Latest Ratios: P/E Ratio 1.8x · EV/EBITDA N/A · ROE 41.3%. (1996–2025 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $16M | $29M | $131M | $35M | $75M | $105M | $67M | $17M | $10M | $39M | $84M |
| Enterprise Value | $-9432588 | $4M | $115M | $19M | $60M | $89M | $59M | $16M | $5M | $36M | $82M |
| P/E Ratio → | 1.82 | 3.41 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 7.54 | 14.16 | 42.03 | 9.16 | 13.22 | 18.06 | 11.27 | 2.58 | 1.14 | 3.82 | 8.23 |
| P/B Ratio | 0.63 | 1.18 | 7.95 | 2.04 | 3.86 | 5.31 | 5.67 | 4.46 | 1.00 | 4.98 | 20.33 |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.04 | 36.92 | 4.95 | 10.66 | 15.23 | 9.81 | 2.45 | 0.58 | 3.48 | 8.01 |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.4% | 82.4% | 96.3% | 99.7% | 85.8% | 83.6% | 82.0% | 89.7% | 89.2% | 77.1% | 86.9% |
| Operating Margin | -391.5% | -391.5% | -210.6% | -149.8% | -93.2% | -121.8% | -103.5% | -86.2% | -45.4% | -53.5% | -50.4% |
| Net Profit Margin | 411.9% | 411.9% | -208.0% | -264.4% | -86.1% | -110.5% | -93.7% | -79.7% | -35.8% | -45.9% | -51.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 41.3% | 41.3% | -38.5% | -55.3% | -24.9% | -40.7% | -71.2% | -77.7% | -34.7% | -78.4% | -177.3% |
| ROA | 37.5% | 37.5% | -34.6% | -50.3% | -22.1% | -32.6% | -46.7% | -51.2% | -23.2% | -41.2% | -67.7% |
| ROIC | -4604.4% | -4604.4% | -621.9% | -146.4% | -96.9% | -164.5% | -151.8% | -108.8% | -62.8% | -133.3% | -822.6% |
| ROCE | -38.9% | -38.9% | -38.6% | -31.3% | -26.8% | -43.9% | -73.8% | -74.7% | -37.9% | -74.8% | -142.7% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.03 | 0.00 | 0.01 | 0.04 | 0.15 | 0.38 | 0.17 | 0.29 | 0.29 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.01 | -0.97 | -0.94 | -0.75 | -0.83 | -0.73 | -0.23 | -0.50 | -0.45 | -0.55 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | -473.80 | -229.48 | -168.53 | -79.18 | -73.01 | -111.38 |
Net cash position: cash ($25M) exceeds total debt ($371000)
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.05 | 12.05 | 10.92 | 10.16 | 12.24 | 7.41 | 3.48 | 1.80 | 4.54 | 2.73 | 1.66 |
| Quick Ratio | 12.05 | 12.05 | 10.92 | 9.83 | 9.99 | 6.56 | 3.18 | 1.46 | 4.01 | 2.41 | 1.51 |
| Cash Ratio | 11.63 | 11.63 | 10.14 | 8.82 | 8.72 | 5.85 | 2.49 | 0.78 | 2.83 | 1.62 | 0.75 |
| Asset Turnover | — | 0.08 | 0.17 | 0.20 | 0.27 | 0.25 | 0.36 | 0.89 | 0.64 | 0.78 | 1.05 |
| Inventory Turnover | — | — | — | 0.02 | 0.21 | 0.38 | 0.85 | 0.66 | 0.76 | 2.03 | 1.92 |
| Days Sales Outstanding | — | 69.21 | 112.15 | 101.24 | 112.33 | 102.45 | 132.73 | 84.30 | 78.23 | 47.97 | 64.15 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 0.0% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 55.0% | 29.3% | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $17M | $16M | $15M | $14M | $12M | $10M | $9M | $6M | $5M | $5M |
Binary litigation dependency
Based on reported figures, Neonode's P/S ratio of 6.94 appears disconnected from its contracting revenue base, suggesting that market participants are pricing the equity as a speculative call option on future patent litigation outcomes rather than as a reflection of the company's current core operational performance.
The current valuation multiples are difficult to justify through traditional discounted cash flow analysis given the persistent operating losses and lack of top-line growth. Investors should monitor whether the premium over book value is supported by tangible intellectual property value or if it represents an overestimation of the company's ability to monetize its patent portfolio in the near term.
According to recent SEC filings, Neonode's reported net margin of 411.88% is highly misleading, as it is driven by non-recurring gains that obscure a structural operating margin of -391.51%, indicating that the core business remains fundamentally unable to cover its fixed R&D and engineering costs.
The extreme divergence between gross and operating margins highlights a business model that struggles to achieve the necessary scale to leverage its high-margin IP licensing. Analysts should focus on the operating margin as the primary indicator of earning power, as the net margin is frequently distorted by one-time legal or tax-related events.
As reported in financial statements, Neonode's ROIC has exhibited extreme volatility, frequently dipping into triple-digit negative territory, which suggests that the company is currently destroying shareholder capital rather than compounding it through its ongoing investments in optical sensing technology and patent enforcement activities.
The erratic nature of these returns reflects the company's reliance on lumpy, project-based revenue and non-operating income. Without a consistent path to positive operating cash flow, the company's ability to generate meaningful returns on invested capital appears structurally impaired compared to more established technology peers.
Based on the provided financial data, Neonode maintains a current ratio of 11.91, which suggests a high level of immediate liquidity; however, this position is primarily a function of cash accumulation rather than efficient working capital management or the successful conversion of assets into operating cash.
While the balance sheet appears healthy due to the absence of significant debt, the liquidity position is essentially a survival fund that is being slowly depleted by ongoing operating losses. Investors should monitor the cash burn rate, as the current liquidity buffer may necessitate future equity dilution if revenue inflection points are not reached.
The P/E ratio is the most commonly misapplied metric for Neonode, as it fails to account for the company's non-recurring income streams and persistent operating losses, which render traditional earnings-based valuation models largely irrelevant for assessing the firm's true commercial viability or long-term intrinsic value.
Instead of relying on P/E, analysts should prioritize an adjusted EV/Revenue metric or a cash-burn-to-runway analysis to better understand the company's financial health. Using P/E in this context obscures the underlying operational reality and may lead to a false sense of security regarding the company's profitability.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NEON stock.
Neonode Inc.'s current P/E ratio is 1.8x. The historical average is 36.8x.
Neonode Inc.'s return on equity (ROE) is 41.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -72.7%.
Based on historical data, Neonode Inc. is trading at a P/E of 1.8x. Compare with industry peers and growth rates for a complete picture.
Neonode Inc. has 82.4% gross margin and -391.5% operating margin.