Latest Ratios: P/E Ratio -2.3x · EV/EBITDA N/A · ROE 1.8%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $1.8B | $19M | $955M | $2.1B | $2.9B | $3.7B | $2.1B | $1.9B | $1.6B | $834M |
| Enterprise Value | $2.5B | $3.0B | $6.1B | $6.1B | $4.5B | $3.4B | $4.2B | $2.5B | $1.9B | $1.8B | $846M |
| P/E Ratio → | -2.34 | 417.91 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.98 | 2.70 | 0.02 | 1.18 | 2.71 | 5.01 | 7.04 | 4.42 | 1.80 | 1.71 | 0.57 |
| P/B Ratio | 1.00 | 1.93 | — | 1.08 | 1.27 | 1.17 | 1.75 | 1.00 | 0.95 | 0.76 | 0.38 |
| P/FCF | — | — | — | — | — | — | — | — | 32.45 | — | 6.47 |
| P/OCF | — | — | — | — | — | — | — | — | 9.61 | 9.13 | 3.86 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.54 | 8.05 | 7.53 | 5.91 | 6.02 | 7.95 | 5.21 | 1.77 | 1.90 | 0.57 |
| EV / EBITDA | — | — | — | — | — | — | — | — | 13.87 | 15.48 | 6.94 |
| EV / EBIT | — | 18.87 | — | — | — | — | — | — | 123.36 | 924.98 | — |
| EV / FCF | — | — | — | — | — | — | — | — | 31.92 | — | 6.56 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -34.9% | -34.9% | -16.1% | 9.6% | 32.0% | 36.4% | 28.6% | 30.6% | 34.8% | 32.5% | 29.8% |
| Operating Margin | -82.6% | -82.6% | -175.4% | -52.8% | -41.1% | -35.5% | -40.4% | -40.7% | 1.4% | 0.2% | -1.9% |
| Net Profit Margin | 0.7% | 0.7% | -212.4% | -107.1% | -43.5% | -35.1% | -99.7% | -40.7% | -28.6% | -30.3% | -6.7% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.8% | 1.8% | -739.9% | -69.0% | -16.2% | -8.8% | -24.9% | -9.3% | -15.0% | -13.0% | -4.3% |
| ROA | 0.1% | 0.1% | -21.7% | -11.9% | -6.3% | -5.5% | -15.7% | -6.3% | -11.3% | -10.6% | -3.6% |
| ROIC | -10.6% | -10.6% | -17.1% | -6.4% | -6.6% | -5.4% | -6.3% | -6.4% | 0.5% | 0.1% | -0.9% |
| ROCE | -43.3% | -43.3% | -37.5% | -6.4% | -6.6% | -6.2% | -7.1% | -7.0% | 0.6% | 0.1% | -1.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.93 | 1.93 | — | 7.00 | 2.58 | 0.42 | 0.41 | 0.39 | 0.23 | 0.14 | 0.07 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 3.40 | 2.57 | 1.19 |
| Net Debt / Equity | — | 1.31 | — | 5.81 | 1.50 | 0.24 | 0.23 | 0.18 | -0.02 | 0.08 | 0.01 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | -0.23 | 1.53 | 0.10 |
| Debt / FCF | — | — | — | — | — | — | — | — | -0.52 | — | 0.10 |
| Interest Coverage | 1.06 | 1.06 | -4.14 | -1.32 | -5.10 | -8.64 | -6.49 | -5.50 | 1.29 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.86 | 6.86 | 0.36 | 4.51 | 5.74 | 4.54 | 3.29 | 5.47 | 5.27 | 3.58 | 5.19 |
| Quick Ratio | 5.85 | 5.85 | 0.29 | 3.82 | 5.28 | 3.94 | 2.92 | 5.05 | 4.57 | 2.97 | 3.85 |
| Cash Ratio | 4.70 | 4.70 | 0.15 | 3.27 | 4.71 | 3.09 | 2.57 | 4.26 | 3.92 | 1.56 | 2.88 |
| Asset Turnover | — | 0.22 | 0.11 | 0.10 | 0.12 | 0.15 | 0.15 | 0.15 | 0.38 | 0.35 | 0.56 |
| Inventory Turnover | 3.83 | 3.83 | 1.95 | 1.58 | 1.79 | 1.58 | 2.25 | 2.68 | 3.76 | 4.12 | 3.64 |
| Days Sales Outstanding | — | 103.50 | 426.43 | 130.54 | 127.67 | 188.21 | 71.04 | 61.26 | 43.63 | 35.00 | 38.76 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | 0.2% | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | 3.1% | — | 15.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 12.5% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 12.5% |
| Shares Outstanding | — | $39M | $47M | $42M | $42M | $40M | $38M | $36M | $35M | $33M | $33M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying WOLF stock.
