Latest Ratios: P/E Ratio -1.1x · EV/EBITDA N/A · ROE -45.6%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $86M | $181M | $422M | $359M | $385M | $701M | $1.6B | — | — |
| Enterprise Value | $45M | $140M | $390M | $311M | $352M | $640M | $1.4B | — | — |
| P/E Ratio → | -1.07 | — | — | — | — | — | — | — | — |
| P/S Ratio | 6.63 | 13.93 | 37.41 | 36.25 | 44.94 | 537.62 | — | — | — |
| P/B Ratio | 0.57 | 1.30 | 2.23 | 1.84 | 1.78 | 2.40 | 7.06 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.76 | 34.59 | 31.41 | 40.99 | 490.94 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -98.2% | -98.2% | -94.0% | -66.6% | -80.2% | -116.0% | — | — | — |
| Operating Margin | -466.2% | -466.2% | -502.9% | -631.9% | -1279.0% | -4720.7% | — | — | — |
| Net Profit Margin | -576.1% | -576.1% | -474.3% | -613.6% | -1226.9% | -4739.1% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -45.6% | -45.6% | -27.8% | -29.5% | -41.4% | -23.6% | -39.2% | — | — |
| ROA | -40.3% | -40.3% | -25.0% | -25.7% | -34.1% | -20.6% | -35.1% | -328.6% | -102.9% |
| ROIC | -35.6% | -35.6% | -27.9% | -28.4% | -39.7% | -36.9% | -2749.8% | — | — |
| ROCE | -35.6% | -35.6% | -28.4% | -29.0% | -40.7% | -22.7% | -39.3% | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.04 | 0.04 | 0.02 | 0.02 | 0.01 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.30 | -0.17 | -0.25 | -0.16 | -0.21 | -0.92 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | -213.74 | — | — | -380.80 |
Net cash position: cash ($49M) exceeds total debt ($8M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.96 | 3.96 | 5.63 | 5.71 | 3.29 | 1.80 | 49.06 | 0.48 | 0.21 |
| Quick Ratio | 3.77 | 3.77 | 5.52 | 5.56 | 3.19 | 1.74 | 49.06 | 0.48 | 0.21 |
| Cash Ratio | 3.53 | 3.53 | 5.24 | 5.31 | 3.10 | 1.68 | 47.65 | 0.40 | 0.00 |
| Asset Turnover | — | 0.08 | 0.05 | 0.05 | 0.03 | 0.00 | — | — | — |
| Inventory Turnover | 8.41 | 8.41 | 14.66 | 7.00 | 6.40 | 0.90 | — | — | — |
| Days Sales Outstanding | — | 56.43 | 58.39 | 54.69 | 41.57 | 294.18 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| 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 | — | $65M | $59M | $56M | $52M | $48M | $36M | $46M | $34M |
Capital exhaustion and liquidity
According to current market data, NNOX trades at a price-to-sales ratio of 5.83, a valuation that appears to price in aggressive future hardware adoption despite the company's lack of positive earnings and the significant execution risks inherent in its unproven medical-screening-as-a-service business model.
The current P/S multiple suggests investors are valuing the company as a high-growth software entity rather than a capital-intensive medical device manufacturer. This valuation appears disconnected from the company's negative gross margins and the nascent stage of its commercial hardware deployments.
Based on reported figures, NNOX's ROIC has remained consistently negative, reaching -12.3% in 2025Q4, which indicates that the company's heavy investment in R&D and acquisitions has failed to generate a return on capital that exceeds its cost of funding.
The persistent decay in ROIC suggests that the company's capital allocation strategy has been value-destructive to date. Investors should monitor whether future hardware placements can improve asset utilization enough to reverse this multi-year trend of negative capital returns.
As reported in financial statements, NNOX's cash conversion cycle reached 58 days in 2025Q4, reflecting the operational friction of managing a hybrid teleradiology and hardware business model that has yet to achieve the economies of scale necessary for efficient working capital management.
The fluctuation in the cash conversion cycle suggests that the company is struggling to balance the timing of service-based revenue collection with the costs of hardware deployment. This volatility warrants further investigation into the company's ability to standardize its payment terms as it scales.
Based on the company's 2025Q4 filings, the current ratio of 3.96 provides a superficial appearance of liquidity, yet this metric is heavily influenced by cash reserves that are rapidly depleting due to the company's ongoing operating losses and high cash burn rate.
While the current ratio appears healthy compared to historical levels, it masks the underlying reality that the company is not generating sufficient internal cash to fund its operations. The reliance on existing cash reserves suggests that the company may face a liquidity crunch if commercial milestones are delayed.
The most commonly misapplied metric for NNOX is the price-to-sales ratio, which obscures the fact that the company's revenue is currently dominated by low-margin teleradiology services rather than the high-margin, recurring hardware-as-a-service fees that the long-term investment thesis relies upon.
Analysts should instead focus on the scan-to-read conversion rate and the gross margin per unit, as these metrics provide a more accurate picture of the company's true earning power. Using P/S as a primary valuation tool for this business model risks overestimating the company's current commercial maturity.
Includes 30+ ratios · 8 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 NNOX stock.
Nano-X Imaging Ltd.'s current P/E ratio is -1.1x. This places it at the 50th percentile of its historical range.
Nano-X Imaging Ltd.'s return on equity (ROE) is -45.6%. The historical average is -34.5%.
Based on historical data, Nano-X Imaging Ltd. is trading at a P/E of -1.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nano-X Imaging Ltd. has -98.2% gross margin and -466.2% operating margin.