Latest Ratios: P/E Ratio -1.9x · EV/EBITDA N/A · ROE -242.9%. (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 | $301M | $325M | $396M | $700M | $1.0B | $4.4B | — | — |
| Enterprise Value | $751M | $774M | $788M | $984M | $1.1B | $4.2B | — | — |
| P/E Ratio → | -1.92 | — | — | — | — | — | — | — |
| P/S Ratio | 0.35 | 0.38 | 0.48 | 0.89 | 1.43 | 6.80 | — | — |
| P/B Ratio | 14.90 | 16.51 | 3.73 | 2.09 | 1.30 | 3.51 | — | — |
| 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 | — | 0.90 | 0.96 | 1.26 | 1.52 | 6.57 | — | — |
| 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 | 32.1% | 32.1% | 28.7% | 19.4% | 11.1% | 24.1% | 30.7% | 32.6% |
| Operating Margin | -7.9% | -7.9% | -22.6% | -58.3% | -54.8% | -33.2% | -11.2% | -15.1% |
| Net Profit Margin | -17.7% | -17.7% | -24.5% | -53.2% | -54.4% | -33.0% | -14.3% | -17.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -242.9% | -242.9% | -91.4% | -74.0% | -38.6% | -27.0% | -23.5% | -19.0% |
| ROA | -19.2% | -19.2% | -21.0% | -35.6% | -27.5% | -18.4% | -11.7% | -10.2% |
| ROIC | -10.5% | -10.5% | -25.0% | -46.3% | -30.3% | -20.6% | -9.6% | -8.2% |
| ROCE | -27.2% | -27.2% | -46.4% | -64.5% | -34.9% | -23.3% | -13.4% | -12.2% |
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 | 26.12 | 26.12 | 4.63 | 1.59 | 0.19 | 0.12 | 0.72 | 0.55 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 22.84 | 3.70 | 0.84 | 0.09 | -0.12 | 0.39 | 0.49 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -1.99 | -6.89 | -26.37 | -12.95 | -3.69 | -12.77 |
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 | 0.48 | 0.48 | 0.56 | 0.83 | 1.41 | 3.32 | 1.05 | 0.98 |
| Quick Ratio | 0.35 | 0.35 | 0.44 | 0.71 | 1.08 | 2.92 | 0.88 | 0.69 |
| Cash Ratio | 0.12 | 0.12 | 0.18 | 0.43 | 0.24 | 2.24 | 0.46 | 0.11 |
| Asset Turnover | — | 1.10 | 1.02 | 0.70 | 0.59 | 0.39 | 0.62 | 0.58 |
| Inventory Turnover | 8.54 | 8.54 | 8.95 | 9.30 | 5.61 | 5.10 | 7.47 | 4.77 |
| Days Sales Outstanding | — | 43.81 | 54.97 | 68.72 | 58.59 | 76.19 | 61.76 | 87.17 |
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 | 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% | — | — |
| Shares Outstanding | — | $30M | $30M | $30M | $30M | $27M | $30M | $30M |
Liquidity and solvency pressure
As reported in financial statements, Oatly's P/S ratio of 0.33 suggests that the market is heavily discounting the company's future revenue potential, likely due to the persistent negative P/E of -1.79 and the ongoing challenges in achieving sustainable profitability compared to mature beverage industry peers.
The current valuation multiples appear to imply that investors are pricing the company as a distressed asset rather than a high-growth consumer brand. This valuation gap relative to peers like Danone suggests that the market remains unconvinced that the transition to an asset-light model will successfully unlock the operating leverage required to justify a premium multiple.
Based on the company's reported figures, the ROIC has remained consistently negative, reaching -1.8% in 2026Q1, which indicates that the firm is currently destroying shareholder value rather than compounding it through its heavy investments in manufacturing and global distribution infrastructure.
The persistent negative return on invested capital highlights a fundamental mismatch between the capital deployed and the returns generated by the core business. Investors should monitor whether the recent pivot to asset-light operations can eventually drive ROIC into positive territory, though current trends suggest that the company remains far from achieving a return that exceeds its cost of capital.
According to recent quarterly data, the cash conversion cycle has fluctuated significantly, reaching 45 days in 2026Q1, which suggests that the company's ability to manage its inventory and collection cycles remains volatile as it navigates the complexities of its global supply chain and distribution network.
The variability in the CCC reflects ongoing challenges in balancing inventory levels with fluctuating demand, particularly as the company shifts its manufacturing strategy. This instability in working capital management may indicate that the company lacks the bargaining power with suppliers or retailers necessary to optimize its cash flow generation in a competitive market environment.
As indicated by the company's latest filings, the current ratio has declined to 0.45 in 2026Q1, signaling a precarious liquidity position that leaves the firm with limited flexibility to manage short-term obligations without relying on external financing or further capital injections.
The rapid deterioration of the current and quick ratios suggests that the company's liquidity position is under severe stress, especially when viewed against the backdrop of ongoing net losses. This trend warrants close monitoring, as the company's ability to sustain operations without additional dilutive financing appears increasingly constrained by its dwindling cash reserves.
Based on reported figures, analysts frequently over-rely on top-line revenue growth as a primary indicator of health, which obscures the underlying cash burn and the structural inefficiency of the company's current manufacturing footprint compared to more mature, profitable beverage industry competitors.
Focusing on revenue growth in isolation is misleading for a company in a capital-intensive transition phase, as it ignores the quality of that growth and the associated costs of acquisition. A more appropriate metric for this business model would be 'Contribution Margin per Liter' or 'Operating Cash Flow per Unit,' which would better capture the true economic viability of the enzymatic production process.
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Quick answers to the most common questions about buying OTLY stock.
Oatly Group AB's current P/E ratio is -1.9x. This places it at the 50th percentile of its historical range.
Oatly Group AB's return on equity (ROE) is -242.9%. The historical average is -73.8%.
Based on historical data, Oatly Group AB is trading at a P/E of -1.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Oatly Group AB has 32.1% gross margin and -7.9% operating margin.