Latest Ratios: P/E Ratio -11.9x · EV/EBITDA N/A · ROE N/A. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.3B | $2.2B | $1.9B | $480M | $296M | $860M | $252M | — |
| Enterprise Value | $2.5B | $2.5B | $1.9B | $465M | $257M | $760M | $302M | — |
| P/E Ratio → | -11.89 | — | — | — | — | — | — | — |
| P/S Ratio | 503.92 | 483.47 | 333.49 | 124.41 | 75.40 | 1127.11 | 442.00 | — |
| P/B Ratio | — | — | 37.72 | 6.00 | 2.85 | 8.60 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 536.79 | 339.15 | 120.33 | 65.36 | 995.95 | 530.23 | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -256.2% | -256.2% | -90.1% | -230.0% | -200.7% | -2310.2% | -1265.6% | -3367.7% |
| Operating Margin | -1535.8% | -1535.8% | -1060.1% | -1645.0% | -1669.3% | -5560.8% | -5179.1% | -10537.2% |
| Net Profit Margin | -4138.5% | -4138.5% | -1797.1% | -1857.5% | -1021.8% | -18960.2% | -24136.4% | -60225.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -156.5% | -78.0% | -39.4% | -144.7% | — | -1076.3% |
| ROA | -92.4% | -92.4% | -62.9% | -50.2% | -30.8% | -159.2% | -326.2% | -251.4% |
| ROIC | -43.9% | -43.9% | -61.5% | -74.0% | -152.8% | — | — | -123.1% |
| ROCE | -36.5% | -36.5% | -39.8% | -47.5% | -53.5% | -49.7% | -83.7% | -58.2% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 1.43 | 0.83 | 0.08 | — | — | 1.73 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | 0.64 | -0.20 | -0.38 | -1.00 | — | 0.15 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -5.64 | -5.64 | -6.39 | -17.34 | — | -2.38 | -12.68 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.71 | 12.71 | 7.09 | 9.31 | 6.89 | 15.92 | 4.26 | 2.00 |
| Quick Ratio | 12.71 | 12.71 | 7.09 | 9.31 | 6.89 | 15.92 | 4.26 | 2.00 |
| Cash Ratio | 12.28 | 12.28 | 6.60 | 8.76 | 6.24 | 14.98 | 2.04 | 1.51 |
| Asset Turnover | — | 0.02 | 0.04 | 0.02 | 0.03 | 0.01 | 0.01 | 0.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 187.25 | 212.54 | 220.40 | 201.56 | 832.37 | 49.39 | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — |
| Shares Outstanding | — | $133M | $122M | $108M | $101M | $98M | $25M | $16M |
Liquidity and regulatory dependency
Based on reported financial figures, NextNav trades at a price-to-sales multiple of 513.47, a valuation that appears disconnected from the company's 19.33% year-over-year revenue decline and suggests investors are pricing the firm as a strategic spectrum asset rather than a functioning internet content and information business.
The extreme P/S multiple indicates that the market is assigning value to the company's 900 MHz spectrum holdings rather than its current operational output. This valuation disconnect warrants caution, as it implies that any failure to monetize these assets through government or carrier partnerships could lead to a significant downward re-rating of the equity.
As reported in recent financial statements, NextNav's operating margin of -1535.80% highlights a business model currently burdened by high fixed costs for network maintenance, which significantly outweighs the limited revenue generated from its Pinnacle and TerraPoiNT solutions during this pre-scale phase of commercialization.
The deeply negative margins suggest that the company is effectively paying to provide its services, a trend that is unsustainable without a massive increase in high-margin data licensing volume. Investors should monitor whether the company can achieve the necessary scale to amortize its infrastructure costs before its current cash reserves are exhausted.
According to historical data, NextNav's ROIC has remained consistently negative, reaching -56.5% in 2026Q1, which reflects a persistent inability to generate returns on invested capital as the company continues to front-load research and development expenses ahead of meaningful market adoption of its terrestrial positioning technology.
The trend of decaying returns on capital suggests that the company's current capital allocation strategy is value-destructive in the near term. This performance indicates that the firm is in a capital-intensive build phase where the efficiency of invested capital is secondary to the accumulation of regulatory and physical assets.
Based on reported figures, NextNav's asset turnover ratio remains near zero, underscoring the company's struggle to convert its physical beacon infrastructure into revenue-generating activity, while DSO levels exceeding 160 days suggest significant friction in collecting payments from its limited base of enterprise and government partners.
The lack of asset turnover confirms that the company's infrastructure is currently underutilized, which is a primary driver of its poor efficiency metrics. The extended collection cycle further complicates liquidity, as the company is forced to wait nearly half a year to realize cash from its already limited revenue streams.
The price-to-earnings ratio is the most commonly misapplied metric for NextNav, as it obscures the company's true value by focusing on net losses that are heavily influenced by non-cash depreciation and amortization of spectrum licenses rather than the underlying commercial viability of the terrestrial network.
Using P/E to evaluate this business is misleading because it fails to account for the strategic value of the spectrum assets which are held at historical cost. Analysts should instead focus on the company's cash burn rate and the potential for government-mandated adoption of its Z-axis technology as more accurate indicators of future value.
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NextNav Inc.'s current P/E ratio is -11.9x. This places it at the 50th percentile of its historical range.
Based on historical data, NextNav Inc. is trading at a P/E of -11.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NextNav Inc. has -256.2% gross margin and -1535.8% operating margin.