Latest Ratios: P/E Ratio -0.5x · EV/EBITDA N/A · ROE -117.6%. (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 | $2.0B | $3.3B | $7.4B | $8.8B | $11.6B | $28.2B | $249M | — |
| Enterprise Value | $1.8B | $3.2B | $8.3B | $9.8B | $12.2B | $24.1B | $-364924341 | — |
| P/E Ratio → | -0.50 | — | — | — | — | — | — | — |
| P/S Ratio | 1.46 | 2.45 | 9.14 | 14.72 | 19.02 | 1039.13 | 62.50 | — |
| P/B Ratio | 2.62 | 4.62 | 1.91 | 1.81 | 2.66 | 7.21 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.35 | 10.22 | 16.50 | 20.02 | 889.59 | -91.78 | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -92.8% | -92.8% | -114.3% | -225.2% | -170.7% | -471.3% | 22.8% | 14.5% |
| Operating Margin | -258.7% | -258.7% | -373.9% | -520.7% | -426.5% | -5645.1% | -15071.1% | -5619.5% |
| Net Profit Margin | -199.3% | -199.3% | -336.0% | -475.1% | -214.5% | -9515.6% | -18093.1% | -6042.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -117.6% | -117.6% | -62.2% | -61.5% | -31.6% | -199.2% | — | -61.0% |
| ROA | -29.9% | -29.9% | -29.9% | -34.5% | -16.6% | -55.6% | -72.6% | -47.9% |
| ROIC | -98.7% | -98.7% | -42.5% | -42.8% | -80.8% | — | — | -187.4% |
| ROCE | -49.2% | -49.2% | -37.8% | -42.9% | -36.0% | -35.2% | -69.2% | -50.2% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.20 | 1.20 | 0.64 | 0.50 | 0.54 | 0.56 | — | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.19 | 0.22 | 0.22 | 0.14 | -1.04 | — | -0.77 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -27.39 | -27.39 | -81.40 | -112.48 | -41.62 | -1876.52 | -11242.25 | -31.45 |
Net cash position: cash ($998M) exceeds total debt ($861M)
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 | 1.25 | 1.25 | 4.18 | 4.72 | 5.24 | 16.43 | 3.58 | 6.43 |
| Quick Ratio | 0.83 | 0.83 | 3.83 | 4.03 | 4.35 | 16.11 | 3.57 | 6.42 |
| Cash Ratio | 0.38 | 0.38 | 3.46 | 3.83 | 4.17 | 15.81 | 3.32 | 5.35 |
| Asset Turnover | — | 0.16 | 0.08 | 0.07 | 0.08 | 0.00 | 0.00 | 0.01 |
| Inventory Turnover | 2.35 | 2.35 | 4.24 | 2.78 | 1.97 | 1.22 | 2.94 | 5.74 |
| Days Sales Outstanding | — | 47.77 | 50.62 | 31.78 | 11.73 | 42.38 | 23.87 | 32.44 |
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 | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.9% | 0.1% | 4.9% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.9% | 0.1% | 4.9% | — |
| Shares Outstanding | — | $313M | $245M | $208M | $169M | $74M | $2M | $2M |
Liquidity and capital dependency
According to current market data, Lucid trades at a price-to-sales multiple of 1.44, a valuation that appears to reflect speculative technology potential rather than fundamental earnings, as the company currently lacks positive P/E or EV/EBITDA metrics to justify its market capitalization relative to luxury automotive peers.
The current P/S multiple suggests investors are pricing in a successful transition to a high-margin licensing or volume-manufacturing model rather than the current reality of negative margins. This valuation warrants caution, as it implies a significant growth trajectory that remains unproven by the company's historical delivery and production output.
As reported in recent financial statements, Lucid's ROIC has trended toward -29.4% in 2026Q1, illustrating a persistent decay in capital efficiency as the company continues to deploy massive amounts of funding into manufacturing infrastructure without achieving the necessary scale to generate a positive return on invested capital.
The consistent negative ROIC indicates that every dollar of capital deployed is currently destroying shareholder value rather than compounding it. This trend suggests that the company's proprietary powertrain technology has yet to translate into a competitive advantage that can be monetized effectively enough to offset the heavy depreciation and R&D costs.
Based on the provided quarterly data, Lucid's cash conversion cycle has remained elevated, reaching 195 days for inventory in 2026Q1, which suggests that the company is struggling to optimize its production-to-delivery pipeline compared to established automotive manufacturers who maintain significantly tighter control over their working capital.
The high days-in-inventory metric implies that finished goods are accumulating faster than they are being sold, which may indicate a mismatch between production targets and actual consumer demand. Investors should monitor whether this inefficiency is a temporary byproduct of scaling the Gravity SUV or a structural issue in the company's supply chain management.
As evidenced by the company's reported figures, the debt-to-equity ratio has climbed to 1.55 in 2026Q1, up from 0.50 in 2023Q4, indicating that Lucid is increasingly relying on debt financing to bridge the gap between its high operating costs and its limited revenue generation capacity.
The rising leverage, combined with deeply negative interest coverage ratios, suggests that the company's ability to service its obligations is becoming increasingly dependent on external capital injections. This trend warrants close monitoring, as the reliance on debt in a pre-profit phase significantly increases the risk of insolvency if capital markets tighten.
The market frequently misapplies standard automotive P/S multiples to Lucid, which obscures the company's true nature as a pre-revenue-scale technology developer, as this metric fails to account for the massive, non-recurring R&D and capital expenditures required to reach the necessary production inflection point for profitability.
Investors should instead focus on the cash burn rate relative to liquidity and the unit-level economics of the powertrain technology. Using traditional revenue multiples ignores the fact that Lucid's current top-line is a byproduct of capital-intensive manufacturing rather than a sustainable, high-margin business model, leading to a potential mispricing of the company's long-term terminal value.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying LCID stock.
Lucid Group, Inc.'s current P/E ratio is -0.5x. This places it at the 50th percentile of its historical range.
Lucid Group, Inc.'s return on equity (ROE) is -117.6%. The historical average is -88.8%.
Based on historical data, Lucid Group, Inc. is trading at a P/E of -0.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Lucid Group, Inc. has -92.8% gross margin and -258.7% operating margin.