Latest Ratios: P/E Ratio -2.3x · EV/EBITDA N/A · ROE -69.1%. (2015–2025 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 | $162M | $118M | $5.3B | $174M | $1.0B | $2.2B | $965M | $961M | $1.6B | — | — |
| Enterprise Value | $151M | $106M | $5.3B | $174M | $1.0B | $2.1B | $958M | $961M | $1.6B | — | — |
| P/E Ratio → | -2.25 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 10.04 | 7.27 | 493.54 | 17.74 | 253.91 | 894.12 | 1546.08 | 1157.85 | 1267.60 | — | — |
| P/B Ratio | 1.15 | 0.97 | 92.28 | — | 96.66 | 131.83 | 157.67 | — | — | — | — |
| 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 | — | 6.54 | 490.93 | 17.65 | 253.62 | 888.41 | 1535.82 | 1157.72 | 1267.42 | — | — |
| 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 | 4.8% | 4.8% | 51.1% | 37.3% | 59.2% | 54.3% | 69.9% | 72.7% | 73.6% | 33.5% | -12.3% |
| Operating Margin | -260.0% | -260.0% | -141.9% | -228.0% | -457.8% | -477.2% | -375.1% | -238.4% | -163.4% | -1024.2% | -11937.8% |
| Net Profit Margin | -382.8% | -382.8% | -163.2% | -241.0% | -486.6% | -493.7% | -456.8% | -238.7% | -161.6% | -1029.1% | -507.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -69.1% | -69.1% | -63.4% | -570.2% | -144.7% | -106.0% | -107.1% | — | -669.8% | -629.4% | -259.7% |
| ROA | -64.5% | -64.5% | -47.5% | -137.4% | -90.7% | -83.8% | -60.4% | -576.4% | -246.3% | -325.8% | -14.8% |
| ROIC | -45.3% | -45.3% | -86.5% | -532.9% | -230.0% | -749.2% | — | — | — | — | — |
| ROCE | -46.5% | -46.5% | -49.0% | -250.3% | -119.1% | -100.0% | -85.7% | — | -677.4% | -485.3% | -362.1% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.03 | — | 0.87 | 0.07 | 0.40 | — | — | — | 0.31 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.10 | -0.49 | — | -0.11 | -0.84 | -1.05 | — | — | -1.21 | -6.63 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -253.92 | -253.92 | -11.87 | -15.36 | -12.43 | -89.56 | -4.62 | -1252.01 | -2490.81 | -192.22 | — |
Net cash position: cash ($13M) exceeds total debt ($1M)
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 | 4.07 | 4.07 | 7.32 | 0.57 | 1.63 | 6.41 | 3.10 | 0.20 | 0.71 | 2.45 | 19.88 |
| Quick Ratio | 3.98 | 3.98 | 7.21 | 0.40 | 1.39 | 6.41 | 3.08 | 0.18 | 0.69 | 2.42 | 18.92 |
| Cash Ratio | 2.12 | 2.12 | 6.39 | 0.17 | 1.07 | 6.05 | 3.01 | 0.11 | 0.40 | 1.86 | 15.80 |
| Asset Turnover | — | 0.13 | 0.17 | 0.90 | 0.17 | 0.13 | 0.07 | 3.51 | 2.82 | 0.19 | 0.03 |
| Inventory Turnover | 26.50 | 26.50 | 9.63 | 5.36 | 0.73 | — | 3.39 | 8.36 | 35.09 | 11.38 | 0.60 |
| Days Sales Outstanding | — | 135.99 | 91.72 | 33.57 | 140.91 | 20.62 | 32.46 | 13.23 | 32.15 | 235.19 | 1377.16 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.1% | 0.1% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $40M | $187M | $118M | $106M | $98M | $82M | $80M | $78M | $77M | $77M |
Persistent capital dependency risk
Based on reported figures, KULR trades at a price-to-sales multiple of 10.70, which appears to price in significant future growth potential rather than current earnings, especially when contrasted with the more mature, cash-generative profiles of its broader industrial technology peer group.
The current valuation suggests that investors are treating the company as a high-growth technology play, yet the lack of positive earnings or a clear path to profitability makes this multiple highly sensitive to shifts in market sentiment. This premium warrants caution, as the valuation appears to be disconnected from the company's current inability to generate consistent free cash flow.
According to recent quarterly data, KULR's ROIC has remained consistently negative, reaching -5.6% in 2026Q1, which indicates that the company is currently destroying shareholder capital rather than compounding it through its core thermal management and battery testing operations.
The persistent negative returns on invested capital suggest that the firm's heavy R&D and infrastructure spending have yet to reach the critical mass required for operational leverage. Investors should monitor whether future scaling can bridge the gap between current capital deployment and the returns necessary to justify the company's ongoing investment requirements.
As reported in financial statements, KULR's cash conversion cycle has fluctuated significantly, reaching 47 days in 2026Q1, which reflects the inherent challenges of managing inventory and receivables within a project-based, high-touch government and aerospace contract environment.
The variability in the cash conversion cycle suggests that the company lacks the operational predictability found in more mature manufacturing firms. This inefficiency in working capital management likely exacerbates the company's liquidity constraints, as cash remains tied up in long-cycle projects rather than being recycled into core growth initiatives.
According to recent SEC filings, KULR's current ratio has tightened to 1.69 as of 2026Q1, signaling a narrowing margin of safety as the company continues to burn through its cash reserves to fund ongoing operational and research-related activities.
While the current ratio remains above unity, the rapid depletion of cash relative to the company's high burn rate suggests that the liquidity position is increasingly vulnerable. Without a significant improvement in cash generation or access to non-dilutive capital, the company may face continued pressure to raise funds, further impacting shareholder equity.
Data from recent filings indicates that the market's reliance on the price-to-sales ratio for KULR is fundamentally flawed, as it obscures the company's high cost of revenue and the significant capital intensity required to maintain its specialized aerospace-grade manufacturing capabilities.
Investors should instead prioritize metrics like the cash burn rate and the conversion of R&D prototypes into high-margin commercial revenue. Focusing on top-line growth without adjusting for the underlying cost structure risks ignoring the structural challenges that currently prevent the company from achieving sustainable profitability.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying KULR stock.
KULR Technology Group, Inc.'s current P/E ratio is -2.3x. This places it at the 50th percentile of its historical range.
KULR Technology Group, Inc.'s return on equity (ROE) is -69.1%. The historical average is -125.0%.
Based on historical data, KULR Technology Group, Inc. is trading at a P/E of -2.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
KULR Technology Group, Inc. has 4.8% gross margin and -260.0% operating margin.