Latest Ratios: P/E Ratio -32.2x · EV/EBITDA 1.4x · ROE -1.5%. (2015–2025 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $960M | $1.9B | $2.0B | $4.8B | $4.5B | $3.6B | $12.9B | $15.4B | $8.2B | — | — |
| Enterprise Value | $2.6B | $13.0B | $12.6B | $15.6B | $19.3B | $18.2B | $24.2B | $26.5B | $12.1B | — | — |
| P/E Ratio → | -32.24 | — | 2.61 | 2.49 | — | — | — | — | — | — | — |
| P/S Ratio | 0.24 | 0.07 | 0.07 | 0.15 | 0.16 | 0.12 | 0.44 | 0.53 | 0.33 | — | — |
| P/B Ratio | 0.49 | 0.14 | 0.15 | 0.39 | 0.71 | 0.64 | 1.38 | 1.60 | 0.45 | — | — |
| P/FCF | 671.74 | 190.36 | 1.01 | 1.47 | — | — | — | — | — | — | — |
| P/OCF | 63.45 | 17.98 | 0.93 | 1.42 | — | — | — | 3.94 | 2.85 | — | — |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.48 | 0.43 | 0.49 | 0.66 | 0.60 | 0.81 | 0.91 | 0.48 | — | — |
| EV / EBITDA | 1.36 | 1.00 | 6.94 | 0.91 | 1.29 | 1.48 | 2.17 | 3.35 | 1.82 | — | — |
| EV / EBIT | 77.17 | 58.35 | 6.97 | 4.94 | 28.28 | — | — | — | — | — | — |
| EV / FCF | — | 1339.02 | 6.51 | 4.81 | — | — | — | — | — | — | — |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.1% | 21.1% | 24.9% | 27.5% | 23.0% | 10.0% | 6.1% | -4.7% | -8.6% | -0.0% | -1.8% |
| Operating Margin | 0.8% | 0.8% | 6.2% | 9.4% | 4.5% | -14.7% | -20.3% | -31.9% | -33.2% | -22.7% | -24.8% |
| Net Profit Margin | -0.8% | -0.8% | 2.6% | 6.0% | -0.5% | -20.3% | -23.6% | -35.4% | -36.5% | -21.5% | -27.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.5% | -1.5% | 6.0% | 20.8% | -2.3% | -82.5% | -74.0% | -74.0% | -68.9% | -45.1% | — |
| ROA | -0.4% | -0.4% | 1.7% | 4.2% | -0.3% | -13.7% | -15.1% | -23.0% | -28.0% | -22.1% | -25.6% |
| ROIC | 0.7% | 0.7% | 5.8% | 10.0% | 4.7% | -16.4% | -21.9% | -32.4% | -41.3% | -36.4% | — |
| ROCE | 0.9% | 0.9% | 7.8% | 14.9% | 6.9% | -20.7% | -25.2% | -37.4% | -49.6% | -76.6% | -88.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.17 | 1.17 | 1.06 | 1.25 | 3.55 | 3.10 | 2.38 | 1.77 | 0.47 | 0.07 | — |
| Debt / EBITDA | 1.19 | 1.19 | 7.81 | 0.90 | 1.51 | 1.43 | 1.99 | 2.16 | 1.27 | 0.12 | 0.04 |
| Net Debt / Equity | — | 0.84 | 0.80 | 0.89 | 2.32 | 2.57 | 1.21 | 1.16 | 0.21 | -0.02 | — |
| Net Debt / EBITDA | 0.86 | 0.86 | 5.87 | 0.64 | 0.98 | 1.19 | 1.01 | 1.41 | 0.58 | -0.03 | -0.39 |
| Debt / FCF | — | 1148.66 | 5.51 | 3.34 | — | — | — | — | — | — | — |
| Interest Coverage | 1.76 | 1.76 | 1.71 | 2.80 | 0.95 | -3.45 | -5.55 | -10.18 | -93.84 | -12.49 | -26.71 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.47 | 0.47 | 0.44 | 0.57 | 0.49 | 0.51 | 0.90 | 1.00 | 1.00 | 0.49 | 0.43 |
| Quick Ratio | 0.47 | 0.47 | 0.44 | 0.54 | 0.49 | 0.51 | 0.90 | 0.96 | 0.89 | 0.48 | 0.42 |
| Cash Ratio | 0.21 | 0.21 | 0.21 | 0.24 | 0.28 | 0.19 | 0.57 | 0.52 | 0.54 | 0.13 | 0.16 |
| Asset Turnover | — | 0.58 | 0.64 | 0.71 | 0.63 | 0.72 | 0.62 | 0.65 | 0.56 | 0.86 | 0.82 |
| Inventory Turnover | — | — | — | 40.66 | 1638.96 | 354.32 | 1105.21 | 31.13 | 12.48 | 97.64 | 58.03 |
| Days Sales Outstanding | — | 36.73 | 51.57 | 68.81 | 50.32 | 57.56 | 60.82 | 70.62 | 65.46 | 47.16 | 59.87 |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 1.4% | 0.8% | 0.5% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 38.3% | 40.2% | — | — | — | — | — | — | — |
| FCF Yield | 0.1% | 0.5% | 99.2% | 68.3% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.4% | 0.8% | 0.5% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $964M | $971M | $975M | $855M | $796M | $739M | $729M | $553M | $726M | $726M |
Liquidity and content monetization
As reported in recent financial statements, iQIYI trades at a P/S ratio of 0.24, a valuation level that suggests the market has largely abandoned expectations for top-line expansion and is instead pricing the equity as a distressed asset within the Chinese long-form video sector.
