Latest Ratios: P/E Ratio -2.7x · EV/EBITDA N/A · ROE N/A. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $122M | $187M | $200M | $33M | $450M | $339M | — |
| Enterprise Value | $201M | $265M | $270M | $79M | $466M | $340M | — |
| P/E Ratio → | -2.68 | — | — | — | — | — | — |
| P/S Ratio | 3.11 | 4.75 | 10.71 | 1.64 | 18.01 | 19.92 | — |
| P/B Ratio | — | — | — | — | 59.20 | 16.50 | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | 130.80 | — |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.76 | 14.47 | 3.96 | 18.65 | 19.99 | — |
| 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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 9.3% | 9.3% | -253.0% | -64.2% | -31.9% | -18.3% | 2.5% |
| Operating Margin | -51.0% | -51.0% | -340.0% | -141.2% | -59.0% | -52.8% | -40.5% |
| Net Profit Margin | -105.6% | -105.6% | -395.9% | -168.8% | -57.0% | -85.1% | -47.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -101.3% | -124.7% | -172.4% |
| ROA | -165.2% | -165.2% | -243.9% | -83.4% | -35.7% | -55.0% | -33.9% |
| ROIC | -147.7% | -147.7% | -423.4% | -113.4% | -48.9% | -44.5% | — |
| ROCE | -138.0% | -138.0% | -349.4% | -118.5% | -55.0% | -56.7% | -127.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 3.49 | 0.70 | 3.52 |
| Debt / EBITDA | — | — | — | — | — | — | 6.64 |
| Net Debt / Equity | — | — | — | — | 2.11 | 0.05 | 2.21 |
| Net Debt / EBITDA | — | — | — | — | — | — | 4.18 |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -1.65 | -1.65 | -6.41 | -4.02 | -6.40 | — | -16.54 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.97 | 0.97 | 1.69 | 1.47 | 1.29 | 1.73 | 0.53 |
| Quick Ratio | 0.83 | 0.83 | 1.39 | 1.32 | 1.08 | 1.64 | 0.52 |
| Cash Ratio | 0.54 | 0.54 | 0.76 | 1.11 | 0.66 | 1.27 | 0.33 |
| Asset Turnover | — | 1.32 | 0.92 | 0.50 | 0.61 | 0.44 | 0.72 |
| Inventory Turnover | 17.88 | 17.88 | 32.45 | 12.59 | 9.89 | 23.20 | 125.35 |
| Days Sales Outstanding | — | 4.69 | 30.82 | 44.45 | 89.16 | 67.36 | 51.01 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $79M | $59M | $51M | $44M | $34M | $36M |
Liquidity and regulatory exposure
Based on a P/S ratio of 3.33, the market appears to be pricing Marti Technologies as a high-risk speculative asset rather than a traditional software entity, as evidenced by the lack of a meaningful P/E multiple due to persistent net losses reported in recent financial filings.
The current valuation multiple suggests that investors are heavily discounting the company's ability to achieve long-term profitability, likely due to the volatility inherent in the Turkish market. The absence of a forward P/E ratio further indicates that the market lacks confidence in near-term earnings visibility, treating the stock more as a distressed option on future regulatory and operational success.
As reported in historical financial data, the company's ROIC has fluctuated wildly, reaching a negative 161.5% in 2024Q4, which underscores the extreme difficulty in generating positive returns on invested capital within the capital-intensive micro-mobility sector despite recent attempts to pivot toward an asset-light model.
The erratic nature of these returns suggests that the company has struggled to optimize its fleet deployment and maintenance costs relative to the revenue generated. Investors should monitor whether the recent shift toward the Marti Tag ride-hailing platform can stabilize these returns, as the current trend indicates significant value destruction rather than compounding.
According to quarterly data, the cash conversion cycle has shown extreme volatility, ranging from 5 days in 2026Q1 to over 800 days in 2023Q3, reflecting the inherent challenges in managing liquidity within a transactional business model that relies heavily on rapid fleet turnover and local market dynamics.
The wide variance in the cash conversion cycle suggests that the company's ability to collect cash from its ride-sharing operations is highly sensitive to external factors, including potential payment processing delays or shifts in consumer behavior. This inconsistency in working capital management warrants further investigation into the underlying efficiency of the company's field operations and revenue collection processes.
Based on the most recent quarterly reports, the current ratio of 0.78 indicates that Marti Technologies faces significant liquidity pressure, as current assets appear insufficient to cover short-term obligations, leaving the company vulnerable to any sudden disruptions in its ability to access additional capital markets.
The decline in the quick ratio to 0.60 suggests that the company's liquidity is heavily dependent on its ability to monetize its existing assets, which may be difficult given the rapid depreciation of its micro-mobility fleet. This precarious position implies that the company may be forced to seek dilutive financing in the near term to maintain its current operational footprint.
The most commonly misapplied metric for Marti Technologies is the Price-to-Sales ratio, which obscures the company's underlying cash burn and the high cost of revenue associated with maintaining a physical fleet, thereby failing to capture the true economic reality of the business's path to profitability.
Investors should instead focus on unit economics, such as contribution margin per ride and the cost of customer acquisition, which provide a more accurate picture of the business's scalability. Relying solely on top-line growth metrics risks ignoring the structural challenges posed by the company's high operating expenses and the volatility of the Turkish Lira.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying MRT stock.
Marti Technologies, Inc.'s current P/E ratio is -2.7x. This places it at the 50th percentile of its historical range.
Based on historical data, Marti Technologies, Inc. is trading at a P/E of -2.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Marti Technologies, Inc. has 9.3% gross margin and -51.0% operating margin.