Latest Ratios: P/E Ratio -0.9x · EV/EBITDA N/A · ROE N/A. (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 | $80M | $153M | $70M | $80M | $272M | $650M | — | — |
| Enterprise Value | $93M | $166M | $69M | $57M | $229M | $550M | — | — |
| P/E Ratio → | -0.91 | — | — | — | — | — | — | — |
| P/S Ratio | 0.80 | 1.53 | 1.47 | 0.63 | 2.21 | 2.40 | — | — |
| P/B Ratio | — | — | 3.67 | 1.28 | 4.09 | 4.55 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.66 | 1.46 | 0.45 | 1.86 | 2.03 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 1.1% | 1.1% | -26.6% | 6.5% | -22.1% | -12.0% | 1.9% | -3.7% |
| Operating Margin | -33.5% | -33.5% | -111.6% | -40.0% | -80.9% | -46.9% | -9.0% | -23.3% |
| Net Profit Margin | -77.2% | -77.2% | -102.6% | -39.6% | -80.9% | -39.4% | -8.5% | -25.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -119.3% | -78.0% | -95.2% | -141.8% | -213.7% | — |
| ROA | -76.3% | -76.3% | -45.6% | -39.1% | -52.8% | -67.8% | -30.3% | -39.9% |
| ROIC | — | — | -137.8% | -122.1% | -227.2% | -1004.7% | — | — |
| ROCE | -86.6% | -86.6% | -96.7% | -71.3% | -89.0% | -157.2% | -289.6% | -11670.8% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.56 | 0.03 | 0.02 | 0.01 | 0.32 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | -0.03 | -0.37 | -0.65 | -0.70 | -4.16 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | -83.09 | — |
| Interest Coverage | -4.42 | -4.42 | -150.65 | -199.11 | -100.41 | -129.74 | -42.98 | -27.25 |
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 | 1.30 | 1.30 | 1.55 | 1.98 | 1.97 | 2.53 | 1.08 | 0.91 |
| Quick Ratio | 1.17 | 1.17 | 1.34 | 1.91 | 1.72 | 2.43 | 0.98 | 0.77 |
| Cash Ratio | 0.28 | 0.28 | 0.23 | 0.46 | 0.74 | 1.10 | 0.56 | 0.21 |
| Asset Turnover | — | 0.89 | 0.53 | 1.03 | 0.92 | 1.11 | 2.62 | 1.57 |
| Inventory Turnover | 10.24 | 10.24 | 5.91 | 30.40 | 10.05 | 34.21 | 31.19 | 12.23 |
| Days Sales Outstanding | — | 204.10 | 306.07 | 187.61 | 145.48 | 145.11 | 46.24 | 96.52 |
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 | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.3% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.3% | — | — |
| Shares Outstanding | — | $14M | $13M | $12M | $10M | $9M | $9M | $8M |
Liquidity and solvency constraints
Based on reported figures, FTCI's price-to-sales ratio of 0.77 suggests that the market is pricing the company as a distressed asset rather than a growth-oriented industrial player, especially when compared to the premium multiples commanded by established peers like Nextracker and Shoals Technologies.
The lack of a meaningful P/E or EV/EBITDA multiple highlights the market's focus on survival rather than earnings potential. Investors appear to be discounting the company's future revenue streams heavily, reflecting skepticism regarding the firm's ability to achieve the scale necessary to compete with larger, more profitable incumbents.
As reported in financial statements, FTCI's ROIC has remained deeply negative, reaching -80.4% in 2026Q1, which indicates that the company is failing to generate any meaningful return on the capital invested in its tracker hardware business model.
The consistent decay in returns on invested capital suggests that the company's core operations are structurally incapable of covering their cost of capital. This trend warrants further investigation into whether the current 2P architecture can ever achieve the efficiency required to generate positive economic value for shareholders.
According to recent SEC filings, FTCI's cash conversion cycle remains highly volatile, peaking at 438 days in 2024Q1 and settling at 278 days in 2026Q1, which underscores the significant difficulty the company faces in managing its liquidity within the lumpy utility-scale solar project cycle.
The extended DSO figures, which reached as high as 476 days, suggest that the company lacks the leverage to enforce favorable payment terms with its developer customers. This inefficiency forces the company to rely on external financing to bridge the gap between project delivery and final cash collection.
Based on the company's reported figures, the current ratio of 1.32 in 2026Q1 provides a narrow margin of safety, which appears insufficient given the company's history of burning cash and the inherent volatility of its project-based revenue model.
While the quick ratio of 1.17 suggests some ability to meet short-term obligations, the company's reliance on inventory and receivables makes its liquidity position vulnerable to project delays or cancellations. Investors should monitor the company's ability to secure additional funding, as the current cash runway appears inadequate for sustained operations.
The most commonly misapplied metric for FTCI is the price-to-sales ratio, which obscures the company's inability to convert revenue into gross profit, thereby failing to capture the true risk of a business model that currently operates with near-zero margins.
Analysts should instead focus on the cash burn rate relative to the remaining liquidity, as the company's survival is currently more dependent on its cash runway than its top-line growth. Using revenue multiples in this context may lead to an overestimation of the company's intrinsic value by ignoring the underlying operational losses.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FTCI stock.
FTC Solar, Inc.'s current P/E ratio is -0.9x. This places it at the 50th percentile of its historical range.
Based on historical data, FTC Solar, Inc. is trading at a P/E of -0.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FTC Solar, Inc. has 1.1% gross margin and -33.5% operating margin.