The negative TTM P/E ratio and the lack of a meaningful forward P/E suggest that investors are struggling to anchor the company's valuation to traditional earnings metrics. This deep discount to historical averages and broader entertainment peers implies that the market is heavily discounting the company's ability to achieve consistent, long-term profitability.
Based on the company's reported figures, ROIC has trended toward 0.0% in 2025Q4, indicating that iQIYI's historical investments in content libraries have failed to generate returns that exceed the cost of capital, thereby eroding shareholder value over the observed ten-quarter period.
The inability to maintain a positive ROIC suggests that the company's industrialized content production model has yet to achieve the necessary scale or pricing power to overcome its high fixed-cost base. Investors should monitor whether future content investments can move beyond break-even, as current returns appear insufficient to justify the ongoing capital intensity.
According to the latest quarterly data, iQIYI's DSO has expanded to 253 days in 2025Q4, which, when compared to historical levels, suggests a significant deterioration in the company's ability to collect on its advertising receivables and a potential reliance on extended payment terms from its customer base.
The extreme length of the collection cycle relative to industry norms implies that the company may be offering aggressive credit terms to maintain its market position in a competitive advertising environment. This trend warrants further investigation into the credit quality of the company's advertising partners and the potential for future bad debt provisions.
As reported in recent financial statements, the current ratio of 0.47 in 2025Q4 highlights a persistent liquidity mismatch, where the company's short-term obligations significantly outweigh its liquid assets, leaving little room for operational error or unexpected shocks to the business model.
This liquidity profile suggests that iQIYI is highly dependent on continuous access to external financing or the timely conversion of content assets into cash to meet its immediate obligations. The lack of a sufficient liquidity buffer appears to be a structural vulnerability that could be exacerbated by any further contraction in the advertising or membership segments.
The P/E ratio is frequently misapplied to iQIYI's business model, as it obscures the massive non-cash amortization of content assets that artificially depresses reported earnings and fails to capture the underlying cash-generative potential of the company's long-term content library.
Analysts should instead focus on EV/EBITDA or cash-based metrics that account for the heavy depreciation and amortization inherent in the streaming industry. Relying on P/E in this context may lead to an inaccurate assessment of the company's true earning power, as it ignores the significant non-cash charges that characterize the current stage of the company's lifecycle.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying IQ stock.
iQIYI, Inc.'s current P/E ratio is -32.2x. The historical average is 2.6x.
iQIYI, Inc.'s current EV/EBITDA is 1.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.4x.
iQIYI, Inc.'s return on equity (ROE) is -1.5%. The historical average is -37.8%.
Based on historical data, iQIYI, Inc. is trading at a P/E of -32.2x. Compare with industry peers and growth rates for a complete picture.
iQIYI, Inc. has 21.1% gross margin and 0.8% operating margin.
iQIYI, Inc.'s Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.