Latest Ratios: P/E Ratio 14.9x · EV/EBITDA N/A · ROE -28.4%. (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 | $305M | $204M | $75M | $362M | $240M | $723M | $312M | — | — |
| Enterprise Value | $209M | $108M | $38M | $247M | $71M | $520M | $175M | — | — |
| P/E Ratio → | 14.94 | 9.72 | — | — | — | — | — | — | — |
| P/S Ratio | 5.43 | 3.64 | 1.26 | 7.20 | 5.12 | 17.14 | 11.61 | — | — |
| P/B Ratio | 2.19 | 1.42 | 0.65 | 2.19 | 1.26 | 3.37 | 2.25 | — | — |
| P/FCF | — | — | — | — | — | — | 75.78 | — | — |
| P/OCF | — | — | — | — | — | — | 75.62 | — | — |
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 | — | 1.92 | 0.63 | 4.91 | 1.52 | 12.32 | 6.51 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | 42.46 | — | — |
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 | 47.7% | 47.7% | 50.2% | 50.4% | 55.5% | 55.0% | 55.5% | 45.3% | 56.2% |
| Operating Margin | -43.0% | -43.0% | -128.7% | -85.1% | -75.5% | -52.3% | -21.6% | -67.6% | -29.2% |
| Net Profit Margin | -65.2% | -65.2% | -121.1% | -72.5% | -71.6% | -52.5% | -47.7% | -74.4% | -34.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -28.4% | -28.4% | -51.6% | -20.4% | -16.6% | -12.5% | -33.8% | — | — |
| ROA | -21.0% | -21.0% | -39.8% | -16.3% | -13.3% | -10.1% | -11.8% | -40.9% | -27.2% |
| ROIC | -29.1% | -29.1% | -90.2% | -89.0% | -160.5% | -253.6% | — | — | — |
| ROCE | -16.7% | -16.7% | -48.7% | -21.2% | -15.1% | -10.7% | -5.8% | -44.5% | -28.0% |
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 | 0.12 | 0.12 | 0.06 | 0.04 | 0.10 | 0.10 | 0.16 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.67 | -0.33 | -0.70 | -0.89 | -0.95 | -0.99 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | -33.33 | — | — |
| Interest Coverage | — | — | — | -212.19 | -259.18 | -44.62 | -5.96 | -7.94 | -5.57 |
Net cash position: cash ($113M) exceeds total debt ($17M)
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 | 4.24 | 4.24 | 4.10 | 7.71 | 11.22 | 17.05 | 15.78 | 4.72 | 3.61 |
| Quick Ratio | 3.86 | 3.86 | 3.45 | 7.04 | 10.56 | 16.51 | 15.36 | 3.86 | 2.87 |
| Cash Ratio | 3.32 | 3.32 | 2.77 | 6.46 | 9.80 | 15.10 | 14.70 | 2.96 | 1.49 |
| Asset Turnover | — | 0.30 | 0.37 | 0.25 | 0.19 | 0.16 | 0.15 | 0.48 | 0.79 |
| Inventory Turnover | 2.26 | 2.26 | 1.84 | 1.67 | 1.66 | 2.40 | 2.62 | 1.88 | 2.74 |
| Days Sales Outstanding | — | 73.57 | 77.29 | 65.32 | 78.16 | 143.34 | 92.63 | 103.15 | 104.86 |
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 | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.7% | 10.3% | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | 1.3% | — | — |
| 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% | 0.0% | — | — |
| Shares Outstanding | — | $39M | $34M | $32M | $31M | $28M | $5M | $8M | $8M |
Persistent operating cash burn
Based on reported figures, MASS trades at a price-to-sales multiple of 5.91, which appears to price the company as a high-growth technology play despite recent revenue contraction, suggesting that investors are placing significant weight on the potential for future platform adoption rather than current fundamental performance.
The absence of a meaningful forward P/E or EV/EBITDA ratio underscores the market's focus on top-line potential over near-term profitability. This valuation level warrants caution, as it implies a high expectation for the company to successfully scale its bioprocessing consumables business to offset the lumpy, defense-driven hardware revenue.
As reported in financial statements, the company's ROIC has remained consistently negative, reaching -6.6% in 2026Q1, which indicates that the firm is currently destroying value rather than compounding it, largely due to the heavy R&D and manufacturing costs required to maintain its miniaturization lead.
The persistent negative return on capital suggests that the company has yet to achieve the necessary scale to justify its invested capital base. Investors should monitor whether future revenue growth can outpace the expansion of the asset base, as current trends indicate a structural inability to generate positive returns under the existing cost framework.
According to recent SEC filings, the company's cash conversion cycle remains elevated at 214 days in 2026Q1, driven primarily by high inventory days of 169, which reflects the challenges of managing a specialized hardware manufacturing process alongside lumpy, project-based revenue recognition patterns.
The high inventory levels relative to revenue suggest a potential risk of obsolescence or inefficient production planning, which ties up critical liquidity. Improving the turnover of these assets is essential for the company to reduce its reliance on cash reserves and move toward a more sustainable operating model.
Based on the 2026Q1 balance sheet, the company maintains a current ratio of 3.58, which provides a significant liquidity cushion that appears sufficient to fund ongoing operations despite the persistent negative cash flow observed across the last ten quarters of reported financial data.
While the liquidity position is healthy, the reliance on cash reserves to fund operations is not a permanent solution. The company's ability to maintain this buffer will be tested if the current revenue contraction persists, potentially forcing a shift in capital allocation strategy to preserve the balance sheet.
The price-to-sales ratio is frequently misapplied to MASS, as it obscures the underlying quality of revenue by failing to distinguish between low-margin, lumpy hardware sales and the higher-margin, recurring consumable revenue that is critical for the company's long-term path to profitability and sustainable growth.
Investors should instead focus on the consumable pull-through rate and gross margin trends, as these metrics provide a clearer picture of the company's transition from a hardware-centric business to a recurring revenue model. Relying solely on P/S risks overestimating the company's value during periods of high hardware-driven revenue.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying MASS stock.
908 Devices Inc.'s current P/E ratio is 14.9x. The historical average is 9.7x. This places it at the 100th percentile of its historical range.
908 Devices Inc.'s return on equity (ROE) is -28.4%. The historical average is -27.2%.
Based on historical data, 908 Devices Inc. is trading at a P/E of 14.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
908 Devices Inc. has 47.7% gross margin and -43.0% operating margin.