Latest Ratios: P/E Ratio -0.8x · EV/EBITDA N/A · ROE -46.9%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $282M | $227M | $618M | $463M | $431M | $427M |
| Enterprise Value | $255M | $200M | $635M | $468M | $430M | $426M |
| P/E Ratio → | -0.85 | — | — | — | — | 62.44 |
| P/S Ratio | 137.35 | 110.64 | 506.29 | 414.35 | 457.78 | 230.19 |
| P/B Ratio | 0.51 | 0.47 | 0.81 | — | — | 1.99 |
| 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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 97.48 | 520.35 | 418.68 | 456.03 | 230.06 |
| EV / EBITDA | — | — | — | — | — | 53.12 |
| EV / EBIT | — | — | — | — | — | 53.12 |
| 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 |
|---|---|---|---|---|---|---|
| Gross Margin | -1910.5% | -1910.5% | -271.2% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -5746.2% | -5746.2% | -6317.5% | -2119.8% | -2618.8% | -170.2% |
| Net Profit Margin | -14266.4% | -14266.4% | -6409.0% | -2761.4% | -3477.4% | 359.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -46.9% | -46.9% | -20.9% | — | -32.3% | 3.1% |
| ROA | -39.0% | -39.0% | -16.9% | -124.5% | -25.0% | 2.8% |
| ROIC | -13.5% | -13.5% | -14.8% | — | -17.7% | — |
| ROCE | -17.4% | -17.4% | -18.1% | -127.8% | -19.2% | -1.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 0.04 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.06 | 0.02 | — | — | -0.00 |
| Net Debt / EBITDA | — | — | — | — | — | -0.03 |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | -49.51 | -49.51 | -40.59 | -24.31 | -35.84 | 5.87 |
Net cash position: cash ($60M) exceeds total debt ($33M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.09 | 1.09 | 0.35 | 0.69 | 1.81 | 2.01 |
| Quick Ratio | 1.09 | 1.09 | 0.35 | 0.69 | 1.81 | 2.01 |
| Cash Ratio | 0.79 | 0.79 | 0.16 | 0.32 | 1.75 | 0.50 |
| Asset Turnover | — | 0.00 | 0.00 | 0.05 | 0.03 | 0.01 |
| 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 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | 18.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 1.6% |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $54M | $45M | $43M | $43M | $43M |
Commercialization and scaling failure
As reported in recent financial filings, Innventure's P/S ratio of 146.67 suggests that the market is pricing the firm as a high-growth option on future exits rather than a traditional asset manager, reflecting extreme investor optimism despite the company's persistent lack of positive net income.
The current valuation multiples appear disconnected from fundamental performance, as the negative P/E of -0.91 confirms that the firm is currently in a value-destructive phase. Investors should monitor whether this premium can be sustained if the company fails to demonstrate a clear path to liquidity events for its underlying portfolio companies.
Based on the provided quarterly data, Innventure's ROIC has remained consistently negative, reaching a low of -28.7% in 2025Q1, which indicates that the firm is currently destroying invested capital rather than compounding it through its industrial technology commercialization efforts.
The persistent decay in ROIC suggests that the costs associated with scaling early-stage industrial ventures significantly outweigh the returns generated by the current portfolio. This trend warrants further investigation into whether the firm's 'search and select' model can ever achieve the efficiency required to generate positive returns on invested capital.
According to recent SEC filings, Innventure's DSO has fluctuated wildly, peaking at 213 days in 2025Q3, which suggests significant volatility in the company's ability to convert its service-based revenue into actual cash, reflecting the inherent unpredictability of its nascent industrial technology business model.
The lack of consistent data for DIO and DPO further complicates the assessment of working capital efficiency, implying that the firm's operational processes are not yet standardized. This instability suggests that the company may face ongoing challenges in managing its cash conversion cycle as it attempts to scale its complex industrial operations.
As reported in financial statements, Innventure's interest coverage ratio has been consistently negative, hitting -164.85 in 2025Q1, which indicates that the firm is currently unable to cover its interest obligations through operating income, relying instead on its cash reserves to maintain solvency.
While the D/E ratio remains relatively low at 0.07, the lack of positive EBITDA means that the company's leverage profile is effectively masked by its reliance on equity funding. Investors should monitor the firm's ability to manage its debt obligations if the current cash runway continues to contract without successful subsidiary exits.
Based on the company's unique business model, the P/E ratio is the most commonly misapplied metric, as it obscures the fact that Innventure is an industrial venture builder rather than a traditional fee-based asset manager, leading to a fundamental misunderstanding of its true earning power.
Analysts should instead utilize a Sum-of-the-Parts (SOTP) valuation approach to account for the fair value of individual 'Innvents' rather than relying on consolidated P&L multiples. Using traditional financial services ratios ignores the underlying engineering risks and the lumpy, non-recurring nature of the firm's potential liquidity events.
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Quick answers to the most common questions about buying INV stock.
Innventure, Inc.'s current P/E ratio is -0.8x. The historical average is 62.4x.
Innventure, Inc.'s return on equity (ROE) is -46.9%. The historical average is -24.3%.
Based on historical data, Innventure, Inc. is trading at a P/E of -0.8x. Compare with industry peers and growth rates for a complete picture.
Innventure, Inc.'s current dividend yield is 0.03%.
Innventure, Inc. has -1910.5% gross margin and -5746.2% operating margin.