Latest Ratios: P/E Ratio -51.6x · EV/EBITDA N/A · ROE -1.9%. (2012–2025 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 | $718M | $651M | $1.5B | $942M | $1.1B | $7.4B | $3.8B | $1.3B | $662M | $542M | $401M |
| Enterprise Value | $701M | $634M | $1.5B | $926M | $1.1B | $6.8B | $3.7B | $1.3B | $588M | $524M | $379M |
| P/E Ratio → | -51.63 | — | — | — | — | 475.78 | — | 131.65 | 53.49 | — | 421.67 |
| P/S Ratio | 3.45 | 3.12 | 7.21 | 4.29 | 4.21 | 22.98 | 19.49 | 7.48 | 4.65 | 4.75 | 3.69 |
| P/B Ratio | 0.98 | 0.91 | 2.02 | 1.18 | 1.32 | 8.05 | 7.26 | 3.98 | 3.70 | 3.60 | 3.74 |
| P/FCF | 226.08 | 204.92 | 43.76 | — | — | 189.55 | 200.48 | 316.40 | 25.39 | 1643.10 | — |
| P/OCF | 29.36 | 26.61 | 30.16 | — | — | 137.93 | 116.29 | 122.23 | 19.84 | 90.52 | 419.89 |
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 | — | 3.04 | 7.13 | 4.21 | 3.92 | 21.16 | 18.96 | 7.38 | 4.13 | 4.59 | 3.48 |
| EV / EBITDA | — | — | — | — | — | 342.64 | — | 110.02 | 55.62 | 191.72 | 85.99 |
| EV / EBIT | — | — | — | — | — | 532.70 | — | 174.71 | 99.22 | — | 215.99 |
| EV / FCF | — | 199.61 | 43.26 | — | — | 174.57 | 194.99 | 312.26 | 22.55 | 1586.65 | — |
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 | 44.3% | 44.3% | 45.0% | 30.5% | 35.5% | 47.2% | 45.4% | 45.6% | 49.1% | 47.4% | 45.5% |
| Operating Margin | -16.6% | -16.6% | -18.3% | -39.8% | -25.7% | 4.0% | -3.5% | 4.2% | 3.9% | -1.8% | 1.3% |
| Net Profit Margin | -6.5% | -6.5% | -8.2% | -29.3% | -29.1% | 4.8% | -2.5% | 5.7% | 8.7% | -1.8% | 0.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.9% | -1.9% | -2.2% | -7.7% | -8.8% | 2.2% | -1.1% | 3.9% | 7.5% | -1.6% | 0.8% |
| ROA | -1.7% | -1.7% | -2.0% | -7.1% | -7.9% | 1.9% | -0.9% | 3.3% | 6.3% | -1.3% | 0.6% |
| ROIC | -3.7% | -3.7% | -3.8% | -8.4% | -9.3% | 2.6% | -1.4% | 2.7% | 3.5% | -1.4% | 1.3% |
| ROCE | -4.7% | -4.7% | -4.8% | -10.3% | -7.6% | 1.7% | -1.5% | 2.8% | 3.4% | -1.6% | 1.3% |
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 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.07 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | 1.36 | — | 1.92 | — | — | — |
| Net Debt / Equity | — | -0.02 | -0.02 | -0.02 | -0.09 | -0.64 | -0.20 | -0.05 | -0.41 | -0.12 | -0.21 |
| Net Debt / EBITDA | — | — | — | — | — | -29.39 | — | -1.46 | -7.01 | -6.82 | -5.18 |
| Debt / FCF | — | -5.31 | -0.50 | — | — | -14.98 | -5.49 | -4.14 | -2.84 | -56.45 | — |
| Interest Coverage | — | — | -151.07 | -370.89 | -263.71 | 44.73 | -18.85 | 18.76 | 19.82 | -6.48 | 6.33 |
Net cash position: cash ($35M) exceeds total debt ($19M)
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 | 14.18 | 14.18 | 13.88 | 10.43 | 8.85 | 8.02 | 5.33 | 5.56 | 4.24 | 3.50 | 3.28 |
| Quick Ratio | 13.06 | 13.06 | 12.52 | 9.07 | 7.49 | 7.37 | 4.74 | 4.73 | 3.34 | 2.14 | 2.48 |
| Cash Ratio | 10.90 | 10.90 | 10.46 | 6.64 | 6.12 | 6.71 | 4.06 | 3.69 | 2.51 | 1.12 | 1.30 |
| Asset Turnover | — | 0.27 | 0.26 | 0.25 | 0.28 | 0.31 | 0.31 | 0.44 | 0.66 | 0.64 | 0.78 |
| Inventory Turnover | 2.46 | 2.46 | 1.86 | 2.26 | 1.96 | 2.70 | 2.01 | 2.61 | 2.41 | 1.72 | 2.46 |
| Days Sales Outstanding | — | 106.58 | 117.22 | 155.50 | 90.55 | 56.45 | 97.35 | 82.21 | 56.28 | 74.37 | 106.24 |
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 | — | — | — | — | — | 0.2% | — | 0.8% | 1.9% | — | 0.2% |
| FCF Yield | 0.4% | 0.5% | 2.3% | — | — | 0.5% | 0.5% | 0.3% | 3.9% | 0.1% | — |
| Buyback Yield | 3.9% | 4.3% | 5.7% | 5.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.9% | 4.3% | 5.7% | 5.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $45M | $47M | $49M | $50M | $49M | $42M | $39M | $35M | $34M | $32M |
Liquidity and dilution risk
Based on reported figures, Kornit's forward P/E of 90.22 suggests that the market is pricing in significant future earnings expansion, despite the company's current negative TTM P/E of -53.53 and the inherent volatility associated with its transition toward the high-volume Apollo platform.
