Latest Ratios: P/E Ratio -38.2x · EV/EBITDA N/A · ROE N/A. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $656M | $397M | $210M | $140M | $464M | — | — |
| Enterprise Value | $1.4B | $631M | $389M | $204M | $106M | $382M | — | — |
| P/E Ratio → | -38.20 | — | — | — | — | — | — | — |
| P/S Ratio | 20.49 | 9.29 | 6.87 | 3.92 | 2.78 | 12.25 | — | — |
| P/B Ratio | — | — | — | 13.91 | 3.73 | 8.77 | — | — |
| P/FCF | 270.55 | 122.64 | — | — | — | — | — | — |
| P/OCF | 214.78 | 97.36 | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.94 | 6.74 | 3.80 | 2.11 | 10.09 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 118.00 | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 90.2% | 90.2% | 89.7% | 90.5% | 91.5% | 90.1% | 95.3% | 94.1% |
| Operating Margin | -47.0% | -47.0% | -54.7% | -65.5% | -57.3% | -57.5% | -11.9% | 23.1% |
| Net Profit Margin | -49.2% | -49.2% | -58.3% | -68.7% | -54.4% | -61.8% | -10.2% | 18.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -483.5% | -140.1% | -60.6% | -100.3% | — | — |
| ROA | -31.4% | -31.4% | -32.2% | -33.8% | -23.2% | -28.7% | -9.4% | 21.8% |
| ROIC | — | — | -16987.1% | -408.9% | -579.9% | — | — | — |
| ROCE | -74.7% | -74.7% | -61.2% | -54.8% | -38.5% | -47.1% | -34.2% | 95.6% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.51 | 0.10 | 0.07 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | 0.48 |
| Net Debt / Equity | — | — | — | -0.39 | -0.90 | -1.55 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | -1.26 |
| Debt / FCF | — | -4.64 | — | — | — | — | -4.62 | -0.84 |
| Interest Coverage | -171.69 | -171.69 | -115.56 | -149.69 | -308.21 | -37.59 | -43.68 | 25.08 |
Net cash position: cash ($34M) exceeds total debt ($9M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.13 | 1.13 | 1.17 | 1.26 | 1.86 | 2.51 | 1.03 | 1.19 |
| Quick Ratio | 1.13 | 1.13 | 1.17 | 1.26 | 1.86 | 2.51 | 1.03 | 1.19 |
| Cash Ratio | 0.75 | 0.75 | 0.74 | 0.89 | 1.56 | 2.02 | 0.42 | 0.73 |
| Asset Turnover | — | 0.61 | 0.54 | 0.52 | 0.44 | 0.31 | 0.74 | 1.17 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 99.21 | 131.36 | 85.87 | 57.43 | 167.11 | 170.97 | 81.78 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 0.4% | 0.8% | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $42M | $39M | $36M | $33M | $22M | $32M | $22M |
Liquidity and Capital Dilution
Based on reported figures, Arteris trades at a price-to-sales multiple of 28.32, a valuation that appears to price in significant future growth while ignoring the company's current inability to generate positive GAAP earnings or consistent free cash flow compared to more established semiconductor IP peers.
The elevated P/S ratio suggests that investors are valuing the company as a high-growth software-like entity rather than a traditional semiconductor firm. This valuation warrants caution, as it implies a rapid transition to profitability that is not yet supported by the current operating margin trajectory.
According to recent financial statements, Arteris maintains a structural gross margin of approximately 90%, yet the company's operating margin remains deeply negative at -46.95%, highlighting a fundamental disconnect between its high-value intellectual property and the heavy R&D expenditure required to maintain its competitive market position.
While the gross margin profile is elite, the persistent operating losses suggest that the company is currently prioritizing market share acquisition over bottom-line performance. Investors should monitor whether the scaling of royalty revenue can eventually outpace the fixed costs associated with specialized engineering talent.
As reported in quarterly filings, the company's DSO has fluctuated significantly, reaching 66 days in 2026Q1, which, when combined with an asset turnover ratio of only 0.18, suggests that Arteris is struggling to convert its intellectual property investments into efficient, high-velocity revenue streams compared to industry benchmarks.
The low asset turnover reflects the long lead times inherent in the semiconductor design cycle, where licensing revenue is often lumpy and delayed. This inefficiency in capital utilization may continue to pressure the balance sheet until the royalty-based revenue stream reaches a more meaningful scale.
Based on the 2026Q1 balance sheet, the current ratio has compressed to 0.73, indicating that current liabilities now exceed current assets, a development that suggests the company may face significant liquidity pressure if it cannot secure additional financing or improve its cash collection cycles in the near term.
The deterioration in the current ratio is particularly concerning given the company's ongoing cash burn and lack of positive free cash flow. This vulnerability suggests that the firm may be forced into dilutive capital raises if the current trajectory of operating losses persists through the next fiscal year.
The market's reliance on the price-to-sales ratio for Arteris is fundamentally misapplied, as it obscures the company's high capital intensity and the lumpy, non-linear nature of its licensing-driven revenue model, which does not correlate directly with the recurring cash flow profiles of more mature software-as-a-service peers.
Instead of P/S, analysts should focus on the relationship between deferred revenue growth and the cash conversion cycle to better gauge the company's true health. Relying on revenue multiples ignores the significant risk that current licensing wins may not translate into the long-term, high-margin royalty streams required for sustainability.
Includes 30+ ratios · 7 years · Updated daily
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Arteris, Inc.'s current P/E ratio is -38.2x. This places it at the 50th percentile of its historical range.
Based on historical data, Arteris, Inc. is trading at a P/E of -38.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Arteris, Inc. has 90.2% gross margin and -47.0% operating margin.