Latest Ratios: P/E Ratio -0.9x · EV/EBITDA N/A · ROE -5.6%. (2014–2025 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 | $14M | $19M | $36M | $96M | $18M | $183M | $740M | — | — | — | — |
| Enterprise Value | $-181810125 | $-176399044 | $-173865627 | $-138948657 | $-225887108 | $-53393565 | $729M | — | — | — | — |
| P/E Ratio → | -0.94 | — | — | — | — | 41.20 | — | — | — | — | — |
| P/S Ratio | 2.11 | 2.94 | 6.12 | 19.77 | 0.56 | 3.56 | 38.95 | — | — | — | — |
| P/B Ratio | 0.05 | 0.08 | 0.14 | 0.34 | 0.06 | 0.50 | 6.74 | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | 4.23 | — | — | — | — | — | — |
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 | — | -26.98 | -29.63 | -28.62 | -6.99 | -1.04 | 38.37 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | -6.44 | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | -22.31 | — | — | — | — | — |
| 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 6.0% | 6.0% | 20.3% | -344.0% | 47.7% | 56.8% | -15.3% | -28.0% | 7.7% | 54.2% | 47.4% |
| Operating Margin | -349.9% | -349.9% | -517.5% | -1104.8% | -148.4% | 3.9% | -140.2% | -46.4% | -1.2% | 44.2% | 8.3% |
| Net Profit Margin | -215.6% | -215.6% | -345.1% | -757.4% | -135.8% | 8.6% | -161.4% | -38.9% | -3.9% | 37.9% | 9.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.6% | -5.6% | -7.5% | -12.2% | -12.7% | 1.9% | -45.3% | -90.8% | -14.2% | 82.1% | 6.8% |
| ROA | -5.3% | -5.3% | -7.1% | -11.4% | -12.0% | 1.7% | -27.0% | -36.5% | -5.1% | 29.5% | 4.9% |
| ROIC | -34.3% | -34.3% | -47.0% | -64.8% | -34.3% | 1.3% | -27.6% | -57.9% | -8.6% | 907.1% | 5.4% |
| ROCE | -8.9% | -8.9% | -11.0% | -17.4% | -13.7% | 0.8% | -34.7% | -87.3% | -4.1% | 94.8% | 5.6% |
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 | 0.02 | 0.02 | 0.02 | 0.01 | 0.02 | 0.93 | 0.41 | 0.05 | 0.38 |
| Debt / EBITDA | — | — | — | — | — | 0.42 | — | — | 25.01 | 0.08 | 3.78 |
| Net Debt / Equity | — | -0.80 | -0.81 | -0.84 | -0.76 | -0.64 | -0.10 | 0.79 | 0.26 | -1.20 | 0.05 |
| Net Debt / EBITDA | — | — | — | — | — | -28.55 | — | — | 15.97 | -1.86 | 0.49 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | -1.13 | — |
| Interest Coverage | — | — | — | — | — | 546.06 | -30.39 | -18.92 | -10.85 | 227.92 | 11.96 |
Net cash position: cash ($200M) exceeds total debt ($5M)
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 | 27.31 | 27.31 | 19.47 | 20.94 | 17.38 | 20.32 | 2.00 | 0.74 | 1.62 | 1.39 | 2.36 |
| Quick Ratio | 26.79 | 26.79 | 19.41 | 20.92 | 17.27 | 19.76 | 1.89 | 0.40 | 0.76 | 0.67 | 1.66 |
| Cash Ratio | 26.08 | 26.08 | 18.45 | 20.25 | 16.60 | 18.73 | 1.59 | 0.09 | 0.13 | 0.59 | 0.66 |
| Asset Turnover | — | 0.03 | 0.02 | 0.02 | 0.09 | 0.13 | 0.13 | 1.32 | 2.13 | 0.44 | 0.41 |
| Inventory Turnover | 1.49 | 1.49 | 7.01 | 108.42 | 10.45 | 2.71 | 5.70 | 10.67 | 4.45 | 0.42 | 0.94 |
| Days Sales Outstanding | — | 61.37 | 98.69 | 71.16 | 37.65 | 70.04 | 153.09 | 27.20 | 24.68 | 45.19 | 284.53 |
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 | — | — | — | — | — | — | — | — | — | — | 73.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 2.4% | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — | — | — |
| Shares Outstanding | — | $6M | $6M | $6M | $6M | $6M | $4M | $5M | $1M | $54M | $104M |
Capital depletion and obsolescence
According to recent market data, Ebang trades at a price-to-book ratio of 0.05, which suggests that investors are heavily discounting the company's tangible assets due to persistent operational losses and the high probability of further impairment to its legacy manufacturing infrastructure and inventory.
The negative P/E ratio and lack of meaningful EV/EBITDA multiples indicate that the market currently assigns little to no value to the company's core earnings power. Investors appear to be pricing the stock as a liquidation play on its cash reserves rather than a going concern, reflecting deep skepticism regarding the viability of its pivot toward crypto-financial services.
Based on reported financial statements, Ebang's ROIC has remained deeply negative, reaching -19.4% in 2025Q4, which highlights a structural inability to generate returns that exceed the cost of capital while the company continues to burn through its remaining cash reserves on unproductive R&D.
The consistent failure to achieve positive returns on invested capital suggests that the company's capital allocation strategy has been fundamentally flawed. Without a significant improvement in operating margins, the ongoing investment in ASIC development appears to be destroying shareholder value rather than compounding it.
As indicated by the 2025Q4 cash conversion cycle of 140 days, Ebang's operational efficiency has deteriorated significantly compared to historical norms, suggesting that the company is struggling to manage its inventory turnover and collect receivables in a highly competitive and volatile hardware market.
The extended CCC reflects a growing reliance on holding inventory that may be losing value rapidly due to technological obsolescence. This inefficiency forces the company to tie up precious liquidity in non-performing assets, further exacerbating the strain on its already limited operational runway.
Based on recent SEC filings, Ebang maintains a current ratio of 27.31, which provides a superficial appearance of strength, yet this metric is almost entirely driven by a $200 million cash pile that is being steadily depleted by ongoing operating losses and high overhead.
While the company faces no immediate solvency risk, the liquidity position is not a sign of operational health but rather a defensive shield against a failing business model. Investors should monitor the rate of cash burn closely, as the current liquidity profile will inevitably degrade if the company fails to achieve a sustainable pivot.
The current ratio is the most commonly misapplied metric for Ebang, as it obscures the company's underlying operational insolvency by inflating the liquidity profile with cash that is being rapidly consumed to fund persistent, structural losses in the hardware manufacturing segment.
Analysts should instead focus on the cash burn rate relative to total cash reserves to determine the company's true runway. Relying on the current ratio provides a false sense of security that ignores the reality that the company's primary asset is a wasting resource rather than a source of future growth.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying EBON stock.
Ebang International Holdings Inc.'s current P/E ratio is -0.9x. The historical average is 41.2x.
Ebang International Holdings Inc.'s return on equity (ROE) is -5.6%. The historical average is -6.0%.
Based on historical data, Ebang International Holdings Inc. is trading at a P/E of -0.9x. Compare with industry peers and growth rates for a complete picture.
Ebang International Holdings Inc. has 6.0% gross margin and -349.9% operating margin.