Latest Ratios: P/E Ratio 259.2x · EV/EBITDA N/A · ROE 5.5%. (1996–2025 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 | $692M | $417M | $181M | $221M | $113M | $364M | $200M | $32M | $73M | $224M | $182M |
| Enterprise Value | $1.3B | $1.1B | $169M | $218M | $108M | $341M | $185M | $13M | $36M | $156M | $105M |
| P/E Ratio → | 259.25 | 163.01 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 18.00 | 10.84 | 3.59 | 5.48 | 2.39 | 7.96 | 4.99 | 1.09 | 2.99 | 8.04 | 8.03 |
| P/B Ratio | 9.25 | 5.82 | 7.76 | 7.50 | 4.73 | 9.18 | 7.07 | 1.13 | 1.52 | 2.94 | 2.45 |
| 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 27.33 | 3.35 | 5.40 | 2.29 | 7.46 | 4.61 | 0.45 | 1.48 | 5.59 | 4.63 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.6% | 27.6% | 20.6% | 38.2% | 9.6% | 23.3% | 27.4% | 14.9% | 35.3% | 34.9% | 21.1% |
| Operating Margin | -38.9% | -38.9% | -85.6% | -42.5% | -46.0% | -30.2% | -11.9% | -89.4% | -162.1% | -108.8% | -90.3% |
| Net Profit Margin | 6.8% | 6.8% | -87.2% | -48.9% | -40.8% | -29.4% | -11.0% | -100.0% | -145.4% | -94.6% | -103.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.5% | 5.5% | -166.2% | -73.8% | -60.8% | -39.6% | -15.5% | -77.0% | -57.3% | -35.0% | -27.7% |
| ROA | 2.9% | 2.9% | -73.1% | -42.4% | -36.2% | -24.3% | -9.7% | -57.3% | -47.3% | -29.5% | -24.1% |
| ROIC | -3.1% | -3.1% | -172.3% | -56.8% | -91.4% | -69.7% | -31.6% | -191.4% | -311.7% | -853.2% | -270.4% |
| ROCE | -29.5% | -29.5% | -143.1% | -54.8% | -58.3% | -36.2% | -15.3% | -65.0% | -62.6% | -40.0% | -24.2% |
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 | 9.05 | 9.05 | 0.09 | 0.08 | 0.14 | 0.10 | 0.06 | 0.10 | 0.01 | 0.01 | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 8.85 | -0.52 | -0.11 | -0.20 | -0.58 | -0.54 | -0.66 | -0.77 | -0.89 | -1.04 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
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 | 2.70 | 2.70 | 1.43 | 2.51 | 2.13 | 2.98 | 2.34 | 2.99 | 4.77 | 5.97 | 6.24 |
| Quick Ratio | -159.29 | -159.29 | 1.29 | 2.03 | 1.69 | 2.60 | 2.07 | 2.65 | 4.30 | 5.59 | 5.99 |
| Cash Ratio | 0.42 | 0.42 | 0.81 | 1.10 | 0.87 | 1.67 | 1.23 | 1.93 | 3.59 | 5.13 | 5.78 |
| Asset Turnover | — | 0.35 | 0.71 | 0.82 | 1.08 | 0.72 | 0.84 | 0.69 | 0.41 | 0.31 | 0.26 |
| Inventory Turnover | 0.01 | 0.01 | 6.52 | 3.28 | 6.67 | 5.32 | 6.54 | 6.66 | 3.30 | 3.57 | 5.41 |
| Days Sales Outstanding | — | 207.03 | 137.23 | 118.51 | 81.67 | 115.20 | 116.27 | 85.87 | 92.17 | 61.09 | 27.39 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 0.4% | 0.6% | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.2% | 0.2% | 0.1% | 0.1% | 0.3% | 0.3% | 0.3% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.2% | 0.2% | 0.1% | 0.1% | 0.3% | 0.3% | 0.3% |
| Shares Outstanding | — | $175M | $133M | $109M | $91M | $89M | $82M | $80M | $73M | $70M | $64M |
Persistent liquidity and dilution
According to recent market data, Kopin trades at a price-to-sales ratio of 18.17, a valuation that appears significantly detached from its underlying revenue contraction and persistent operating losses, suggesting that investors are pricing in speculative AR/VR growth rather than the company's actual defense-centric financial reality.
The current P/S multiple of 18.17 is difficult to justify given the company's inability to achieve consistent profitability or top-line expansion. This valuation implies a growth trajectory that is not supported by the historical data, suggesting that the stock is being treated as a high-growth technology play despite its industrial-scale manufacturing hurdles.
Based on reported figures, Kopin’s ROIC has remained consistently negative, with a -1.3% reading in 2026Q1, indicating that the company is failing to generate adequate returns on its invested capital and is instead systematically eroding shareholder value through its current operational model.
The inability to maintain a positive ROIC over the last ten quarters highlights a structural failure to convert R&D and manufacturing investments into profitable output. Investors should monitor whether the recent management transition can pivot the company toward higher-margin defense programs to reverse this long-term decay in capital efficiency.
As reported in financial statements, Kopin’s cash conversion cycle has exhibited extreme volatility, reaching 44,771 days in 2026Q1, which reflects severe inefficiencies in inventory management and a reliance on long-duration defense contracts that complicate the company's ability to maintain a predictable liquidity profile.
The massive spike in the cash conversion cycle suggests that inventory is not moving efficiently through the production process, likely due to low yields on newer OLED-on-silicon products. This inefficiency forces the company to tie up precious capital in stagnant inventory, further straining its already limited cash runway.
According to recent SEC filings, Kopin’s current ratio of 2.61 in 2026Q1 masks a precarious liquidity position, as the company’s cash runway remains heavily dependent on the timing of milestone payments and the ongoing ability to access capital markets to offset persistent operational cash burn.
While the current ratio appears healthy on the surface, the underlying cash flow data reveals a company that is consistently burning through its reserves. Without a significant improvement in operational cash generation, the company may be forced to continue its reliance on dilutive equity financing to maintain basic solvency.
The price-to-sales ratio is the most commonly misapplied metric for Kopin, as it obscures the company's high fixed-cost structure and the non-recurring nature of its development-heavy revenue, which often fails to translate into the high-margin, scalable earnings that a typical P/S multiple would imply.
Analysts should instead focus on the backlog conversion velocity and gross margin trends, as these metrics provide a more accurate picture of the company's ability to sustain its operations. Using P/S ignores the reality that a large portion of Kopin's revenue is tied to low-margin, project-based defense work rather than high-volume consumer electronics.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying KOPN stock.
Kopin Corporation's current P/E ratio is 259.2x. The historical average is 69.1x. This places it at the 100th percentile of its historical range.
Kopin Corporation's return on equity (ROE) is 5.5%. The historical average is -22.7%.
Based on historical data, Kopin Corporation is trading at a P/E of 259.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kopin Corporation has 27.6% gross margin and -38.9% operating margin.