Latest Ratios: P/E Ratio -24.6x · EV/EBITDA N/A · ROE -9.6%. (2018–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.7B | $1.8B | $2.3B | $2.6B | $4.5B | $3.3B | — | — |
| Enterprise Value | $1.9B | $1.9B | $2.4B | $2.7B | $4.7B | $3.1B | — | — |
| P/E Ratio → | -24.62 | — | — | — | — | — | — | — |
| P/S Ratio | 2.79 | 2.87 | 4.03 | 5.37 | 12.27 | 12.11 | — | — |
| P/B Ratio | 2.33 | 2.51 | 3.14 | 3.67 | 6.09 | 4.02 | — | — |
| P/FCF | 78.88 | 81.08 | 68.31 | 31.25 | 81.13 | 67.28 | — | — |
| P/OCF | 56.09 | 57.66 | 62.74 | 28.57 | 68.99 | 61.71 | — | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.10 | 4.28 | 5.72 | 12.84 | 11.38 | — | — |
| EV / EBITDA | — | — | — | — | — | 145.48 | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 87.61 | 72.61 | 33.30 | 84.93 | 63.26 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.5% | 77.5% | 80.0% | 75.1% | 75.3% | 77.3% | 72.6% | 66.4% |
| Operating Margin | -11.0% | -11.0% | -20.6% | -29.0% | -20.8% | -6.5% | -10.7% | -20.5% |
| Net Profit Margin | -10.9% | -10.9% | -19.6% | -29.5% | -20.5% | -8.9% | -16.8% | -24.7% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| ROE | -9.6% | -9.6% | -15.5% | -19.6% | -9.7% | -3.7% | -6.6% | -6.8% |
| ROA | -4.3% | -4.3% | -7.1% | -9.4% | -5.9% | -2.4% | -3.9% | -4.2% |
| ROIC | -6.0% | -6.0% | -10.0% | -11.5% | -7.3% | -2.0% | -2.5% | -3.4% |
| ROCE | -5.9% | -5.9% | -9.9% | -11.8% | -7.4% | -2.1% | -2.9% | -4.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.52 | 0.52 | 0.54 | 0.56 | 0.52 | — | 0.40 | 0.32 |
| Debt / EBITDA | — | — | — | — | — | — | 13.28 | 43.80 |
| Net Debt / Equity | — | 0.20 | 0.20 | 0.24 | 0.28 | -0.24 | 0.34 | 0.25 |
| Net Debt / EBITDA | — | — | — | — | — | -9.25 | 11.14 | 33.79 |
| Debt / FCF | — | 6.53 | 4.30 | 2.05 | 3.79 | -4.02 | 36.27 | 20.54 |
| Interest Coverage | — | — | — | -258.13 | -30.75 | -1.62 | -1.02 | -1.65 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.01 | 1.01 | 0.90 | 0.97 | 1.02 | 1.44 | 0.65 | 0.75 |
| Quick Ratio | 1.01 | 1.01 | 0.90 | 0.88 | 0.91 | 1.44 | 0.54 | 0.66 |
| Cash Ratio | 0.53 | 0.53 | 0.59 | 0.62 | 0.62 | 0.98 | 0.21 | 0.36 |
| Asset Turnover | — | 0.40 | 0.35 | 0.31 | 0.25 | 0.25 | 0.23 | 0.17 |
| Inventory Turnover | 3.73 | — | — | 3.73 | 2.96 | — | 3.39 | 5.35 |
| Days Sales Outstanding | — | 80.74 | 70.48 | 67.21 | 79.45 | 94.51 | 83.26 | 77.00 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 1.3% | 1.2% | 1.5% | 3.2% | 1.2% | 1.5% | — | — |
| Buyback Yield | 2.0% | 2.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 2.0% | 2.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $128M | $125M | $121M | $118M | $109M | $116M | $111M |
Security pivot execution uncertainty
As reported in recent financial filings, Jamf trades at a P/S multiple of 2.79, a valuation that appears to discount the company's transition toward security-focused software while simultaneously pricing in the persistent GAAP losses that have characterized its recent operational performance relative to broader enterprise software peers.
The forward P/E of 13.43 suggests that the market is anticipating a rapid shift toward GAAP profitability, which may be overly optimistic given the company's historical reliance on stock-based compensation. Investors should monitor whether the current valuation multiple can be sustained if the security pivot fails to accelerate revenue growth beyond current levels.
Based on the provided financial data, Jamf's ROIC has remained consistently negative, hovering around -0.3% in 2025Q3, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of capital, a trend that warrants further investigation by long-term fundamental investors.
The persistent negative ROIC suggests that the capital allocated toward R&D and acquisitions has not yet translated into meaningful bottom-line earnings. This decay in capital efficiency appears to be a structural consequence of prioritizing market share capture over immediate profitability in the competitive endpoint management space.
According to quarterly financial statements, Jamf's DSO remains elevated at 308 days as of 2025Q3, a figure that suggests significant friction in the collection cycle and potential reliance on large, lumpy enterprise contracts that complicate the company's ability to maintain consistent working capital efficiency across fiscal periods.
The high DSO relative to historical norms indicates that the company may be offering extended payment terms to secure enterprise deals, which could mask underlying demand softness. Investors should monitor whether these collection cycles normalize as the company attempts to scale its security module attach rates.
As indicated by the 2025Q3 financial data, Jamf maintains a current ratio of 0.87, which suggests that the company's near-term liquidity position is relatively tight and requires careful management of deferred revenue and cash reserves to meet upcoming operational obligations without needing external financing in the near term.
While the liquidity position appears adequate for current operations, the reliance on deferred revenue to support the current ratio implies that any slowdown in new bookings could quickly pressure the balance sheet. The company's ability to maintain this buffer under stress remains a key area for ongoing monitoring.
Based on reported figures, the P/E ratio is a fundamentally flawed metric for Jamf, as the company's heavy reliance on stock-based compensation and aggressive R&D investment renders GAAP net income an unreliable indicator of the firm's true underlying earning power and cash-generating potential in the current cycle.
Analysts should instead focus on FCF margins and NRR to assess the health of the business model, as these metrics better capture the recurring nature of the subscription revenue. Using P/E to value Jamf obscures the significant non-cash expenses that currently drive the reported net losses.
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Quick answers to the most common questions about buying JAMF stock.
Jamf Holding Corp.'s current P/E ratio is -24.6x. This places it at the 50th percentile of its historical range.
Jamf Holding Corp.'s return on equity (ROE) is -9.6%. The historical average is -10.2%.
Based on historical data, Jamf Holding Corp. is trading at a P/E of -24.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Jamf Holding Corp. has 77.5% gross margin and -11.0% operating margin.