Latest Ratios: P/E Ratio -0.3x · EV/EBITDA N/A · ROE -39.8%. (1996–2025 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 | $56M | $64M | $93M | $285M | $308M | $641M | $409M | $723M | $808M | $423M | $222M |
| Enterprise Value | $267M | $274M | $274M | $480M | $469M | $860M | $543M | $843M | $932M | $577M | $414M |
| P/E Ratio → | -0.27 | — | — | — | — | — | 58.64 | 28.89 | 27.10 | 26.87 | — |
| P/S Ratio | 0.11 | 0.13 | 0.17 | 0.52 | 0.63 | 1.10 | 0.66 | 1.08 | 1.42 | 0.77 | 0.54 |
| P/B Ratio | 0.19 | 0.22 | 0.19 | 0.52 | 0.54 | 1.28 | 0.74 | 1.35 | 1.60 | 0.88 | 0.47 |
| P/FCF | — | — | — | — | — | — | 8.98 | 12.21 | 19.37 | 7.23 | 23.84 |
| P/OCF | — | — | — | — | 154.23 | — | 7.75 | 10.63 | 16.04 | 6.34 | 14.82 |
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 | — | 0.55 | 0.51 | 0.87 | 0.97 | 1.48 | 0.88 | 1.26 | 1.63 | 1.05 | 1.01 |
| EV / EBITDA | — | — | — | 25.75 | — | — | 11.47 | 11.77 | 13.35 | 9.26 | 9.38 |
| EV / EBIT | — | — | — | — | — | — | 35.33 | 22.08 | 26.58 | 23.05 | — |
| EV / FCF | — | — | — | — | — | — | 11.92 | 14.24 | 22.35 | 9.86 | 44.47 |
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 | 25.6% | 25.6% | 29.1% | 33.5% | 37.0% | 36.8% | 36.8% | 36.8% | 39.2% | 39.6% | 41.7% |
| Operating Margin | -27.8% | -27.8% | -14.8% | -2.7% | -6.9% | -11.7% | 2.5% | 6.2% | 6.1% | 4.6% | 5.1% |
| Net Profit Margin | -31.1% | -31.1% | -18.5% | -4.9% | -6.8% | -12.6% | 1.1% | 3.7% | 5.2% | 2.9% | -1.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -39.8% | -39.8% | -19.3% | -4.8% | -6.2% | -14.0% | 1.3% | 4.8% | 6.0% | 3.3% | -1.8% |
| ROA | -18.8% | -18.8% | -10.5% | -2.7% | -3.4% | -7.6% | 0.8% | 2.9% | 3.5% | 1.8% | -1.1% |
| ROIC | -17.8% | -17.8% | -8.5% | -1.5% | -3.5% | -7.3% | 1.7% | 4.8% | 4.2% | 2.9% | 3.4% |
| ROCE | -21.2% | -21.2% | -10.6% | -1.9% | -4.3% | -8.8% | 2.0% | 5.8% | 5.1% | 3.5% | 3.6% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.85 | 0.85 | 0.44 | 0.39 | 0.32 | 0.50 | 0.33 | 0.31 | 0.33 | 0.41 | 0.55 |
| Debt / EBITDA | — | — | — | 11.51 | — | — | 3.84 | 2.31 | 2.41 | 3.14 | 5.87 |
| Net Debt / Equity | — | 0.72 | 0.37 | 0.36 | 0.28 | 0.44 | 0.24 | 0.22 | 0.25 | 0.32 | 0.41 |
| Net Debt / EBITDA | — | — | — | 10.50 | — | — | 2.83 | 1.68 | 1.78 | 2.47 | 4.35 |
| Debt / FCF | — | — | — | — | — | — | 2.94 | 2.03 | 2.98 | 2.63 | 20.62 |
| Interest Coverage | -2.39 | -2.39 | -3.39 | -0.91 | -6.37 | -9.99 | 2.54 | 4.12 | 3.36 | 2.15 | -0.06 |
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 | 1.71 | 1.71 | 1.83 | 1.44 | 1.36 | 1.41 | 1.73 | 1.93 | 1.69 | 1.67 | 1.65 |
| Quick Ratio | 1.27 | 1.27 | 1.33 | 0.94 | 0.86 | 1.02 | 1.22 | 1.41 | 1.24 | 1.25 | 1.26 |
| Cash Ratio | 0.25 | 0.25 | 0.18 | 0.09 | 0.11 | 0.15 | 0.30 | 0.31 | 0.26 | 0.29 | 0.36 |
| Asset Turnover | — | 0.67 | 0.59 | 0.55 | 0.50 | 0.59 | 0.66 | 0.76 | 0.68 | 0.66 | 0.45 |
| Inventory Turnover | 5.39 | 5.39 | 4.11 | 3.45 | 3.18 | 4.58 | 4.74 | 5.67 | 4.62 | 5.48 | 3.36 |
| Days Sales Outstanding | — | 105.83 | 132.11 | 108.28 | 92.86 | 99.21 | 75.06 | 78.80 | 94.32 | 82.87 | 134.07 |
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 | 0.3% | 0.2% | 0.3% | 3.0% | 3.6% | 1.6% | 2.5% | 1.4% | 1.2% | 4.5% | 8.7% |
| Payout Ratio | — | — | — | — | — | — | 142.7% | 39.1% | 32.0% | 119.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 1.7% | 3.5% | 3.7% | 3.7% | — |
| FCF Yield | — | — | — | — | — | — | 11.1% | 8.2% | 5.2% | 13.8% | 4.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 100.0% | 100.0% | 100.0% | 0.0% |
| Total Shareholder Yield | 0.3% | 0.2% | 0.3% | 3.0% | 3.6% | 2.0% | 2.5% | 100.0% | 100.0% | 100.0% | 8.7% |
| Shares Outstanding | — | $29M | $29M | $28M | $27M | $26M | $25M | $24M | $24M | $23M | $17M |
Persistent operating margin erosion
According to current market data, Comtech trades at a P/S ratio of 0.12, a valuation level that suggests investors are heavily discounting the company's future revenue potential due to the persistent inability to convert government contract wins into sustainable, bottom-line profitability across its core business segments.
