Latest Ratios: P/E Ratio -2.6x · EV/EBITDA N/A · ROE -556.8%. (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 | $21M | $9.1B | $67M | $44M | $62M | $294M | $292M | — |
| Enterprise Value | $-997020 | $9.1B | $59M | $44M | $69M | $216M | $304M | — |
| P/E Ratio → | -2.64 | — | — | — | — | — | — | — |
| P/S Ratio | 0.20 | 86.15 | 0.86 | 0.81 | 0.90 | 3.88 | 3.88 | — |
| P/B Ratio | 93.91 | 257.26 | — | — | — | 5.33 | — | — |
| 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 | — | 85.94 | 0.75 | 0.81 | 1.00 | 2.85 | 4.03 | — |
| 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 | 50.6% | 50.6% | 50.4% | 41.8% | 33.7% | 46.2% | 47.6% | 46.0% |
| Operating Margin | -7.8% | -7.8% | -25.9% | -53.0% | -122.3% | -73.6% | -9.3% | -34.2% |
| Net Profit Margin | -37.5% | -37.5% | -16.1% | -60.9% | -114.6% | -94.5% | -14.0% | -35.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -556.8% | -556.8% | — | — | -356.1% | -417.2% | — | — |
| ROA | -58.7% | -58.7% | -26.8% | -64.4% | -80.1% | -79.6% | -30.8% | -63.3% |
| ROIC | -47.9% | -47.9% | — | — | — | — | — | — |
| ROCE | -30.3% | -30.3% | -333.7% | — | -271.0% | -174.9% | — | -521.6% |
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 | 0.37 | 0.37 | — | — | — | 0.30 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.63 | — | — | — | -1.42 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -10.60 | -10.60 | -6.66 | -9.31 | -70.84 | -1.58 | -6.60 | — |
Net cash position: cash ($36M) exceeds total debt ($13M)
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 | 1.85 | 1.85 | 1.27 | 0.89 | 0.77 | 1.97 | 0.80 | 1.03 |
| Quick Ratio | 1.51 | 1.51 | 0.98 | 0.74 | 0.49 | 1.71 | 0.63 | 0.83 |
| Cash Ratio | 0.80 | 0.80 | 0.56 | 0.37 | 0.17 | 1.38 | 0.36 | 0.47 |
| Asset Turnover | — | 1.23 | 1.58 | 1.22 | 1.19 | 0.54 | 1.88 | 1.77 |
| Inventory Turnover | 3.41 | 3.41 | 3.68 | 4.84 | 2.48 | 2.27 | 5.00 | 5.53 |
| Days Sales Outstanding | — | 79.07 | 56.75 | 94.43 | 84.17 | 50.38 | 50.95 | 56.91 |
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% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $563M | $15M | $8M | $8M | $8M | $2M | $764216 |
Liquidity and regulatory dependence
According to current market data, Owlet trades at a price-to-sales ratio of 0.19, which suggests that investors are heavily discounting the company's future growth prospects compared to established medical device peers, likely due to the persistent negative net margins and the ongoing transition toward a regulated business model.
The low P/S multiple indicates that the market is pricing the company as a distressed asset rather than a high-growth med-tech firm. This valuation level implies that investors remain skeptical about the company's ability to achieve sustainable profitability or successfully scale its FDA-cleared product line without further dilutive capital raises.
Based on recent financial statements, Owlet has maintained a gross margin of 54.3% as of 2026Q1, yet this performance is overshadowed by an operating margin of -24.2%, indicating that the company's current cost structure remains fundamentally misaligned with its revenue generation capabilities in the competitive medical device space.
While the gross margin demonstrates that the company possesses some pricing power for its medical-grade hardware, the inability to translate this into positive operating income suggests that high R&D and customer acquisition costs are currently overwhelming the business. Investors should monitor whether the company can achieve operating leverage as it shifts its focus toward higher-margin software and data-driven services.
As reported in quarterly filings, the company's cash conversion cycle has fluctuated significantly, reaching 128 days in 2026Q1, which highlights a structural inefficiency in managing inventory and accounts receivable compared to the more streamlined operations of specialized medical device manufacturers like IRadimed.
The extended cash conversion cycle suggests that Owlet is struggling to convert its inventory into cash efficiently, which exacerbates the pressure on its limited liquidity position. This inefficiency appears to be a primary driver of the company's persistent cash burn, as capital remains tied up in hardware components and finished goods for longer periods than is typical for the industry.
Based on the 2026Q1 balance sheet, the company maintains a current ratio of 1.71, which, while improved from historical lows, remains vulnerable given the company's ongoing negative net margin and the significant capital requirements necessary to sustain its regulatory and R&D-heavy business model.
The current liquidity position provides only a narrow margin of safety, leaving the company susceptible to any unexpected operational disruptions or delays in product adoption. Without a clear path to positive free cash flow, the company may remain dependent on external financing, which could further strain its balance sheet and dilute existing shareholders.
Investors frequently misapply the price-to-sales ratio to Owlet, failing to account for the company's high hardware-related COGS and the significant R&D investment required for FDA compliance, which obscures the true earning power of the business compared to pure-play software or high-margin medical device peers.
Using P/S as the primary valuation metric ignores the fundamental difference between transactional hardware revenue and recurring software revenue, which is the key to the company's long-term viability. Analysts should instead focus on the contribution margin of the medical-grade product line and the potential for insurance reimbursement to provide a more accurate assessment of the company's intrinsic value.
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Quick answers to the most common questions about buying OWLT stock.
Owlet, Inc.'s current P/E ratio is -2.6x. This places it at the 50th percentile of its historical range.
Owlet, Inc.'s return on equity (ROE) is -556.8%. The historical average is -386.7%.
Based on historical data, Owlet, Inc. is trading at a P/E of -2.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Owlet, Inc. has 50.6% gross margin and -7.8% operating margin.