Latest Ratios: P/E Ratio -139.5x · EV/EBITDA 908.2x · ROE -6.2%. (2012–2025 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 | $20.6B | $22.4B | $14.7B | $9.1B | $5.3B | $6.9B | $6.2B | $4.5B | $2.7B | $1.5B | $1.6B |
| Enterprise Value | $21.2B | $23.0B | $14.2B | $9.4B | $5.5B | $7.0B | $6.3B | $4.2B | $2.5B | $1.3B | $1.5B |
| P/E Ratio → | -139.54 | — | — | — | — | — | — | 71.96 | 58.38 | 94.07 | 58.33 |
| P/S Ratio | 15.16 | 16.45 | 14.71 | 12.14 | 8.89 | 13.66 | 13.44 | 10.45 | 8.01 | 5.72 | 7.53 |
| P/B Ratio | 8.54 | 9.31 | 6.21 | 11.52 | 7.76 | 9.46 | 8.83 | 7.26 | 5.89 | 4.23 | 5.50 |
| P/FCF | 79.60 | 86.35 | 66.65 | 178.03 | 141.47 | 104.38 | 62.67 | 33.67 | 22.62 | 20.24 | 30.47 |
| P/OCF | 71.99 | 78.10 | 63.48 | 162.36 | 105.85 | 91.92 | 58.46 | 31.99 | 21.12 | 18.55 | 28.96 |
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 | — | 16.89 | 14.21 | 12.46 | 9.28 | 14.00 | 13.50 | 9.74 | 7.25 | 5.11 | 6.73 |
| EV / EBITDA | 908.21 | 983.01 | — | — | — | — | 291.77 | 39.58 | 29.20 | 47.41 | 34.34 |
| EV / EBIT | — | — | — | — | — | — | 373.20 | 58.44 | 47.82 | 54.69 | 40.11 |
| EV / FCF | — | 88.66 | 64.40 | 182.85 | 147.66 | 106.97 | 62.93 | 31.38 | 20.47 | 18.06 | 27.24 |
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 | 74.3% | 74.3% | 79.2% | 79.2% | 78.7% | 81.4% | 82.2% | 85.6% | 85.9% | 84.0% | 86.1% |
| Operating Margin | -7.7% | -7.7% | -7.3% | -15.5% | -25.8% | -15.6% | 1.3% | 14.4% | 13.8% | 7.8% | 16.6% |
| Net Profit Margin | -10.8% | -10.8% | -9.3% | -8.8% | -22.0% | -16.7% | -1.2% | 14.5% | 13.7% | 6.1% | 13.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -6.2% | -6.2% | -5.9% | -9.0% | -18.6% | -11.7% | -0.9% | 11.6% | 11.5% | 4.9% | 10.4% |
| ROA | -3.6% | -3.6% | -3.5% | -3.5% | -7.4% | -5.2% | -0.4% | 6.1% | 8.0% | 3.5% | 7.6% |
| ROIC | -3.2% | -3.2% | -3.8% | -9.0% | -12.7% | -7.2% | 0.9% | 17.9% | 17.8% | 9.6% | 39.8% |
| ROCE | -3.3% | -3.3% | -4.2% | -10.3% | -11.2% | -5.9% | 0.5% | 7.1% | 10.2% | 5.6% | 12.1% |
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 | 0.51 | 0.51 | 0.01 | 0.76 | 0.85 | 0.73 | 0.74 | 0.78 | — | — | — |
| Debt / EBITDA | 52.28 | 52.28 | — | — | — | — | 24.46 | 4.54 | — | — | — |
| Net Debt / Equity | — | 0.25 | -0.21 | 0.31 | 0.34 | 0.23 | 0.04 | -0.49 | -0.56 | -0.46 | -0.58 |
| Net Debt / EBITDA | 25.63 | 25.63 | — | — | — | — | 1.19 | -2.88 | -3.06 | -5.72 | -4.07 |
| Debt / FCF | — | 2.31 | -2.25 | 4.82 | 6.18 | 2.59 | 0.26 | -2.28 | -2.14 | -2.18 | -3.23 |
| Interest Coverage | — | — | -17.90 | -194.77 | -46.92 | -4.34 | 0.34 | 27.81 | 267.19 | 128.65 | 249.69 |
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 | 2.00 | 2.00 | 1.48 | 1.08 | 2.43 | 3.12 | 4.30 | 5.95 | 3.36 | 3.41 | 4.01 |
| Quick Ratio | 2.00 | 2.00 | 1.48 | 1.08 | 2.43 | 3.12 | 4.30 | 5.95 | 3.36 | 3.41 | 4.01 |
| Cash Ratio | 1.55 | 1.55 | 1.02 | 0.88 | 2.11 | 2.72 | 3.86 | 5.53 | 2.98 | 2.90 | 3.52 |
| Asset Turnover | — | 0.28 | 0.30 | 0.37 | 0.33 | 0.30 | 0.30 | 0.31 | 0.51 | 0.52 | 0.54 |
| Inventory Turnover | 3.88 | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 100.23 | 119.80 | 90.52 | 74.53 | 82.16 | 73.19 | 61.37 | 51.51 | 63.20 | 56.16 |
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 | — | — | — | — | — | — | — | 1.4% | 1.7% | 1.1% | 1.7% |
| FCF Yield | 1.3% | 1.2% | 1.5% | 0.6% | 0.7% | 1.0% | 1.6% | 3.0% | 4.4% | 4.9% | 3.3% |
| 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% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $50M | $44M | $42M | $41M | $40M | $39M | $39M | $37M | $36M | $36M |
Integration and Geopolitical Exposure
According to current market data, CyberArk trades at a forward P/E of 81.87, a valuation that appears to price in significant future margin expansion that remains unproven based on the company's historical inability to sustain consistent GAAP profitability over the last ten quarters.
