Latest Ratios: P/E Ratio -0.9x · EV/EBITDA N/A · ROE -106.2%. (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 | $94M | $56M | $58M | $268M | $1.2B | $2.1B | $2.4B | — | — |
| Enterprise Value | $164M | $126M | $136M | $336M | $1.3B | $2.0B | $2.2B | — | — |
| P/E Ratio → | -0.95 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.79 | 0.47 | 0.51 | 2.06 | 10.78 | 20.48 | 48.63 | — | — |
| P/B Ratio | 0.61 | 0.44 | 2.15 | 2.18 | 5.06 | 5.62 | 7.39 | — | — |
| 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 | — | 1.05 | 1.19 | 2.58 | 11.04 | 19.07 | 43.50 | — | — |
| 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 | 39.1% | 39.1% | 33.9% | 22.2% | 15.5% | 7.4% | -26.1% | -118.1% | -304.7% |
| Operating Margin | -55.8% | -55.8% | -99.7% | -130.2% | -139.6% | -127.2% | -235.2% | -466.3% | -2320.0% |
| Net Profit Margin | -68.3% | -68.3% | -112.6% | -132.5% | -141.2% | -128.6% | -243.3% | -453.0% | -2480.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -106.2% | -106.2% | -171.0% | -93.7% | -52.6% | -37.6% | -37.0% | — | — |
| ROA | -30.2% | -30.2% | -43.4% | -48.4% | -37.7% | -30.4% | -49.4% | -57.0% | -32.9% |
| ROIC | -33.2% | -33.2% | -57.6% | -54.6% | -47.8% | -64.9% | — | — | — |
| ROCE | -29.2% | -29.2% | -46.4% | -56.0% | -42.4% | -33.5% | -54.6% | -68.8% | -33.0% |
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 | 0.82 | 0.82 | 7.53 | 1.11 | 0.42 | 0.10 | 0.12 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.55 | 2.90 | 0.55 | 0.12 | -0.39 | -0.78 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -4.78 | -4.78 | -4.52 | -12.59 | -44.61 | -75.81 | -41.02 | -15.04 | -9.73 |
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 | 6.67 | 6.67 | 5.69 | 5.26 | 7.19 | 7.93 | 9.43 | 3.20 | 14.46 |
| Quick Ratio | 5.40 | 5.40 | 4.38 | 4.37 | 6.20 | 7.17 | 8.93 | 3.01 | 14.16 |
| Cash Ratio | 4.49 | 4.49 | 3.50 | 3.68 | 5.53 | 6.57 | 8.58 | 2.81 | 13.98 |
| Asset Turnover | — | 0.45 | 0.41 | 0.42 | 0.29 | 0.22 | 0.12 | 0.17 | 0.01 |
| Inventory Turnover | 1.53 | 1.53 | 1.27 | 2.06 | 1.89 | 2.42 | 3.43 | 7.15 | 2.69 |
| Days Sales Outstanding | — | 86.55 | 114.36 | 92.33 | 88.80 | 91.07 | 47.28 | 94.75 | 197.87 |
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 | — | $15M | $3M | $3M | $3M | $3M | $3M | $2M | $2M |
Liquidity and dilution risk
Based on current market data, Outset Medical trades at a P/S multiple of 0.71, which suggests that investors are heavily discounting the company's future growth prospects due to persistent regulatory hurdles and the significant capital requirements needed to sustain its current, loss-making operational model in the dialysis market.
The low P/S ratio relative to high-growth med-tech peers indicates that the market is pricing in a high probability of equity dilution rather than a rapid recovery in top-line expansion. This valuation level implies that the company's current revenue trajectory is viewed as unsustainable without a fundamental shift in its commercial strategy or cost structure.
According to reported financial statements, Outset Medical's ROIC has remained consistently negative, hovering around -9.0% in 2026Q1, which highlights the company's ongoing struggle to generate a positive return on the capital invested in its manufacturing infrastructure and specialized direct sales force during this growth phase.
The persistent negative ROIC suggests that the company is currently destroying shareholder value rather than compounding it, as the cost of maintaining its operational footprint significantly outweighs the returns generated by the Tablo console installed base. Investors should monitor whether the company can achieve a positive spread between its returns and its cost of capital as it attempts to scale.
Based on the latest quarterly data, Outset Medical's cash conversion cycle remains exceptionally high at 359 days, driven primarily by a bloated inventory turnover period of 278 days, which suggests significant inefficiencies in managing the supply chain for its complex Tablo console and associated consumable cartridges.
The extended CCC indicates that the company is tying up substantial liquidity in inventory, which is particularly problematic given the current cash-constrained environment. This inefficiency in working capital management likely exacerbates the company's cash burn and limits its operational flexibility in responding to market demand fluctuations.
As reported in recent filings, Outset Medical's quick ratio of 4.97 in 2026Q1 appears superficially strong, yet this metric masks the underlying reality that the company's cash reserves are rapidly depleting against a backdrop of persistent negative operating margins and high cash-based burn rates.
While the current ratio suggests an ability to cover short-term obligations, the rapid decline in absolute cash levels warrants caution regarding the company's long-term solvency. The reliance on high inventory levels to support the quick ratio may prove problematic if those assets cannot be converted to cash efficiently during a liquidity event.
Investors frequently misapply top-line revenue growth as the primary indicator of success for Outset Medical, which obscures the critical importance of the 'Treatment Utilization Rate' and the actual cash-generative capacity of the installed base in a business model that is currently burning significant amounts of capital.
Focusing solely on revenue growth ignores the high cost of customer acquisition and the potential for console placements to be underutilized, which fails to capture the true economic value of the recurring revenue stream. A more appropriate metric would be the contribution margin per console, which would better reflect the company's progress toward achieving sustainable profitability.
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Quick answers to the most common questions about buying OM stock.
Outset Medical, Inc.'s current P/E ratio is -0.9x. This places it at the 50th percentile of its historical range.
Outset Medical, Inc.'s return on equity (ROE) is -106.2%. The historical average is -83.0%.
Based on historical data, Outset Medical, Inc. is trading at a P/E of -0.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Outset Medical, Inc. has 39.1% gross margin and -55.8% operating margin.