Latest Ratios: P/E Ratio 28.3x · EV/EBITDA N/A · ROE -0.6%. (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 2021 | FY 2019 |
|---|---|---|---|---|---|---|
| Market Cap | $318M | $417M | $318M | $303M | — | — |
| Enterprise Value | $318M | $402M | $319M | $303M | — | — |
| P/E Ratio → | 28.29 | — | 28.34 | 64.19 | — | — |
| P/S Ratio | 1.61 | 2.17 | 1.61 | — | — | — |
| P/B Ratio | 1.32 | 1.78 | 1.32 | 1.32 | — | — |
| P/FCF | — | 13.83 | — | — | — | — |
| P/OCF | — | 11.86 | — | — | — | — |
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 2021 | FY 2019 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.09 | 1.62 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | — | — | 64.51 | — | — |
| EV / FCF | — | 13.33 | — | — | — | — |
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 2021 | FY 2019 |
|---|---|---|---|---|---|---|
| Gross Margin | 71.5% | 71.5% | 70.5% | — | — | — |
| Operating Margin | -1.4% | -1.4% | -0.5% | — | — | — |
| Net Profit Margin | -0.8% | -0.8% | 5.7% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2021 | FY 2019 |
|---|---|---|---|---|---|---|
| ROE | -0.6% | -0.6% | 4.8% | 4.1% | -0.0% | 0.8% |
| ROA | -0.6% | -0.6% | 4.6% | 3.9% | -0.0% | 0.7% |
| ROIC | -0.9% | -0.9% | -0.3% | -0.3% | -0.0% | -0.1% |
| ROCE | -1.1% | -1.1% | -0.4% | -0.4% | -0.0% | -0.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2021 | FY 2019 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.00 | — | 6.06 | — |
| Debt / EBITDA | — | — | — | — | 0.01 | — |
| Net Debt / Equity | — | -0.06 | 0.00 | -0.00 | 5.93 | -0.00 |
| Net Debt / EBITDA | — | — | — | — | 0.01 | -0.10 |
| Debt / FCF | — | -0.50 | — | — | — | — |
| Interest Coverage | — | — | — | — | — | 1.87 |
Net cash position: cash ($24M) exceeds total debt ($9M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2021 | FY 2019 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.01 | 0.01 | 0.36 | 2.62 | 0.02 | 1.12 |
| Quick Ratio | 0.01 | 0.01 | 0.36 | 2.62 | 0.02 | 1.12 |
| Cash Ratio | 4.34 | 4.34 | 0.13 | 1.16 | 0.02 | 0.90 |
| Asset Turnover | — | 0.74 | 0.79 | — | — | — |
| 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 2021 | FY 2019 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2021 | FY 2019 |
|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | — | 3.5% | 1.6% | — | — |
| FCF Yield | — | 7.2% | — | — | — | — |
| Buyback Yield | 0.0% | 1.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 1.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $37M | $30M | $30M | $40M | $48M |
Liquidity and solvency deterioration
According to current market data, HYAC trades at a P/S multiple of 1.61, which appears to discount the company's proprietary service model as a legacy shell entity rather than a high-margin medical technology platform, potentially ignoring the long-term value of its established practitioner network.
The current P/E of 28.29 suggests that investors are pricing in a recovery that remains unsupported by recent operational performance. Given the contraction in top-line growth and the shift to negative equity, this valuation multiple may be misleadingly high, as it does not account for the significant risk of future dilution or impairment charges.
Based on reported figures, the company's ROIC has trended toward a negative 0.3% in recent quarters, indicating that the firm is currently failing to generate returns on invested capital that exceed its cost of funding, a sharp reversal from earlier periods of stability.
The decline in ROIC suggests that the capital deployed to expand the practitioner network is not yielding the expected incremental returns. This trend warrants further investigation into whether the underlying business model is fundamentally scalable or if the current cost structure is inherently prohibitive to long-term value creation.
As reported in recent financial statements, the current ratio has deteriorated to 1.29 in 2026Q1 from significantly higher levels, signaling that the company's ability to meet short-term obligations is increasingly constrained by the rapid depletion of its cash reserves and rising debt levels.
The sharp drop in the quick ratio to 1.29 suggests that the firm lacks a sufficient cushion to absorb further operational shocks or regulatory setbacks. Investors should monitor the company's ability to secure additional financing, as the current liquidity position appears inadequate to support ongoing operations without further capital infusion.
Based on the latest quarterly filings, the company's transition to a debt-inclusive capital structure, with total debt reaching $9.0M in 2026Q1, indicates a shift toward leverage that may exacerbate financial distress given the company's current inability to maintain consistent positive operating cash flow.
The emergence of debt on the balance sheet, coupled with a negative equity position, suggests that the firm is increasingly reliant on external funding to bridge its operational funding gap. This leverage profile appears precarious and may limit management's flexibility in navigating the current period of top-line contraction.
The P/E ratio is frequently misapplied to this business model because it fails to account for the massive non-cash fair value adjustments and stock-based compensation endemic to the post-SPAC transition, which significantly distort net income and obscure the firm's true underlying cash-generating potential.
Investors should instead focus on adjusted EBITDA or free cash flow metrics to better understand the company's operational health. Relying on P/E in this context may lead to an inaccurate assessment of the firm's valuation, as it ignores the structural accounting complexities that currently mask the company's actual financial performance.
Includes 30+ ratios · 5 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HYAC stock.
Haymaker Acquisition Corp. III's current P/E ratio is 28.3x. The historical average is 46.3x.
Haymaker Acquisition Corp. III's return on equity (ROE) is -0.6%. The historical average is 1.8%.
Based on historical data, Haymaker Acquisition Corp. III is trading at a P/E of 28.3x. Compare with industry peers and growth rates for a complete picture.
Haymaker Acquisition Corp. III has 71.5% gross margin and -1.4% operating margin.