Latest Ratios: P/E Ratio -13.7x · EV/EBITDA -2551.3x · ROE -22.2%. (2005–2025 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 | $42M | $31M | $24M | $28M | $64M | $88M | $218M | $115M | $26M | $24M | $56M |
| Enterprise Value | $-3214612623 | $-3225074860 | $28M | $35M | $60M | $76M | $202M | $99M | $27M | $19M | $45M |
| P/E Ratio → | -13.67 | — | — | — | — | 14.74 | 8.34 | 9.25 | — | — | — |
| P/S Ratio | 0.48 | 0.36 | 0.30 | 0.31 | 0.83 | 0.70 | 1.86 | 0.76 | 0.40 | 0.41 | 0.79 |
| P/B Ratio | 2.61 | 1.87 | 1.99 | 1.25 | 1.94 | 1.35 | 3.75 | 3.69 | 1.45 | 1.04 | 1.57 |
| P/FCF | — | — | 47.91 | — | — | — | 280.77 | 5.91 | — | — | — |
| P/OCF | — | — | 39.52 | — | — | — | 126.01 | 5.63 | — | — | — |
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 | — | -37.37 | 0.35 | 0.39 | 0.78 | 0.61 | 1.73 | 0.66 | 0.41 | 0.32 | 0.65 |
| EV / EBITDA | -2551.28 | -2559.58 | — | — | — | 7.67 | 24.27 | 6.78 | — | — | — |
| EV / EBIT | — | — | — | — | — | 9.15 | 30.37 | 7.71 | — | — | — |
| EV / FCF | — | — | 56.72 | — | — | — | 260.08 | 5.13 | — | — | — |
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 | 32.6% | 32.6% | 25.4% | 23.1% | 22.6% | 27.3% | 25.8% | 24.6% | 22.1% | 24.3% | 24.7% |
| Operating Margin | -0.6% | -0.6% | -13.3% | -11.9% | -20.7% | 6.7% | 5.9% | 8.7% | -9.4% | -21.5% | -17.8% |
| Net Profit Margin | -3.7% | -3.7% | -14.8% | -12.9% | -44.4% | 4.9% | 22.4% | 8.3% | -10.2% | -21.8% | -17.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -22.2% | -22.2% | -68.6% | -41.8% | -69.8% | 9.9% | 58.7% | 50.9% | -32.2% | -44.6% | -30.2% |
| ROA | -6.1% | -6.1% | -20.4% | -17.3% | -43.4% | 6.8% | 31.6% | 19.4% | -13.2% | -24.5% | -18.5% |
| ROIC | — | — | -34.8% | -27.7% | -29.0% | 13.1% | 17.7% | 57.0% | -25.2% | -45.1% | -31.2% |
| ROCE | -2.1% | -2.1% | -34.9% | -26.3% | -27.7% | 12.8% | 12.7% | 35.4% | -21.4% | -35.8% | -26.3% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.53 | 0.53 | 0.87 | 0.54 | 0.36 | 0.05 | 0.06 | 0.44 | 0.52 | 0.17 | 0.20 |
| Debt / EBITDA | 6.99 | 6.99 | — | — | — | 0.31 | 0.40 | 0.93 | — | — | — |
| Net Debt / Equity | — | -195.83 | 0.37 | 0.31 | -0.12 | -0.17 | -0.28 | -0.49 | 0.04 | -0.23 | -0.29 |
| Net Debt / EBITDA | -2584.28 | -2584.28 | — | — | — | -1.15 | -1.93 | -1.03 | — | — | — |
| Debt / FCF | — | — | 8.81 | — | — | — | -20.69 | -0.78 | — | — | — |
| Interest Coverage | -2.26 | -2.26 | -9.48 | -12.84 | -51.36 | 104.13 | 36.11 | 30.57 | -20.98 | -29.92 | -45.37 |
Net cash position: cash ($3.3B) exceeds total debt ($9M)
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 | 1.41 | 1.41 | 1.32 | 1.60 | 2.06 | 2.79 | 1.86 | 2.02 | 1.51 | 1.79 | 2.39 |
| Quick Ratio | -384.69 | -384.69 | 0.90 | 0.95 | 1.31 | 1.71 | 1.22 | 1.49 | 1.02 | 1.32 | 1.65 |
| Cash Ratio | 122.34 | 122.34 | 0.22 | 0.18 | 0.65 | 0.79 | 0.64 | 1.06 | 0.32 | 0.57 | 0.94 |
| Asset Turnover | — | 1.67 | 1.52 | 1.43 | 1.08 | 1.43 | 1.26 | 2.08 | 1.17 | 1.33 | 1.13 |
| Inventory Turnover | 0.01 | 0.01 | 5.22 | 3.82 | 3.29 | 4.56 | 4.43 | 7.84 | 3.82 | 5.83 | 3.89 |
| Days Sales Outstanding | — | 96.21 | 74.15 | 74.79 | 70.98 | 46.68 | 51.55 | 26.59 | 102.97 | 64.44 | 59.25 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | 6.8% | 12.0% | 10.8% | — | — | — |
| FCF Yield | — | — | 2.1% | — | — | — | 0.4% | 16.9% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M |
Operational scale and liquidity
According to recent market data, OESX trades at a P/S of 0.45, yet the negative P/E of -12.72 and EV/EBITDA of -2553.59, as reported in financial statements, suggest that traditional valuation multiples are currently rendered meaningless by the company's persistent inability to generate consistent positive earnings.
