Latest Ratios: P/E Ratio -2.2x · EV/EBITDA N/A · ROE N/A. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $75M | $139M | $103M | $39M | $30M | $56M | $79M | — | — |
| Enterprise Value | $65M | $129M | $89M | $20M | $18M | $28M | $42M | — | — |
| P/E Ratio → | -2.16 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.28 | 2.38 | 1.92 | 0.91 | 0.85 | 1.63 | 3.00 | — | — |
| P/B Ratio | — | — | 5.52 | 0.82 | 0.72 | 1.02 | 1.18 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.20 | 1.67 | 0.48 | 0.51 | 0.81 | 1.61 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.4% | 46.4% | 48.3% | 50.1% | 56.4% | 51.8% | 53.4% | 43.3% | 39.4% |
| Operating Margin | -42.1% | -42.1% | -19.9% | -29.0% | -57.1% | -57.0% | -70.1% | -41.6% | -38.2% |
| Net Profit Margin | -58.7% | -58.7% | -58.7% | -34.1% | -56.3% | -56.9% | -75.0% | -48.0% | -51.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -95.4% | -32.3% | -41.1% | -32.1% | -107.9% | — | — |
| ROA | -49.8% | -49.8% | -46.2% | -22.9% | -32.6% | -26.9% | -34.8% | -46.2% | -43.6% |
| ROIC | — | — | -47.2% | -31.1% | -53.4% | -51.7% | -175.8% | -689.2% | -40.2% |
| ROCE | -59.8% | -59.8% | -19.5% | -23.9% | -39.5% | -30.6% | -38.0% | -53.1% | -43.9% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.14 | 0.05 | 0.07 | 0.06 | 0.06 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | -0.73 | -0.39 | -0.28 | -0.52 | -0.55 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | -13.76 | -6.32 | — |
Net cash position: cash ($13M) exceeds total debt ($3M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.15 | 1.15 | 2.80 | 3.99 | 2.95 | 5.14 | 6.90 | 2.19 | 1.53 |
| Quick Ratio | 0.62 | 0.62 | 2.04 | 2.64 | 1.92 | 4.40 | 5.30 | 1.16 | 1.00 |
| Cash Ratio | 0.44 | 0.44 | 1.50 | 2.07 | 1.28 | 3.63 | 4.79 | 0.59 | 0.44 |
| Asset Turnover | — | 0.82 | 0.81 | 0.61 | 0.63 | 0.52 | 0.33 | 0.88 | 0.84 |
| Inventory Turnover | 1.46 | 1.46 | 2.42 | 1.34 | 1.31 | 2.56 | 0.91 | 2.15 | 3.64 |
| Days Sales Outstanding | — | 39.83 | 44.21 | 37.43 | 64.42 | 52.83 | 33.98 | 46.46 | 49.42 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 2.3% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.3% | — | — |
| Shares Outstanding | — | $12M | $12M | $11M | $10M | $9M | $11M | $11M | $1M |
Liquidity and capital runway
Based on recent financial filings, LNSR trades at a P/S multiple of 1.17, which appears to reflect significant market skepticism regarding the company's ability to achieve profitability, especially when contrasted with the forward P/E of 1443.59 that suggests an extremely long path to earnings normalization.
The current valuation multiples imply that the market is pricing the company as a distressed growth asset rather than a stable medical device provider. Investors should monitor whether the current P/S ratio represents a floor or if further multiple compression is likely as the company continues to burn cash without a clear path to positive net margins.
As reported in quarterly financial statements, LNSR's gross margin has fluctuated between 40.3% and 52.1%, indicating that the company lacks the consistent pricing power or manufacturing efficiency required to offset the high operating costs associated with the commercial rollout of the ALLY platform.
The persistent negative operating margins, which reached -42.06% on a TTM basis, suggest that the current business model is not yet optimized for scale. The inability to maintain a stable gross margin suggests that the company may be sacrificing pricing to gain market share, which warrants further investigation into the long-term sustainability of its unit economics.
According to historical data, the company's asset turnover has remained stagnant at approximately 0.20, which, when combined with a volatile cash conversion cycle that peaked at 259 days in 2024Q1, suggests significant inefficiencies in managing inventory and collecting receivables relative to its peers.
The high days inventory outstanding (DIO) figures indicate that the company may be struggling to move its capital-intensive ALLY systems through the sales channel efficiently. This inefficiency in working capital management likely exacerbates the company's liquidity constraints, as cash remains tied up in hardware that has yet to be converted into high-margin recurring revenue.
Based on recent SEC filings, LNSR's current ratio has compressed from a peak of 4.06 in 2024Q1 to 2.38 in 2026Q1, reflecting a tightening liquidity position that leaves the company with limited flexibility to navigate potential market downturns or unexpected operational delays.
The decline in the quick ratio to 1.08 suggests that the company is becoming increasingly dependent on inventory liquidation to meet its short-term obligations. Given the negative cash flow profile, this liquidity trend warrants close monitoring, as it may necessitate dilutive capital raises to maintain ongoing operations.
As indicated by industry analysis, the P/S ratio is frequently misapplied to LNSR, as it fails to distinguish between low-margin hardware sales and high-margin recurring procedure fees, thereby obscuring the true quality of the company's revenue stream and its potential for future margin expansion.
Investors should instead focus on the 'procedure-to-system' ratio, which provides a more accurate assessment of the company's transition toward a recurring revenue model. Relying solely on P/S multiples may lead to an overestimation of the company's value if the installed base does not achieve the necessary utilization rates to drive profitability.
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Quick answers to the most common questions about buying LNSR stock.
LENSAR, Inc.'s current P/E ratio is -2.2x. This places it at the 50th percentile of its historical range.
Based on historical data, LENSAR, Inc. is trading at a P/E of -2.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
LENSAR, Inc. has 46.4% gross margin and -42.1% operating margin.