Latest Ratios: P/E Ratio -2.8x · EV/EBITDA N/A · ROE -93.2%. (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 | $213M | $900M | $977M | $2.3B | $834M | $1.6B | $2.0B | — |
| Enterprise Value | $206M | $894M | $914M | $2.1B | $572M | $1.6B | $2.0B | — |
| P/E Ratio → | -2.81 | — | — | — | — | — | — | — |
| P/S Ratio | 8.30 | 35.08 | 36.70 | 60.24 | 17.81 | 44.92 | 66.24 | — |
| P/B Ratio | 4.60 | 19.56 | 8.49 | 11.13 | 2.72 | 80.72 | 1010.51 | — |
| 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 | — | 34.81 | 34.31 | 55.87 | 12.22 | 45.11 | 66.32 | — |
| 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 | -17.3% | -17.3% | -48.0% | -15.2% | 6.2% | -7.2% | -80.9% | -5.5% |
| Operating Margin | -294.0% | -294.0% | -414.4% | -305.0% | -181.4% | -190.4% | -249.7% | -287.8% |
| Net Profit Margin | -292.6% | -292.6% | -352.7% | -288.1% | -168.6% | -190.7% | -251.3% | -280.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -93.2% | -93.2% | -58.5% | -42.7% | -48.3% | -622.3% | -651.3% | -259.3% |
| ROA | -51.0% | -51.0% | -45.4% | -35.5% | -38.2% | -120.1% | -160.0% | -125.0% |
| ROIC | -124.8% | -124.8% | -181.1% | -205.4% | -178.4% | -327.3% | -427.2% | -194.2% |
| ROCE | -62.4% | -62.4% | -65.3% | -43.2% | -48.4% | -268.4% | -342.4% | -206.4% |
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 | 1.65 | 1.65 | 0.01 | 0.01 | 0.01 | 0.47 | 2.47 | 0.08 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.15 | -0.55 | -0.81 | -0.85 | 0.34 | 1.28 | 0.03 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -292.82 | -292.82 | — | — | -165.25 | -231.61 | -414.13 | — |
Net cash position: cash ($83M) exceeds total debt ($76M)
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 | 4.63 | 4.63 | 3.29 | 4.55 | 8.77 | 1.07 | 0.81 | 1.28 |
| Quick Ratio | 3.95 | 3.95 | 2.39 | 3.86 | 7.92 | 0.47 | 0.21 | 0.45 |
| Cash Ratio | 3.65 | 3.65 | 2.16 | 3.63 | 7.70 | 0.10 | 0.07 | 0.06 |
| Asset Turnover | — | 0.18 | 0.18 | 0.14 | 0.13 | 0.58 | 0.60 | 0.45 |
| Inventory Turnover | 1.97 | 1.97 | 1.46 | 1.36 | 1.50 | 2.28 | 2.68 | 1.50 |
| Days Sales Outstanding | — | 56.42 | 58.56 | 73.89 | 22.21 | 70.30 | 56.13 | 115.30 |
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 | 0.5% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.5% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $204M | $203M | $203M | $172M | $161M | $202M | $161M |
Liquidity and solvency risk
Based on reported figures, LiveWire trades at a price-to-sales multiple of 11.01, a valuation that appears disconnected from the company's recent 3.61% year-over-year revenue decline and persistent inability to achieve positive unit-level margins, suggesting the market is pricing in speculative growth rather than current fundamental performance.
The elevated P/S ratio implies that investors are assigning significant value to the brand's potential rather than its actual commercial output. This valuation premium warrants caution, as it assumes a rapid scaling of operations that is not currently supported by the company's stagnant revenue trajectory.
As reported in financial statements, LiveWire's ROIC has remained deeply negative, fluctuating between -26.5% and -62.7% over the last ten quarters, which indicates that the company is currently destroying shareholder value rather than compounding it through its heavy investments in R&D and manufacturing infrastructure.
The inability to generate a positive return on capital suggests that the company's core business model has not yet reached the necessary scale to amortize its fixed cost base. Investors should monitor whether future capital allocation shifts toward more efficient, high-volume product lines to reverse this trend.
According to recent quarterly data, the company's cash conversion cycle has been highly volatile, reaching as high as 377 days in 2025Q1, which reflects significant challenges in managing inventory turnover and supplier leverage for a low-volume, high-cost electric vehicle manufacturing operation.
The extended days inventory outstanding, which peaked at 520 days in 2024Q3, suggests that finished goods are not moving through the dealer network at a pace sufficient to support efficient working capital management. This inefficiency ties up critical cash reserves that are already under significant pressure.
Based on the latest balance sheet filings, LiveWire's debt-to-equity ratio has surged to 2.64 as of 2026Q1, a marked increase from the 0.01 levels seen in previous periods, signaling a shift toward debt financing that increases the company's vulnerability to interest rate fluctuations and credit constraints.
The rapid rise in leverage, combined with the absence of positive EBITDA to cover interest obligations, suggests that the company's financial flexibility is narrowing. This trend warrants close investigation, as the reliance on debt to fund ongoing operations may limit future strategic options.
The most commonly misapplied metric for LiveWire is the price-to-sales ratio, which obscures the company's negative gross margin profile and fails to account for the fact that each additional unit sold currently consumes more cash than it generates in revenue, rendering top-line growth a potentially value-destructive indicator.
Analysts should instead focus on gross margin per unit and the path to contribution margin neutrality, as these metrics provide a more accurate assessment of the company's long-term viability. Relying on revenue multiples in an early-stage, negative-margin business model risks significantly overestimating the company's intrinsic value.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying LVWR stock.
LiveWire Group, Inc.'s current P/E ratio is -2.8x. This places it at the 50th percentile of its historical range.
LiveWire Group, Inc.'s return on equity (ROE) is -93.2%. The historical average is -100.4%.
Based on historical data, LiveWire Group, Inc. is trading at a P/E of -2.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
LiveWire Group, Inc. has -17.3% gross margin and -294.0% operating margin.