Latest Ratios: P/E Ratio -10.1x · EV/EBITDA N/A · ROE -101.8%. (2021–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Market Cap | $122M | — | — | — | — |
| Enterprise Value | $115M | — | — | — | — |
| P/E Ratio → | -10.12 | — | — | — | — |
| P/S Ratio | 16.39 | — | — | — | — |
| P/B Ratio | 9.49 | — | — | — | — |
| P/FCF | 352.49 | — | — | — | — |
| P/OCF | 339.04 | — | — | — | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Gross Margin | 40.3% | 40.3% | 67.1% | 75.8% | 75.6% |
| Operating Margin | -143.0% | -143.0% | 29.3% | 53.4% | -647.0% |
| Net Profit Margin | -160.7% | -160.7% | 24.8% | 53.7% | -592.3% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| ROE | -101.8% | -101.8% | 20.1% | 41.1% | -183.3% |
| ROA | -37.7% | -37.7% | 6.8% | 13.2% | -25.8% |
| ROIC | -59.4% | -59.4% | 13.4% | 20.3% | -38.0% |
| ROCE | -88.6% | -88.6% | 23.2% | 40.9% | -195.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.27 | 0.37 | 2.95 |
| Debt / EBITDA | — | — | 0.85 | 1.67 | — |
| Net Debt / Equity | — | -0.56 | -0.19 | -0.98 | 0.83 |
| Net Debt / EBITDA | — | — | -0.62 | -4.37 | — |
| Debt / FCF | — | -20.77 | — | -1.15 | 0.91 |
| Interest Coverage | -39.75 | -39.75 | 19.53 | 211.39 | -331.08 |
Net cash position: cash ($8M) exceeds total debt ($525363)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Current Ratio | 1.41 | 1.41 | 1.20 | 1.50 | 0.87 |
| Quick Ratio | 1.41 | 1.41 | 1.20 | 1.50 | 0.87 |
| Cash Ratio | 0.43 | 0.43 | 0.23 | 0.72 | 0.35 |
| Asset Turnover | — | 0.24 | 0.31 | 0.14 | 0.04 |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — |
| FCF Yield | 0.3% | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — |
| Shares Outstanding | — | $48M | $48M | $48M | $48M |
Operational scale and viability
According to current market data, Waton Financial trades at a price-to-sales multiple of 16.39, a valuation that appears disconnected from its negative earnings profile and suggests investors are pricing in speculative recovery potential rather than the firm's current, significantly diminished operational reality in the Hong Kong market.
The elevated P/S ratio relative to the firm's contracting revenue base implies that the market may be assigning value to the company's brokerage licenses and proprietary technology stack as an acquisition target. However, the lack of a forward P/E multiple and the negative TTM P/E of -10.12 indicate that the market remains highly skeptical of the firm's ability to achieve sustainable profitability.
Based on the most recent quarterly figures, Waton Financial reported a return on invested capital of -6.9%, a metric that highlights the firm's inability to generate positive returns on its capital base while struggling to scale its B2B fintech operations against larger, more efficient regional competitors.
The negative ROIC trend suggests that the company is currently destroying shareholder value rather than compounding it, as operating losses continue to erode the capital base. This performance warrants further investigation into whether the firm's high fixed-cost structure can ever be adequately amortized without a significant increase in client volume.
As reported in recent financial statements, the company's asset turnover ratio of 0.02 indicates a severe lack of operational velocity, suggesting that the firm's current asset base is significantly underutilized relative to its revenue-generating capacity in the competitive Hong Kong financial services landscape.
This low turnover ratio implies that the firm's infrastructure, while potentially valuable, is not being effectively leveraged to drive transactional volume. Investors should monitor whether management can improve this metric through increased B2B software adoption or if the current asset base will remain a drag on overall efficiency.
While the price-to-book ratio of 9.49 is often used to gauge value, it appears highly misleading for Waton Financial, as the firm's book value is heavily distorted by accumulated deficits and intangible assets that may not reflect the true liquidation value of its brokerage licenses.
Relying on P/B in this context obscures the reality that the firm's equity is being rapidly depleted by persistent operating losses. A more appropriate focus for this business model would be the cash burn rate relative to the remaining liquidity runway, as the book value provides little insight into the firm's ongoing viability.
Includes 30+ ratios · 4 years · Updated daily
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Quick answers to the most common questions about buying WTF stock.
Waton Financial Limited Ordinary Shares's current P/E ratio is -10.1x. This places it at the 50th percentile of its historical range.
Waton Financial Limited Ordinary Shares's return on equity (ROE) is -101.8%. The historical average is -56.0%.
Based on historical data, Waton Financial Limited Ordinary Shares is trading at a P/E of -10.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Waton Financial Limited Ordinary Shares has 40.3% gross margin and -143.0% operating margin.