Latest Ratios: P/E Ratio -8.8x · EV/EBITDA 8.5x · ROE -13.4%. (2002–2025 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 | $275M | $269M | $463M | $474M | $362M | $789M | $872M | — | — | — | — |
| Enterprise Value | $248M | $242M | $417M | $427M | $312M | $732M | $862M | — | — | — | — |
| P/E Ratio → | -8.77 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.60 | 0.60 | 0.94 | 0.91 | 0.72 | 1.62 | 2.32 | — | — | — | — |
| P/B Ratio | 0.63 | 0.65 | 1.08 | 1.22 | 0.81 | 0.78 | 0.81 | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | 7645.04 | — | — | — | — | — | — | — |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.54 | 0.85 | 0.82 | 0.62 | 1.50 | 2.29 | — | — | — | — |
| EV / EBITDA | 8.49 | 53.44 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | 28.62 | — | — | — | — | — | — | — | — |
| 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 | 71.7% | 71.7% | 77.0% | 77.2% | 75.5% | 74.2% | 79.3% | 97.0% | 96.7% | 98.3% | 99.8% |
| Operating Margin | -9.8% | -9.8% | -17.6% | -24.9% | -149.2% | -33.3% | -40.6% | -20.8% | 8.4% | -8.0% | 35.9% |
| Net Profit Margin | -12.6% | -12.6% | -2.8% | -26.2% | -150.8% | -36.1% | -36.8% | -22.9% | -0.4% | -15.1% | 21.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -13.4% | -13.4% | -3.4% | -32.7% | -103.4% | -16.8% | -15.4% | -9.6% | -0.3% | -12.0% | 11.0% |
| ROA | -8.8% | -8.8% | -2.1% | -19.4% | -77.1% | -13.8% | -13.2% | -6.4% | -0.2% | -4.9% | 6.5% |
| ROIC | -8.5% | -8.5% | -18.0% | -26.3% | -82.8% | -12.0% | -13.1% | -5.2% | 2.7% | -2.4% | 9.2% |
| ROCE | -8.9% | -8.9% | -17.6% | -23.7% | -88.4% | -14.2% | -16.0% | -6.1% | 3.1% | -2.8% | 11.3% |
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 | 0.20 | 0.25 | 0.24 | 0.06 | 0.07 | 0.01 | 0.78 | 1.33 | 1.15 |
| Debt / EBITDA | 15.51 | 15.51 | — | — | — | — | — | 0.19 | 3.23 | 6.51 | 4.58 |
| Net Debt / Equity | — | -0.06 | -0.11 | -0.12 | -0.11 | -0.06 | -0.01 | -0.05 | 0.60 | 1.01 | 1.02 |
| Net Debt / EBITDA | -5.84 | -5.84 | — | — | — | — | — | -0.78 | 2.47 | 4.96 | 4.07 |
| Debt / FCF | — | — | — | — | — | — | — | -0.24 | 2.89 | 3.07 | 3.91 |
| Interest Coverage | -0.01 | -0.01 | 4.85 | -42.22 | -493.46 | -52.41 | — | -2.55 | 1.27 | -1.06 | 38.66 |
Net cash position: cash ($97M) exceeds total debt ($70M)
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 | 2.42 | 2.42 | 1.64 | 1.92 | 2.21 | 2.31 | 1.76 | 3.99 | 7.34 | 2.54 | 3.92 |
| Quick Ratio | 2.42 | 2.42 | 1.64 | 1.88 | 2.17 | 2.27 | 1.69 | 3.98 | 7.34 | 2.54 | 3.92 |
| Cash Ratio | 0.88 | 0.88 | 0.70 | 0.86 | 1.07 | 1.01 | 0.59 | 1.43 | 2.85 | 2.07 | 2.22 |
| Asset Turnover | — | 0.73 | 0.74 | 0.77 | 0.68 | 0.40 | 0.28 | 0.37 | 0.33 | 0.34 | 0.22 |
| Inventory Turnover | — | — | 107.22 | 16.30 | 18.45 | 24.62 | 7.92 | 107.09 | — | — | — |
| Days Sales Outstanding | — | 110.09 | 104.85 | 84.08 | 94.45 | 97.88 | 135.78 | 101.73 | 202.87 | 27.22 | 95.76 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 5.8% | — | — | — | — | — | — |
| 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 | 0.4% | 0.4% | 4.3% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.4% | 0.4% | 4.3% | 0.0% | 5.8% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $46M | $45M | $43M | $42M | $42M | $42M | $49M | $49M | $49M | $50M |
Includes 30+ ratios · 24 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying XPER stock.
