Latest Ratios: P/E Ratio -0.8x · EV/EBITDA 0.9x · ROE -18.6%. (2018–2024 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 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $14M | $121M | $49M | $48M | $221M | — | — | — |
| Enterprise Value | $16M | $134M | $76M | $119M | $-148370608 | — | — | — |
| P/E Ratio → | -0.81 | — | — | — | — | — | — | — |
| P/S Ratio | 0.07 | 0.13 | 0.06 | 0.06 | 0.36 | — | — | — |
| P/B Ratio | 0.16 | 0.16 | 0.06 | 0.05 | 0.18 | — | — | — |
| P/FCF | 1.42 | 2.45 | 0.46 | 0.81 | — | — | — | — |
| P/OCF | 0.65 | 1.12 | 0.30 | 0.44 | — | — | — | — |
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 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.14 | 0.09 | 0.16 | -0.24 | — | — | — |
| EV / EBITDA | 0.87 | 1.40 | 0.99 | — | — | — | — | — |
| EV / EBIT | 25.24 | — | — | — | — | — | — | — |
| EV / FCF | — | 2.71 | 0.71 | 2.03 | — | — | — | — |
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 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.7% | 30.7% | 40.9% | 38.2% | 29.5% | 24.2% | 26.3% | 32.7% |
| Operating Margin | 0.3% | 0.3% | -1.3% | -38.2% | -7.6% | -5.1% | 5.6% | 10.9% |
| Net Profit Margin | -16.1% | -16.1% | -7.6% | -32.1% | -7.3% | -5.0% | 3.9% | 7.2% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| ROE | -18.6% | -18.6% | -6.6% | -22.5% | -6.8% | -20.0% | 11.2% | 13.4% |
| ROA | -9.0% | -9.0% | -3.5% | -13.3% | -3.9% | -6.1% | 5.3% | 7.3% |
| ROIC | 0.3% | 0.3% | -0.8% | -23.3% | -7.0% | -10.5% | 9.8% | 15.5% |
| ROCE | 0.3% | 0.3% | -0.9% | -21.1% | -5.7% | -11.0% | 10.6% | 15.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.17 | 0.17 | 0.10 | 0.18 | 0.18 | 0.88 | 0.71 | 0.32 |
| Debt / EBITDA | 1.36 | 1.36 | 1.18 | — | — | 19.64 | 1.83 | 1.08 |
| Net Debt / Equity | — | 0.02 | 0.03 | 0.07 | -0.31 | 0.36 | 0.59 | -0.02 |
| Net Debt / EBITDA | 0.13 | 0.13 | 0.35 | — | — | 8.06 | 1.51 | -0.05 |
| Debt / FCF | — | 0.26 | 0.25 | 1.22 | — | 1.45 | 3.44 | -0.08 |
| Interest Coverage | -0.91 | -0.91 | -0.40 | -5.13 | -2.75 | -15.29 | 4.68 | 18.92 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.47 | 0.47 | 0.41 | 0.66 | 1.78 | 0.68 | 1.06 | 1.41 |
| Quick Ratio | 0.47 | 0.47 | 0.41 | 0.64 | 1.73 | 0.67 | 1.04 | 1.41 |
| Cash Ratio | 0.17 | 0.17 | 0.10 | 0.23 | 1.35 | 0.26 | 0.17 | 0.69 |
| Asset Turnover | — | 0.55 | 0.47 | 0.42 | 0.33 | 0.95 | 1.42 | 1.01 |
| Inventory Turnover | — | — | — | 73.45 | 20.55 | 129.52 | 225.20 | — |
| Days Sales Outstanding | — | 72.55 | 79.93 | 75.25 | 84.89 | 73.06 | 64.06 | 67.62 |
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 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 11.6% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 70.5% | 40.8% | 217.0% | 122.8% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $52M | $42M | $42M | $33M | $39M | $39M | $39M |
Liquidity and Margin Erosion
Based on current market data, Zenvia trades at a P/S multiple of 0.07, a figure that suggests the market is pricing the firm as a distressed utility rather than a high-growth software entity, significantly discounting its potential for future margin expansion through its SaaS-centric transition.
The extremely low P/S ratio relative to broader software peers indicates that investors are heavily discounting the company's revenue due to its persistent negative net margins and high reliance on low-margin connectivity services. This valuation implies that the market remains skeptical of management's ability to successfully pivot the business model toward higher-margin software solutions.
As reported in financial statements, Zenvia's ROIC has trended into negative territory, reaching -1.0% in 2025Q2, which highlights a fundamental failure to generate adequate returns on the capital deployed for its aggressive acquisition strategy over the past several years.
The consistent inability to achieve a positive return on invested capital suggests that the synergies expected from integrating platforms like Movidesk and SenseData have yet to materialize. Investors should monitor whether this decay in capital efficiency is a structural byproduct of the CPaaS business model or a temporary consequence of integration-related costs.
According to quarterly data, Zenvia's DSO has fluctuated significantly, reaching 70 days in 2025Q2, which indicates persistent friction in the company's cash conversion cycle and suggests that the firm lacks the leverage to accelerate collections from its mid-market enterprise client base in Brazil.
The high DSO, combined with the lack of clear inventory data, points to a business model that is heavily dependent on the payment cycles of its customers, which may be sensitive to the broader Brazilian macroeconomic environment. This inefficiency in working capital management exacerbates the company's existing liquidity constraints and limits its operational flexibility.
Based on reported figures, Zenvia's interest coverage ratio has turned negative at -3.95 in 2025Q2, signaling that the company's current operating income is insufficient to cover its debt service obligations, thereby increasing the risk profile for stakeholders in a high-interest rate environment.
While the debt-to-equity ratio of 0.13 appears low on the surface, the negative interest coverage ratio reveals a more concerning reality regarding the company's ability to sustain its capital structure. The reliance on external financing to bridge operational gaps warrants further investigation into potential refinancing risks as debt maturities approach.
Analysts frequently misapply the P/S ratio to Zenvia, failing to account for the stark difference between low-margin connectivity revenue and high-margin SaaS revenue, which obscures the true earning power of the business and leads to an inaccurate assessment of its long-term valuation potential.
Using a simple P/S multiple ignores the structural reality that a significant portion of Zenvia's top line is essentially pass-through connectivity revenue with minimal contribution to the bottom line. A more appropriate metric would be an adjusted EV/Gross Profit or a focus on the SaaS-specific revenue mix, which would better reflect the company's progress toward a more sustainable and profitable business model.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ZENV stock.
Zenvia Inc.'s current P/E ratio is -0.8x. This places it at the 50th percentile of its historical range.
Zenvia Inc.'s current EV/EBITDA is 0.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.2x.
Zenvia Inc.'s return on equity (ROE) is -18.6%. The historical average is -7.1%.
Based on historical data, Zenvia Inc. is trading at a P/E of -0.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Zenvia Inc. has 30.7% gross margin and 0.3% operating margin.
Zenvia Inc.'s Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.