Latest Ratios: P/E Ratio -1.2x · EV/EBITDA N/A · ROE N/A. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $23M | $43M | $121M | $220M | $226M | $216M |
| Enterprise Value | $-8608473 | $11M | $153M | $279M | $227M | $215M |
| P/E Ratio → | -1.20 | — | — | — | — | — |
| P/S Ratio | 0.51 | 0.96 | 2.41 | 42.92 | 8.83 | 9.14 |
| P/B Ratio | — | — | — | — | 1.28 | 1.22 |
| 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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.25 | 3.04 | 54.46 | 8.86 | 9.09 |
| 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 |
|---|---|---|---|---|---|---|
| Gross Margin | 40.5% | 40.5% | 49.3% | 100.0% | -31.5% | 41.4% |
| Operating Margin | -24.7% | -24.7% | -40.6% | -100.0% | -90.1% | -43.2% |
| Net Profit Margin | -42.5% | -42.5% | -50.4% | -57.3% | -1.2% | -42.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | — | — | — | -3.8% | -0.2% | -5.7% |
| ROA | -0.1% | -0.1% | -40.3% | -2.4% | -0.2% | -5.7% |
| ROIC | -0.2% | -0.2% | -44.5% | -3.6% | -9.8% | -4.3% |
| ROCE | — | — | -123.4% | -5.8% | -13.0% | -5.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.01 | — |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | 0.00 | -0.01 |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | -2.18 | -2.18 | -4.03 | — | — | -37.16 |
Net cash position: cash ($64M) exceeds total debt ($32M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.12 | 0.12 | 0.46 | 0.26 | 0.37 | 6.11 |
| Quick Ratio | 0.05 | 0.05 | 0.15 | 0.15 | 0.37 | 6.11 |
| Cash Ratio | 0.00 | 0.00 | 0.03 | 0.11 | 0.27 | 4.78 |
| Asset Turnover | — | 0.00 | 0.84 | 0.08 | 0.14 | 0.13 |
| Inventory Turnover | 0.01 | 0.01 | 3.17 | — | — | — |
| Days Sales Outstanding | — | 21.66 | 14.27 | 126.32 | — | — |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 72.4% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 72.4% | 0.0% | 0.0% |
| Shares Outstanding | — | $21M | $20M | $19M | $22M | $22M |
Insolvency and Liquidity Constraints
According to recent market data, BRLS trades at a price-to-sales multiple of 1.07, a valuation that appears disconnected from the company's negative earnings profile and suggests investors are pricing in aggressive future growth rather than current fundamental performance or established profitability metrics seen in mature food peers.
The lack of a meaningful P/E or EV/EBITDA ratio reflects the company's venture-stage financial profile, where traditional valuation models struggle to find a floor. Investors should monitor whether this P/S multiple can be sustained as the market shifts focus from top-line expansion to the company's ability to generate positive free cash flow.
As reported in financial statements, BRLS has consistently generated negative returns on invested capital, with the most recent 2025Q4 ROIC of -14.5% indicating that the company is currently destroying shareholder value rather than compounding it through its specialized noodle manufacturing and distribution operations.
The persistent negative ROIC trend suggests that the capital deployed into the business is not yet yielding returns sufficient to cover the cost of operations. This performance warrants further investigation into whether the current manufacturing strategy is structurally inefficient or if the company is simply in a high-cost investment phase.
Based on BRLS's reported figures, the company's cash conversion cycle remains volatile, with a 2025Q4 CCC of -87 days driven largely by extended days payable outstanding, which suggests a reliance on supplier credit to manage liquidity rather than organic operational efficiency in its supply chain.
While a negative CCC can sometimes indicate strong bargaining power, in this context, it appears to be a symptom of liquidity constraints where the company must delay payments to maintain cash reserves. Investors should monitor whether this reliance on DPO expansion is sustainable or if it risks damaging critical supplier relationships.
According to the 2025Q4 balance sheet, the company's current ratio of 0.12 highlights a severe liquidity shortfall, indicating that current assets are insufficient to cover short-term obligations and leaving the firm with minimal buffer to navigate potential operational disruptions or unexpected increases in commodity input costs.
The extremely low quick ratio of 0.05 further underscores the company's dependence on inventory turnover to meet immediate cash needs. This liquidity profile appears highly vulnerable, suggesting that the firm may face significant challenges in meeting its financial commitments without further external capital injections.
Data from recent filings suggests that the price-to-sales ratio is the most commonly misapplied metric for BRLS, as it obscures the company's underlying gross margin compression and high cash burn, which are far more critical to assessing the firm's long-term viability than top-line revenue growth alone.
Investors should instead focus on net revenue per unit and contribution margins to better understand the true earning power of the product line. Relying on P/S multiples in this context may lead to an overestimation of the company's value by ignoring the structural costs inherent in its current business model.
Includes 30+ ratios · 5 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BRLS stock.
Borealis Foods Inc.'s current P/E ratio is -1.2x. This places it at the 50th percentile of its historical range.
Based on historical data, Borealis Foods Inc. is trading at a P/E of -1.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Borealis Foods Inc. has 40.5% gross margin and -24.7% operating margin.