Latest Ratios: P/E Ratio 2.8x · EV/EBITDA N/A · ROE N/A. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $74M | $112M | $190M | $35M | $393M | $406M |
| Enterprise Value | $63M | $101M | $179M | $35M | $394M | $406M |
| P/E Ratio → | 2.83 | 3.80 | — | 2.13 | — | 81.58 |
| P/S Ratio | 4.83 | 7.30 | 8.22 | 2.82 | 27.01 | 31.15 |
| 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 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.59 | 7.77 | 2.88 | 27.08 | 31.14 |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | — | — | 2.16 | — | — |
| 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 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 50.2% | 50.2% | 45.7% | 46.7% | 57.9% | 53.6% |
| Operating Margin | -47.1% | -47.1% | -15.2% | -54.0% | -19.4% | -47.0% |
| Net Profit Margin | 191.4% | 191.4% | -249.3% | 133.1% | -3.3% | -39.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — |
| ROA | 176.7% | 176.7% | -580.6% | 327.5% | -12.0% | -121.4% |
| ROIC | — | — | — | — | — | — |
| ROCE | -67.9% | -67.9% | -308.4% | — | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | — | — | -56.29 | 295.00 | -5.34 | -240.78 |
Net cash position: cash ($12M) exceeds total debt ($863744)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 2.94 | 2.94 | 2.24 | 0.40 | 0.33 | 0.45 |
| Quick Ratio | 2.94 | 2.94 | 2.24 | 0.40 | 0.33 | 0.45 |
| Cash Ratio | 1.87 | 1.87 | 2.02 | 0.26 | 0.05 | 0.27 |
| Asset Turnover | — | 0.79 | 1.68 | 2.02 | 3.72 | 3.09 |
| Inventory Turnover | — | — | — | — | — | — |
| Days Sales Outstanding | — | 153.96 | 19.43 | 49.15 | 41.98 | 24.05 |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 35.3% | 26.3% | — | 47.1% | — | 1.2% |
| FCF Yield | — | — | — | — | — | — |
| 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 | — | $39M | $30M | $20M | $39M | $41M |
Lumpy federal procurement cycles
Based on reported figures, AISP trades at a P/S ratio of 5.26, which appears to price the company as a high-growth software entity despite the recent 33.53% YoY revenue contraction and the absence of meaningful forward-looking earnings multiples to justify such a premium valuation.
The current valuation suggests investors are assigning significant option value to the company's federal AI pipeline rather than its historical financial performance. This premium appears disconnected from the reality of a project-based business model that lacks the recurring revenue predictability typically required to support such elevated sales multiples.
As reported in financial statements, AISP's operating margin of -47.10% highlights a structural inability to achieve profitability, with gross margins fluctuating around 50.24% due to the high cost of hardware integration and specialized technical services required for government-sector deployments.
The persistent negative operating margin indicates that the company remains in a pre-scale phase where R&D and sales expenses significantly outweigh gross profit generation. Investors should monitor whether the company can shift its revenue mix toward higher-margin software licensing to amortize these fixed costs effectively.
According to recent SEC filings, AISP's asset turnover ratio of 0.00 in 2026Q1 underscores the extreme inefficiency in converting capital into revenue, a trend exacerbated by the lumpy nature of federal contract milestones and the inherent challenges in managing long-cycle government procurement processes.
The erratic nature of the company's cash conversion cycle suggests that management struggles to align project delivery with cash receipts. This inefficiency warrants further investigation into whether the company's reliance on large, one-time implementation fees creates structural liquidity gaps that hinder operational stability.
Based on the reported $11.75M cash position as of 2026Q1, AISP's liquidity appears highly vulnerable, especially when evaluated against the company's history of erratic working capital swings and persistent operating losses that threaten to exhaust available resources before reaching a sustainable break-even point.
The current ratio of 2.54 may provide a false sense of security, as it likely masks the underlying difficulty in liquidating project-specific assets or receivables. Without a clear path to positive operating cash flow, the company may face significant refinancing or dilutive capital-raising risks in the near term.
The most commonly misapplied metric for AISP is the P/S ratio, which obscures the company's reality as a specialized systems integrator rather than a pure-play SaaS provider, leading investors to incorrectly assume high-margin scalability that the current 50% gross margin profile does not support.
Analysts should instead focus on the 'attachment rate' of software to hardware and the total contract backlog to assess the company's true value. Treating AISP as a generic AI software firm ignores the capital-intensive 'plumbing' work required to integrate legacy infrastructure, which is the company's actual, albeit less scalable, competitive moat.
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Quick answers to the most common questions about buying AISP stock.
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