Latest Ratios: P/E Ratio -0.0x · EV/EBITDA N/A · ROE -16.8%. (2015–2025 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 | $2M | $27M | $42M | $86M | $89M | $334M | $771M | $777M | $553M | — | — |
| Enterprise Value | $123M | $832M | $563M | $142M | $198M | $309M | $535M | $534M | $337M | — | — |
| P/E Ratio → | -0.05 | — | — | — | — | 96.19 | 143.64 | 9.39 | 31.71 | — | — |
| P/S Ratio | 0.01 | 0.01 | 0.03 | 0.24 | 0.14 | 0.34 | 0.83 | 0.92 | 0.96 | — | — |
| P/B Ratio | 0.01 | 0.02 | 0.02 | 0.24 | 0.23 | 0.73 | 1.85 | 2.14 | 2.00 | — | — |
| P/FCF | — | — | — | 14.94 | — | — | 70.14 | 13.08 | 5.15 | — | — |
| P/OCF | — | — | — | 14.35 | — | — | 33.39 | 12.07 | 5.02 | — | — |
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 | — | 0.46 | 0.42 | 0.40 | 0.32 | 0.32 | 0.57 | 0.63 | 0.58 | — | — |
| EV / EBITDA | — | — | — | — | — | 13.65 | 18.34 | 5.78 | 5.71 | — | — |
| EV / EBIT | — | — | — | — | — | 13.14 | 13.90 | 5.65 | 5.49 | — | — |
| EV / FCF | — | — | — | 24.51 | — | — | 48.64 | 8.98 | 3.14 | — | — |
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 | 39.2% | 39.2% | 38.5% | 26.2% | 19.4% | 20.9% | 20.7% | 25.3% | 25.8% | 24.1% | 17.7% |
| Operating Margin | -11.3% | -11.3% | -25.9% | -8.6% | -9.9% | 1.5% | 2.7% | 10.7% | 10.0% | 8.9% | 0.9% |
| Net Profit Margin | -15.5% | -15.5% | -41.6% | -8.8% | -7.0% | 2.2% | 3.6% | 9.9% | 9.3% | 8.2% | 1.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -16.8% | -16.8% | -50.4% | -8.4% | -10.1% | 4.9% | 8.5% | 26.0% | 29.5% | 36.1% | 2.4% |
| ROA | -7.2% | -7.2% | -24.7% | -4.5% | -5.0% | 2.3% | 4.0% | 13.3% | 14.9% | 13.6% | 1.1% |
| ROIC | -6.6% | -6.6% | -18.7% | -5.1% | -9.8% | 3.5% | 12.6% | 74.8% | 88.6% | 61.5% | 5.3% |
| ROCE | -9.4% | -9.4% | -23.7% | -6.1% | -10.7% | 2.7% | 5.8% | 26.5% | 30.8% | 38.7% | 1.3% |
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 | 1.06 | 1.06 | 0.72 | 0.55 | 0.64 | 0.46 | 0.27 | 0.04 | 0.02 | 0.07 | 0.04 |
| Debt / EBITDA | — | — | — | — | — | 9.36 | 3.82 | 0.17 | 0.10 | 0.21 | 0.77 |
| Net Debt / Equity | — | 0.54 | 0.28 | 0.16 | 0.28 | -0.05 | -0.57 | -0.67 | -0.78 | -0.58 | -0.42 |
| Net Debt / EBITDA | — | — | — | — | — | -1.11 | -8.11 | -2.63 | -3.66 | -1.86 | -8.65 |
| Debt / FCF | — | — | — | 9.57 | — | — | -21.50 | -4.09 | -2.01 | -1.61 | -31.53 |
| Interest Coverage | -5.59 | -5.59 | -9.43 | -4.13 | -5.54 | 3.38 | — | — | — | — | — |
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 | 1.02 | 1.02 | 1.29 | 2.04 | 1.77 | 1.83 | 1.73 | 1.75 | 2.06 | 1.46 | 1.36 |
| Quick Ratio | 0.77 | 0.77 | 1.00 | 1.49 | 1.16 | 1.24 | 1.29 | 1.39 | 1.70 | 1.17 | 1.05 |
| Cash Ratio | 0.39 | 0.39 | 0.57 | 0.94 | 0.60 | 0.71 | 0.82 | 0.73 | 1.15 | 0.44 | 0.26 |
| Asset Turnover | — | 0.46 | 0.35 | 0.55 | 0.81 | 1.01 | 1.03 | 1.12 | 1.16 | 1.35 | 1.67 |
| Inventory Turnover | 2.17 | 2.17 | 1.98 | 3.07 | 3.37 | 3.89 | 3.97 | 4.89 | 5.70 | 5.88 | 6.92 |
| Days Sales Outstanding | — | 103.45 | 158.12 | 84.86 | 74.27 | 64.29 | 76.65 | 103.66 | 73.10 | 118.51 | 111.83 |
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 | — | — | — | — | 1.0% | — | — | 0.1% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 0.8% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 1.0% | 0.7% | 10.6% | 3.2% | — | — |
| FCF Yield | — | — | — | 6.7% | — | — | 1.4% | 7.6% | 19.4% | — | — |
| Buyback Yield | 58.3% | 32.3% | 5.4% | 0.4% | 1.3% | 0.6% | 0.0% | 0.0% | 0.2% | — | — |
| Total Shareholder Yield | 58.3% | 32.3% | 5.4% | 0.4% | 2.4% | 0.6% | 0.0% | 0.1% | 0.2% | — | — |
| Shares Outstanding | — | $993873 | $16M | $15M | $15M | $17M | $16M | $16M | $14M | $15M | $15M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying ZEPP stock.
