Latest Ratios: P/E Ratio -22.2x · EV/EBITDA 19.8x · ROE -2.9%. (2018–2026 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $52M | $71M | $86M | $217M | $358M | $222M | $366M | $162M | $770M | $1.0B |
| Enterprise Value | $53M | $96M | $264M | $-671117740 | $2.5B | $49M | $-711951270 | $164M | $653M | $-222683964 |
| P/E Ratio → | -22.16 | — | — | — | 4.65 | — | — | — | — | — |
| P/S Ratio | 0.47 | 0.01 | 0.01 | 0.05 | 0.09 | 0.11 | 0.29 | 0.03 | 0.10 | 0.10 |
| P/B Ratio | 0.64 | 0.01 | 0.01 | 0.03 | 0.50 | 0.25 | 0.31 | 8.09 | 0.33 | 1.66 |
| P/FCF | — | — | — | — | — | — | 0.53 | — | — | — |
| P/OCF | 8.07 | 0.12 | — | — | — | — | 0.48 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.01 | 0.03 | -0.16 | 0.64 | 0.02 | -0.56 | 0.03 | 0.09 | -0.02 |
| EV / EBITDA | 19.77 | 0.38 | 1.21 | -17.33 | 9.11 | — | — | 1.00 | — | -5.17 |
| EV / EBIT | — | — | 3.03 | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | -1.04 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.8% | 23.8% | 49.2% | 79.3% | 82.5% | 92.0% | 98.2% | 28.8% | 21.1% | 39.4% |
| Operating Margin | -1.7% | -1.7% | -1.1% | -3.8% | 2.1% | -21.7% | -115.6% | -8.0% | -25.0% | -0.6% |
| Net Profit Margin | -2.2% | -2.2% | -1.3% | -8.4% | -7.6% | -24.0% | -92.6% | -12.2% | -28.3% | -34.2% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.9% | -2.9% | -1.4% | -8.3% | -35.9% | -46.5% | -199.0% | -59.2% | -143.3% | -592.4% |
| ROA | -1.8% | -1.8% | -0.8% | -3.6% | -4.7% | -8.5% | -40.2% | -11.5% | -18.4% | -33.6% |
| ROIC | -1.7% | -1.7% | -0.9% | -2.5% | 3.4% | -80.3% | -2049.6% | -30.7% | -177.0% | — |
| ROCE | -2.1% | -2.1% | -1.1% | -3.5% | 7.0% | -24.3% | -127.4% | -33.0% | -87.4% | -4.3% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.12 | 0.12 | 0.10 | 0.11 | 3.62 | 0.70 | 0.55 | 1.01 | 0.50 | 0.71 |
| Debt / EBITDA | 4.00 | 4.00 | 3.59 | 22.06 | 9.65 | — | — | 0.12 | — | 10.35 |
| Net Debt / Equity | — | 0.00 | 0.02 | -0.11 | 2.92 | -0.19 | -0.93 | 0.11 | -0.05 | -2.02 |
| Net Debt / EBITDA | 0.10 | 0.10 | 0.82 | -22.94 | 7.78 | — | — | 0.01 | — | -29.23 |
| Debt / FCF | — | — | — | — | — | — | -1.57 | — | — | — |
| Interest Coverage | -32.67 | -32.67 | 1.14 | -0.40 | -0.11 | -3.91 | -8.94 | -2.46 | -11.14 | -607.80 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.23 | 2.23 | 2.09 | 2.50 | 0.95 | 1.00 | 1.18 | 0.95 | 0.89 | 0.80 |
| Quick Ratio | 2.23 | 2.23 | 2.09 | 2.50 | 0.95 | 1.00 | 1.18 | 0.84 | 1.41 | 0.80 |
| Cash Ratio | 0.54 | 0.54 | 0.39 | 1.01 | 0.20 | 0.34 | 0.67 | 0.33 | 0.24 | 0.29 |
| Asset Turnover | — | 0.80 | 0.60 | 0.34 | 0.57 | 0.36 | 0.22 | 49.64 | 0.62 | 0.98 |
| Inventory Turnover | — | — | 74797.15 | 16340.36 | 8803.92 | 677.80 | 15.05 | 436.53 | — | 10923.17 |
| Days Sales Outstanding | — | 200.33 | 280.28 | 436.83 | 321.87 | 393.54 | 322.40 | 2.40 | 235.43 | 131.56 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 21.5% | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | 187.8% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 100.0% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 100.0% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $64M | $110M | $136M | $157M | $112M | $157M | $157M | $157M | $157M |
Persistent negative operating margins
As reported in recent financial filings, YTRA trades at an EV/EBITDA multiple of 19.73, a valuation that appears disconnected from its negative TTM P/E of -22.12 and suggests investors are pricing in a speculative turnaround rather than current fundamental performance relative to peers like MakeMyTrip.
