Latest Ratios: P/E Ratio -46.6x · EV/EBITDA N/A · ROE -27.3%. (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 | $3.2B | $1.2B | $569M | $284M | $154M | $696M | $241M | — | — |
| Enterprise Value | $3.1B | $1.2B | $544M | $303M | $87M | $532M | $251M | — | — |
| P/E Ratio → | -46.57 | — | — | — | — | — | — | — | — |
| P/S Ratio | 18.73 | 7.20 | 5.12 | 3.41 | 3.74 | 20.74 | 12.75 | — | — |
| P/B Ratio | 10.73 | 4.66 | 3.15 | 1.58 | 0.89 | 2.67 | — | — | — |
| 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 | — | 6.90 | 4.90 | 3.64 | 2.12 | 15.84 | 13.29 | — | — |
| 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 | 49.3% | 49.3% | 36.4% | 11.6% | 26.6% | 27.1% | 8.0% | -52.7% | -163.3% |
| Operating Margin | -43.7% | -43.7% | -93.8% | -448.1% | -354.4% | -297.0% | -273.8% | -423.8% | -2209.1% |
| Net Profit Margin | -35.6% | -35.6% | -87.3% | -449.2% | -337.7% | -279.9% | -564.9% | -452.7% | -2439.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -27.3% | -27.3% | -53.8% | -213.0% | -64.1% | -83.9% | — | — | — |
| ROA | -19.3% | -19.3% | -32.0% | -127.5% | -49.1% | -53.1% | -247.5% | -155.0% | -122.5% |
| ROIC | -30.2% | -30.2% | -44.1% | -184.5% | -108.4% | -214.1% | — | -311.1% | -237.5% |
| ROCE | -31.1% | -31.1% | -46.6% | -156.9% | -56.8% | -64.1% | -414.2% | -422.6% | -127.0% |
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 | 0.07 | 0.07 | 0.11 | 0.39 | 0.33 | 0.07 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.19 | -0.14 | 0.11 | -0.39 | -0.63 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -51.94 | -39.16 | -50.32 | -191.01 | -41.27 | -13.42 | — |
Net cash position: cash ($67M) exceeds total debt ($17M)
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 | 3.93 | 3.93 | 2.80 | 3.22 | 5.51 | 9.38 | 1.01 | 0.53 | 5.09 |
| Quick Ratio | 3.59 | 3.59 | 2.59 | 2.94 | 4.85 | 9.04 | 0.78 | 0.47 | 4.57 |
| Cash Ratio | 2.94 | 2.94 | 2.19 | 2.33 | 4.17 | 8.31 | 0.56 | 0.42 | 3.96 |
| Asset Turnover | — | 0.48 | 0.40 | 0.25 | 0.16 | 0.11 | 0.41 | 0.29 | 0.05 |
| Inventory Turnover | 3.65 | 3.65 | 4.30 | 3.17 | 1.54 | 3.29 | 3.61 | 7.06 | 1.97 |
| Days Sales Outstanding | — | 75.81 | 74.98 | 175.23 | 122.40 | 139.64 | 74.30 | 29.97 | 136.23 |
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 | — | $56M | $47M | $37M | $18M | $13M | $2M | $2M | $797887 |
Liquidity and cash burn
According to recent market data, Ouster trades at a price-to-sales multiple of 15.80, which appears to price in significant future growth expectations that remain disconnected from the company's current inability to generate positive net income or consistent free cash flow in the competitive lidar hardware sector.
The current P/S multiple suggests that investors are valuing the company as a high-growth software-adjacent platform rather than a hardware manufacturer. This valuation warrants caution, as it implies a rapid transition to high-margin recurring revenue that has yet to be fully validated by the company's quarterly financial performance.
Based on reported figures, Ouster's ROIC of -6.8% in 2026Q1 highlights the ongoing struggle to generate efficient returns on invested capital, a trend that has persisted throughout the company's history as it continues to prioritize market share expansion over immediate profitability in a capital-intensive industrial sensor market.
The persistent negative ROIC suggests that the company's current business model is not yet compounding value for shareholders. Investors should monitor whether the shift toward digital lidar architecture can eventually drive the margin expansion necessary to turn these returns positive as the company scales its production volume.
As reported in financial statements, Ouster's cash conversion cycle of 88 days in 2026Q1 indicates significant working capital friction, which appears to be driven by high inventory levels and the complexities of managing a diverse product portfolio following the integration of legacy Velodyne assets and contracts.
The fluctuation in the cash conversion cycle suggests that the company faces challenges in optimizing its supply chain and inventory management. This inefficiency ties up critical liquidity, which is particularly concerning given the company's ongoing operating losses and the need to preserve cash for core R&D activities.
According to recent balance sheet snapshots, Ouster has successfully reduced its debt-to-equity ratio to 0.06 in 2026Q1, a significant improvement from prior periods that suggests management is prioritizing a cleaner balance sheet to mitigate the risks associated with its high-burn operational model in a rising rate environment.
While the reduction in debt lowers the immediate interest burden, the company's reliance on equity-based financing remains a structural risk. The current leverage profile appears manageable, but investors should remain wary of the potential for future dilutive capital raises if operating losses do not narrow significantly.
Market participants often over-rely on top-line revenue growth as a proxy for success, which obscures the underlying reality that Ouster's hardware-centric model currently carries high variable costs and significant integration-related expenses that prevent revenue scaling from translating into meaningful improvements in bottom-line profitability or cash flow generation.
Investors should prioritize the software attach rate and gross margin trends over headline revenue growth to better assess the company's transition to a platform-based business model. Focusing solely on revenue growth risks ignoring the fundamental challenge of achieving sustainable unit economics in a commoditizing lidar hardware market.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying OUST stock.
Ouster, Inc.'s current P/E ratio is -46.6x. This places it at the 50th percentile of its historical range.
Ouster, Inc.'s return on equity (ROE) is -27.3%. The historical average is -88.4%.
Based on historical data, Ouster, Inc. is trading at a P/E of -46.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ouster, Inc. has 49.3% gross margin and -43.7% operating margin.