Latest Ratios: P/E Ratio -15.6x · EV/EBITDA N/A · ROE -76.9%. (1996–2025 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 | $176M | $148M | $56M | $91M | $81M | $440M | $246M | $288M | — | — | — |
| Enterprise Value | $183M | $155M | $63M | $86M | $71M | $410M | $205M | $231M | — | — | — |
| P/E Ratio → | -15.56 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.33 | 2.79 | 1.17 | 1.73 | 1.81 | 9.07 | 8.89 | 10.21 | — | — | — |
| P/B Ratio | 11.94 | 9.95 | 3.92 | 3.37 | 2.14 | 8.15 | 3.86 | 4.04 | — | — | — |
| 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.94 | 1.31 | 1.63 | 1.60 | 8.44 | 7.40 | 8.17 | — | — | — |
| 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 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.0% | 36.0% | 61.0% | 64.5% | 65.4% | 69.3% | 63.2% | 67.6% | 64.7% | 50.8% | 48.9% |
| Operating Margin | -12.2% | -12.2% | -39.2% | -33.0% | -52.9% | -29.8% | -72.5% | -73.9% | -81.5% | -13.5% | -10.4% |
| Net Profit Margin | -21.2% | -21.2% | -48.8% | -35.7% | -52.1% | -31.3% | -42.9% | -69.8% | 383.6% | -13.0% | -10.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -76.9% | -76.9% | -113.7% | -57.8% | -50.5% | -25.7% | -17.6% | -24.8% | 116.6% | -21.0% | -15.9% |
| ROA | -17.0% | -17.0% | -32.6% | -28.6% | -38.5% | -21.2% | -15.0% | -21.9% | 101.1% | -15.3% | -11.9% |
| ROIC | -22.1% | -22.1% | -65.5% | -51.6% | -68.2% | -47.0% | -83.2% | -36.8% | -23.6% | -26.5% | -19.1% |
| ROCE | -11.8% | -11.8% | -31.2% | -32.4% | -49.4% | -24.0% | -29.2% | -26.0% | -24.1% | -19.2% | -13.3% |
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 | 2.65 | 2.65 | 2.70 | 1.43 | 0.02 | 0.01 | 0.01 | 0.02 | 0.00 | 0.13 | 0.12 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.51 | 0.49 | -0.19 | -0.25 | -0.57 | -0.65 | -0.81 | -0.19 | -0.32 | -0.43 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1.15 | -1.15 | -2.95 | -7.59 | -1526.40 | -1481.00 | -420.93 | -2478.50 | -140.26 | -100.75 | -23.59 |
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 | 5.00 | 5.00 | 5.26 | 5.52 | 3.63 | 4.60 | 7.22 | 6.26 | 11.62 | 3.77 | 5.03 |
| Quick Ratio | 4.26 | 4.26 | 4.56 | 4.74 | 2.63 | 4.09 | 6.78 | 5.85 | 10.95 | 2.68 | 3.87 |
| Cash Ratio | 2.71 | 2.71 | 2.96 | 3.43 | 0.86 | 2.34 | 4.58 | 4.80 | 10.15 | 1.67 | 2.74 |
| Asset Turnover | — | 0.79 | 0.74 | 0.66 | 0.86 | 0.71 | 0.37 | 0.33 | 0.17 | 1.25 | 1.04 |
| Inventory Turnover | 3.93 | 3.93 | 2.48 | 1.87 | 1.30 | 2.20 | 2.52 | 1.81 | 1.13 | 2.93 | 3.04 |
| Days Sales Outstanding | — | 115.87 | 117.46 | 97.77 | 149.62 | 159.21 | 228.24 | 119.19 | 111.12 | 45.59 | 47.17 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 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% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $42M | $36M | $35M | $35M | $34M | $34M | $34M | $34M | $31M | $27M |
Persistent operating margin deficits
Based on current market data, APYX trades at a price-to-sales multiple of 3.57, which suggests that investors are pricing in significant execution risk compared to more established aesthetic device peers, as the company has yet to demonstrate a consistent path toward positive earnings or sustainable valuation expansion.
The negative P/E ratio of -16.67 highlights the absence of bottom-line profitability, forcing investors to rely on revenue-based multiples that may be inflated by the company's growth aspirations. This valuation appears to discount the potential for long-term margin expansion, reflecting a market sentiment that remains skeptical of the company's ability to scale its proprietary helium plasma technology profitably.
As reported in recent financial statements, the company's ROIC has remained consistently negative, bottoming out at -22.8% in 2024Q1, which indicates that capital deployed into the business is currently destroying shareholder value rather than compounding it through efficient operational execution or high-margin product adoption.
The persistent decay in return on invested capital suggests that the company's heavy investment in sales and marketing has failed to generate the necessary incremental returns. Investors should monitor whether future capital allocation can pivot toward higher-margin disposable revenue, as the current trend indicates a structural inability to generate positive returns on the capital base.
According to quarterly filings, the cash conversion cycle has remained elevated, peaking at 276 days in 2024Q1, which reveals significant friction in the company's ability to convert inventory and receivables into cash, thereby placing additional strain on the firm's already limited liquidity position.
The high DSO and DIO figures suggest that the company is struggling to manage its working capital effectively, potentially due to slow-moving inventory or extended payment terms offered to aesthetic practices. This inefficiency forces the company to rely on external financing to bridge the gap between product manufacturing and final cash collection.
Based on reported figures, the debt-to-equity ratio has climbed to 3.02 as of 2026Q1, signaling that the company is increasingly reliant on leverage to fund its ongoing operations while its equity base continues to erode under the weight of persistent net losses and operational cash burn.
The rising leverage ratio, combined with negative interest coverage, suggests that the company's ability to service its debt is becoming increasingly precarious. This trend warrants close investigation, as the firm may face limited refinancing options if it cannot demonstrate a clear path to self-sustaining cash flow in the near term.
Investors frequently misapply top-line revenue growth as a proxy for business health, yet this metric obscures the underlying reality that the company's gross margin of 36.02% is insufficient to cover the high fixed costs required to maintain its specialized direct sales force and clinical trial infrastructure.
Focusing on revenue growth ignores the critical need for operating leverage, which remains elusive for this business model. A more appropriate metric for assessing the company's progress would be the disposable utilization rate per installed generator, as this provides a clearer view of the recurring revenue potential that is currently masked by headline growth figures.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying APYX stock.
Apyx Medical Corporation's current P/E ratio is -15.6x. This places it at the 50th percentile of its historical range.
Apyx Medical Corporation's return on equity (ROE) is -76.9%. The historical average is -13.1%.
Based on historical data, Apyx Medical Corporation is trading at a P/E of -15.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Apyx Medical Corporation has 36.0% gross margin and -12.2% operating margin.