Latest Ratios: P/E Ratio -18.7x · EV/EBITDA 9.5x · ROE -12.6%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $2.8B | $2.6B | $901M | $930M | $3.6B | $7.0B | — | — |
| Enterprise Value | $2.7B | $3.2B | $5.1B | $368M | $-1139156490 | $1.0B | $4.2B | — | — |
| P/E Ratio → | -18.73 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.91 | 0.30 | 0.33 | 0.13 | 0.11 | 0.40 | 1.07 | — | — |
| P/B Ratio | 1.82 | 0.30 | 0.47 | 0.12 | 0.10 | 0.32 | 0.85 | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — |
| P/OCF | 4.81 | 0.74 | 4.09 | — | 4.92 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.33 | 0.66 | 0.05 | -0.14 | 0.11 | 0.64 | — | — |
| EV / EBITDA | 9.54 | 1.63 | 11.70 | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| 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 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.7% | 15.7% | 17.2% | 12.1% | 5.3% | 3.9% | 5.4% | 0.2% | -9.0% |
| Operating Margin | -5.5% | -5.5% | -10.6% | -19.2% | -27.2% | -19.0% | -18.4% | -28.9% | -44.2% |
| Net Profit Margin | -9.8% | -9.8% | -25.3% | -30.9% | -32.5% | -17.5% | -14.6% | -28.1% | -45.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -12.6% | -12.6% | -30.8% | -25.9% | -25.2% | -16.1% | -47.6% | — | — |
| ROA | -4.2% | -4.2% | -12.0% | -13.4% | -13.8% | -9.6% | -10.7% | -18.7% | -17.2% |
| ROIC | -4.5% | -4.5% | -8.4% | -14.3% | -20.4% | -18.1% | -16.7% | — | — |
| ROCE | -4.1% | -4.1% | -9.9% | -14.3% | -18.4% | -15.6% | -19.9% | -28.5% | -22.1% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.69 | 0.69 | 0.94 | 0.24 | 0.14 | 0.14 | 0.07 | — | — |
| Debt / EBITDA | 3.31 | 3.31 | 11.88 | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.04 | 0.46 | -0.07 | -0.22 | -0.23 | -0.34 | — | — |
| Net Debt / EBITDA | 0.18 | 0.18 | 5.82 | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -0.93 | -0.93 | -7.52 | -13.83 | -18.01 | -29.67 | -104.94 | -223.40 | -23.75 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.17 | 1.17 | 0.75 | 0.89 | 1.36 | 1.65 | 2.75 | 1.71 | 3.29 |
| Quick Ratio | 1.17 | 1.17 | 0.75 | 0.89 | 1.36 | 1.65 | 2.75 | 1.71 | 3.29 |
| Cash Ratio | 0.65 | 0.65 | 0.30 | 0.33 | 0.70 | 0.89 | 1.77 | 0.93 | 2.59 |
| Asset Turnover | — | 0.36 | 0.44 | 0.47 | 0.47 | 0.43 | 0.55 | 0.66 | 0.38 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 88.41 | 123.28 | 129.92 | 147.07 | 183.06 | 140.95 | 136.47 | 128.54 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 22.4% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 22.4% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $274M | $245M | $238M | $243M | $231M | $161M | $60M | $53M |
Persistent Operating Margin Deficit
Based on current market data, Kingsoft Cloud trades at a P/S multiple of 1.80, which appears to discount the company's inability to achieve consistent GAAP profitability compared to larger, more established Chinese hyperscalers like Alibaba, whose valuation metrics reflect a more mature and diversified revenue stream.
The negative P/E ratio of -17.65 highlights the market's focus on top-line expansion rather than current earnings, as investors struggle to price the company's long-term path to profitability. This valuation suggests that the market is currently assigning little to no premium for the company's neutrality, viewing it instead as a commodity-heavy infrastructure provider facing significant competitive headwinds.
According to historical financial data, Kingsoft Cloud's ROIC has struggled to remain consistently positive, with a recent 1.4% reading in 2025Q4, indicating that the company is failing to generate returns that exceed its cost of capital due to the heavy burden of infrastructure-related depreciation and operating losses.
The persistent volatility in ROIC, which dipped as low as -10.3% in 2023Q3, underscores the difficulty of compounding capital in a business model that requires constant, massive reinvestment into server hardware and data center capacity. Investors should monitor whether the company can shift its capital allocation toward higher-margin software layers to improve these returns, as current levels suggest significant value destruction.
As reported in recent quarterly filings, Kingsoft Cloud's asset turnover remains consistently low at approximately 0.11, reflecting the capital-intensive nature of its cloud infrastructure and the significant time required to fully monetize the massive investments made in data center capacity and high-bandwidth server hardware.
The lack of consistent data for DIO and CCC metrics makes it difficult to assess the company's true working capital efficiency, though the high DSO figures suggest that the firm may be offering extended payment terms to secure enterprise clients. This reliance on credit-heavy sales cycles warrants further investigation, as it may be masking underlying demand weakness or aggressive revenue recognition practices.
Based on reported figures, Kingsoft Cloud maintains a debt-to-equity ratio of 0.69, which, while elevated compared to historical lows, appears manageable given the company's substantial cash reserves and the absence of immediate refinancing pressure in the current interest rate environment for Chinese technology firms.
The company's interest coverage ratio remains highly volatile and frequently negative, indicating that its core operations are not yet generating sufficient cash flow to comfortably service its debt obligations without relying on its existing cash pile. While the balance sheet is currently healthy, the reliance on external financing for infrastructure buildouts suggests that any tightening of credit markets could quickly shift the risk profile.
The most commonly misapplied metric for Kingsoft Cloud is the P/S ratio, which obscures the company's high proportion of low-margin, pass-through revenue that does not contribute meaningfully to long-term shareholder value or the eventual achievement of sustainable, positive net income margins.
Investors should instead focus on EV/Gross Profit or a margin-adjusted valuation, as the P/S ratio fails to account for the massive infrastructure costs that eat into the company's top-line revenue. Relying on revenue multiples in this context may lead to an overestimation of the company's intrinsic value by ignoring the structural reality that not all revenue dollars are created equal in the cloud infrastructure sector.
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Quick answers to the most common questions about buying KC stock.
Kingsoft Cloud Holdings Limited's current P/E ratio is -18.7x. This places it at the 50th percentile of its historical range.
Kingsoft Cloud Holdings Limited's current EV/EBITDA is 9.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.7x.
Kingsoft Cloud Holdings Limited's return on equity (ROE) is -12.6%. The historical average is -26.4%.
Based on historical data, Kingsoft Cloud Holdings Limited is trading at a P/E of -18.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kingsoft Cloud Holdings Limited has 15.7% gross margin and -5.5% operating margin.
Kingsoft Cloud Holdings Limited's Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.