Latest Ratios: P/E Ratio -136.7x · EV/EBITDA 92.6x · ROE -2.4%. (2004–2025 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 | $1.7B | $1.9B | $1.4B | $1.7B | $2.0B | $3.2B | $2.3B | $1.2B | $1.0B | $591M | $619M |
| Enterprise Value | $1.6B | $1.8B | $1.4B | $1.6B | $2.0B | $3.2B | $2.4B | $1.3B | $1.1B | $606M | $633M |
| P/E Ratio → | -136.67 | — | — | — | — | 63.79 | — | — | — | — | — |
| P/S Ratio | 3.11 | 3.53 | 3.08 | 4.14 | 6.14 | 11.67 | 11.35 | 5.29 | 5.17 | 3.38 | 3.99 |
| P/B Ratio | 3.18 | 3.84 | 3.11 | 3.55 | 4.44 | 6.62 | 5.69 | 4.94 | 4.18 | 3.67 | 3.67 |
| P/FCF | 34.40 | 39.12 | — | — | — | — | — | — | — | — | — |
| P/OCF | 28.97 | 32.95 | 117.60 | 368.59 | — | — | — | — | — | — | — |
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 | — | 3.39 | 2.99 | 4.12 | 6.19 | 11.79 | 11.51 | 5.50 | 5.27 | 3.47 | 4.08 |
| EV / EBITDA | 92.57 | 105.92 | — | — | — | 49.25 | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | 58.46 | — | — | — | — | — |
| EV / FCF | — | 37.48 | — | — | — | — | — | — | — | — | — |
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 | 74.4% | 74.4% | 74.7% | 75.2% | 74.4% | 75.0% | 72.3% | 73.8% | 73.0% | 72.2% | 71.6% |
| Operating Margin | -0.6% | -0.6% | -8.6% | -6.7% | -12.9% | 20.1% | -21.4% | -14.4% | -8.5% | -14.3% | -20.1% |
| Net Profit Margin | -2.1% | -2.1% | -9.6% | -7.6% | -14.1% | 18.3% | -23.3% | -15.2% | -10.5% | -15.4% | -21.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.4% | -2.4% | -9.6% | -6.6% | -9.9% | 11.2% | -14.6% | -14.2% | -10.3% | -16.3% | -18.8% |
| ROA | -1.8% | -1.8% | -7.3% | -5.1% | -7.7% | 7.5% | -7.6% | -7.7% | -6.8% | -9.9% | -12.1% |
| ROIC | -0.6% | -0.6% | -6.9% | -4.3% | -6.5% | 8.6% | -9.0% | -8.8% | -5.8% | -10.4% | -13.0% |
| ROCE | -0.6% | -0.6% | -7.4% | -5.0% | -7.9% | 9.0% | -7.5% | -8.0% | -6.2% | -10.3% | -12.7% |
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 | 0.18 | 0.18 | 0.17 | 0.16 | 0.16 | 0.16 | 0.18 | 0.31 | 0.21 | 0.23 | 0.23 |
| Debt / EBITDA | 5.15 | 5.15 | — | — | — | 1.15 | — | — | — | — | — |
| Net Debt / Equity | — | -0.16 | -0.10 | -0.02 | 0.04 | 0.07 | 0.08 | 0.19 | 0.08 | 0.10 | 0.09 |
| Net Debt / EBITDA | -4.65 | -4.65 | — | — | — | 0.49 | — | — | — | — | — |
| Debt / FCF | — | -1.64 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -0.73 | -0.73 | -5.82 | -3.31 | -8.27 | 11.25 | -8.83 | -7.51 | -3.54 | -10.87 | -17.49 |
Net cash position: cash ($167M) exceeds total debt ($88M)
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 | 3.96 | 3.96 | 3.65 | 3.57 | 3.69 | 3.47 | 6.24 | 2.87 | 4.34 | 2.58 | 2.97 |
| Quick Ratio | 2.99 | 2.99 | 2.62 | 2.66 | 2.90 | 2.78 | 5.53 | 2.28 | 3.78 | 1.87 | 2.36 |
| Cash Ratio | 2.05 | 2.05 | 1.67 | 1.84 | 2.07 | 2.11 | 4.97 | 1.64 | 3.09 | 1.08 | 1.53 |
| Asset Turnover | — | 0.82 | 0.76 | 0.65 | 0.56 | 0.45 | 0.29 | 0.41 | 0.57 | 0.65 | 0.56 |
| Inventory Turnover | 1.74 | 1.74 | 1.56 | 1.46 | 1.84 | 1.76 | 1.63 | 2.06 | 2.42 | 2.16 | 2.49 |
| Days Sales Outstanding | — | 45.51 | 47.33 | 48.00 | 47.17 | 43.94 | 40.91 | 44.35 | 45.61 | 48.22 | 49.64 |
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 | — | — | — | — | — | 1.6% | — | — | — | — | — |
| FCF Yield | 2.9% | 2.6% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.7% | 0.6% | 0.5% | 0.4% | 0.6% | 0.6% | 0.6% | 0.7% | 0.4% | 0.3% | 0.3% |
| Total Shareholder Yield | 0.7% | 0.6% | 0.5% | 0.4% | 0.6% | 0.6% | 0.6% | 0.7% | 0.4% | 0.3% | 0.3% |
