Latest Ratios: P/E Ratio 28.4x · EV/EBITDA 107.1x · ROE 73.1%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.2B | $3.2B | $1.2B | $100M | $109M | $3.8B | — | — |
| Enterprise Value | $5.2B | $3.2B | $1.2B | $240M | $265M | $3.9B | — | — |
| P/E Ratio → | 28.38 | 16.36 | 20.74 | — | — | — | — | — |
| P/S Ratio | 10.08 | 6.26 | 3.46 | 0.39 | 0.53 | 24.92 | — | — |
| P/B Ratio | 15.76 | 9.09 | 6.56 | 1.15 | 1.03 | 98.43 | — | — |
| P/FCF | 17.82 | 11.07 | 9.62 | 3.98 | — | — | — | — |
| P/OCF | 17.80 | 11.05 | 9.60 | 2.97 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.25 | 3.54 | 0.93 | 1.29 | 25.19 | — | — |
| EV / EBITDA | 107.14 | 66.51 | 29.02 | — | — | — | — | — |
| EV / EBIT | 125.77 | 18.28 | 17.96 | — | — | — | — | — |
| EV / FCF | — | 11.05 | 9.83 | 9.52 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.8% | 79.8% | 91.2% | 88.8% | 84.4% | 84.7% | 82.2% | 80.0% |
| Operating Margin | 8.0% | 8.0% | 10.0% | -16.3% | -65.6% | -4.2% | — | 2.3% |
| Net Profit Margin | 38.3% | 38.3% | 16.7% | -18.7% | -62.9% | -13.1% | -5.7% | 1.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 73.1% | 73.1% | 42.8% | -50.1% | -177.4% | -45.1% | -13.2% | 1.4% |
| ROA | 49.8% | 49.8% | 19.5% | -15.8% | -55.0% | -17.9% | -9.7% | 1.2% |
| ROIC | 11.1% | 11.1% | 11.9% | -13.0% | -58.9% | -7.3% | — | 2.6% |
| ROCE | 12.9% | 12.9% | 13.0% | -15.2% | -73.9% | -9.8% | — | 3.1% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.21 | 0.21 | 0.41 | 2.08 | 1.67 | 1.90 | 0.12 | 0.05 |
| Debt / EBITDA | 1.56 | 1.56 | 1.79 | — | — | — | — | 0.99 |
| Net Debt / Equity | — | -0.02 | 0.14 | 1.60 | 1.46 | 1.07 | 0.03 | -0.07 |
| Net Debt / EBITDA | -0.11 | -0.11 | 0.61 | — | — | — | — | -1.49 |
| Debt / FCF | — | -0.02 | 0.21 | 5.54 | — | — | — | — |
| Interest Coverage | 24.86 | 24.86 | 8.55 | -3.11 | -13.02 | -6.82 | -399.71 | 2.56 |
Net cash position: cash ($81M) exceeds total debt ($75M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.83 | 3.83 | 8.05 | 10.81 | 8.47 | 1.46 | 2.87 | 6.50 |
| Quick Ratio | 3.83 | 3.83 | 8.05 | 10.81 | 8.47 | 1.46 | 2.87 | 6.50 |
| Cash Ratio | 0.71 | 0.71 | 2.58 | 6.09 | 5.27 | 0.59 | 0.93 | 3.31 |
| Asset Turnover | — | 1.05 | 1.16 | 0.88 | 0.64 | 1.04 | 1.59 | 1.14 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | 184.94 | 158.97 | 185.64 | 116.92 | 116.11 | 139.06 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 6.1% | 4.8% | — | — | — | — | — |
| FCF Yield | 5.6% | 9.0% | 10.4% | 25.1% | — | — | — | — |
| Buyback Yield | 0.8% | 1.4% | 0.0% | 0.0% | 0.5% | 0.0% | — | — |
| Total Shareholder Yield | 0.8% | 1.4% | 0.0% | 0.0% | 0.5% | 0.0% | — | — |
| Shares Outstanding | — | $14M | $14M | $12M | $12M | $12M | $12M | $12M |
Regulatory revenue model vulnerability
Based on current market data, Dave trades at a price-to-sales multiple of 9.16, which suggests that investors are pricing in significant future expansion relative to more mature peers like Enova International, despite the inherent volatility and regulatory uncertainties surrounding the company's core transactional revenue model.
The current P/S ratio of 9.16 indicates a growth-oriented valuation that may be difficult to sustain if revenue growth decelerates from its current 47.49% pace. Investors should note that the absence of a meaningful PEG ratio or standardized P/E multiple complicates traditional valuation, suggesting the market is prioritizing top-line momentum over near-term earnings stability.
As reported in quarterly financial statements, Dave's ROIC has fluctuated significantly, ranging from a low of -18.3% in 2025Q4 to a peak of 13.4% in 2025Q2, reflecting the challenges of maintaining efficient capital deployment while aggressively scaling the ExtraCash advance portfolio in a competitive fintech landscape.
The volatility in ROIC suggests that the company's ability to generate returns on invested capital is highly sensitive to credit provisioning and operational overhead. The recent 4.6% ROIC in 2026Q1 warrants further investigation to determine if this represents a structural decline or a temporary impact from increased capital allocation toward balance sheet growth.
According to historical data, Dave's asset turnover has remained relatively low, hovering between 0.25 and 0.39 over the last ten quarters, which indicates that the company's revenue generation is not yet fully optimized relative to its expanding asset base of short-term consumer advances.
The lack of consistent data for DSO and DIO metrics makes it difficult to fully assess the efficiency of the cash conversion cycle. However, the observed asset turnover suggests that management must improve the velocity of its lending operations to justify the current valuation and enhance long-term profitability.
Market participants frequently misapply traditional bank P/B ratios to Dave, which obscures the reality that the company functions more as a high-frequency data aggregator than a balance-sheet-heavy lender, leading to a potential misunderstanding of the firm's true earnings quality and long-term operational risk profile.
Using P/B ratios for a company with a 14.32 multiple is misleading because it ignores the intangible value of the proprietary underwriting engine and the recurring nature of the subscription base. Analysts should instead focus on unit economics like CAC-to-LTV and adjusted EBITDA to better capture the underlying value of the platform.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DAVE stock.
Dave Inc.'s current P/E ratio is 28.4x. The historical average is 18.6x. This places it at the 100th percentile of its historical range.
Dave Inc.'s current EV/EBITDA is 107.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 47.8x.
Dave Inc.'s return on equity (ROE) is 73.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -24.1%.
Based on historical data, Dave Inc. is trading at a P/E of 28.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dave Inc. has 79.8% gross margin and 8.0% operating margin.
Dave Inc.'s Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.