Latest Ratios: P/E Ratio 49.2x · EV/EBITDA 28.2x · ROE 8.8%. (1999–2025 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 | $255M | $205M | $157M | $126M | $44M | $101M | $121M | $66M | $29M | $29M | $19M |
| Enterprise Value | $225M | $174M | $141M | $118M | $43M | $97M | $105M | $62M | $27M | $28M | $20M |
| P/E Ratio → | 49.19 | 40.44 | 93.56 | — | — | — | 15.07 | 60.71 | — | — | — |
| P/S Ratio | 3.74 | 3.00 | 2.58 | 2.37 | 1.16 | 3.61 | 7.37 | 4.58 | 2.41 | 2.80 | 2.11 |
| P/B Ratio | 3.90 | 3.21 | 3.05 | 2.82 | 1.05 | 1.54 | 4.69 | 15.07 | 14.33 | 21.71 | 37.35 |
| P/FCF | 27.49 | 22.06 | 25.09 | 17.48 | — | — | — | 42.23 | 64.41 | 98.87 | — |
| P/OCF | 27.44 | 22.02 | 24.98 | 35.96 | — | — | 186.59 | 40.37 | 63.42 | 98.87 | — |
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 | — | 2.56 | 2.32 | 2.21 | 1.13 | 3.44 | 6.42 | 4.30 | 2.27 | 2.69 | 2.15 |
| EV / EBITDA | 28.16 | 21.85 | 27.34 | 62.46 | — | — | 84.21 | 50.54 | — | — | — |
| EV / EBIT | 47.95 | 32.37 | 72.98 | — | — | — | 53.25 | 53.69 | — | — | — |
| EV / FCF | — | 18.80 | 22.52 | 16.35 | — | — | — | 39.67 | 60.71 | 94.78 | — |
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 | 62.9% | 62.9% | 62.0% | 59.5% | 63.6% | 62.1% | 69.8% | 69.9% | 67.9% | 66.7% | 60.2% |
| Operating Margin | 6.9% | 6.9% | 3.0% | -3.2% | -99.6% | -10.0% | 6.0% | 7.9% | -1.7% | -8.0% | -30.3% |
| Net Profit Margin | 7.4% | 7.4% | 2.8% | -0.7% | -94.3% | -8.7% | 48.5% | 7.9% | -1.9% | -9.8% | -30.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.8% | 8.8% | 3.5% | -0.8% | -66.0% | -5.3% | 52.7% | 35.7% | -13.4% | -110.0% | -205.4% |
| ROA | 7.1% | 7.1% | 2.8% | -0.6% | -53.3% | -4.5% | 41.3% | 18.5% | -5.6% | -29.2% | -60.7% |
| ROIC | 10.2% | 10.2% | 3.8% | -3.3% | -55.2% | -5.9% | 14.0% | 234.8% | -63.4% | -116.3% | -156.0% |
| ROCE | 7.9% | 7.9% | 3.7% | -3.7% | -66.9% | -5.9% | 6.0% | 30.5% | -10.5% | -56.5% | -112.8% |
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 | 0.02 | 0.02 | 0.04 | 0.05 | 0.11 | 0.04 | 0.08 | 0.04 | 0.10 | 0.06 | 2.00 |
| Debt / EBITDA | 0.14 | 0.14 | 0.41 | 1.16 | — | — | 1.62 | 0.14 | — | — | — |
| Net Debt / Equity | — | -0.47 | -0.31 | -0.18 | -0.03 | -0.07 | -0.60 | -0.91 | -0.82 | -0.90 | 0.80 |
| Net Debt / EBITDA | -3.79 | -3.79 | -3.12 | -4.33 | — | — | -12.45 | -3.27 | — | — | — |
| Debt / FCF | — | -3.26 | -2.57 | -1.13 | — | — | — | -2.56 | -3.71 | -4.09 | — |
| Interest Coverage | 283.68 | 283.68 | 45.98 | -1.30 | -462.78 | -33.64 | 25.99 | 96.42 | -16.33 | -3.41 | -19.14 |
Net cash position: cash ($31M) exceeds total debt ($1M)
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 | 3.40 | 3.40 | 2.22 | 1.65 | 1.19 | 1.09 | 7.72 | 1.99 | 1.66 | 1.23 | 1.03 |
| Quick Ratio | 3.36 | 3.36 | 2.19 | 1.61 | 1.12 | 1.07 | 7.52 | 1.85 | 1.52 | 1.17 | 0.94 |
| Cash Ratio | 2.55 | 2.55 | 1.50 | 1.01 | 0.53 | 0.71 | 6.86 | 1.45 | 0.92 | 0.62 | 0.31 |
| Asset Turnover | — | 0.88 | 0.94 | 0.95 | 0.68 | 0.36 | 0.53 | 1.85 | 2.62 | 3.01 | 2.58 |
| Inventory Turnover | 55.65 | 55.65 | 58.77 | 56.45 | 20.15 | 46.15 | 9.82 | 11.39 | 14.14 | 26.39 | 21.32 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | — | — | — | 0.1% | 1.1% | — | — | — | — | — | — |
| 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 | 2.0% | 2.5% | 1.1% | — | — | — | 6.6% | 1.6% | — | — | — |
| FCF Yield | 3.6% | 4.5% | 4.0% | 5.7% | — | — | — | 2.4% | 1.6% | 1.0% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 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% | 0.1% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $32M | $30M | $26M | $23M | $20M | $17M | $16M | $14M | $14M | $13M |