| Shares Outstanding | — | $48M | $47M | $46M | $46M | $46M | $42M | $38M | $34M | $32M | $32M |
Competitive PFA Technology Adoption
According to current market data, AtriCure trades at a forward P/E of 845.38 and an EV/EBITDA of 84.80, suggesting that investors are pricing in significant future earnings expansion rather than current profitability, which remains constrained by heavy investment in clinical trials and specialized sales support infrastructure.
The elevated valuation multiples indicate that the market is valuing the company as a high-growth disruptor rather than a mature medical device manufacturer. This premium appears contingent on the company's ability to maintain its niche in the 'Hybrid AF' market, as any deceleration in procedure volume could lead to a sharp contraction in these multiples.
Based on reported figures, AtriCure’s ROIC has hovered near zero or negative levels over the past ten quarters, reflecting the company's ongoing struggle to generate meaningful returns on its invested capital while prioritizing long-term clinical evidence and market penetration over immediate bottom-line profitability for shareholders.
The persistent inability to generate a positive ROIC suggests that the capital deployed into the business has not yet reached an inflection point of efficiency. Investors should monitor whether the recent move toward breakeven operating margins translates into a sustained improvement in capital returns as the 'Convergent' procedure gains broader clinical adoption.
As reported in financial statements, AtriCure’s inventory turnover remains challenged by a high DIO, which averaged over 200 days in recent quarters, indicating that the specialized nature of its single-use cardiac devices necessitates significant inventory buffers to support hospital procurement cycles and new program initiations.
The high DIO relative to peers suggests that the company carries substantial risk regarding product obsolescence if clinical standards shift rapidly. While the DSO remains relatively stable, the overall cash conversion cycle appears sensitive to the lumpy nature of hospital capital expenditure and the timing of new program rollouts.
The P/E ratio is the most commonly misapplied metric for AtriCure, as it obscures the company's true earning power by failing to account for the heavy, non-recurring clinical trial expenditures and stock-based compensation that currently depress GAAP earnings while the company scales its specialized surgical device business.
Investors should instead focus on EV/Sales or adjusted EBITDA, which better capture the underlying revenue growth and operational leverage of the business model. Relying on P/E in this context may lead to an inaccurate assessment of the company's valuation, as it treats essential growth-related investments as permanent operational inefficiencies.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying ATRC stock.
AtriCure, Inc.'s current P/E ratio is -136.7x. The historical average is 63.8x.
AtriCure, Inc.'s current EV/EBITDA is 92.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 49.3x.
AtriCure, Inc.'s return on equity (ROE) is -2.4%. The historical average is -28.3%.
Based on historical data, AtriCure, Inc. is trading at a P/E of -136.7x. Compare with industry peers and growth rates for a complete picture.
AtriCure, Inc. has 74.4% gross margin and -0.6% operating margin.
AtriCure, Inc.'s Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.