.23 | -0.48 | -0.57 |
| Net Debt / EBITDA | -4.55 | -4.55 | -2.87 | -0.85 | -1.01 | -5.06 | -2.28 | 0.07 | -1.93 | -3.16 | -1.58 |
| Debt / FCF | — | -3.50 | — | -1.81 | — | — | -1.93 | — | -1.62 | -1.98 | -2.54 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($19M) exceeds total debt ($8M)
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 | 3.97 | 3.97 | 4.61 | 3.16 | 3.49 | 4.43 | 2.41 | 2.65 | 2.87 | 2.30 | 2.57 |
| Quick Ratio | 2.70 | 2.70 | 3.10 | 2.37 | 2.51 | 3.77 | 1.93 | 2.20 | 2.43 | 1.91 | 2.18 |
| Cash Ratio | 1.82 | 1.82 | 1.87 | 1.20 | 1.38 | 2.61 | 0.94 | 0.76 | 1.66 | 1.16 | 1.10 |
| Asset Turnover | — | 0.34 | 0.40 | 0.55 | 0.53 | 0.49 | 0.84 | 1.07 | 1.19 | 1.11 | 1.58 |
| Inventory Turnover | 0.55 | 0.55 | 0.48 | 0.92 | 1.26 | 2.60 | 2.04 | 4.62 | 4.36 | 3.66 | 4.52 |
| Days Sales Outstanding | — | 103.79 | 146.49 | 165.43 | 135.27 | 117.16 | 129.78 | 114.99 | 48.47 | 59.64 | 78.17 |
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 | 0.7% | 0.5% | 1.8% | 8.1% | 3.8% | 3.6% | 5.4% | — | 3.2% | 15.5% | 19.7% |
| FCF Yield | 8.6% | 6.5% | — | 5.3% | — | — | 8.1% | — | 6.1% | 12.1% | 13.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.8% | 1.5% | 0.5% | 5.3% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.8% | 1.5% | 0.5% | 5.3% |
| Shares Outstanding | — | $11M | $11M | $11M | $11M | $10M | $8M | $8M | $8M | $8M | $8M |
Lumpy government procurement cycles
Based on current market data, VTSI trades at a P/S of 1.65 and a P/E of 142.79, suggesting that investors are pricing the firm as a distressed hardware manufacturer rather than a high-margin software provider, despite the potential for long-term liability mitigation value within its training ecosystem.
The elevated P/E ratio appears to be a function of depressed earnings rather than premium growth expectations, as the company struggles with recent revenue contraction. Investors should monitor whether the market continues to apply a hardware-centric discount or if the transition to the STEP subscription model eventually warrants a re-rating toward software-as-a-service multiples.
As reported in recent financial statements, VTSI's ROIC has deteriorated from a peak of 7.7% in 2023Q4 to -2.9% in 2026Q1, indicating that the company is currently failing to generate returns above its cost of capital during this period of top-line revenue decline.
The sharp decline in return on capital suggests that the company's fixed-cost base is not scaling effectively with current demand levels. This trend warrants further investigation into whether the recent investments in proprietary V-VICTA content will eventually drive higher returns or if the current asset base remains underutilized due to procurement delays.
According to quarterly filings, VTSI's cash conversion cycle has expanded significantly, reaching 1012 days in 2026Q1, which highlights the extreme difficulty in managing inventory and receivables within a business model heavily dependent on lumpy, long-cycle government contract execution.
The bloated DIO and DSO figures suggest that the company is carrying significant inventory and facing extended payment terms from municipal clients. This inefficiency implies that the company's cash flow is highly sensitive to the timing of contract milestones, making operational liquidity vulnerable to even minor delays in government budget approvals.
Based on the latest reported figures, VTSI maintains a current ratio of 3.89 and a quick ratio of 2.45, providing a substantial liquidity cushion that appears sufficient to navigate the current revenue volatility without the immediate need for external debt financing.
The company's decision to maintain a significant cash position relative to its size serves as a critical defensive mechanism against the inherent unpredictability of its project-based revenue. While this conservative stance protects against insolvency, it also suggests that management is prioritizing capital preservation over aggressive expansion during this period of operational strain.
The P/E ratio is frequently misapplied to VTSI because it obscures the company's transition from a transactional hardware model to a recurring subscription model, failing to account for the high non-cash depreciation and R&D expenses that currently suppress reported net income.
Investors should instead focus on EV/Sales or adjusted EBITDA metrics to better capture the underlying value of the STEP subscription program. Relying on P/E in this context may lead to an overly pessimistic view of the company's earning power, as it ignores the potential for margin expansion once the recurring revenue base reaches critical mass.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying VTSI stock.
VirTra, Inc.'s current P/E ratio is 137.6x. The historical average is 44.6x. This places it at the 92th percentile of its historical range.
VirTra, Inc.'s current EV/EBITDA is 10.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.7x.
VirTra, Inc.'s return on equity (ROE) is 0.6%. The historical average is 35.7%.
Based on historical data, VirTra, Inc. is trading at a P/E of 137.6x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
VirTra, Inc. has 67.9% gross margin and 2.0% operating margin.
VirTra, Inc.'s Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.