Latest Ratios: P/E Ratio -2.9x · EV/EBITDA 3.6x · ROE N/A. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $182M | $83.2B | $62M | $82M | $95M | $283M | $65M | — |
| Enterprise Value | $159M | $83.2B | $350M | $364M | $491M | $599M | $357M | — |
| P/E Ratio → | -2.89 | — | — | — | — | — | — | — |
| P/S Ratio | 0.64 | 290.97 | 0.22 | 0.30 | 0.36 | 1.14 | 0.30 | — |
| P/B Ratio | — | — | — | 2.22 | 0.53 | 1.06 | 3.20 | — |
| P/FCF | 21.05 | 9621.96 | — | — | — | — | 4.46 | — |
| P/OCF | 9.84 | 4500.52 | 6.26 | — | 5.83 | — | 2.44 | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 290.89 | 1.22 | 1.32 | 1.83 | 2.41 | 1.67 | — |
| EV / EBITDA | 3.64 | 1902.95 | — | 5.17 | 3.46 | 17.23 | 8.32 | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 9619.30 | — | — | — | — | 24.63 | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.2% | 55.2% | 55.9% | 53.5% | 51.9% | 51.2% | 54.2% | 62.4% |
| Operating Margin | -4.4% | -4.4% | -35.9% | 3.5% | 31.8% | -6.3% | -4.5% | -7.0% |
| Net Profit Margin | -22.0% | -22.0% | -51.1% | -60.4% | -39.6% | -10.0% | -16.5% | -13.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | -153.5% | -47.4% | -17.2% | -20.9% | -7.4% |
| ROA | -14.5% | -14.5% | -28.0% | -26.2% | -14.7% | -3.4% | -4.9% | -3.2% |
| ROIC | -1323.0% | -1323.0% | -30.4% | 1.6% | 11.0% | -2.6% | -1.5% | -1.4% |
| ROCE | -3.4% | -3.4% | -22.7% | 1.7% | 12.6% | -2.3% | -1.4% | -1.7% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 8.37 | 2.38 | 1.51 | 14.98 | 0.99 |
| Debt / EBITDA | 0.08 | 0.08 | — | 4.39 | 3.03 | 11.58 | 7.05 | 8.63 |
| Net Debt / Equity | — | — | — | 7.63 | 2.19 | 1.18 | 14.47 | 0.96 |
| Net Debt / EBITDA | -0.53 | -0.53 | — | 4.00 | 2.79 | 9.11 | 6.81 | 8.40 |
| Debt / FCF | — | -2.66 | — | — | — | — | 20.18 | — |
| Interest Coverage | -0.21 | -0.21 | -1.89 | -2.96 | -2.66 | -0.66 | -0.41 | -0.32 |
Net cash position: cash ($27M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.19 | 1.19 | 1.21 | 1.42 | 2.11 | 3.29 | 1.19 | 1.05 |
| Quick Ratio | 1.15 | 1.15 | 1.11 | 1.30 | 1.91 | 2.97 | 1.08 | 1.00 |
| Cash Ratio | 0.37 | 0.37 | 0.29 | 0.38 | 0.71 | 1.75 | 0.20 | 0.18 |
| Asset Turnover | — | 0.70 | 0.63 | 0.47 | 0.39 | 0.33 | 0.31 | 0.23 |
| Inventory Turnover | 40.38 | 40.38 | 18.96 | 15.65 | 12.85 | 7.84 | 16.76 | 23.49 |
| 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 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 4.8% | 0.0% | — | — | — | — | 22.4% | — |
| Buyback Yield | 0.0% | 0.0% | 0.7% | 3.4% | 0.0% | 0.0% | 0.3% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.7% | 3.4% | 0.0% | 0.0% | 0.3% | — |
| Shares Outstanding | — | $19.7B | $19M | $17M | $15M | $8M | $6M | $62M |
Negative equity and liquidity
As reported in recent financial data, KORE trades at a P/S multiple of 0.66, which, when compared to the broader telecommunications services sector, suggests that investors are heavily discounting the company's future growth prospects due to its persistent inability to generate positive net income.
The negative P/E ratio of -2.99 underscores the lack of earnings support for the current valuation, forcing investors to rely on EV/EBITDA metrics which, at 3.78, appear artificially low due to the company's significant debt load. This valuation profile implies that the market views KORE as a distressed asset rather than a growth-oriented IoT platform, warranting caution regarding potential further multiple compression.
Based on the company's reported figures, the ROIC has struggled to break into positive territory, hovering near -1.4% in 2024Q1 and failing to show a sustained upward trend, which indicates that KORE is currently destroying rather than creating value for its shareholders.
The inability to generate a return on invested capital that exceeds the cost of capital suggests that the company's aggressive M&A strategy has not yet yielded the expected operational synergies. Investors should monitor whether management can pivot toward organic growth, as the current trend indicates a decay in capital efficiency that is unsustainable over the long term.
According to quarterly filings, KORE's cash conversion cycle has fluctuated between 18 and 39 days, suggesting that the company's ability to manage its working capital is inconsistent and potentially hindered by the complexity of its hardware-heavy IoT solutions business model.
The DSO of 61 days in 2026Q1, when compared to historical averages, indicates that the company may be facing challenges in collecting payments from its enterprise customer base. This inefficiency in the cash conversion cycle likely exacerbates the company's liquidity constraints, as capital remains tied up in receivables rather than being deployed for operational growth.
As evidenced by the most recent quarterly reports, KORE maintains a current ratio of 1.05, which, when combined with a cash balance of $26.7M, suggests that the company has a very limited margin of safety to navigate potential operational downturns or unexpected capital requirements.
The quick ratio of 1.00 indicates that the company is almost entirely dependent on inventory liquidation to meet its short-term obligations, which is a risky position for a firm in the volatile IoT hardware space. This liquidity profile warrants close monitoring, as any disruption in revenue could necessitate dilutive financing to maintain basic operations.
Based on an analysis of KORE's business model, the P/S ratio is the most commonly misapplied metric, as it fails to distinguish between low-margin hardware sales and high-margin recurring connectivity services, thereby obscuring the true underlying quality of the company's revenue stream.
Investors should instead focus on the ratio of connectivity-based gross profit to total operating expenses to better gauge the company's path to profitability. Relying on headline revenue growth ignores the structural shift toward higher-value services, which is the only viable path for KORE to overcome its current negative net margin profile.
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Quick answers to the most common questions about buying KORE stock.
KORE Group Holdings, Inc.'s current P/E ratio is -2.9x. This places it at the 50th percentile of its historical range.
KORE Group Holdings, Inc.'s current EV/EBITDA is 3.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.5x.
Based on historical data, KORE Group Holdings, Inc. is trading at a P/E of -2.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
KORE Group Holdings, Inc. has 55.2% gross margin and -4.4% operating margin.
KORE Group Holdings, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.