The extremely low P/S multiple relative to broader technology peers indicates that the market is pricing in significant execution risk rather than growth. This valuation gap appears to reflect a lack of confidence in management's ability to stabilize margins, as the current negative P/E ratio renders traditional earnings-based valuation metrics largely irrelevant for assessing the company's intrinsic value.
Based on reported figures, Comtech’s ROIC has struggled to maintain positive territory, frequently dipping into negative values over the last ten quarters, which indicates that the company is currently failing to generate adequate returns on its invested capital compared to its cost of capital and industry peers.
The erratic trend in ROIC suggests that the company's capital allocation, particularly regarding R&D and acquisition-led growth, has not yet yielded the expected operational efficiencies. Investors should monitor whether the recent focus on NG911 service contracts can eventually drive a structural improvement in returns, as the current decay in capital productivity remains a primary concern for long-term value creation.
As reported in recent financial statements, Comtech’s cash conversion cycle remains highly volatile, with DSO levels frequently exceeding 100 days, which highlights the structural challenges of managing long-term government project receivables and the resulting pressure on the company's internal cash generation capabilities and overall working capital efficiency.
The extended collection periods suggest that Comtech is effectively financing its government customers, which creates a persistent drag on liquidity. This inefficiency, combined with the lumpy nature of project-based hardware deployments, complicates the company's ability to maintain a predictable cash flow profile, necessitating a closer look at the quality of unbilled receivables.
According to quarterly balance sheet data, Comtech’s debt-to-equity ratio has climbed to 0.96 in 2026Q3, a significant increase from 0.35 in 2024Q3, which indicates that the company is becoming increasingly reliant on external financing even as its operating income remains insufficient to cover interest obligations comfortably.
The rising leverage profile, coupled with negative interest coverage ratios in several recent periods, suggests that the company's balance sheet is becoming increasingly vulnerable to interest rate volatility and refinancing risks. This trend warrants further investigation into the terms of existing debt covenants, as the current trajectory of equity erosion limits the company's financial flexibility.
The P/E ratio is the most commonly misapplied metric for Comtech, as it obscures the company's true earning power by failing to account for the significant non-cash charges and restructuring costs that currently distort the bottom line in this capital-intensive, government-contract-heavy business model.
Investors should instead focus on EV/EBITDA or free cash flow yield to better understand the underlying operational performance, as these metrics are less sensitive to the accounting volatility inherent in percentage-of-completion revenue recognition. Relying on P/E in the current environment risks misinterpreting a temporary operational trough as a permanent impairment of the company's long-term competitive moat.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CMTL stock.
Comtech Telecommunications Corp.'s current P/E ratio is -0.3x. The historical average is 27.5x.
Comtech Telecommunications Corp.'s return on equity (ROE) is -39.8%. The historical average is 4.8%.
Based on historical data, Comtech Telecommunications Corp. is trading at a P/E of -0.3x. Compare with industry peers and growth rates for a complete picture.
Comtech Telecommunications Corp.'s current dividend yield is 0.29%.
Comtech Telecommunications Corp. has 25.6% gross margin and -27.8% operating margin.