Wolfspeed Inc.'s current P/E ratio is -2.3x. The historical average is 30.3x.
Wolfspeed Inc.'s return on equity (ROE) is 1.8%. The historical average is -1.8%.
Based on historical data, Wolfspeed Inc. is trading at a P/E of -2.3x. Compare with industry peers and growth rates for a complete picture.
Wolfspeed Inc. has -34.9% gross margin and -82.6% operating margin.
Key Metrics
Top Statement Risk
Persistent negative gross margins
Metrics are mathematically derived from official filings.
Sales Multiple Prices Future Capacity Payoff
Based on reported figures, WOLF trades at 1.73 times sales with a P/E of -0.70 and no usable EV/EBITDA, meaning the market is valuing the company on revenue potential rather than current earnings that do not exist.
Negative trailing earnings make the P/E figure economically meaningless as a valuation anchor, so the 1.73 times price-to-sales ratio becomes the most relevant reference point. Compared with the profitable peers in the group, which carry sales multiples implied by their margins, a sales-based valuation for a company with a -175.4% operating margin suggests investors are pricing in a successful 200mm ramp that has not yet appeared in the income statement. Investors should monitor whether revenue, which has contracted, can support that implied expectation.
Gross Margin Trapped Below Breakeven
As reported in financial statements, WOLF's gross margin moved from 1.1% in 2024Q4 to -21.9% in 2027Q1, with most recent quarters negative, indicating unit costs of fab operation exceed selling prices.
The gross margin is the cleanest signal of earning power here because operating losses are driven largely by fixed fab costs sitting below the gross line. A negative gross margin paired with declining revenue suggests underutilization is the binding constraint rather than pricing, and a permanent margin shift would require yield stabilization at 200mm scale. Investors should treat non-GAAP adjustments that exclude start-up and underutilization charges with caution, as they may understate the true cost of maintaining the current capacity base.
Leverage Metrics Unstable Through Restructuring
Based on Wolfspeed's reported figures, debt-to-equity swung from 21.15 in 2025Q3 to a zero reading in 2026Q1 before total debt of $1.7B reappeared in 2027Q1, pointing to a capital structure reshaped by restructuring rather than steady deleveraging.
Interest coverage is negative in most recent quarters, so debt service is being met from balance sheet resources rather than operating earnings, which warrants close attention given the cash balance declined from $1.0B to $411.3M. The volatility in reported leverage ratios makes trend comparisons unreliable and suggests investors should verify the debt schedule and any refinancing terms directly in filings. Covenant and refinancing risk appears elevated relative to the company's current cash-generating capacity.
Headline Liquidity Masks Thinning Cash Buffer
According to recent SEC filings, WOLF's current ratio of 6.20 and quick ratio of 5.35 appear strong, yet cash fell from $1.0B to $411.3M over the sample while free cash flow stayed negative in each reported quarter.
Current and quick ratios well above 5 look reassuring on paper, but they are inflated by the composition of current assets and do not reflect the pace at which cash is being consumed. Dividing reported cash by the cumulative quarterly burn suggests the runway is shorter than the ratio alone implies. Under a stress scenario in which capex cannot be deferred, the current liquidity position may prove insufficient without new financing, and investors should monitor cash balances against the expected timing of fab utilization gains.
Misapplied Ratio: Current Ratio Obscures Burn
The current ratio is the most commonly misapplied metric for WOLF because a figure above 6 suggests safety while the company has consumed cash across every reported quarter and carries negative equity in certain periods.
For a capital-intensive fab business in ramp, the current ratio is misleading because it measures short-term asset coverage without accounting for multi-year capex commitments that are not classified as current liabilities. A more informative approach would be to use cash runway, defined as cash divided by trailing free cash burn, alongside committed capex. The alternative framing suggests investors should weigh the risk that headline liquidity could erode faster than the ratio implies if utilization and yield gains are delayed.