Latest Ratios: P/E Ratio -0.0x · EV/EBITDA N/A · ROE N/A. (2018–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $13M | $63M | $36.9B | $65.7B | $52.1B | $69.5B | — | — |
| Enterprise Value | $295M | $345M | $37.1B | $65.9B | $52.1B | $69.5B | — | — |
| P/E Ratio → | -0.01 | — | — | — | — | — | — | — |
| P/S Ratio | 0.03 | 0.12 | 32.84 | 61.99 | 66.47 | 82.28 | — | — |
| P/B Ratio | — | — | 7945.74 | 1367.12 | 146.71 | 158.24 | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | 19120.61 | — | — | — | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.68 | 33.06 | 62.20 | 66.50 | 82.27 | — | — |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -49.0% | -49.0% | 7.0% | -4.5% | -3.7% | -1.2% | -0.2% | -49.3% |
| Operating Margin | -113.3% | -113.3% | -19.5% | -18.9% | -22.0% | -15.4% | -11.3% | -64.6% |
| Net Profit Margin | -120.7% | -120.7% | -24.6% | -25.2% | -32.5% | -16.9% | -14.9% | -66.2% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -1046.6% | -132.7% | -64.1% | -35.4% | -44.6% | -138.7% |
| ROA | -89.1% | -89.1% | -24.4% | -23.1% | -25.0% | -14.5% | -18.2% | -62.2% |
| ROIC | -351.1% | -351.1% | -62.9% | -46.5% | -32.0% | -25.7% | -28.9% | -117.8% |
| ROCE | -189.7% | -189.7% | -35.0% | -30.4% | -26.4% | -22.8% | -26.0% | -103.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 94.28 | 9.36 | 0.53 | 0.45 | 0.22 | 0.10 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | 53.32 | 4.63 | 0.06 | -0.02 | -0.10 | -0.14 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -12.15 | -12.15 | -5.45 | -6.53 | -7.51 | -2.95 | -5.33 | -22.26 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.79 | 0.79 | 1.43 | 1.37 | 1.27 | 1.78 | 1.19 | 1.17 |
| Quick Ratio | 0.67 | 0.67 | 0.72 | 0.85 | 0.64 | 1.23 | 0.81 | 0.61 |
| Cash Ratio | 0.09 | 0.09 | 0.44 | 0.53 | 0.40 | 0.67 | 0.23 | 0.25 |
| Asset Turnover | — | 1.35 | 1.12 | 0.84 | 0.74 | 0.86 | 1.21 | 0.94 |
| Inventory Turnover | 18.86 | 18.86 | 3.38 | 3.65 | 3.08 | 5.05 | 6.16 | 6.11 |
| Days Sales Outstanding | — | 9.01 | 29.97 | 39.41 | 37.41 | 44.12 | 54.58 | 38.84 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 0.2% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | 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% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | — | — |
| Shares Outstanding | — | $8M | $51M | $41M | $37M | $25M | $30M | $30M |
Imminent insolvency and liquidity
Based on reported financial data, Maxeon's P/S ratio of 0.03 suggests the market has effectively priced the equity as a distressed asset, reflecting a profound lack of confidence in the company's ability to generate future earnings compared to its historical trading multiples and broader solar industry peers.
The current valuation multiples are largely non-functional due to the company's negative earnings and eroding book value. Investors should monitor the disconnect between the company's proprietary IBC technology and its inability to command a premium valuation, which suggests the market views the IP as a liability rather than a competitive advantage.
As reported in recent financial statements, Maxeon's ROIC has collapsed from a positive 3.4% in 2023Q1 to a deeply negative -140.2% by 2024Q3, illustrating a severe decay in the company's ability to generate returns on its invested capital as manufacturing costs consistently outpace revenue generation.
The rapid deterioration in return metrics highlights the failure of the company's high-cost manufacturing model to achieve the necessary scale in a commoditized market. This trend suggests that capital allocation has been value-destructive, and further investment may only serve to sustain operational losses rather than drive long-term compounding.
According to quarterly filings, the company's cash conversion cycle has turned negative, reaching -4 days in 2025Q2, which, while appearing efficient, actually masks a critical inability to manage inventory levels effectively against a backdrop of rapidly declining sales and mounting pressure from supplier payment obligations.
The volatility in the cash conversion cycle, characterized by high days-inventory-outstanding, suggests that the company is struggling to clear its specialized IBC modules in a market favoring cheaper alternatives. This inefficiency forces the firm to rely on external financing to bridge the gap between production costs and cash collection.
Based on the most recent quarterly data, Maxeon's current ratio of 0.84 indicates that the company's short-term assets are insufficient to cover its immediate liabilities, leaving the firm in a vulnerable position that warrants extreme caution regarding its ability to maintain operations without further capital infusions.
The quick ratio of 0.64 further underscores the reliance on inventory liquidation to meet obligations, which is a high-risk strategy given the current global oversupply of solar modules. Investors should monitor the company's cash runway, as the current liquidity profile appears inadequate to support the firm through a prolonged industry downturn.
As evidenced by the company's financial history, the use of P/E ratios or standard growth multiples is fundamentally misapplied to Maxeon, as these metrics obscure the reality of a business model currently operating in a state of terminal decline rather than cyclical growth.
Analysts should instead focus on the 'Liquidity-to-Burn' ratio and the 'Polysilicon-to-Module Spread' to assess the company's survival prospects. Relying on traditional valuation metrics ignores the structural shift in the solar industry that has rendered the company's high-cost, premium-technology strategy economically unviable in the current pricing environment.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying MAXN stock.
Maxeon Solar Technologies, Ltd.'s current P/E ratio is -0.0x. This places it at the 50th percentile of its historical range.
Based on historical data, Maxeon Solar Technologies, Ltd. is trading at a P/E of -0.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Maxeon Solar Technologies, Ltd. has -49.0% gross margin and -113.3% operating margin.