Latest Ratios: P/E Ratio 2.0x · EV/EBITDA 1.5x · ROE 49.5%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $206M | — | — | — | — | — | — |
| Enterprise Value | $89M | — | — | — | — | — | — |
| P/E Ratio → | 1.98 | — | — | — | — | — | — |
| P/S Ratio | 0.51 | — | — | — | — | — | — |
| P/B Ratio | 0.76 | — | — | — | — | — | — |
| P/FCF | 50.32 | — | — | — | — | — | — |
| P/OCF | 49.56 | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — |
| EV / EBITDA | 1.49 | — | — | — | — | — | — |
| EV / EBIT | 1.52 | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 81.5% | 81.5% | 85.5% | 87.3% | 85.7% | 89.8% | 89.8% |
| Operating Margin | 14.6% | 14.6% | 9.9% | -3.7% | -8.2% | -18.8% | -18.8% |
| Net Profit Margin | 13.2% | 13.2% | 10.2% | -3.5% | -8.1% | -18.0% | -18.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 49.5% | 49.5% | 103.9% | -48.1% | — | — | — |
| ROA | 23.2% | 23.2% | 29.1% | -11.9% | -50.0% | -95.7% | -95.7% |
| ROIC | 216.7% | 216.7% | — | — | — | — | — |
| ROCE | 49.5% | 49.5% | 90.4% | -134.5% | — | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.13 | 0.42 | — | — | — |
| Debt / EBITDA | 0.09 | 0.09 | 0.17 | — | — | — | — |
| Net Debt / Equity | — | -0.85 | -1.38 | -2.97 | — | — | — |
| Net Debt / EBITDA | -1.96 | -1.96 | -1.87 | — | — | — | — |
| Debt / FCF | — | -28.60 | -2.56 | -2.92 | -0.91 | -0.37 | -0.37 |
| Interest Coverage | — | — | — | — | — | — | — |
Net cash position: cash ($830M) exceeds total debt ($35M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.14 | 2.14 | 1.53 | 1.17 | 0.79 | 0.48 | 0.48 |
| Quick Ratio | 2.09 | 2.09 | 1.52 | 1.17 | 0.79 | 0.48 | 0.48 |
| Cash Ratio | 1.69 | 1.69 | 1.18 | 0.99 | 0.56 | 0.10 | 0.10 |
| Asset Turnover | — | 1.64 | 2.66 | 2.52 | 4.75 | 5.33 | 5.33 |
| Inventory Turnover | 17.99 | 17.99 | 86.73 | — | — | — | — |
| Days Sales Outstanding | — | 2.78 | 17.86 | 7.57 | 7.48 | 23.86 | 23.86 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.5% | — | — | — | — | — | — |
| Payout Ratio | 3.0% | 3.0% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 50.4% | — | — | — | — | — | — |
| FCF Yield | 2.0% | — | — | — | — | — | — |
| Buyback Yield | 0.3% | — | — | — | — | — | — |
| Total Shareholder Yield | 1.8% | — | — | — | — | — | — |
| Shares Outstanding | — | $55M | $57M | $55M | $55M | $55M | $55M |
Structural Insolvency Risk
According to current market data, HERE trades at a P/E of 2.21 and an EV/EBITDA of 1.89, suggesting that investors are heavily discounting the company's future earnings potential due to persistent net losses and a lack of clear visibility into a sustainable path toward profitability.
The low valuation multiples appear to reflect a market pricing in significant distress rather than a value opportunity. Given the negative net margins, traditional P/E metrics are largely uninformative, and the wide gap between current and forward EV/EBITDA suggests that the market anticipates extreme volatility in future earnings performance.
As reported in financial statements, HERE maintains a gross margin of 88.6%, yet this high-margin profile fails to translate into bottom-line profitability, with net margins remaining negative at -14.8% in 2023Q1, indicating that operating expenses are fundamentally misaligned with the company's revenue generation capacity.
The disconnect between gross and net profitability suggests that the company's cost structure is bloated relative to its scale. Investors should monitor whether management can rationalize SG&A expenses, as the current inability to convert high gross margins into positive net income remains a primary concern for long-term viability.
Based on the provided financial data, HERE exhibits a high DPO of 339 days, which significantly inflates the company's liquidity position and suggests a heavy reliance on supplier financing to manage its day-to-day operations amidst persistent net losses and negative equity.
The extended DPO indicates that the company is effectively using its suppliers as a source of interest-free financing. While this supports the current ratio of 5.33, it creates a structural dependency that could lead to severe liquidity constraints if supplier terms were to tighten or if credit availability were to diminish.
As indicated by the 2023Q1 financial reports, HERE maintains a current ratio of 5.33, yet this headline figure is misleading because the company's total liabilities exceed its total assets, suggesting that the liquidity position is not supported by a healthy or solvent underlying balance sheet.
The high current ratio appears to be a function of accounting structure rather than operational strength. Given the negative equity position, the company's liquidity is highly vulnerable to any disruption in working capital cycles, and the current ratio should not be interpreted as a sign of financial stability.
The current ratio is the most commonly misapplied metric for HERE, as it suggests a level of liquidity that is fundamentally contradicted by the company's negative equity and persistent operating losses, thereby obscuring the underlying insolvency risk inherent in the current capital structure.
Investors should prioritize the analysis of cash burn and equity solvency over standard liquidity ratios like the current or quick ratio. Relying on these liquidity metrics in isolation ignores the fact that the company's liabilities are not being serviced by operational cash flow, but rather by the erosion of the balance sheet.
Includes 30+ ratios · 6 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 HERE stock.
Here Group Limited's current P/E ratio is 2.0x. This places it at the 50th percentile of its historical range.
Here Group Limited's current EV/EBITDA is 1.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Here Group Limited's return on equity (ROE) is 49.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 35.1%.
Based on historical data, Here Group Limited is trading at a P/E of 2.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Here Group Limited's current dividend yield is 1.52% with a payout ratio of 3.0%.
Here Group Limited has 81.5% gross margin and 14.6% operating margin. Operating margin between 10-20% is typical for established companies.
Here Group Limited's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.