Latest Ratios: P/E Ratio 16.1x · EV/EBITDA N/A · ROE 146.3%. (2022–2025 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 |
|---|---|---|---|---|---|
| Market Cap | $87M | $33M | $9M | $76M | — |
| Enterprise Value | $80M | $22M | $7M | $77M | — |
| P/E Ratio → | 16.07 | 6.24 | — | — | — |
| P/S Ratio | — | — | — | — | — |
| P/B Ratio | 23.65 | 9.17 | — | — | — |
| 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 |
|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — |
| EV / EBIT | — | 4.29 | — | — | — |
| 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 |
|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — |
| Operating Margin | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | 146.3% | 146.3% | — | — | — |
| ROA | 63.1% | 63.1% | -256.8% | -96.8% | -141.9% |
| ROIC | — | — | — | -113.3% | — |
| ROCE | -203.8% | -203.8% | -261.7% | -388.7% | -214.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | — | — | — | — | — |
| Net Debt / Equity | — | -2.90 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — |
| Interest Coverage | — | — | -48.66 | -16.78 | -768.01 |
Net cash position: cash ($10M) exceeds total debt ($41165)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 6.16 | 6.16 | 3.50 | 0.16 | 0.02 |
| Quick Ratio | 6.16 | 6.16 | 3.50 | 0.16 | 0.02 |
| Cash Ratio | 5.69 | 5.69 | 1.36 | 0.15 | 0.01 |
| 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 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | 6.2% | 16.0% | — | — | — |
| FCF Yield | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $31M | $11M | $7M | $7M |
Binary certification failure risk
Based on reported figures, HOVR trades at a price-to-book ratio of 23.46, which suggests that investors are pricing in significant intangible value related to proprietary fan-in-wing technology rather than current tangible assets, a valuation premium that appears elevated compared to more established aerospace peers in the sector.
The absence of meaningful revenue or earnings renders traditional P/E or EV/EBITDA multiples largely irrelevant for assessing the company's intrinsic value. Investors should monitor whether this high P/B multiple compresses as the company approaches certification, as the market may be overestimating the speed at which R&D can be converted into commercialized aircraft sales.
According to historical financial data, the company's ROE has deteriorated significantly, reaching -40.6% in 2026Q3, which indicates that the aggressive deployment of capital into prototype development is currently failing to generate positive returns, a trend that warrants further investigation into the long-term viability of the current business model.
The negative ROE is a direct consequence of the heavy R&D spending required to sustain the Cavorite X7 development pipeline. Without a clear path to production-scale revenue, these returns on capital will likely remain deeply negative, suggesting that the company is currently destroying shareholder value to fund its engineering milestones.
As reported in recent financial statements, the current ratio has fluctuated from 14.81 in 2026Q3 down from higher levels, yet the absolute cash balance of $10.3 million appears insufficient to cover the accelerating quarterly burn rate, suggesting a vulnerable liquidity position that may necessitate immediate external financing.
While the current ratio appears superficially high, it is heavily influenced by the timing of capital raises and the lack of significant current liabilities. Investors should be wary of this metric, as it masks the reality that the company's ability to survive the next twelve months is entirely dependent on its ability to access capital markets.
The most commonly misapplied metric for HOVR is the price-to-book ratio, which obscures the fact that the company's true value lies in its intellectual property and certification progress rather than its physical assets, which are minimal and largely irrelevant to the company's future commercial success.
Using book value to evaluate an aerospace startup is fundamentally flawed because it ignores the massive, non-capitalized R&D investments that constitute the company's real competitive moat. Analysts should instead focus on cash burn relative to certification milestones, as this provides a more accurate picture of the company's operational runway and risk profile.
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Quick answers to the most common questions about buying HOVR stock.
New Horizon Aircraft Ltd's current P/E ratio is 16.1x. The historical average is 6.2x. This places it at the 100th percentile of its historical range.
New Horizon Aircraft Ltd's return on equity (ROE) is 146.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 146.3%.
Based on historical data, New Horizon Aircraft Ltd is trading at a P/E of 16.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.