Latest Ratios: P/E Ratio -0.0x · EV/EBITDA N/A · ROE N/A. (2022–2025 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 |
|---|---|---|---|---|---|
| Market Cap | $213003 | $12M | $52M | — | — |
| Enterprise Value | $17M | $28M | $59M | — | — |
| P/E Ratio → | -0.01 | — | 2.19 | — | — |
| P/S Ratio | 0.01 | 0.42 | 1.37 | — | — |
| P/B Ratio | — | — | — | — | — |
| P/FCF | — | — | — | — | — |
| P/OCF | — | — | — | — | — |
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 |
|---|---|---|---|---|---|
| EV / Revenue | — | 1.02 | 1.55 | — | — |
| EV / EBITDA | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|
| Gross Margin | 47.6% | 47.6% | 40.9% | 38.5% | 36.7% |
| Operating Margin | -79.5% | -79.5% | -46.3% | -19.6% | -27.7% |
| Net Profit Margin | -91.1% | -91.1% | -54.7% | -29.7% | -42.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | — | — | — | — | — |
| ROA | -240.4% | -240.4% | -152.1% | -81.3% | -83.3% |
| ROIC | — | — | — | — | — |
| ROCE | — | — | — | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — |
| Interest Coverage | -16.17 | -16.17 | -6.39 | -3.49 | -3.09 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 0.37 | 0.37 | 0.65 | 0.46 | 0.26 |
| Quick Ratio | 0.24 | 0.24 | 0.49 | 0.34 | 0.19 |
| Cash Ratio | 0.06 | 0.06 | 0.23 | 0.09 | 0.06 |
| Asset Turnover | — | 3.67 | 2.82 | 3.17 | 1.97 |
| Inventory Turnover | 6.07 | 6.07 | 6.96 | 7.65 | 5.30 |
| Days Sales Outstanding | — | 18.84 | 30.43 | 41.88 | 69.91 |
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 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | 45.6% | — | — |
| FCF Yield | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $1M | $131089 | $902725 | $902725 |
Imminent liquidity and insolvency
According to recent financial statements, zSpace's gross margin has fluctuated between 34.5% and 53.1% over the last ten quarters, indicating that the company lacks the consistent pricing power or operational scale required to stabilize its profitability profile within the competitive K-12 educational technology hardware market.
The wide variance in gross margins suggests that the company's product mix is highly sensitive to hardware procurement cycles and potential discounting to move inventory. Given the deeply negative operating margins, it appears that the current revenue base is insufficient to absorb the fixed costs associated with specialized R&D and sales personnel.
As reported in quarterly filings, the company's cash conversion cycle has remained erratic, swinging from a high of 97 days in 2023Q4 to -29 days in 2026Q1, which suggests significant instability in managing inventory levels and collecting receivables from budget-constrained school districts.
The volatility in the cash conversion cycle highlights a lack of predictability in the company's operational rhythm. Investors should monitor whether the recent negative cycle is a result of improved collection efficiency or simply a byproduct of significantly lower sales volume and inventory liquidation.
Based on the most recent quarterly data, zSpace maintains a current ratio of 0.72 and a quick ratio of 0.56, which indicates that the company's liquid assets are insufficient to cover its short-term obligations without relying on external financing or further asset liquidation.
The persistent reliance on current assets to fund ongoing operations, combined with a lack of cash reserves, suggests that the company is in a precarious liquidity position. This vulnerability is exacerbated by the company's inability to generate positive free cash flow, leaving little margin for error in its procurement-dependent business model.
The market's reliance on P/S multiples to value zSpace is fundamentally flawed, as it obscures the company's severe cash burn and the high probability of equity dilution required to sustain operations, making it a poor proxy for the firm's actual enterprise value or long-term viability.
Using a P/S ratio for a company with a negative net margin and a shrinking revenue base ignores the existential risk posed by its liquidity crisis. Analysts should instead focus on the cash-to-burn ratio and the sustainability of the deferred revenue pipeline to assess the company's true risk of insolvency.
Includes 30+ ratios · 4 years · Updated daily
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Quick answers to the most common questions about buying ZSPC stock.
zSpace, Inc.'s current P/E ratio is -0.0x. The historical average is 2.2x.
Based on historical data, zSpace, Inc. is trading at a P/E of -0.0x. Compare with industry peers and growth rates for a complete picture.
zSpace, Inc. has 47.6% gross margin and -79.5% operating margin.