Latest Ratios: P/E Ratio -0.2x · EV/EBITDA N/A · ROE -146.0%. (2014–2025 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 | $9M | $7M | $16M | $71M | $95M | $86M | $183M | $39M | $62M | $43M | $200M |
| Enterprise Value | $-905243 | $-3044390 | $16M | $58M | $94M | $79M | $177M | $43M | $54M | $31M | $185M |
| P/E Ratio → | -0.18 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | 2855.53 | 23690.94 | 497.70 | 1690.59 | 8.10 | 13.97 | 20.70 | — |
| P/B Ratio | 0.28 | 0.49 | 1.00 | 2.74 | 4.53 | 3.13 | 5.86 | 0.80 | 1.24 | 0.73 | 3.51 |
| 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 | — | — | — | 2323.97 | 23540.69 | 454.82 | 1641.16 | 8.74 | 12.25 | 14.85 | — |
| 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 | — | — | — | -25028.0% | -98875.0% | -3956.1% | -4970.4% | -408.8% | -411.6% | -356.9% | — |
| Operating Margin | — | — | — | -97856.0% | -389150.0% | -10095.4% | -14252.8% | -837.0% | -832.3% | -1190.5% | — |
| Net Profit Margin | — | — | — | -95752.0% | -385775.0% | -10516.2% | -23853.7% | -919.1% | -904.8% | -1273.0% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -146.0% | -146.0% | -116.1% | -101.9% | -63.7% | -62.0% | -63.8% | -89.9% | -73.8% | -45.8% | -29.9% |
| ROA | -98.3% | -98.3% | -81.9% | -71.3% | -46.2% | -53.2% | -49.3% | -63.6% | -55.2% | -36.4% | -22.8% |
| ROIC | -166.7% | -166.7% | -122.5% | -110.9% | -57.8% | -57.1% | -29.4% | -64.3% | -62.3% | -42.3% | -30.3% |
| ROCE | -139.5% | -139.5% | -101.1% | -97.5% | -61.8% | -57.4% | -33.7% | -68.4% | -56.9% | -36.0% | -23.3% |
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 | 0.04 | 0.04 | 0.26 | 0.12 | 0.31 | 0.03 | 0.04 | 0.22 | 0.26 | 0.18 | 0.17 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.69 | 0.01 | -0.51 | -0.03 | -0.27 | -0.17 | 0.06 | -0.15 | -0.21 | -0.27 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -32.95 | -32.95 | -41.77 | -37.55 | -122.43 | -865.24 | -14.90 | -11.91 | -10.68 | -14.09 | -20.28 |
Net cash position: cash ($11M) exceeds total debt ($592000)
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 | 3.03 | 3.03 | 0.57 | 3.97 | 1.89 | 3.05 | 2.42 | 2.80 | 1.93 | 6.70 | 6.79 |
| Quick Ratio | 2.97 | 2.97 | 0.54 | 3.77 | 1.86 | 3.02 | 2.10 | 2.68 | 1.86 | 6.38 | 6.78 |
| Cash Ratio | 2.44 | 2.44 | 0.50 | 3.58 | 0.58 | 2.00 | 1.89 | 0.77 | 1.77 | 5.94 | 6.32 |
| Asset Turnover | — | — | — | 0.00 | 0.00 | 0.01 | 0.00 | 0.07 | 0.06 | 0.03 | — |
| Inventory Turnover | 9.86 | 9.86 | 28.74 | 6.76 | 14.24 | 57.05 | 5.02 | 19.73 | 29.75 | 7.70 | 13.81 |
| Days Sales Outstanding | — | — | — | 9738.20 | 999999.00 | 2508.58 | 108.15 | 1324.75 | 59.48 | 154.18 | — |
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% | 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% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $1M | $641960 | $469659 | $379055 | $350010 | $304307 | $261319 | $170774 | $101466 | $76336 |
Capital intensive commercialization risk
As reported in recent financial statements, the company's P/B ratio of 0.29 reflects a market valuation that is heavily discounted relative to book value, suggesting that investors are pricing the firm based on speculative technology potential rather than current tangible asset productivity or historical earnings performance.
The absence of meaningful P/E or EV/EBITDA multiples underscores that the market is treating the equity as a long-dated call option on the success of the Sierra Arc facility. Investors should monitor whether this valuation floor holds as the company continues to consume cash without a clear path to positive earnings in the near term.
Based on the company's reported figures, ROIC has remained deeply negative, reaching -54.6% in 2026Q1, which indicates that the firm is currently destroying shareholder capital rather than compounding it as it attempts to transition its core business model toward lithium-ion battery recycling.
The persistent negative returns on capital are a direct consequence of high R&D and infrastructure spending that has yet to yield commercial revenue. This trend warrants further investigation into whether the company can achieve a positive spread between its cost of capital and returns once the facility reaches full operational capacity.
According to recent SEC filings, the company's days inventory outstanding fluctuated significantly, peaking at 68 days in 2025Q4, which highlights the operational challenges of managing feedstock procurement in a nascent market where supply chain reliability remains unproven and highly sensitive to external market conditions.
The erratic nature of the cash conversion cycle suggests that the company lacks the leverage to dictate terms with suppliers of black mass. This inefficiency may continue to pressure liquidity until the firm establishes a more predictable and scalable throughput at its Nevada facility.
As indicated by the company's quarterly financial disclosures, the current ratio dropped from 3.97 in 2023Q4 to 3.07 in 2026Q1, reflecting a tightening liquidity buffer that leaves the firm increasingly reliant on external financing to cover its ongoing operational and capital expenditure requirements.
While the current ratio appears superficially healthy, the rapid depletion of cash reserves suggests that the company may face significant refinancing or dilution risks in the coming quarters. Investors should monitor the cash runway closely, as the current burn rate leaves little margin for error in the event of further project delays.
Based on reported figures, the P/B ratio is frequently misapplied to this business model, as it obscures the fact that the company's primary value lies in its proprietary intellectual property rather than the physical assets currently reflected on the balance sheet.
Using book value as a proxy for intrinsic worth is misleading for a pre-revenue firm where the most valuable assets are intangible and experimental. Analysts should instead focus on the cash burn rate and the progress of the Sierra Arc facility as more accurate indicators of the company's long-term viability.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying AQMS stock.
Aqua Metals, Inc.'s current P/E ratio is -0.2x. This places it at the 50th percentile of its historical range.
Aqua Metals, Inc.'s return on equity (ROE) is -146.0%. The historical average is -78.9%.
Based on historical data, Aqua Metals, Inc. is trading at a P/E of -0.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.