MSP partner consolidation risk
Based on current market data, Crexendo trades at a forward P/E of 17.17, which appears to discount the company's recent 29% revenue growth acceleration and suggests that investors are currently prioritizing near-term earnings stability over the long-term potential of the NetSapiens wholesale platform ecosystem.
The valuation gap between the trailing P/E of 45.19 and the forward multiple suggests that the market expects a significant expansion in earnings power as the company scales its software-only seat count. This pricing implies a cautious outlook on the sustainability of recent margin improvements, warranting further investigation into whether the current multiple adequately captures the company's unique position as a wholesale infrastructure provider.
According to reported financial statements, Crexendo's ROIC has remained in the low single digits, peaking at 2.8% in 2025Q3, which indicates that the company is still in a capital-intensive phase of platform development rather than a mature compounding stage of its business lifecycle.
The modest return on capital is largely a function of the significant R&D and infrastructure investments required to maintain the NetSapiens platform. Investors should monitor whether the company can drive higher returns as it shifts toward a higher software-to-hardware revenue mix, which would theoretically require less incremental capital to support each new end-user seat.
As indicated by the company's quarterly filings, the cash conversion cycle has shown significant volatility, swinging from a 30-day cycle in 2025Q4 to a -12-day cycle in 2025Q1, reflecting the inherent lumpiness of hardware-related revenue and the timing of partner payments within the wholesale model.
The ability to achieve negative cash conversion cycles in certain periods suggests that Crexendo possesses meaningful leverage over its supply chain and customer payment terms. However, the inconsistency in these metrics highlights the operational friction introduced by the legacy hardware business, which may continue to obscure the underlying efficiency of the cloud software segment.
Data from financial disclosures suggests that the trailing P/E ratio is a fundamentally flawed metric for Crexendo, as it fails to account for the heavy R&D reinvestment and the non-cash stock-based compensation that artificially depress reported net income relative to the company's true economic cash generation.
Investors should instead focus on EV/Revenue or a normalized EBITDA metric that adjusts for the lumpy hardware sales and stock-based compensation. Relying on P/E risks misinterpreting the company's transition from a legacy service provider to a high-margin software platform, potentially leading to an undervaluation of the firm's long-term operating leverage.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying CXDO stock.
Crexendo, Inc.'s current P/E ratio is 49.2x. The historical average is 52.4x. This places it at the 50th percentile of its historical range.
Crexendo, Inc.'s current EV/EBITDA is 28.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 49.3x.
Crexendo, Inc.'s return on equity (ROE) is 8.8%. The historical average is -0.1%.
Based on historical data, Crexendo, Inc. is trading at a P/E of 49.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Crexendo, Inc. has 62.9% gross margin and 6.9% operating margin.
Crexendo, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.