The premium valuation multiple appears to hinge on the assumption that the Apollo system will successfully capture market share from traditional screen printing. Investors should monitor whether this growth-stage pricing is justified by actual margin expansion or if it remains disconnected from the company's persistent operating losses.
As reported in financial statements, Kornit's gross margin volatility, which swung from 25.8% to 51.3% over the last ten quarters, highlights a structural inability to achieve consistent operating leverage, with the most recent operating margin of -27.8% indicating that corporate overhead continues to outpace gross profit generation.
The company's profitability is heavily dependent on the mix of hardware versus higher-margin consumables, which remains susceptible to cyclical apparel demand. The persistent negative net margin suggests that the current cost structure is not yet optimized for the company's existing revenue scale.
According to recent SEC filings, Kornit's ROIC has remained consistently negative, reaching -1.5% in 2026Q1, which suggests that the company is currently destroying value on invested capital as it attempts to scale its proprietary digital printing ecosystem amidst a challenging macroeconomic environment for industrial machinery.
The negative return profile reflects the high capital intensity required to maintain R&D and market presence. Without a clear path to positive operating income, the company's ability to compound returns on invested capital appears constrained by its current operational model.
Based on the provided quarterly data, Kornit's cash conversion cycle has remained elevated, peaking at 402 days in 2024Q1, which indicates significant inefficiencies in managing inventory and receivables compared to historical norms and broader industrial sector standards for machinery manufacturers.
The extended CCC suggests that the company is tying up substantial liquidity in inventory, likely to support the rollout of new hardware platforms. This inefficiency warrants further investigation into whether the company can improve its inventory turnover as the Apollo platform matures.
As reported in financial statements, Kornit's cash position has declined significantly to $35.5M, which, when viewed alongside persistent operating losses, suggests a vulnerable liquidity position that may necessitate future capital raises or aggressive cost-cutting measures to ensure long-term operational continuity.
While the current ratio of 12.03 appears high, it is heavily influenced by non-cash assets and inventory, which may not be readily convertible to cash under stress. The company's reliance on cash reserves to fund operations makes it particularly sensitive to any further delays in revenue recognition.
The price-to-sales ratio is frequently misapplied to Kornit's business model, as it obscures the underlying volatility of the hardware-to-consumable revenue mix and fails to account for the non-cash contra-revenue associated with customer warrants that can distort the true top-line growth trajectory.
Analysts should instead focus on ink consumption per installed system as a more accurate proxy for recurring revenue health. Relying solely on P/S multiples may lead to an overestimation of the company's stability during periods of lumpy hardware sales.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying KRNT stock.
Kornit Digital Ltd.'s current P/E ratio is -51.6x. The historical average is 81.7x.
Kornit Digital Ltd.'s return on equity (ROE) is -1.9%. The historical average is 2.9%.
Based on historical data, Kornit Digital Ltd. is trading at a P/E of -51.6x. Compare with industry peers and growth rates for a complete picture.
Kornit Digital Ltd. has 44.3% gross margin and -16.6% operating margin.