Latest Ratios: P/E Ratio -0.2x · EV/EBITDA N/A · ROE -210.0%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $3M | $2M | $1M | $6M | $4M | $68M |
| Enterprise Value | $-1137266 | $-3210777 | $1M | $1M | $7M | $65M |
| P/E Ratio → | -0.17 | — | — | — | — | — |
| P/S Ratio | 0.76 | 0.44 | 0.85 | 5.13 | 6.23 | 53.10 |
| P/B Ratio | 0.21 | 0.28 | 0.93 | 1.61 | — | 11.06 |
| P/FCF | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.65 | 0.88 | 1.09 | 9.54 | 51.27 |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|
| Gross Margin | 35.2% | 35.2% | 32.3% | -15.5% | 25.6% | 37.4% |
| Operating Margin | -183.7% | -183.7% | -651.4% | -980.6% | -1398.6% | -721.3% |
| Net Profit Margin | -194.8% | -194.8% | -494.4% | -753.9% | -1458.1% | -730.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -210.0% | -210.0% | -280.5% | -634.7% | -410.9% | -152.1% |
| ROA | -103.9% | -103.9% | -85.6% | -97.5% | -131.2% | -106.9% |
| ROIC | -355.4% | -355.4% | -3953.3% | -5354.7% | -292.3% | — |
| ROCE | -143.6% | -143.6% | -244.5% | -419.4% | -253.7% | -121.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.17 | 0.17 | 0.22 | 0.11 | — | 0.06 |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.69 | 0.03 | -1.26 | — | -0.38 |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | -36.79 | -36.79 | -28.51 | -11.86 | -19.64 | -79.23 |
Net cash position: cash ($7M) exceeds total debt ($1M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 3.07 | 3.07 | 0.62 | 1.07 | 0.22 | 3.50 |
| Quick Ratio | 2.89 | 2.89 | 0.44 | 0.99 | 0.16 | 3.42 |
| Cash Ratio | 2.29 | 2.29 | 0.09 | 0.85 | 0.02 | 2.32 |
| Asset Turnover | — | 0.38 | 0.27 | 0.10 | 0.10 | 0.15 |
| Inventory Turnover | 6.17 | 6.17 | 1.91 | 2.63 | 1.36 | 8.85 |
| Days Sales Outstanding | — | 110.34 | 137.79 | 88.78 | 86.95 | 200.05 |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 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% |
| Shares Outstanding | — | $610169 | $39387 | $19439 | $3477 | $3012 |
Capital structure dilution risk
According to recent market data, DFSC trades at a price-to-sales multiple of 0.86, which appears to reflect a growth-at-all-costs valuation strategy that significantly discounts the company's inability to generate positive earnings compared to established defense industry peers like CACI International or SAIC.
The current P/S multiple suggests that investors are pricing in aggressive top-line expansion rather than near-term profitability. This valuation appears precarious given the lack of a positive P/E ratio and the absence of a clear path to EBITDA break-even, which warrants caution for value-oriented investors.
As reported in financial statements, DFSC's ROIC has remained consistently negative, bottoming out at -113.9% in 2025Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its tactical digitization and hardware deployment initiatives.
The persistent negative ROIC suggests that the capital invested in R&D and market expansion is not yet yielding sufficient returns to cover the cost of capital. This trend implies that the company's current business model is structurally inefficient and requires a fundamental shift in margin profile to achieve sustainable returns.
Based on the provided quarterly figures, DFSC's cash conversion cycle has shown extreme volatility, swinging from a negative 387 days in 2024Q2 to a positive 107 days in 2025Q4, reflecting the inherent difficulties of managing inventory and receivables within lumpy defense procurement cycles.
The erratic nature of the cash conversion cycle suggests that the company lacks control over its working capital, which may lead to periodic liquidity crunches. Investors should monitor the DSO and DIO trends closely, as any further deterioration could necessitate additional external financing to sustain operations.
According to the company's reported figures, the interest coverage ratio has remained deeply negative, reaching -54.13 in 2026Q2, which indicates that the company is currently unable to service its debt obligations through core operating income alone.
While the debt-to-equity ratio appears manageable at 0.25, the lack of positive operating income makes the company highly vulnerable to interest rate fluctuations. The reliance on external capital to fund operations suggests that the current leverage profile is unsustainable without a significant improvement in operational performance.
Analysis of the company's financial profile suggests that the P/S ratio is the most commonly misapplied metric, as it obscures the massive operational burn rate and the high cost of customer acquisition inherent in the tactical defense sector.
Using P/S to value DFSC ignores the reality that revenue growth is currently being purchased at the expense of shareholder equity. A more appropriate metric would be the burn-adjusted enterprise value or a focus on the unit economics of the digitization software, which may provide a clearer picture of long-term viability.
Includes 30+ ratios · 5 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DFSC stock.
DEFSEC Technologies Inc.'s current P/E ratio is -0.2x. This places it at the 50th percentile of its historical range.
DEFSEC Technologies Inc.'s return on equity (ROE) is -210.0%. The historical average is -263.4%.
Based on historical data, DEFSEC Technologies Inc. is trading at a P/E of -0.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
DEFSEC Technologies Inc. has 35.2% gross margin and -183.7% operating margin.