Latest Ratios: P/E Ratio 66.8x · EV/EBITDA N/A · ROE -2.6%. (2021–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Market Cap | $52M | $31M | $139M | $154M | — |
| Enterprise Value | $55M | $35M | $139M | $154M | — |
| P/E Ratio → | 66.78 | 68.00 | 47.22 | 219.96 | — |
| P/S Ratio | — | — | — | — | — |
| P/B Ratio | 134.89 | 137.36 | 2.43 | 1.34 | — |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — |
| EV / EBITDA | — | — | 35.71 | — | — |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — |
| Operating Margin | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| ROE | -2.6% | -2.6% | 3.4% | 1.2% | -1.8% |
| ROA | -1.6% | -1.6% | 3.2% | 1.2% | -0.3% |
| ROIC | — | — | -0.7% | -0.9% | — |
| ROCE | — | — | -1.0% | -1.1% | -5.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Debt / Equity | 17.47 | 17.47 | 0.05 | 0.00 | 4.11 |
| Debt / EBITDA | — | — | 0.75 | — | — |
| Net Debt / Equity | — | 17.22 | -0.00 | -0.00 | 3.90 |
| Net Debt / EBITDA | — | — | -0.00 | — | — |
| Debt / FCF | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Current Ratio | 0.07 | 0.07 | 0.44 | 0.53 | 0.04 |
| Quick Ratio | 0.07 | 0.07 | 0.44 | 0.53 | 0.04 |
| Cash Ratio | 0.00 | 0.00 | 0.01 | 0.33 | 0.04 |
| Asset Turnover | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Earnings Yield | 1.5% | 1.5% | 2.1% | 0.5% | — |
| FCF Yield | — | — | — | — | — |
| Buyback Yield | 70.4% | — | — | — | — |
| Total Shareholder Yield | 70.4% | — | — | — | — |
| Shares Outstanding | — | $3M | $13M | $15M | $3M |
Imminent Liquidation and Insolvency
As reported in recent financial filings, FTII's P/E ratio of 66.78 and P/B ratio of 134.89 are largely meaningless metrics, as they reflect the accounting treatment of warrant liabilities and the rapid erosion of book value rather than any underlying operational earnings power or growth potential.
The elevated P/B ratio suggests that the market is pricing the shell based on its remaining trust assets rather than its equity base, which has been severely depleted by persistent operating losses. Investors should interpret these multiples as indicators of extreme speculative risk rather than traditional valuation signals, as the company lacks the revenue or EBITDA to support standard fundamental analysis.
Based on the provided quarterly data, FTII's ROIC has trended into negative territory, reaching -2.3% in 2025Q2, which confirms that the company is failing to generate any return on the capital entrusted to it by shareholders since its 2021 inception.
The consistent decay in ROIC and ROE highlights the structural inability of a pre-revenue SPAC to compound capital while it remains in a perpetual search phase. This negative trend suggests that the longer the company remains without a merger target, the more it destroys the value of the initial capital investment through ongoing administrative and regulatory overhead.
According to the latest quarterly balance sheet, FTII's debt-to-equity ratio has surged to 21.87 in 2025Q2, indicating an increasing reliance on sponsor-provided debt to fund administrative overhead as the company's internal cash reserves remain insufficient to cover ongoing regulatory and operational search costs.
This spike in leverage appears to be a direct consequence of the company's inability to self-fund its operations, forcing a reliance on external sponsor loans that may carry hidden dilution risks. Investors should monitor whether these debt obligations are convertible into equity, as this could significantly alter the ownership structure upon any potential business combination.
As reported in the 2025Q2 financial statements, FTII holds a current ratio of only 0.21, which underscores a precarious liquidity position that leaves the company with virtually no buffer against unexpected regulatory expenses or further delays in the merger process.
The rapid decline in the quick ratio to 0.21 suggests that the company is effectively insolvent on a short-term basis without continuous capital injections from the sponsor. This lack of liquidity warrants extreme caution, as it limits management's flexibility and increases the probability of a forced liquidation if a target is not secured immediately.
The P/E ratio is the most commonly misapplied metric for FTII, as it erroneously implies the existence of sustainable earnings, whereas the company is a pre-revenue shell whose net income is primarily driven by non-cash warrant liability adjustments rather than operational performance.
Analysts should instead focus on the 'Trust Value per Share' and the 'Cash Runway' to assess the company's viability, as these metrics provide a clearer picture of the capital available for a potential merger. Relying on P/E for a SPAC obscures the reality that the company is currently a vehicle for capital preservation rather than an earnings-generating business.
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Quick answers to the most common questions about buying FTII stock.
FutureTech II Acquisition Corp.'s current P/E ratio is 66.8x. The historical average is 57.6x. This places it at the 50th percentile of its historical range.
FutureTech II Acquisition Corp.'s return on equity (ROE) is -2.6%. The historical average is 0.1%.
Based on historical data, FutureTech II Acquisition Corp. is trading at a P/E of 66.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.