Latest Ratios: P/E Ratio -0.1x · EV/EBITDA N/A · ROE -323.6%. (2014–2026 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 | $2M | $6M | $18M | $58M | $202M | $171M | $99M | $92M | $41M | $30M | — |
| Enterprise Value | $-2640757 | $734292 | $25M | $64M | $177M | $95M | $71M | $77M | $40M | $29M | — |
| P/E Ratio → | -0.12 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.31 | 0.75 | 4.98 | 49.78 | — | — | 113.43 | 66.22 | 5.28 | — | — |
| P/B Ratio | 0.62 | 0.92 | 1.29 | 2.12 | 4.81 | 2.19 | 3.25 | 5.09 | 10.14 | 19.40 | — |
| P/FCF | — | — | — | — | — | — | — | — | 31.76 | — | — |
| P/OCF | — | — | — | — | — | — | — | — | 30.42 | — | — |
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 | — | 0.10 | 6.88 | 55.36 | — | — | 81.71 | 55.46 | 5.14 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | 30.92 | — | — |
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 | 3.3% | 3.3% | -44.9% | -112.8% | — | — | 100.0% | 100.0% | 100.0% | — | — |
| Operating Margin | -378.2% | -378.2% | -1202.1% | -5436.2% | — | — | -2544.6% | -1305.1% | -39.6% | — | — |
| Net Profit Margin | -433.0% | -433.0% | -1258.4% | -5197.8% | — | — | -2620.3% | -1434.6% | -84.9% | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -323.6% | -323.6% | -224.6% | -174.1% | -92.8% | -79.5% | -94.2% | -180.3% | -235.5% | -1168.5% | — |
| ROA | -101.6% | -101.6% | -107.2% | -95.8% | -66.5% | -61.8% | -67.3% | -108.2% | -69.8% | -376.3% | -3075.1% |
| ROIC | -192.9% | -192.9% | -121.4% | -188.6% | -435.9% | -1448.1% | -564.6% | -447.1% | -121.0% | — | — |
| ROCE | -107.7% | -107.7% | -126.4% | -133.5% | -75.7% | -65.0% | -74.9% | -136.5% | -54.4% | -408.4% | — |
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 | 0.28 | 0.28 | 0.82 | 0.66 | 0.09 | 0.04 | 0.23 | 0.27 | 0.07 | 0.02 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.80 | 0.49 | 0.24 | -0.61 | -0.98 | -0.91 | -0.83 | -0.27 | -0.45 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | -0.84 | — | — |
| Interest Coverage | -8.26 | -8.26 | -15.06 | -21.08 | -1979.03 | -55.85 | -34.63 | -656.98 | -4353.88 | -15.99 | -5.99 |
Net cash position: cash ($7M) exceeds total debt ($2M)
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 | 3.80 | 3.80 | 3.20 | 3.80 | 3.00 | 8.68 | 9.80 | 5.46 | 1.61 | 4.27 | 0.04 |
| Quick Ratio | 3.59 | 3.59 | 2.72 | 3.61 | 2.95 | 8.64 | 9.30 | 4.12 | 1.49 | 4.27 | 0.04 |
| Cash Ratio | 1.79 | 1.79 | 1.38 | 2.98 | 2.32 | 7.49 | 9.11 | 4.07 | 1.46 | 4.24 | 0.00 |
| Asset Turnover | — | 0.22 | 0.12 | 0.02 | — | — | 0.02 | 0.05 | 0.82 | — | — |
| Inventory Turnover | 5.28 | 5.28 | 2.22 | 1.16 | 0.49 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 51.62 | 84.72 | 172.58 | — | — | 177.69 | — | — | — | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | 3.1% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | — |
| Shares Outstanding | — | $8M | $3M | $2M | $1M | $1M | $900261 | $575310 | $424926 | $300102 | $3M |
Imminent liquidity and dilution
Based on current market data, XAIR trades at a P/S multiple of 0.33, which suggests that investors are heavily discounting the company's commercial prospects relative to its peers, likely due to the extreme uncertainty surrounding its ability to achieve scale before exhausting its remaining capital reserves.
The negative P/E and lack of meaningful EBITDA multiples indicate that traditional valuation metrics are currently ineffective for assessing the company's intrinsic value. The market appears to be pricing XAIR as a binary outcome, where the valuation is tethered more to the potential success of the LungFit GO pipeline than to the current, loss-making commercial operations.
As reported in historical financial statements, XAIR's ROIC has remained consistently negative, reaching -50.0% in 2026Q4, which indicates that the company is currently destroying shareholder value as it attempts to fund its commercial infrastructure and R&D pipeline through persistent, heavy capital expenditures.
The persistent negative returns on invested capital suggest that the company has yet to reach the critical mass required to offset its high fixed-cost base. Investors should monitor whether the recent improvement in gross margins can eventually translate into a positive ROIC, though current trends suggest that capital efficiency remains a significant hurdle.
According to quarterly filings, XAIR's cash conversion cycle has fluctuated wildly, ranging from -96 days to 112 days, revealing that the company's ability to manage its inventory and supplier relationships is highly inconsistent and remains a primary source of operational friction during its commercial rollout.
The high days-to-inventory and days-payable-outstanding figures suggest that the company is struggling to optimize its supply chain as it scales. This inefficiency exacerbates the cash burn, as the company is forced to tie up precious liquidity in inventory that has not yet been converted into reliable, recurring revenue streams.
Based on the most recent balance sheet data, XAIR's current ratio of 3.80 masks a deteriorating cash position of only $4.6 million, which, when compared to the company's quarterly burn rate, indicates a highly vulnerable liquidity profile that may necessitate immediate and dilutive external financing.
While the current ratio appears superficially healthy, the reliance on cash reserves to fund ongoing operating losses makes the company's liquidity position extremely fragile. Any delay in hospital procurement cycles or regulatory milestones could force management into a position of limited leverage when seeking additional capital.
The price-to-sales ratio is frequently misapplied to XAIR, as it obscures the company's underlying negative gross margins and the fact that current revenue is likely driven by low-margin device placements rather than high-margin recurring consumables, which are essential for long-term business model viability.
Analysts should instead focus on the 'Cash Burn to Revenue' ratio or 'Filter Utilization per Device' to better understand the company's path to profitability. Relying on P/S multiples ignores the reality that each additional dollar of revenue currently requires a disproportionate amount of operating expense, rendering standard valuation metrics misleading.
Includes 30+ ratios · 13 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying XAIR stock.
Beyond Air, Inc.'s current P/E ratio is -0.1x. This places it at the 50th percentile of its historical range.
Beyond Air, Inc.'s return on equity (ROE) is -323.6%. The historical average is -175.6%.
Based on historical data, Beyond Air, Inc. is trading at a P/E of -0.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Beyond Air, Inc. has 3.3% gross margin and -378.2% operating margin.