Xperi Inc.'s current P/E ratio is -8.8x. This places it at the 50th percentile of its historical range.
Xperi Inc.'s current EV/EBITDA is 8.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 53.4x.
Xperi Inc.'s return on equity (ROE) is -13.4%. The historical average is 0.7%.
Based on historical data, Xperi Inc. is trading at a P/E of -8.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Xperi Inc. has 71.7% gross margin and -9.8% operating margin.
Xperi Inc.'s Debt/EBITDA ratio is 15.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Advertising ramp execution risk
Metrics are mathematically derived from official filings.
Negative Earnings Force Forward-Weighted Valuation
Based on reported figures, XPER trades at a trailing P/E of -4.63 but a forward P/E of 6.46 and forward EV/EBITDA of 5.57, implying the market prices substantial earnings recovery that trailing results do not yet show.
The gap between the negative trailing P/E and the much lower forward multiple suggests investors are capitalizing expected advertising-driven margin improvement rather than current earnings. The trailing EV/EBITDA of 16.91 versus 5.57 forward reinforces this dependence on a sharp earnings step-up. Investors should monitor whether forward estimates hold, since the valuation case rests on expectations rather than demonstrated profitability.
Gross Margin Strength Masks Operating Deficit
As reported in financial statements, gross margins held between 68.3% and 100.0% across recent quarters, yet trailing operating margin stands at -9.8%, indicating that the cost base rather than unit economics is the binding constraint on earning power.
A gross margin near 70% is consistent with a licensing and software model, but the persistent negative operating margin in most quarters shows that R&D and SG&A consume more than the gross profit generated. The 2026Q3 operating margin of 1.5% rests on a single quarter and should not be read as a durable turn. Earning power appears to depend on whether the advertising base scales enough to absorb the fixed cost structure.
Returns Remain Near Zero Across Cycle
Based on Xperi's reported figures, ROIC has oscillated between -4.4% and 3.2% over ten quarters, with the latest reading of 0.2% suggesting capital is not yet compounding and returns remain near zero.
The absence of sustained positive ROIC indicates that invested capital, including acquired intangibles from prior merger activity, has not been converted into durable excess returns. ROE swings, including an 11.8% spike in 2024Q4, appear driven by one-time items rather than operating improvement, so the underlying trend is better read through ROIC. Investors should view the return profile as unproven until returns stay positive over multiple consecutive periods.
Low Leverage Offset by Thin Coverage
According to reported financial statements, XPER's debt-to-equity ratio of 0.13 in 2026Q3 is modest, yet interest coverage has been negative in several quarters, leaving debt service dependent on operating recovery rather than current earnings.
Declining total debt from $89.1M to $56.1M reduces refinancing pressure and points to a deleveraging trajectory. Negative interest coverage in multiple periods, however, suggests the company has at times been unable to cover interest from operating earnings. The low absolute leverage limits near-term risk, but the coverage record warrants continued monitoring.
Current Ratio Adequate but Cushion Limited
Based on Xperi's reported figures, the current ratio of 2.38 in 2026Q3 and cash of $87.0M provide near-term coverage, but the cushion is thin relative to recurring operating losses in most recent quarters.
A current ratio above 2 appears comfortable on paper, yet liquidity under sustained losses would erode faster than the ratio implies. Quick and current ratios are nearly identical, indicating minimal inventory dependence, which is consistent with a software and IP model. Under severe stress, the relevant question is how long current cash and receivables fund continued operating burn before the advertising ramp contributes meaningfully.
Peer Multiples Mislead on Platform Economics
As reported in peer data, Xperi's forward P/E of 6.46 sits far below growth-platform comparables, but applying headline earnings multiples to a licensing-to-advertising transition may understate the execution discount the market is applying.
Earnings multiples are most commonly misapplied here because Xperi's trailing earnings are negative and its forward figures depend on an unproven advertising ramp, so a low forward P/E may reflect risk rather than mispricing. A more informative lens is EV/Sales against recurring revenue mix and ARPU trajectory, since these capture the platform economics that trailing and forward earnings obscure. Investors should treat the apparent valuation discount as conditional on the advertising base scaling.