The current valuation appears to reflect a deep discount relative to peers, likely pricing in the high execution risk associated with the company's pivot toward EV infrastructure. Investors should monitor whether the revenue-based valuation can transition to an earnings-based one, as the current negative multiples suggest the market is primarily valuing the firm as a distressed asset rather than a growth-oriented service provider.
Based on reported figures, OESX's ROIC has trended into negative territory, reaching -11.6% in 2024Q4, which indicates that the company is currently destroying shareholder value rather than compounding it through its capital-intensive investments in lighting and EV charging infrastructure projects.
The decay in returns on invested capital suggests that the company's recent strategic acquisitions and operational overhead are not yet yielding the necessary incremental returns to cover the cost of capital. This trend warrants further investigation into whether the current asset base is fundamentally oversized for the company's actual revenue throughput.
As indicated by the provided data, the cash conversion cycle has experienced extreme fluctuations, including a 38,849-day cycle in 2025Q4, which highlights significant inefficiencies in managing receivables and payables compared to the more stable historical performance of industry peers in the electrical equipment sector.
The erratic nature of the CCC suggests that the company's project-based revenue model creates substantial friction in cash collection, potentially forcing a reliance on external funding to bridge gaps. This lack of working capital discipline appears to be a structural drag on the company's ability to maintain a lean operational profile.
According to the company's reported financial statements, the debt-to-equity ratio of 0.53 appears deceptively low, yet the negative interest coverage ratio of -9.05 in 2025Q4 suggests that the firm lacks the operational earnings required to comfortably service its existing debt obligations without further capital dilution.
While the balance sheet does not show excessive leverage in absolute terms, the inability to generate positive operating income makes even modest debt levels a potential source of financial distress. Investors should monitor the company's ability to refinance or service these obligations if the current negative margin trend persists into future quarters.
As reported in industry research, the P/S ratio is the most commonly misapplied metric for OESX, as it obscures the company's high variable cost structure and the significant capital intensity required to support its transition from a hardware manufacturer to a service-integrated energy firm.
Relying on P/S ignores the fact that a large portion of revenue may be pass-through installation costs with minimal margin contribution. A more appropriate metric for this business model would be an adjusted EV/Gross Profit or a focus on the backlog conversion rate, which better captures the underlying quality of the revenue stream.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying OESX stock.
Orion Energy Systems, Inc.'s current P/E ratio is -13.7x. The historical average is 47.0x.
Orion Energy Systems, Inc.'s current EV/EBITDA is -2551.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.7x.
Orion Energy Systems, Inc.'s return on equity (ROE) is -22.2%. The historical average is -14.2%.
Based on historical data, Orion Energy Systems, Inc. is trading at a P/E of -13.7x. Compare with industry peers and growth rates for a complete picture.
Orion Energy Systems, Inc. has 32.6% gross margin and -0.6% operating margin.
Orion Energy Systems, Inc.'s Debt/EBITDA ratio is 7.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.