Latest Ratios: P/E Ratio -10.3x · EV/EBITDA 321.9x · ROE -9.2%. (2016–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.5B | $1.2B | $1.3B | $2.2B | $2.3B | $4.3B | $6.6B | $1.2B | — | — | — |
| Enterprise Value | $1.0B | $810M | $803M | $1.5B | $1.5B | $3.4B | $5.8B | $993M | — | — | — |
| P/E Ratio → | -10.28 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.19 | 1.02 | 1.25 | 2.38 | 3.13 | 7.87 | 29.81 | 9.61 | — | — | — |
| P/B Ratio | 0.99 | 0.84 | 0.81 | 0.90 | 0.91 | 1.27 | 3.42 | 3.37 | — | — | — |
| P/FCF | 20.74 | 17.72 | — | — | — | — | — | — | — | — | — |
| P/OCF | 18.98 | 16.22 | — | — | — | — | — | — | — | — | — |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.66 | 0.75 | 1.61 | 2.06 | 6.24 | 26.38 | 8.23 | — | — | — |
| EV / EBITDA | 321.89 | 255.11 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 11.52 | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.9% | 42.9% | 41.8% | 42.4% | 45.4% | 49.5% | 57.6% | 64.2% | 69.6% | 69.4% | 64.8% |
| Operating Margin | -12.0% | -12.0% | -64.6% | -22.3% | -150.4% | -58.1% | -58.5% | -48.4% | -30.0% | -38.4% | -79.8% |
| Net Profit Margin | -11.8% | -11.8% | -62.0% | -18.0% | -146.5% | -52.6% | -56.0% | -44.4% | -237.0% | -168.5% | -137.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.2% | -9.2% | -32.7% | -6.7% | -36.3% | -10.8% | -10.9% | -19.8% | -93.3% | — | — |
| ROA | -8.3% | -8.3% | -30.3% | -6.3% | -34.0% | -10.1% | -9.6% | -14.6% | -114.8% | -161.0% | -105.3% |
| ROIC | -10.2% | -10.2% | -36.8% | -8.9% | -39.0% | -13.0% | -14.4% | -52.5% | — | — | — |
| ROCE | -9.3% | -9.3% | -33.9% | -8.2% | -36.8% | -11.7% | -10.8% | -19.0% | -19.6% | -71.9% | -108.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.14 | — | — | — |
| Debt / EBITDA | 6.37 | 6.37 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.29 | -0.33 | -0.29 | -0.31 | -0.26 | -0.39 | -0.48 | -1.06 | — | — |
| Net Debt / EBITDA | -137.50 | -137.50 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -6.21 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -113.24 | -113.24 | -444.31 | -128.78 | -521.99 | -108.99 | -43.90 | — | — | -817.96 | — |
Net cash position: cash ($457M) exceeds total debt ($20M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.16 | 4.16 | 5.36 | 6.34 | 6.21 | 6.60 | 7.53 | 3.24 | 4.56 | 0.99 | 0.90 |
| Quick Ratio | 4.07 | 4.07 | 5.26 | 6.23 | 6.12 | 6.56 | 7.51 | 3.22 | 4.55 | 0.98 | 0.89 |
| Cash Ratio | 2.76 | 2.76 | 3.75 | 4.99 | 5.32 | 6.04 | 7.19 | 3.01 | 4.27 | 0.72 | 0.63 |
| Asset Turnover | — | 0.73 | 0.59 | 0.35 | 0.27 | 0.15 | 0.11 | 0.25 | 0.30 | 0.89 | 0.77 |
| Inventory Turnover | 43.93 | 43.93 | 42.88 | 31.77 | 31.04 | 36.76 | 59.80 | 46.35 | 87.63 | 73.44 | 56.40 |
| Days Sales Outstanding | — | 14.21 | 23.72 | 29.94 | 32.06 | 29.31 | 44.46 | 34.02 | 39.70 | 26.40 | 37.26 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 4.8% | 5.6% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 7.9% | 9.3% | 9.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 7.9% | 9.3% | 9.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $139M | $154M | $154M | $150M | $142M | $105M | $86M | $81M | $81M | $81M |
Persistent operating margin deficits
Based on current market data, LSPD trades at a P/S multiple of 1.14, which appears to reflect a significant complexity discount compared to horizontal SaaS peers, potentially overlooking the latent value of its specialized, high-SKU merchant data set across fragmented international retail and hospitality markets.
The forward P/E of 20.95 suggests that the market is pricing in a transition toward profitability, yet the negative TTM P/E highlights the historical struggle to convert top-line growth into bottom-line earnings. Investors should monitor whether the current valuation reflects a realistic assessment of the company's pivot to mid-market dominance or if it remains unfairly tethered to the volatility of its legacy acquisition-heavy growth phase.
As reported in recent financial statements, LSPD's ROIC has remained consistently negative, bottoming out at -31.1% in 2025Q4, which indicates that the company has struggled to generate positive returns on its invested capital despite significant efforts to unify its fragmented product suite and improve unit economics.
The persistent negative ROIC suggests that the capital deployed for past acquisitions has not yet yielded the expected synergies, leading to a decay in capital efficiency. This warrants further investigation into whether the current management's focus on internal consolidation can reverse this trend or if the asset base remains burdened by historical overpayment for growth.
According to quarterly filings, the cash conversion cycle has fluctuated between 10 and 30 days over the last ten quarters, reflecting the inherent difficulty in managing working capital across diverse international markets where payment processing and inventory management requirements vary significantly by merchant type.
The variability in DSO and CCC suggests that the company's ability to collect on its transaction-based revenue is sensitive to the underlying health of its merchant base. Investors should monitor these metrics closely, as any sustained expansion in the cash conversion cycle may indicate rising credit risk or deteriorating payment terms within the mid-market segment.
Based on the most recent quarterly data, LSPD maintains a current ratio of 4.16, providing a substantial liquidity buffer that appears sufficient to navigate the current period of internal restructuring and strategic transition, even as the company continues to grapple with persistent operating margin deficits.
While the high current ratio suggests a strong defensive position, it may also imply an inefficient use of capital that could be better deployed toward debt reduction or strategic reinvestment. The company's ability to maintain this liquidity while managing its accumulated deficit remains a critical factor in assessing its long-term operational resilience.
The most commonly misapplied metric for LSPD is headline revenue growth, which obscures the underlying health of the business by including gross payment processing volumes that do not translate proportionally to gross profit, as evidenced by the company's reported 42.94% consolidated gross margin.
Analysts should instead prioritize net take rate and subscription revenue growth to assess the true earning power of the software platform. Relying on gross revenue figures risks overestimating the company's scaling potential, as the payment processing segment carries significantly lower margins and higher volatility than the core SaaS subscription base.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying LSPD stock.
Lightspeed Commerce Inc.'s current P/E ratio is -10.3x. This places it at the 50th percentile of its historical range.
Lightspeed Commerce Inc.'s current EV/EBITDA is 321.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Lightspeed Commerce Inc.'s return on equity (ROE) is -9.2%. The historical average is -27.5%.
Based on historical data, Lightspeed Commerce Inc. is trading at a P/E of -10.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Lightspeed Commerce Inc. has 42.9% gross margin and -12.0% operating margin.
Lightspeed Commerce Inc.'s Debt/EBITDA ratio is 6.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.