Latest Ratios: P/E Ratio -839.8x · EV/EBITDA N/A · ROE -0.2%. (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 | $83M | $107M | $117M | $78M | $31M | $19M | $18M | $28M | $26M | $21M | $19M |
| Enterprise Value | $58M | $83M | $92M | $56M | $12M | $3M | $6M | $13M | $4M | $10M | $6M |
| P/E Ratio → | -839.80 | — | — | 15.91 | 17.14 | 80.22 | — | — | 1.77 | 8.78 | 7.64 |
| P/S Ratio | 1.41 | 1.83 | 2.13 | 1.21 | 0.57 | 0.38 | 0.29 | 0.35 | 0.35 | 0.19 | 0.18 |
| P/B Ratio | 1.72 | 2.41 | 2.48 | 1.70 | 0.79 | 0.55 | 0.60 | 0.90 | 0.76 | 1.01 | 1.08 |
| P/FCF | 43.77 | 56.70 | 29.24 | 21.55 | 12.62 | 10.40 | 1264.53 | — | 9.92 | 9.17 | 4.48 |
| P/OCF | 36.55 | 47.35 | 27.88 | 20.03 | 11.51 | 9.86 | 72.55 | — | 8.48 | 7.94 | 3.82 |
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 | — | 1.41 | 1.66 | 0.87 | 0.22 | 0.06 | 0.10 | 0.16 | 0.05 | 0.09 | 0.06 |
| EV / EBITDA | — | — | — | 19.98 | 13.40 | — | — | — | — | 2.43 | 1.34 |
| EV / EBIT | — | — | — | 11.20 | 5.22 | 2.69 | — | — | — | 3.04 | 1.63 |
| EV / FCF | — | 43.58 | 22.78 | 15.42 | 4.91 | 1.53 | 460.95 | — | 1.45 | 4.49 | 1.41 |
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 | 31.5% | 31.5% | 34.1% | 33.9% | 34.6% | 32.8% | 27.8% | 22.8% | 25.2% | 22.9% | 24.2% |
| Operating Margin | -5.3% | -5.3% | -3.4% | 2.9% | -0.1% | -2.8% | -2.3% | -1.0% | -2.2% | 3.4% | 3.7% |
| Net Profit Margin | -0.2% | -0.2% | -0.6% | 8.0% | 3.5% | 1.4% | -2.3% | -0.5% | 19.8% | 2.2% | 2.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.2% | -0.2% | -0.7% | 12.2% | 5.2% | 2.2% | -4.8% | -1.2% | 52.7% | 13.0% | 14.0% |
| ROA | -0.1% | -0.1% | -0.5% | 7.4% | 2.7% | 1.2% | -2.6% | -0.6% | 25.3% | 4.7% | 5.4% |
| ROIC | -11.4% | -11.4% | -6.2% | 6.4% | -0.2% | -5.6% | -6.3% | -4.5% | -10.8% | 38.3% | 44.0% |
| ROCE | -6.2% | -6.2% | -3.7% | 3.9% | -0.1% | -3.2% | -3.6% | -2.1% | -5.1% | 19.4% | 20.3% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.10 | 0.06 | 0.13 | 0.12 | 0.27 | 0.11 | 0.10 | 0.15 | — |
| Debt / EBITDA | — | — | — | 1.05 | 5.78 | — | — | — | — | 0.73 | — |
| Net Debt / Equity | — | -0.56 | -0.55 | -0.48 | -0.48 | -0.47 | -0.38 | -0.48 | -0.65 | -0.51 | -0.74 |
| Net Debt / EBITDA | — | — | — | -7.95 | -21.01 | — | — | — | — | -2.53 | -2.91 |
| Debt / FCF | — | -13.11 | -6.45 | -6.13 | -7.70 | -8.86 | -803.57 | — | -8.48 | -4.68 | -3.07 |
| Interest Coverage | -3.65 | -3.65 | -0.78 | 19.07 | 6.39 | 2.94 | -3.66 | -3.46 | -12.01 | 46.51 | 42.38 |
Net cash position: cash ($27M) exceeds total debt ($3M)
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 | 2.36 | 2.36 | 2.94 | 3.22 | 1.97 | 2.75 | 3.20 | 2.32 | 3.44 | 1.37 | 1.36 |
| Quick Ratio | 2.29 | 2.29 | 2.81 | 3.05 | 1.83 | 2.53 | 2.80 | 1.93 | 2.91 | 1.21 | 1.16 |
| Cash Ratio | 1.24 | 1.24 | 1.64 | 1.61 | 0.80 | 1.13 | 1.48 | 0.90 | 1.79 | 0.37 | 0.43 |
| Asset Turnover | — | 0.83 | 0.80 | 0.98 | 0.72 | 0.78 | 1.15 | 1.33 | 1.32 | 1.89 | 2.12 |
| Inventory Turnover | 27.89 | 27.89 | 15.86 | 16.81 | 8.13 | 8.29 | 8.44 | 7.81 | 7.21 | 14.40 | 12.74 |
| Days Sales Outstanding | — | 130.13 | 124.78 | 118.76 | 154.38 | 138.69 | 86.82 | 74.24 | 67.04 | 60.16 | 69.08 |
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 | 1.6% | 1.1% | 0.9% | 0.8% | 0.4% | — | 7.1% | 9.0% | 7.5% | 8.2% | 8.7% |
| Payout Ratio | — | — | — | 12.6% | 7.3% | — | — | — | 13.3% | 68.7% | 64.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 6.3% | 5.8% | 1.2% | — | — | 56.4% | 11.4% | 13.1% |
| FCF Yield | 2.3% | 1.8% | 3.4% | 4.6% | 7.9% | 9.6% | 0.1% | — | 10.1% | 10.9% | 22.3% |
