Latest Ratios: P/E Ratio -12.2x · EV/EBITDA N/A · ROE -74.4%. (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 | $945M | $630M | $231M | $190M | $181M | $325M | $385M | $298M |
| Enterprise Value | $918M | $603M | $335M | $244M | $227M | $231M | $482M | $386M |
| P/E Ratio → | -12.18 | — | — | — | — | — | — | — |
| P/S Ratio | 8.87 | 5.91 | 2.27 | 2.01 | 2.78 | 9.55 | 18.23 | 21.73 |
| P/B Ratio | 9.01 | 6.64 | 2.46 | 2.04 | 1.49 | 1.81 | — | — |
| 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 | — | 5.65 | 3.28 | 2.58 | 3.48 | 6.78 | 22.80 | 28.18 |
| 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 | 66.9% | 66.9% | 73.1% | 64.2% | 45.2% | -1.9% | -12.9% | 16.2% |
| Operating Margin | -44.0% | -44.0% | -43.4% | -59.2% | -132.4% | -352.5% | -195.9% | -337.3% |
| Net Profit Margin | -65.9% | -65.9% | -56.0% | -57.0% | -113.5% | -720.7% | -92.4% | -482.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -74.4% | -74.4% | -61.1% | -50.1% | -49.2% | -334.6% | — | — |
| ROA | -21.9% | -21.9% | -23.9% | -23.5% | -27.5% | -115.4% | -13.8% | -40.5% |
| ROIC | -26.5% | -26.5% | -19.3% | -26.7% | -51.3% | -120.8% | -46.4% | — |
| ROCE | -16.9% | -16.9% | -20.9% | -27.7% | -35.9% | -70.7% | -64.9% | -73.3% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 1.24 | 0.94 | 0.66 | 0.40 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.28 | 1.10 | 0.58 | 0.37 | -0.52 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -3.69 | -3.69 | -3.66 | -4.72 | -12.80 | -4.52 | -8.18 | -2.90 |
Net cash position: cash ($42M) exceeds total debt ($16M)
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 | 3.44 | 3.44 | 4.10 | 2.89 | 3.29 | 5.85 | 0.33 | 0.66 |
| Quick Ratio | 3.33 | 3.33 | 3.87 | 2.89 | 3.29 | 5.85 | 0.33 | 0.66 |
| Cash Ratio | 2.06 | 2.06 | 2.02 | 1.91 | 2.68 | 5.42 | 0.09 | 0.32 |
| Asset Turnover | — | 0.28 | 0.40 | 0.42 | 0.28 | 0.11 | 0.18 | 0.08 |
| Inventory Turnover | 5.71 | 5.71 | 4.54 | — | — | — | — | — |
| Days Sales Outstanding | — | 128.94 | 152.13 | 86.08 | 49.25 | 46.12 | 115.69 | 115.20 |
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 | — | — | — | — | — | — | — | — |
| 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% | 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 | — | $34M | $21M | $17M | $15M | $9M | $5M | $4M |
Capital exhaustion and liquidity
Based on reported figures, BlackSky trades at a price-to-sales multiple of 8.62x, which appears to price in significant future growth that remains disconnected from the company's current inability to generate positive net income or consistent free cash flow in a highly competitive aerospace sector.
The current valuation multiple suggests that investors are assigning a premium to the company's proprietary software and low-latency intelligence capabilities rather than its historical financial performance. This valuation warrants caution, as it implies a high growth trajectory that may be difficult to sustain without further dilutive capital raises to fund the next generation of satellite hardware.
According to recent financial statements, BlackSky's ROIC has remained consistently negative, reaching -22.0% in 2026Q1, which indicates that the company is currently destroying shareholder value as it struggles to achieve the scale necessary to offset its heavy upfront investment in satellite constellation infrastructure.
The inability to generate positive returns on invested capital suggests that the company's capital-intensive business model has yet to reach an inflection point where operational efficiencies outweigh the depreciation of its orbital assets. Investors should monitor whether future Gen-3 satellite deployments can drive the margin expansion required to reverse this multi-year trend of capital decay.
As reported in quarterly filings, BlackSky's asset turnover remains exceptionally low at 0.05x in 2026Q1, reflecting the significant capital base required to support a satellite constellation that has not yet achieved the revenue density necessary to demonstrate meaningful operational efficiency compared to industry peers.
The erratic nature of the company's Days Sales Outstanding, which spiked to 135 days in 2026Q1, suggests that the reliance on large, lumpy government contracts creates significant friction in the cash conversion cycle. This lack of working capital efficiency forces the company to maintain higher liquidity buffers than would otherwise be required for a more mature software-as-a-service provider.
The market's reliance on the price-to-sales ratio as a primary valuation metric for BlackSky appears to obscure the underlying capital intensity of the business, failing to account for the massive depreciation and maintenance costs inherent in operating a proprietary, low-latency satellite constellation for defense intelligence.
Investors should instead focus on the ratio of free cash flow to total capital expenditure, as this better captures the company's ability to self-fund its operations without constant reliance on external financing. Using P/S in isolation ignores the reality that a significant portion of revenue is tied to project-based mission systems that carry different margin profiles and cash-generative characteristics than the core imagery subscription business.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying BKSY stock.
BlackSky Technology Inc.'s current P/E ratio is -12.2x. This places it at the 50th percentile of its historical range.
BlackSky Technology Inc.'s return on equity (ROE) is -74.4%. The historical average is -113.9%.
Based on historical data, BlackSky Technology Inc. is trading at a P/E of -12.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BlackSky Technology Inc. has 66.9% gross margin and -44.0% operating margin.