The elevated P/S ratio of 15.16 suggests that investors are valuing the company as a high-growth SaaS leader, yet this multiple appears disconnected from the reality of negative net margins. This valuation implies a high degree of confidence in the company's ability to scale its platform and eventually convert its large revenue base into meaningful bottom-line earnings.
Based on reported figures, the company's ROIC has struggled to remain positive, fluctuating between -2.2% and 0.0% over the last ten quarters, which indicates that the firm is currently failing to generate returns on invested capital that exceed its cost of capital.
The persistent decay in ROIC suggests that the aggressive deployment of capital into acquisitions, such as the $1.54 billion Venafi deal, has yet to yield the expected synergistic returns. Investors should monitor whether management can improve capital allocation efficiency as the integration of these large-scale assets progresses.
As reported in financial statements, the company's DSO has remained elevated, reaching 366 days in 2025Q4, which suggests significant friction in the cash conversion cycle compared to historical norms and indicates potential challenges in collecting payments from enterprise clients in a timely manner.
The extreme variability in DSO, which has swung from 230 to 381 days over the past two years, implies that the company's working capital efficiency is highly sensitive to the timing of large, multi-year contract renewals. This lumpiness in cash collection warrants further investigation into the underlying credit quality of the customer base.
According to recent SEC filings, the company's debt-to-equity ratio has climbed to 0.51 as of 2025Q4, reflecting a shift toward debt-funded expansion that has materially increased the firm's financial leverage compared to the near-zero debt levels observed in previous fiscal periods.
While the current ratio of 2.00 suggests an adequate liquidity buffer, the rising debt load introduces new risks regarding interest coverage and future refinancing requirements. The company's ability to service this debt will depend heavily on its success in transitioning from a cash-burning growth phase to a self-sustaining operational model.
Based on an analysis of the company's financial structure, the most commonly misapplied metric is GAAP Net Income, which fails to account for the significant distortion caused by stock-based compensation and the accounting J-curve effect inherent in the ongoing transition to a subscription-based model.
Investors should instead focus on ARR growth and free cash flow margins to gauge the true health of the business, as GAAP figures are heavily impacted by non-cash expenses and revenue recognition timing. Relying on net income as a proxy for performance obscures the underlying operational progress being made in the core identity security segment.
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Quick answers to the most common questions about buying CYBR stock.
CyberArk Software Ltd.'s current P/E ratio is -139.5x. The historical average is 76.9x.
CyberArk Software Ltd.'s current EV/EBITDA is 908.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 39.8x.
CyberArk Software Ltd.'s return on equity (ROE) is -6.2%. The historical average is 3.2%.
Based on historical data, CyberArk Software Ltd. is trading at a P/E of -139.5x. Compare with industry peers and growth rates for a complete picture.
CyberArk Software Ltd. has 74.3% gross margin and -7.7% operating margin.
CyberArk Software Ltd.'s Debt/EBITDA ratio is 52.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.