The current P/S ratio of 0.47 indicates that the market assigns a significant discount to Yatra's revenue compared to industry leaders, likely reflecting skepticism regarding the company's ability to achieve sustainable profitability. This valuation gap warrants further investigation into whether the market is underestimating the long-term value of the corporate travel platform or correctly identifying the risks inherent in the company's high-cost, low-margin business model.
Based on historical financial data, YTRA's ROIC has struggled to maintain positive territory, oscillating near zero and reaching -0.0% in 2026Q4, which indicates that the company is currently failing to generate returns that exceed its cost of capital, thereby eroding shareholder value over the long term.
The inability to consistently compound returns on invested capital suggests that the company's core operations are not yet optimized for efficiency. Investors should monitor whether future capital allocation, particularly from the recent Indian subsidiary IPO, can drive a shift toward higher-margin segments or if it will simply be absorbed by ongoing operational deficits.
According to quarterly reports, YTRA's cash conversion cycle has exhibited extreme instability, swinging from a negative 426 days in 2025Q1 to a positive 45 days in 2026Q2, highlighting a structural reliance on managing supplier and customer payment timing to maintain liquidity within the travel ecosystem.
The wide fluctuations in DSO and DPO suggest that the company's working capital management is highly sensitive to seasonal travel demand and shifts in corporate client payment terms. This volatility makes it difficult to assess the underlying efficiency of the business, as cash flow appears more dependent on timing differences than on sustainable operational improvements.
As indicated by financial statements, YTRA maintains a current ratio of 2.23 as of 2026Q4, which provides a nominal liquidity buffer, yet this figure may overstate the company's resilience given the persistent cash burn and the high concentration of assets in potentially illiquid goodwill.
While the current ratio appears adequate on the surface, the company's reliance on debt financing to manage working capital suggests that its liquidity position is more fragile than the headline numbers imply. Investors should monitor the company's ability to maintain these ratios without further dilutive capital raises or increased reliance on short-term debt instruments.
Based on an analysis of industry reporting standards, the most commonly misapplied metric for YTRA is 'Gross Bookings,' which often obscures the company's true earning power by failing to account for the significant portion of revenue that is passed through to airlines and hotel partners.
Analysts frequently use Gross Bookings to gauge growth, but this metric ignores the take-rate compression that occurs when the revenue mix shifts toward lower-margin air ticketing. A more accurate assessment of the company's health requires focusing on 'Net Revenue' and 'Take Rate' trends, which provide a clearer view of the company's actual pricing power and margin sustainability.
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Quick answers to the most common questions about buying YTRA stock.
Yatra Online, Inc.'s current P/E ratio is -22.2x. The historical average is 4.7x.
Yatra Online, Inc.'s current EV/EBITDA is 19.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.9x.
Yatra Online, Inc.'s return on equity (ROE) is -2.9%. The historical average is -62.1%.
Based on historical data, Yatra Online, Inc. is trading at a P/E of -22.2x. Compare with industry peers and growth rates for a complete picture.
Yatra Online, Inc. has 23.8% gross margin and -1.7% operating margin.
Yatra Online, Inc.'s Debt/EBITDA ratio is 4.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.