Latest Ratios: P/E Ratio -52.9x · EV/EBITDA N/A · ROE -133.3%. (2016–2025 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 | $2.7B | $2.2B | $1.3B | $663M | $1.6B | $1.6B | $878M | $568M | $476M | — | — |
| Enterprise Value | $2.9B | $2.3B | $1.4B | $815M | $1.7B | $1.6B | $846M | $579M | $445M | — | — |
| P/E Ratio → | -52.93 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 12.67 | 10.23 | 7.81 | 4.01 | 9.93 | 12.79 | 10.36 | 6.34 | 7.77 | — | — |
| P/B Ratio | 114.53 | 91.68 | 24.44 | 36.03 | — | 31.93 | 11.71 | 14.34 | 6.85 | — | — |
| 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 | — | 11.12 | 8.63 | 4.93 | 10.63 | 12.80 | 9.99 | 6.46 | 7.28 | — | — |
| 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 | 69.3% | 69.3% | 66.0% | 64.8% | 65.9% | 67.4% | 62.0% | 61.3% | 59.0% | 51.0% | 51.0% |
| Operating Margin | -18.5% | -18.5% | -30.1% | -39.4% | -24.5% | -19.8% | -33.0% | -34.5% | -39.0% | -57.6% | -80.0% |
| Net Profit Margin | -24.2% | -24.2% | -51.0% | -47.5% | -46.5% | -32.5% | -45.0% | -42.6% | -34.5% | -100.6% | -111.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -133.3% | -133.3% | -236.7% | -1537.7% | -353.5% | -65.5% | -66.5% | -69.9% | -65.4% | — | — |
| ROA | -14.5% | -14.5% | -27.5% | -32.7% | -42.9% | -27.8% | -27.9% | -32.7% | -24.3% | -80.5% | -75.0% |
| ROIC | -14.6% | -14.6% | -20.9% | -35.4% | -38.0% | -39.9% | -44.9% | -51.8% | -75.6% | -154.1% | -105.7% |
| ROCE | -14.1% | -14.1% | -20.4% | -33.9% | -28.4% | -21.1% | -24.9% | -32.0% | -47.8% | — | — |
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 | 11.23 | 11.23 | 4.24 | 10.45 | — | 1.07 | 0.70 | 1.22 | 0.32 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 8.02 | 2.54 | 8.27 | — | 0.02 | -0.43 | 0.27 | -0.44 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1.30 | -1.30 | -3.06 | -4.11 | -5.19 | -3.38 | -3.06 | -3.31 | -1.37 | -2.34 | -5.45 |
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 | 3.04 | 3.04 | 3.56 | 3.06 | 3.85 | 3.55 | 5.11 | 4.12 | 6.05 | 0.69 | 0.23 |
| Quick Ratio | 2.00 | 2.00 | 2.41 | 1.67 | 2.91 | 2.66 | 4.21 | 2.89 | 4.54 | 0.46 | 0.14 |
| Cash Ratio | 0.92 | 0.92 | 1.32 | 0.70 | 1.70 | 1.68 | 3.26 | 1.62 | 3.20 | 0.19 | 0.01 |
| Asset Turnover | — | 0.59 | 0.48 | 0.61 | 0.77 | 0.91 | 0.54 | 0.77 | 0.53 | 0.61 | 0.67 |
| Inventory Turnover | 0.76 | 0.76 | 0.72 | 0.73 | 1.51 | 1.45 | 1.39 | 1.21 | 1.01 | 1.29 | 2.02 |
| Days Sales Outstanding | — | 134.01 | 142.90 | 103.69 | 79.96 | 70.41 | 82.45 | 92.78 | 105.24 | 137.96 | 122.55 |
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% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $30M | $28M | $26M | $24M | $24M | $23M | $21M | $17M | $18M | $18M |
US Regulatory Approval Delay
Based on current market data, ESTA trades at a price-to-sales ratio of 12.30, a valuation that appears to bake in significant optimism regarding future US market entry rather than reflecting the company's current international-only revenue base or its persistent lack of GAAP profitability.
The elevated P/S multiple suggests that investors are pricing the stock as a high-growth med-tech disruptor rather than a traditional medical device manufacturer. This valuation warrants caution, as any delay in FDA approval could trigger a sharp re-rating toward the lower multiples observed in international-only peers.
According to historical financial data, the company's ROIC has remained consistently negative, bottoming at -9.8% in 2023Q4 and showing only marginal improvement to -6.0% in 2026Q1, which indicates that the firm is currently destroying rather than compounding shareholder capital during its expansion phase.
The persistent negative ROIC is a direct consequence of high fixed-cost investments in manufacturing and R&D that have yet to be offset by sufficient operating scale. Investors should monitor whether the company can achieve a positive return on capital once the US market is unlocked, as current trends suggest the business model is not yet self-sustaining.
As reported in recent quarterly filings, the cash conversion cycle remains elevated at 340 days in 2026Q1, a figure that highlights significant inefficiencies in inventory management and suggests that the company's capital is heavily tied up in slow-moving stock across its global distribution network.
The high DIO of 442 days suggests that the complexity of managing a vast array of implant sizes and shapes is creating a drag on liquidity. This inefficiency implies that the company may struggle to optimize its cash position until it achieves the volume density required to streamline its supply chain.
Based on the 2026Q1 balance sheet, the quick ratio of 1.91 provides a moderate cushion, yet the company's reliance on external financing to cover persistent operating losses suggests that its liquidity position remains vulnerable to any unexpected disruptions in capital market access.
While the current ratio of 2.96 appears healthy on the surface, the underlying cash burn necessitates a careful watch on the company's ability to maintain its runway. The lack of positive free cash flow means that liquidity is essentially a function of the company's ability to raise capital rather than its operational success.
Market participants frequently over-rely on top-line revenue growth as a proxy for business health, which obscures the reality that ESTA's growth is currently funded by equity dilution and debt rather than organic cash generation from its core aesthetic implant operations.
Investors should prioritize free cash flow margins and the path to operating break-even over headline revenue growth. Focusing on revenue alone ignores the high cost of customer acquisition and the potential for margin compression if the company is forced to increase marketing spend to defend its international market share.
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Quick answers to the most common questions about buying ESTA stock.
Establishment Labs Holdings Inc.'s current P/E ratio is -52.9x. This places it at the 50th percentile of its historical range.
Establishment Labs Holdings Inc.'s return on equity (ROE) is -133.3%. The historical average is -141.5%.
Based on historical data, Establishment Labs Holdings Inc. is trading at a P/E of -52.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Establishment Labs Holdings Inc. has 69.3% gross margin and -18.5% operating margin.