Latest Ratios: P/E Ratio -27.0x · EV/EBITDA N/A · ROE -158.7%. (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 | $607M | $505M | $326M | $267M | $37M | $167M | — | — |
| Enterprise Value | $656M | $554M | $386M | $321M | $100M | $198M | — | — |
| P/E Ratio → | -26.97 | — | — | — | — | — | — | — |
| P/S Ratio | 6.07 | 5.05 | 4.08 | 4.07 | 0.81 | 3.71 | — | — |
| P/B Ratio | 30.61 | 26.55 | 40.67 | 12.90 | 1.05 | 2.28 | — | — |
| 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 | — | 5.54 | 4.83 | 4.90 | 2.19 | 4.38 | — | — |
| 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 | 77.2% | 77.2% | 73.9% | 73.6% | 71.4% | 74.0% | 73.6% | 71.6% |
| Operating Margin | -16.3% | -16.3% | -27.1% | -41.5% | -89.6% | -52.5% | -31.7% | -59.6% |
| Net Profit Margin | -21.5% | -21.5% | -34.0% | -50.4% | -103.4% | -79.9% | -59.0% | -81.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -158.7% | -158.7% | -189.4% | -118.9% | -87.0% | -49.1% | — | — |
| ROA | -21.4% | -21.4% | -26.8% | -29.7% | -38.0% | -38.1% | -63.0% | -142.1% |
| ROIC | -18.0% | -18.0% | -22.7% | -23.6% | -30.3% | — | — | — |
| ROCE | -19.5% | -19.5% | -25.4% | -27.9% | -35.9% | -27.8% | -28.2% | — |
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 | 3.72 | 3.72 | 9.15 | 3.51 | 2.01 | 0.68 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 2.58 | 7.48 | 2.63 | 1.82 | 0.42 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -2.19 | -2.19 | -2.08 | -2.87 | -5.25 | -3.87 | -1.11 | -2.16 |
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 | 5.28 | 5.28 | 5.37 | 5.71 | 8.90 | 14.28 | 5.69 | 0.27 |
| Quick Ratio | 4.33 | 4.33 | 4.48 | 5.02 | 8.02 | 13.44 | 4.97 | 0.16 |
| Cash Ratio | 3.43 | 3.43 | 3.48 | 4.09 | 7.05 | 12.43 | 3.97 | 0.07 |
| Asset Turnover | — | 0.95 | 0.84 | 0.61 | 0.40 | 0.34 | 0.74 | 1.75 |
| Inventory Turnover | 1.35 | 1.35 | 1.56 | 1.54 | 1.34 | 1.50 | 1.57 | 1.33 |
| Days Sales Outstanding | — | 53.59 | 58.70 | 68.70 | 59.99 | 57.28 | 74.49 | 59.40 |
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 | 8.2% | 9.8% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 8.2% | 9.8% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $33M | $29M | $26M | $25M | $17M | $11M | $11M |
Persistent cash burn dependency
As reported in recent financial data, NeuroPace trades at a price-to-sales multiple of 5.62, a valuation that appears to price in significant future growth despite the company's persistent negative net margins and the absence of a positive earnings-based valuation metric for investors to anchor against.
The current P/S multiple suggests that the market is valuing the company as a high-growth technology platform rather than a traditional medical device manufacturer. Investors should monitor whether this premium can be sustained if revenue growth continues to show the volatility observed in recent quarters.
Based on historical financial statements, NeuroPace's ROIC has remained consistently negative, bottoming out at -7.6% in 2024Q1, which indicates that the company is currently destroying shareholder value through its heavy investment in clinical support and R&D relative to the returns generated by its core operations.
The persistent negative return on invested capital highlights the difficulty of scaling a high-touch clinical model. Until the company can demonstrate a path to positive operating margins, the return on capital will likely remain a significant concern for long-term institutional investors.
According to quarterly filings, the company's cash conversion cycle has trended upward to 361 days in 2026Q1, primarily driven by high days inventory outstanding, which suggests that the firm is struggling to optimize its supply chain and inventory management as it scales its RNS system distribution.
The elevated DIO indicates that a significant amount of capital is tied up in hardware inventory, which is suboptimal for a company with a tightening cash position. This inefficiency warrants further investigation into whether the inventory build-up is a strategic buffer or a sign of slowing commercial adoption.
As evidenced by the company's balance sheet, the debt-to-equity ratio reached 4.87 in 2026Q1, reflecting a precarious capital structure where the accumulation of operating losses has significantly eroded the equity base while the company maintains a substantial debt load to fund its ongoing commercial expansion.
The high leverage ratio relative to the company's negative cash flow suggests that the firm may face increasing pressure to secure additional financing. Investors should monitor the interest coverage ratio, which remains negative, indicating that the company is not currently generating sufficient earnings to service its debt obligations.
Based on an analysis of the business model, the EV/Revenue multiple is frequently misapplied to NeuroPace, as it obscures the heavy service-oriented costs embedded in the company's clinical support model, which are not captured in traditional hardware-focused valuation metrics used for broader medical device peers.
Analysts should instead focus on a 'contribution margin per implant' metric, which would strip out the variable costs of clinical specialists. Relying solely on revenue multiples ignores the reality that each new patient requires significant human-in-the-loop support, which fundamentally alters the company's true operating leverage.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying NPCE stock.
NeuroPace, Inc.'s current P/E ratio is -27.0x. This places it at the 50th percentile of its historical range.
NeuroPace, Inc.'s return on equity (ROE) is -158.7%. The historical average is -120.6%.
Based on historical data, NeuroPace, Inc. is trading at a P/E of -27.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NeuroPace, Inc. has 77.2% gross margin and -16.3% operating margin.