Latest Ratios: P/E Ratio -11.1x · EV/EBITDA N/A · ROE -205.2%. (2022–2025 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 |
|---|---|---|---|---|---|
| Market Cap | $808M | $998M | — | — | — |
| Enterprise Value | $797M | $987M | — | — | — |
| P/E Ratio → | -11.10 | — | — | — | — |
| P/S Ratio | 4.27 | 5.27 | — | — | — |
| P/B Ratio | 10.95 | 9.41 | — | — | — |
| 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 |
|---|---|---|---|---|---|
| EV / Revenue | — | 5.21 | — | — | — |
| 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 |
|---|---|---|---|---|---|
| Gross Margin | 37.8% | 37.8% | 49.1% | 41.3% | 41.7% |
| Operating Margin | -52.7% | -52.7% | -40.8% | -33.3% | -14.4% |
| Net Profit Margin | -52.6% | -52.6% | -42.2% | -30.9% | -14.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | -205.2% | -205.2% | — | — | -110.1% |
| ROA | -51.6% | -51.6% | -66.3% | -60.3% | -29.8% |
| ROIC | -3.6% | -3.6% | -2.6% | -572.6% | -50.3% |
| ROCE | -109.7% | -109.7% | -323.3% | -171.7% | -59.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.09 | — | — | 0.83 |
| Debt / EBITDA | — | — | — | — | — |
| Net Debt / Equity | — | -0.10 | — | — | 0.60 |
| Net Debt / EBITDA | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — |
| Interest Coverage | -4310.21 | -4310.21 | -787.42 | -1057.22 | — |
Net cash position: cash ($20M) exceeds total debt ($9M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 2.40 | 2.40 | 0.96 | 0.68 | 1.24 |
| Quick Ratio | 2.38 | 2.38 | 0.95 | 0.61 | 1.13 |
| Cash Ratio | 1.62 | 1.62 | 0.67 | 0.14 | 0.34 |
| Asset Turnover | — | 0.79 | 1.17 | 1.89 | 2.02 |
| Inventory Turnover | 58.02 | 58.02 | 48.51 | 20.72 | 20.59 |
| Days Sales Outstanding | — | 64.43 | 60.33 | 59.28 | 50.54 |
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 |
|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.1% | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — |
| FCF Yield | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.1% | 0.1% | — | — | — |
| Shares Outstanding | — | $129M | $128M | $128M | $82M |
Persistent Operating Cash Burn
Based on reported figures, NMAX trades at a price-to-sales multiple of 3.56, which appears aggressive given the company's persistent negative earnings and the lack of a clear path to profitability compared to established broadcasting peers like Fox Corporation that trade at significantly lower valuation multiples.
The current P/S ratio suggests that investors are pricing the company as a high-growth digital disruptor rather than a traditional media entity. However, the absence of a positive P/E or EV/EBITDA multiple makes it difficult to justify this premium, as the valuation appears to ignore the substantial operational risks and the ongoing cash burn required to maintain its current market position.
As reported in financial statements, NMAX's ROIC has remained consistently negative, reaching -3.5% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its aggressive investment in audience acquisition and content production infrastructure.
The persistent negative ROIC suggests that the capital deployed into the business is failing to generate returns above the cost of capital. This trend warrants further investigation into whether the company's strategy of using television as a loss-leading funnel for digital products can ever achieve the scale necessary to turn these returns positive.
According to recent SEC filings, NMAX's cash conversion cycle has fluctuated significantly, reaching 22 days in 2026Q1, which reflects the inherent challenges of managing a hybrid model that combines high-fixed-cost broadcasting with the inventory-heavy requirements of a direct-response nutraceutical and newsletter e-commerce business.
The variability in the cash conversion cycle suggests that the company lacks the working capital efficiency of more mature media peers. Investors should monitor whether the company can stabilize its inventory management and receivables collection, as current inefficiencies appear to be a primary driver of the company's ongoing liquidity strain.
Based on the reported figures, NMAX's current ratio of 2.32 in 2026Q1 masks a deteriorating cash position, which has fallen from $126.7 million in 2025Q1 to $17.2 million, indicating that the company's ability to withstand severe operational stress is rapidly diminishing despite the appearance of adequate short-term coverage.
While the current ratio appears healthy on the surface, the rapid depletion of cash reserves suggests that the company is heavily reliant on external funding to sustain its operations. This trend indicates that the company's liquidity position is vulnerable to any disruption in its ability to raise capital or generate organic cash flow.
Analysts frequently misapply traditional broadcasting metrics like 'carriage fee growth' to NMAX, which obscures the company's true identity as a direct-response marketing firm where the primary value driver is the conversion of viewers into high-margin subscribers for proprietary health and financial products.
Using standard media valuation multiples fails to account for the high customer acquisition costs inherent in the company's digital segment. A more appropriate analytical framework would focus on LTV/CAC ratios and subscriber churn, as these metrics better reflect the underlying health of the company's most profitable revenue streams.
Includes 30+ ratios · 4 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 NMAX stock.
Newsmax, Inc.'s current P/E ratio is -11.1x. This places it at the 50th percentile of its historical range.
Newsmax, Inc.'s return on equity (ROE) is -205.2%. The historical average is -157.7%.
Based on historical data, Newsmax, Inc. is trading at a P/E of -11.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Newsmax, Inc.'s current dividend yield is 0.08%.
Newsmax, Inc. has 37.8% gross margin and -52.7% operating margin.