Latest Ratios: P/E Ratio -16.1x · EV/EBITDA N/A · ROE -29.2%. (1996–2025 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 | $18M | $13M | $6M | $5M | $3M | $19M | $13M | $6M | $7M | $29M | $50M |
| Enterprise Value | $17M | $12M | $6M | $5M | $9M | $21M | $16M | $11M | $3M | $18M | $33M |
| P/E Ratio → | -16.06 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 5.12 | 3.60 | 1.21 | 0.86 | 0.43 | 1.97 | 0.78 | 0.46 | 0.41 | 1.46 | 1.60 |
| P/B Ratio | 3.91 | 3.12 | 2.02 | 1.60 | — | 3.14 | 3.10 | 1.45 | 0.67 | 1.50 | 1.66 |
| 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.37 | 1.18 | 0.91 | 1.45 | 2.13 | 0.92 | 0.85 | 0.18 | 0.92 | 1.06 |
| 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.8% | 17.8% | 14.4% | 3.9% | -5.3% | 17.2% | 30.8% | 15.5% | 18.8% | 24.3% | 24.8% |
| Operating Margin | -29.3% | -29.3% | -37.9% | -69.5% | -155.7% | -88.3% | -24.2% | -54.7% | -50.2% | -56.8% | -54.3% |
| Net Profit Margin | -28.8% | -28.8% | -32.6% | -75.1% | -172.2% | -79.9% | -35.5% | -58.0% | -50.3% | -56.8% | -54.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -29.2% | -29.2% | -53.0% | -333.6% | -358.7% | -150.7% | -145.0% | -98.0% | -60.1% | -45.8% | -44.9% |
| ROA | -19.2% | -19.2% | -20.0% | -45.9% | -89.8% | -58.9% | -49.6% | -48.8% | -44.8% | -39.4% | -37.2% |
| ROIC | -26.1% | -26.1% | -45.2% | -66.6% | -104.5% | -90.9% | -39.1% | -65.4% | -88.1% | -77.5% | -105.2% |
| ROCE | -28.4% | -28.4% | -52.5% | -180.5% | -273.9% | -157.2% | -81.1% | -84.6% | -59.0% | -45.5% | -44.6% |
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 | 0.05 | 0.05 | 0.13 | 0.77 | — | 0.68 | 0.98 | 1.34 | 0.20 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.21 | -0.06 | 0.10 | — | 0.25 | 0.55 | 1.25 | -0.37 | -0.56 | -0.56 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -315.00 | -10.29 | -9.39 | -11.02 | -8.59 | -22.23 | -1136.50 | -5690.00 | — |
Net cash position: cash ($1M) exceeds total debt ($217000)
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 | 5.04 | 5.04 | 2.11 | 1.45 | 0.91 | 1.65 | 1.47 | 1.43 | 2.44 | 7.95 | 6.61 |
| Quick Ratio | 1.86 | 1.86 | 0.77 | 0.75 | 0.22 | 0.68 | 0.72 | 0.48 | 1.33 | 5.78 | 4.69 |
| Cash Ratio | 1.15 | 1.15 | 0.23 | 0.44 | 0.01 | 0.42 | 0.35 | 0.05 | 0.88 | 4.10 | 3.37 |
| Asset Turnover | — | 0.70 | 0.87 | 0.56 | 0.70 | 0.69 | 1.36 | 1.08 | 0.98 | 0.90 | 0.89 |
| Inventory Turnover | 1.00 | 1.00 | 1.28 | 1.24 | 1.15 | 1.04 | 2.06 | 1.74 | 1.82 | 2.63 | 2.46 |
| Days Sales Outstanding | — | 53.93 | 60.38 | 113.13 | 54.43 | 45.88 | 43.84 | 67.14 | 44.37 | 66.12 | 66.41 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | 0.2% | 0.6% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | 0.2% | 0.6% |
| Shares Outstanding | — | $6M | $5M | $3M | $1M | $651571 | $467142 | $351685 | $342771 | $337314 | $333514 |
Liquidity and capital exhaustion
Based on reported figures, Energy Focus trades at a price-to-sales multiple of 5.24, which appears disconnected from its negative operating margins and shrinking revenue base, suggesting that the market may be pricing in speculative acquisition potential rather than the company's current, highly challenged fundamental performance metrics.
The negative P/E of -16.44 confirms that the company is currently unable to generate earnings, rendering traditional valuation metrics largely irrelevant for assessing intrinsic value. Investors should monitor whether the current premium over book value is supported by intellectual property assets or if it represents an overvaluation of a business in terminal decline.
According to quarterly financial data, the company's ROIC has remained consistently negative, bottoming at -14.5% in 2023Q4, which indicates that every dollar of capital deployed is currently destroying shareholder value rather than generating the returns necessary to justify the firm's ongoing operational existence.
The inability to achieve positive returns on invested capital suggests that the company's specialized engineering focus is not translating into a sustainable competitive advantage. This trend warrants further investigation into whether the firm's cost structure is fundamentally incompatible with its current revenue scale.
As reported in financial statements, the cash conversion cycle remains highly volatile, peaking at 597 days in 2025Q1, which highlights a severe inability to manage inventory and receivables effectively compared to industry peers who operate with significantly tighter working capital cycles and faster inventory turnover.
The extremely high days inventory outstanding suggests that the company is holding significant amounts of potentially obsolete stock, which may require future write-downs. This inefficiency forces the company to tie up precious cash in non-performing assets, further exacerbating its already precarious liquidity position.
Based on the most recent quarterly data, the quick ratio of 0.95 indicates that the company's ability to meet short-term obligations without relying on inventory liquidation is limited, leaving the firm highly vulnerable to any unexpected delays in government procurement or commercial project payments.
While the current ratio appears superficially adequate at 2.85, the heavy reliance on inventory makes the quick ratio a more accurate reflection of the company's true liquidity stress. Investors should monitor the cash runway closely, as the current burn rate may necessitate further dilutive financing.
As evidenced by the provided financial data, the price-to-book ratio of 4.00 is a misleading metric for this business model, as it obscures the reality that the company's book value is likely inflated by intangible assets that may hold little liquidation value in a distressed scenario.
Analysts should instead focus on the cash-to-burn ratio or liquidation value of tangible assets, as the P/B ratio fails to account for the rapid erosion of equity through persistent net losses. Relying on book value in this context may lead to an overestimation of the company's floor valuation.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying EFOI stock.
Energy Focus, Inc.'s current P/E ratio is -16.1x. The historical average is 22.3x.
Energy Focus, Inc.'s return on equity (ROE) is -29.2%. The historical average is -83.7%.
Based on historical data, Energy Focus, Inc. is trading at a P/E of -16.1x. Compare with industry peers and growth rates for a complete picture.
Energy Focus, Inc. has 17.8% gross margin and -29.3% operating margin.