Latest Ratios: P/E Ratio -4.2x · EV/EBITDA N/A · ROE -96.7%. (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 | $16.2B | $19.4B | $1.0B | $319M | $86M | $606M | — | — |
| Enterprise Value | $16.2B | $19.3B | $1.1B | $487M | $274M | $731M | — | — |
| P/E Ratio → | -4.18 | — | — | — | — | — | — | — |
| P/S Ratio | 127.09 | 151.76 | 6.57 | 2.06 | 0.55 | 4.16 | — | — |
| P/B Ratio | 20.11 | 31.67 | — | — | — | 4.95 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 151.27 | 7.18 | 3.14 | 1.77 | 5.02 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.3% | 22.3% | 28.6% | 26.2% | 27.7% | 23.4% | 23.7% | 23.8% |
| Operating Margin | -65.3% | -65.3% | -84.3% | -25.2% | -71.3% | -53.9% | -5.0% | 8.7% |
| Net Profit Margin | -230.2% | -230.2% | -186.8% | -45.5% | -71.8% | -84.9% | -2.8% | 8.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -96.7% | -96.7% | — | — | -263.6% | -110.9% | -4.5% | 53.5% |
| ROA | -47.5% | -47.5% | -108.7% | -35.8% | -38.5% | -41.1% | -2.2% | 39.2% |
| ROIC | -19.5% | -19.5% | -103.6% | -23.4% | -41.7% | -26.4% | -3.3% | 47.7% |
| ROCE | -19.6% | -19.6% | -98.1% | -26.8% | -46.7% | -30.2% | -4.2% | 54.6% |
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 | 0.04 | 0.04 | — | — | — | 1.59 | 1.07 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.10 | — | — | — | 1.03 | 0.97 | -0.14 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | -0.26 |
| Debt / FCF | — | — | — | — | — | — | 105.52 | -0.40 |
| Interest Coverage | -15.22 | -15.22 | -10.53 | -2.13 | -3.87 | -14.78 | — | 50.25 |
Net cash position: cash ($87M) exceeds total debt ($24M)
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 | 1.78 | 1.78 | 0.46 | 0.93 | 1.52 | 2.94 | 2.85 | 3.70 |
| Quick Ratio | 1.78 | 1.78 | 0.46 | 0.93 | 1.52 | 1.50 | 2.85 | 3.70 |
| Cash Ratio | 0.47 | 0.47 | 0.25 | 0.47 | 0.35 | 0.98 | 0.80 | 0.39 |
| Asset Turnover | — | 0.14 | 0.46 | 0.78 | 0.79 | 0.38 | 0.42 | 4.62 |
| Inventory Turnover | — | — | — | — | — | 1.10 | — | — |
| Days Sales Outstanding | — | 64.91 | 91.92 | 62.97 | 73.94 | 73.29 | 95.93 | 68.40 |
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 | — | — | — | — | — | — | — | 13.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.8% | 100.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 1.8% | 100.0% | 0.0% | — | — |
| Shares Outstanding | — | $3.6B | $234M | $149M | $128M | $107M | $105M | $105M |
Contract retention and execution
As reported in recent financial statements, BBAI trades at a price-to-sales multiple of 128.94, a valuation that appears disconnected from the company's -19.32% revenue decline and the structural limitations of its services-heavy, low-margin business model compared to pure-play software peers.
The current valuation suggests investors are pricing in a software-like growth trajectory that the company's actual operational performance has failed to materialize. Given the lack of positive earnings and the reliance on government contract cycles, this premium warrants significant skepticism regarding the firm's ability to justify its market capitalization through organic growth.
Based on historical data, BBAI's return on invested capital has consistently remained in negative territory, reaching -2.7% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its existing operational and investment activities.
The persistent negative ROIC highlights a fundamental inability to generate returns that exceed the cost of capital. This trend suggests that the company's investments in personnel and infrastructure have not yet reached the critical mass required to achieve operational efficiency or sustainable profitability.
According to quarterly filings, the company's asset turnover ratio has languished at 0.04 in 2026Q1, reflecting a significant underutilization of the asset base and highlighting the challenges inherent in scaling a labor-intensive government contracting model within a competitive federal procurement environment.
The high DSO figures, often exceeding 80 days, suggest that BBAI faces significant delays in collecting payments from government clients, which puts additional pressure on liquidity. This inefficiency in the cash conversion cycle necessitates a larger cash buffer than would be required by a more agile software-as-a-service provider.
As reported in recent SEC filings, the company's current ratio has shown extreme volatility, dropping from 6.08 in 2026Q1 to as low as 0.46 in 2024Q4, which underscores the precarious nature of the firm's liquidity position amidst ongoing operational cash burn.
While the current ratio appears temporarily elevated, the underlying cash burn suggests that this liquidity is not a result of operational success but rather the timing of capital raises or contract payments. Investors should monitor the company's ability to maintain these levels without resorting to further dilutive financing.
The most commonly misapplied metric for BBAI is the price-to-sales ratio, which obscures the reality that a significant portion of revenue is derived from low-margin, labor-intensive services rather than scalable, high-margin software licensing typical of the AI sector.
Analysts should instead focus on backlog growth and gross margin expansion as primary indicators of business health. Using P/S multiples to value BBAI ignores the structural cost of cleared labor, which acts as a permanent drag on profitability and prevents the company from achieving the operating leverage seen in pure-play software firms.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying BBAI stock.
BigBear.ai Holdings, Inc.'s current P/E ratio is -4.2x. This places it at the 50th percentile of its historical range.
BigBear.ai Holdings, Inc.'s return on equity (ROE) is -96.7%. The historical average is -84.4%.
Based on historical data, BigBear.ai Holdings, Inc. is trading at a P/E of -4.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BigBear.ai Holdings, Inc. has 22.3% gross margin and -65.3% operating margin.