Latest Ratios: P/E Ratio -1.5x · EV/EBITDA N/A · ROE -93.5%. (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 | $51M | $52M | $11M | $28M | $57M | $75M | $3M | $4M | $17M | $6M | $3M |
| Enterprise Value | $46M | $47M | $11M | $23M | $50M | $-5623717 | $-5377297 | $-13082899 | $5M | $-2272401 | $-3172685 |
| P/E Ratio → | -1.53 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 8.64 | 8.83 | 2.06 | 10.41 | 32.55 | 62.48 | 1.91 | 5.66 | 33.04 | 7.22 | 4.85 |
| P/B Ratio | 1.24 | 1.94 | 0.59 | 0.65 | 0.83 | 0.94 | 0.31 | 0.23 | 1.65 | 1.12 | 0.97 |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.99 | 1.96 | 8.57 | 28.55 | -4.66 | -3.20 | -20.70 | 10.58 | -2.70 | -4.50 |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.3% | 28.3% | 51.1% | 8.6% | -5.7% | -89.0% | -6.2% | -106.2% | -49.3% | -11.3% | 5.2% |
| Operating Margin | -370.0% | -370.0% | -530.9% | -1069.4% | -1228.7% | -1127.0% | -675.7% | -2099.8% | -2262.2% | -1386.4% | -2108.1% |
| Net Profit Margin | -367.0% | -367.0% | -497.4% | -963.6% | -1073.0% | -1313.8% | -615.5% | -1937.7% | -1987.7% | -1125.3% | -1862.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -93.5% | -93.5% | -86.8% | -46.7% | -25.3% | -34.8% | -78.8% | -94.2% | -129.5% | -211.4% | -139.7% |
| ROA | -72.3% | -72.3% | -67.0% | -41.5% | -23.6% | -31.7% | -64.9% | -75.4% | -84.0% | -92.9% | -89.9% |
| ROIC | -80.3% | -80.3% | -76.3% | -43.5% | -52.9% | -1461.5% | -1682.9% | — | — | — | — |
| ROCE | -88.8% | -88.8% | -87.8% | -50.4% | -28.4% | -29.1% | -82.5% | -100.9% | -145.9% | -242.1% | -147.9% |
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 | 0.07 | 0.07 | 0.13 | 0.04 | 0.01 | 0.03 | 0.13 | — | 0.00 | 0.01 | 0.04 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.18 | -0.03 | -0.11 | -0.10 | -1.01 | -0.82 | -1.06 | -1.12 | -1.54 | -1.87 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($7M) exceeds total debt ($2M)
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 | 4.14 | 4.14 | 1.43 | 4.76 | 19.91 | 17.99 | 6.13 | 7.21 | 3.54 | 2.12 | 1.58 |
| Quick Ratio | 2.86 | 2.86 | 0.78 | 4.63 | 19.77 | 17.91 | 6.13 | 7.07 | 3.39 | 2.04 | 1.53 |
| Cash Ratio | 2.04 | 2.04 | 0.43 | 4.39 | 19.23 | 17.69 | 5.26 | 6.82 | 3.08 | 1.83 | 1.10 |
| Asset Turnover | — | 0.19 | 0.19 | 0.05 | 0.02 | 0.01 | 0.12 | 0.03 | 0.04 | 0.08 | 0.07 |
| Inventory Turnover | 1.00 | 1.00 | 0.56 | 2.39 | 4.21 | 5.93 | — | 3.79 | 1.33 | 2.81 | 2.23 |
| Days Sales Outstanding | — | 141.93 | 53.78 | 119.84 | 180.11 | 163.43 | 77.69 | 45.05 | 422.86 | 148.94 | 1314.06 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 2.1% | 0.2% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 2.1% | 0.2% |
| Shares Outstanding | — | $127M | $59M | $56M | $54M | $30M | $7M | $1M | $767330 | $212958 | $90508 |
Liquidity and dilution risk
Based on reported figures, OPTT trades at a price-to-sales ratio of 8.14, a valuation that appears disconnected from the company's negative operating margins and suggests investors are pricing in a speculative turnaround rather than current fundamental performance or historical earnings power.
The lack of a positive P/E or EV/EBITDA multiple reflects the company's inability to generate consistent earnings, forcing reliance on revenue-based multiples that may overstate value given the current contraction. This valuation implies a high growth expectation that remains unsupported by the recent trend of declining top-line performance and persistent cash burn.
As reported in financial statements, OPTT's ROIC has trended into deep negative territory, reaching -32.0% in 2026Q3, which indicates that the company is currently destroying shareholder capital rather than compounding it through its maritime technology and robotics investments.
The consistent decay in return on invested capital suggests that the company's R&D and acquisition-led strategy has failed to achieve the necessary scale to generate positive returns. Investors should monitor whether the recent pivot to service-based models can eventually reverse this trend, though current figures suggest a structural inability to deploy capital efficiently.
According to recent quarterly data, the cash conversion cycle has ballooned to 5,942 days in 2026Q3, a figure that highlights extreme inefficiencies in managing receivables and inventory relative to the company's limited operational output.
The massive spike in DSO and DIO suggests that the company is struggling to collect on its project-based contracts while holding potentially obsolete hardware inventory. This inefficiency creates a significant drag on liquidity, forcing the company to rely on external financing to bridge the gap between project milestones and cash realization.
Based on the most recent quarterly filings, the current ratio has compressed to 1.07, signaling that OPTT's liquidity buffer is rapidly eroding and leaving the firm with minimal margin for error in its ongoing efforts to secure non-dilutive funding.
The decline in the quick ratio to 0.81 further underscores the company's dependence on inventory liquidation to meet short-term obligations. Given the high cash burn rate, this liquidity profile suggests that the company may face imminent pressure to raise capital, which could lead to further shareholder dilution.
The market's reliance on the price-to-sales ratio as a primary valuation metric for OPTT obscures the company's fundamental inability to convert revenue into gross profit, as evidenced by the recent negative gross margins reported in 2026Q3.
Using P/S for a company with negative gross margins is misleading because it ignores the fact that each additional dollar of revenue may currently be costing more to produce than it generates in profit. A more appropriate metric would be a cash-burn-adjusted enterprise value or a focus on the unit economics of the WAM-V fleet rather than top-line revenue growth.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying OPTT stock.
Ocean Power Technologies, Inc.'s current P/E ratio is -1.5x. This places it at the 50th percentile of its historical range.
Ocean Power Technologies, Inc.'s return on equity (ROE) is -93.5%. The historical average is -60.8%.
Based on historical data, Ocean Power Technologies, Inc. is trading at a P/E of -1.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ocean Power Technologies, Inc. has 28.3% gross margin and -370.0% operating margin.