| Buyback Yield | 1.0% | 0.8% | 0.1% | 0.0% | 0.6% | 0.0% | 0.3% | 1.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.6% | 1.9% | 1.0% | 0.8% | 1.0% | 0.0% | 7.4% | 10.0% | 7.5% | 8.2% | 8.7% |
| Shares Outstanding | — | $9M | $9M | $9M | $9M | $4M | $4M | $4M | $4M | $4M | $4M |
Lumpy defense procurement cycles
According to recent financial data, CSPI trades at a P/S ratio of 1.38, yet the lack of a meaningful P/E ratio due to persistent operating losses suggests that the market is struggling to assign a valuation floor based on fundamental earnings power rather than its cash-heavy balance sheet.
The current valuation appears to be driven more by the company's net cash position than by its underlying business performance. Investors should monitor whether the market continues to treat the stock as a liquidation play or if it begins to price in the optionality of the ARIA cybersecurity platform.
Based on reported figures, CSPI's ROIC has remained largely negative, bottoming at -7.4% in 2024Q4, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of capital, largely due to the inability to scale proprietary product margins.
The persistent negative ROIC suggests that the company's capital allocation has not yet translated into a compounding business model. This trend warrants further investigation into whether the recent strategic pivot toward managed services can eventually drive returns above the company's hurdle rate.
As reported in quarterly filings, the cash conversion cycle has fluctuated wildly, ranging from -18 days in 2026Q1 to 74 days in 2024Q1, reflecting the inherent instability in managing inventory and receivables within the lumpy, project-based revenue model of the Technology Solutions segment.
The wide swings in DSO and DPO suggest that the company lacks consistent leverage over its suppliers and customers, likely due to the transactional nature of its VAR business. This volatility makes it difficult to forecast cash flow timing, which remains a significant operational risk for the firm.
According to the most recent balance sheet, CSPI maintains a current ratio of 2.64 and a quick ratio of 2.56, providing a substantial liquidity buffer that appears sufficient to withstand prolonged periods of negative operating cash flow without requiring external financing or dilutive equity issuance.
This liquidity position is a structural strength that distinguishes CSPI from many of its micro-cap peers. However, investors should monitor whether this cash pile is being deployed effectively or if it remains stagnant, potentially dragging down overall return on equity metrics.
Based on an analysis of the company's business model, the P/E ratio is the most commonly misapplied metric, as it fails to account for the significant non-operating interest income that masks the underlying operating losses inherent in the current IT services and hardware reselling business.
Analysts should instead focus on EV/EBITDA or P/S ratios to better gauge the core operational performance of the business. Relying on P/E in this context obscures the reality that the company's profitability is currently driven by its balance sheet rather than its core product offerings.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CSPI stock.
CSP Inc.'s current P/E ratio is -839.8x. The historical average is 22.0x.
CSP Inc.'s return on equity (ROE) is -0.2%. The historical average is 4.1%.
Based on historical data, CSP Inc. is trading at a P/E of -839.8x. Compare with industry peers and growth rates for a complete picture.
CSP Inc.'s current dividend yield is 1.55%.
CSP Inc. has 31.5% gross margin and -5.3% operating margin.