Latest Ratios: P/E Ratio -0.4x · EV/EBITDA N/A · ROE -52.9%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $5M | $11M | $37M | $21M | $122M | $117M |
| Enterprise Value | $-19617008 | $-13608603 | $33M | $27M | $142M | $132M |
| P/E Ratio → | -0.41 | — | — | — | — | 51.63 |
| P/S Ratio | 0.86 | 1.94 | 5.00 | 3.86 | 16.80 | 4.07 |
| P/B Ratio | 0.15 | 0.34 | 3.01 | — | — | 26.44 |
| P/FCF | — | — | — | — | — | 39.11 |
| P/OCF | — | — | — | — | — | 26.58 |
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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | -2.45 | 4.45 | 4.98 | 19.54 | 4.60 |
| EV / EBITDA | — | — | — | — | — | 30.18 |
| EV / EBIT | — | — | — | — | — | 35.32 |
| EV / FCF | — | — | — | — | — | 44.12 |
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 |
|---|---|---|---|---|---|---|
| Gross Margin | 52.5% | 52.5% | 65.1% | 57.7% | 31.7% | 64.3% |
| Operating Margin | -207.8% | -207.8% | -255.1% | -395.5% | -165.4% | 14.1% |
| Net Profit Margin | -211.0% | -211.0% | -290.4% | -410.1% | -182.9% | 8.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -52.9% | -52.9% | -357.7% | — | — | 52.1% |
| ROA | -46.0% | -46.0% | -135.0% | -131.6% | -63.0% | 9.4% |
| ROIC | -108.8% | -108.8% | -201.6% | -183.4% | -57.8% | 15.7% |
| ROCE | -50.9% | -50.9% | -208.9% | -267.2% | -72.2% | 17.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.03 | — | — | 4.14 |
| Debt / EBITDA | — | — | — | — | — | 4.19 |
| Net Debt / Equity | — | -0.76 | -0.33 | — | — | 3.38 |
| Net Debt / EBITDA | — | — | — | — | — | 3.42 |
| Debt / FCF | — | — | — | — | — | 5.01 |
| Interest Coverage | — | — | -347.57 | -233.68 | -104.09 | 11.89 |
Net cash position: cash ($24M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 11.66 | 11.66 | 3.49 | 1.16 | 2.13 | 11.82 |
| Quick Ratio | 10.14 | 10.14 | 2.10 | 0.52 | 0.76 | 5.81 |
| Cash Ratio | 9.20 | 9.20 | 1.44 | 0.11 | 0.09 | 1.80 |
| Asset Turnover | — | 0.16 | 0.48 | 0.33 | 0.42 | 1.17 |
| Inventory Turnover | 0.66 | 0.66 | 0.62 | 0.33 | 0.52 | 0.91 |
| Days Sales Outstanding | — | 109.81 | 76.63 | 170.47 | 129.42 | 39.99 |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 0.0% |
| Payout Ratio | — | — | — | — | — | 2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 1.9% |
| FCF Yield | — | — | — | — | — | 2.6% |
| 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% | 0.0% |
| Shares Outstanding | — | $933715 | $502979 | $156437 | $298921 | $298921 |
Capital exhaustion and liquidity
Based on reported figures, MSAI trades at a price-to-sales ratio of 0.84, which appears to reflect significant market skepticism regarding the company's ability to pivot its hardware-heavy business model toward a scalable, high-margin software-integrated platform while navigating a 25% year-over-year decline in top-line revenue.
The current valuation multiple suggests that investors are pricing the firm as a distressed asset rather than a growth-stage technology provider. Given the lack of positive earnings or free cash flow, traditional P/E or EV/EBITDA metrics are non-informative, leaving the P/S ratio as the primary, albeit limited, gauge of market sentiment.
According to recent financial statements, MSAI's ROIC has remained deeply negative, fluctuating between -18.9% and -141.9% over the last ten quarters, which indicates that the company is currently destroying shareholder value rather than compounding it through its industrial AI and sensor fusion investments.
The inability to generate positive returns on capital suggests that the company's R&D and SG&A expenditures are not yet yielding a competitive advantage that translates into pricing power. Investors should monitor whether the company can stabilize its ROIC as it attempts to transition away from low-margin handheld hardware sales.
As reported in quarterly filings, MSAI's cash conversion cycle remains highly volatile, peaking at 1018 days in 2024Q4, which highlights a structural inability to manage inventory and receivables effectively compared to more established industrial technology peers operating in the same infrastructure monitoring space.
The extremely high days inventory outstanding (DIO) suggests that the company may be carrying obsolete hardware stock, which poses a significant risk of future write-downs. This inefficiency in working capital management exacerbates the company's cash burn, as capital remains trapped in unsold inventory rather than being deployed toward software development.
Based on the 2026Q1 balance sheet, MSAI maintains a current ratio of 12.99, yet this figure is misleading as it masks the underlying operational cash burn that threatens to deplete the company's $24.3M cash position within the next 12 to 18 months without further dilutive financing.
While the current ratio appears superficially strong, the rapid depletion of cash reserves relative to negative operating margins warrants close investigation. The company's reliance on external capital to fund its ongoing operations suggests that its liquidity position is highly sensitive to market conditions and investor appetite for speculative industrial tech.
The most commonly misapplied metric for MSAI is the price-to-sales ratio, which obscures the fundamental shift in revenue quality that management is attempting to execute by moving from transactional hardware sales to recurring software-based service contracts in the industrial grid monitoring market.
Using a standard P/S multiple fails to account for the potential margin expansion inherent in a software-heavy model, leading to an undervaluation of the company's proprietary data assets. Analysts should instead focus on the software-attach rate and gross margin trends as more accurate indicators of the company's long-term viability.
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Quick answers to the most common questions about buying MSAI stock.
MultiSensor AI Holdings, Inc.'s current P/E ratio is -0.4x. The historical average is 51.6x.
MultiSensor AI Holdings, Inc.'s return on equity (ROE) is -52.9%. The historical average is -119.5%.
Based on historical data, MultiSensor AI Holdings, Inc. is trading at a P/E of -0.4x. Compare with industry peers and growth rates for a complete picture.
MultiSensor AI Holdings, Inc. has 52.5% gross margin and -207.8% operating margin.