Latest Ratios: P/E Ratio -112.2x · EV/EBITDA N/A · ROE -0.8%. (2013–2025 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 | $1.0B | $1.0B | $779M | $796M | $957M | $1.5B | $2.4B | $2.6B | $1.8B | $1.4B | $86M |
| Enterprise Value | $237M | $223M | $-77961860 | $129M | $197M | $575M | $1.4B | $2.6B | $1.8B | $1.4B | $87M |
| P/E Ratio → | -112.24 | — | 18.36 | — | — | — | — | 1.07 | — | — | — |
| P/S Ratio | 5.31 | 5.24 | 6.62 | 9.13 | 11.04 | 22.49 | 52.23 | 110.71 | 147.67 | 420.96 | 209.28 |
| P/B Ratio | 0.93 | 0.89 | 0.70 | 0.73 | 0.84 | 1.09 | 1.43 | 1.50 | 11.52 | 19.90 | 3.44 |
| P/FCF | 6777.68 | 6683.92 | 136.90 | — | — | — | — | — | — | — | — |
| P/OCF | 39.04 | 38.50 | 41.33 | — | — | — | — | — | — | — | — |
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 | — | 1.15 | -0.66 | 1.48 | 2.27 | 8.90 | 29.36 | 110.00 | 146.96 | 420.02 | 210.25 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | 2.24 | — | — | — |
| EV / FCF | — | 1471.33 | -13.70 | — | — | — | — | — | — | — | — |
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 | 32.5% | 32.5% | 21.4% | 13.7% | 17.8% | -27.3% | -55.3% | -74.1% | 51.3% | 39.1% | 359.7% |
| Operating Margin | -1.5% | -1.5% | -65.1% | -97.2% | -128.4% | -452.2% | -469.6% | -645.5% | -168.7% | -188.6% | -297.1% |
| Net Profit Margin | -4.9% | -4.9% | 34.9% | -84.8% | -194.5% | -613.5% | -156.5% | 4911.6% | -178.5% | -45.7% | -214.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.8% | -0.8% | 3.7% | -6.6% | -13.6% | -26.0% | -4.2% | 122.5% | -19.3% | -3.2% | -5.3% |
| ROA | -0.8% | -0.8% | 3.6% | -6.3% | -12.9% | -23.8% | -3.6% | 102.2% | -15.9% | -2.6% | -4.2% |
| ROIC | -0.7% | -0.7% | -16.8% | -15.7% | -20.0% | -39.9% | -13.9% | -12.2% | -14.4% | -10.1% | -5.4% |
| ROCE | -0.3% | -0.3% | -6.9% | -7.6% | -9.0% | -19.1% | -12.6% | -16.0% | -17.6% | -12.2% | -7.0% |
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 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.10 | 0.06 | 0.12 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.69 | -0.77 | -0.61 | -0.67 | -0.66 | -0.63 | -0.01 | -0.06 | -0.04 | 0.02 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -5212.58 | -150.60 | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -8030.00 | -6130.63 | -392.94 | 35.42 | -264.57 | -61.09 | -6.40 |
Net cash position: cash ($792M) exceeds total debt ($2M)
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 | 19.59 | 19.59 | 18.84 | 22.54 | 14.10 | 19.86 | 6.63 | 4.73 | 1.43 | 3.39 | 1.04 |
| Quick Ratio | 18.62 | 18.62 | 18.17 | 21.81 | 13.54 | 19.25 | 6.42 | 4.61 | 0.98 | 1.85 | 0.56 |
| Cash Ratio | 17.26 | 17.26 | 17.28 | 20.81 | 12.89 | 18.48 | 6.24 | 0.99 | 0.72 | 1.17 | 0.45 |
| Asset Turnover | — | 0.16 | 0.10 | 0.08 | 0.07 | 0.05 | 0.02 | 0.01 | 0.06 | 0.04 | 0.01 |
| Inventory Turnover | 2.79 | 2.79 | 2.79 | 2.47 | 1.90 | 2.50 | 1.65 | 1.09 | 0.39 | 0.20 | -0.39 |
| Days Sales Outstanding | — | 107.97 | 92.39 | 150.11 | 131.67 | 188.22 | 203.47 | 254.10 | 174.32 | 128.51 | 94.72 |
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 | — | — | 5.4% | — | — | — | — | 93.4% | — | — | — |
| FCF Yield | 0.0% | 0.0% | 0.7% | — | — | — | — | — | — | — | — |
| Buyback Yield | 1.0% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.0% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $385M | $386M | $381M | $377M | $370M | $352M | $343M | $172M | $177M | $78M |
Regulatory and geopolitical volatility
Based on reported figures, CRON trades at a price-to-book ratio of 0.95, which suggests that the market is valuing the company primarily as a cash-holding entity rather than an operating business, effectively discounting the long-term potential of its core cannabis brand and biosynthesis intellectual property portfolio.
The forward P/E of 32.11 indicates that investors are pricing in a significant recovery in earnings, yet the lack of a positive TTM P/E highlights the ongoing struggle to convert revenue into bottom-line growth. This valuation gap relative to peers suggests that the market remains skeptical of the company's ability to achieve sustainable profitability in the current Canadian regulatory environment.
According to recent financial statements, CRON's ROIC has struggled to maintain positive territory, fluctuating between -10.5% and 1.5% over the last ten quarters, which indicates that the company has yet to generate meaningful returns on its invested capital despite its significant cash-rich balance sheet.
The inability to consistently generate positive ROIC suggests that the company's asset-light pivot has not yet translated into superior capital efficiency. Investors should monitor whether the recent focus on high-margin international medical exports can eventually drive returns above the company's cost of capital.
As reported in quarterly filings, CRON's cash conversion cycle reached 238 days in 2026Q1, a figure that appears elevated compared to historical norms and suggests potential inefficiencies in inventory management and the collection of receivables within the competitive Canadian adult-use cannabis market.
The high days inventory outstanding, which peaked at 231 days in 2025Q3, indicates that the company may be carrying excess stock that risks obsolescence. This extended cycle warrants further investigation into whether the current inventory levels are strategic or a symptom of slowing demand for specific product categories.
Based on the provided balance sheet data, CRON maintains a current ratio of 21.87 as of 2026Q1, which represents an exceptionally strong liquidity position that provides a substantial buffer against the operational volatility and regulatory risks inherent in the global cannabis manufacturing industry.
This liquidity profile is significantly superior to that of peers like Tilray or Canopy Growth, allowing the company to navigate market downturns without the need for dilutive financing. The absence of debt further enhances this position, ensuring that the company remains insulated from the interest rate pressures currently impacting more leveraged competitors.
The price-to-sales ratio of 5.43 is frequently misapplied to CRON, as it fails to account for the company's massive cash position, which effectively distorts the valuation by treating the firm as a standard operating company rather than a cash-rich entity with a secondary cannabis business.
Analysts should instead utilize an enterprise-value-to-sales metric or a sum-of-the-parts valuation to properly isolate the value of the operating business from the cash reserves. Relying solely on P/S obscures the reality that a large portion of the market capitalization is backed by liquid assets, leading to an inaccurate assessment of the company's true operational valuation.
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Quick answers to the most common questions about buying CRON stock.
Cronos Group Inc.'s current P/E ratio is -112.2x. The historical average is 9.7x.
Cronos Group Inc.'s return on equity (ROE) is -0.8%. The historical average is -8.6%.
Based on historical data, Cronos Group Inc. is trading at a P/E of -112.2x. Compare with industry peers and growth rates for a complete picture.
Cronos Group Inc. has 32.5% gross margin and -1.5% operating margin.