Zepp Health Corporation's current P/E ratio is -0.0x. The historical average is 70.2x.
Zepp Health Corporation's return on equity (ROE) is -16.8%. The historical average is 0.6%.
Based on historical data, Zepp Health Corporation is trading at a P/E of -0.0x. Compare with industry peers and growth rates for a complete picture.
Zepp Health Corporation has 39.2% gross margin and -11.3% operating margin.
Key Metrics
Top Statement Risk
Unsustainable Cash Burn Rate
Market Skepticism Reflects Hardware Commodity
According to current market data, Zepp trades at a P/S ratio of 0.02, a valuation multiple that suggests investors are heavily discounting the company's future earnings potential and viewing its hardware-centric business model as a commoditized manufacturing play rather than a high-growth health technology platform.
The forward P/E of 64.23 implies that the market is pricing in a significant, albeit uncertain, recovery in profitability that has yet to materialize in the income statement. This valuation gap relative to premium peers like Garmin indicates that the market requires tangible evidence of successful brand-led monetization before re-rating the stock.
Capital Efficiency Decaying Amid Pivot
Based on reported financial figures, Zepp's ROIC has trended into negative territory, reaching -1.0% in 2025Q4, which highlights the company's struggle to generate positive returns on its invested capital while simultaneously funding an aggressive and costly transition toward a self-branded wearable ecosystem.
The consistent decline in return metrics suggests that the capital deployed into R&D and global marketing is not currently yielding the expected operational efficiencies. Investors should monitor whether this decay is a temporary byproduct of the rebranding phase or a structural issue with the company's ability to scale its proprietary technology.
Working Capital Inefficiencies Hamper Liquidity
As reported in recent quarterly filings, Zepp's cash conversion cycle has shifted significantly, with inventory turnover days reaching 148 in 2025Q4, suggesting that the company is facing mounting challenges in managing its hardware supply chain and clearing older product models in a highly competitive market.
The widening gap between DSO and DPO indicates that the company is losing leverage with its suppliers while simultaneously struggling to collect on its receivables efficiently. This deterioration in working capital management is a primary driver of the current cash burn and warrants close scrutiny in future periods.
Liquidity Buffer Narrows Under Pressure
According to the latest balance sheet data, Zepp's current ratio has tightened to 1.02, a level that leaves the company with a precarious margin of safety to navigate short-term operational volatility or unexpected disruptions in its global consumer electronics supply chain and distribution networks.
The decline in the quick ratio to 0.77 further underscores the company's reliance on inventory liquidity, which may be overstated if older models require significant markdowns. This liquidity profile suggests that the company's ability to sustain its current burn rate is becoming increasingly dependent on its remaining cash reserves.
Misapplied Focus on Revenue Growth
Investors frequently misapply the revenue growth metric to Zepp, failing to recognize that in a hardware-heavy transition phase, top-line expansion often masks the underlying erosion of margins and the increasing cost of acquiring market share in a saturated global wearable technology landscape.
Instead of focusing on revenue, analysts should prioritize the 'Active User Base' and 'Average Selling Price' of self-branded products to gauge the true health of the ecosystem. Relying on revenue growth alone obscures the reality that the company is currently buying market share at the expense of long-term shareholder value.