Latest Ratios: P/E Ratio -3167.5x · EV/EBITDA 121.9x · ROE -0.2%. (2000–2025 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 | $2.1B | $1.1B | $1.1B | $1.3B | $1.1B | $1.2B | $744M | $547M | $271M | $503M | $731M |
| Enterprise Value | $2.1B | $1.2B | $972M | $1.2B | $952M | $1.2B | $722M | $459M | $175M | $402M | $615M |
| P/E Ratio → | -3167.48 | — | 270.80 | 403.26 | — | — | — | — | — | — | 80.54 |
| P/S Ratio | 9.41 | 5.12 | 5.89 | 7.55 | 7.16 | 10.63 | 8.45 | 6.40 | 3.16 | 4.94 | 6.81 |
| P/B Ratio | 7.49 | 4.14 | 4.30 | 5.47 | 5.07 | 5.38 | 3.17 | 2.79 | 1.36 | 2.54 | 3.68 |
| P/FCF | — | — | — | 400.46 | 44.86 | 6213.77 | 50.24 | 39.00 | 1221.55 | 1734.47 | — |
| P/OCF | 85.69 | 46.64 | 108.98 | 85.71 | 32.94 | 278.25 | 34.17 | 22.26 | 20.33 | 47.70 | 365.66 |
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 | — | 5.28 | 5.42 | 6.99 | 6.41 | 10.44 | 8.21 | 5.37 | 2.04 | 3.94 | 5.72 |
| EV / EBITDA | 121.93 | 67.27 | 241.79 | 225.46 | 253.13 | — | — | — | — | 68.70 | 35.41 |
| EV / EBIT | 358.40 | 161.56 | 1039.55 | — | — | — | — | — | — | 2114.37 | 47.43 |
| EV / FCF | — | — | — | 370.77 | 40.13 | 6104.99 | 48.76 | 32.72 | 788.72 | 1385.27 | — |
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 | 74.0% | 74.0% | 69.8% | 68.8% | 67.8% | 60.2% | 58.2% | 60.9% | 50.1% | 53.4% | 58.6% |
| Operating Margin | 2.7% | 2.7% | -0.3% | -0.7% | -2.0% | -15.0% | -19.0% | -8.7% | -11.6% | 0.2% | 12.1% |
| Net Profit Margin | -0.3% | -0.3% | 2.3% | 1.9% | -2.3% | -19.3% | -45.8% | -6.3% | -9.0% | -1.3% | 8.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.2% | -0.2% | 1.7% | 1.4% | -1.6% | -9.5% | -18.7% | -2.7% | -3.9% | -0.7% | 4.9% |
| ROA | -0.2% | -0.2% | 1.3% | 1.1% | -1.2% | -7.7% | -15.3% | -2.3% | -3.4% | -0.6% | 4.4% |
| ROIC | 1.9% | 1.9% | -0.3% | -0.7% | -1.5% | -6.1% | -7.8% | -5.3% | -7.4% | 0.2% | 14.9% |
| ROCE | 1.9% | 1.9% | -0.2% | -0.5% | -1.3% | -7.0% | -7.3% | -3.6% | -4.8% | 0.1% | 6.8% |
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 | 0.28 | 0.28 | 0.02 | 0.03 | 0.03 | 0.03 | 0.04 | 0.05 | — | — | — |
| Debt / EBITDA | 4.46 | 4.46 | 1.29 | 1.20 | 1.95 | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.13 | -0.35 | -0.41 | -0.53 | -0.09 | -0.09 | -0.45 | -0.48 | -0.51 | -0.59 |
| Net Debt / EBITDA | 2.00 | 2.00 | -21.25 | -18.06 | -29.86 | — | — | — | — | -17.32 | -6.73 |
| Debt / FCF | — | — | — | -29.69 | -4.73 | -108.78 | -1.48 | -6.27 | -432.83 | -349.20 | — |
| Interest Coverage | 1.81 | 1.81 | 0.17 | — | — | — | -13.23 | — | -19.02 | — | 1295.60 |
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 | 2.28 | 2.28 | 3.40 | 3.89 | 3.32 | 4.30 | 4.58 | 5.27 | 8.05 | 8.29 | 9.19 |
| Quick Ratio | 2.28 | 2.28 | 3.40 | 3.89 | 3.32 | 4.30 | 4.58 | 5.27 | 8.05 | 8.29 | 9.19 |
| Cash Ratio | 0.59 | 0.59 | 1.90 | 2.67 | 2.39 | 3.20 | 3.44 | 3.49 | 4.92 | 5.12 | 6.31 |
| Asset Turnover | — | 0.52 | 0.57 | 0.57 | 0.53 | 0.41 | 0.31 | 0.36 | 0.38 | 0.45 | 0.48 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 138.21 | 149.79 | 98.83 | 103.60 | 131.75 | 141.53 | 173.37 | 219.40 | 206.25 | 163.57 |
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 | — | — | 0.4% | 0.2% | — | — | — | — | — | — | 1.2% |
| FCF Yield | — | — | — | 0.2% | 2.2% | 0.0% | 2.0% | 2.6% | 0.1% | 0.1% | — |
| Buyback Yield | 0.0% | 0.0% | 0.7% | 0.1% | 2.1% | 0.4% | 0.0% | 1.8% | 1.9% | 2.7% | 0.3% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.7% | 0.1% | 2.1% | 0.4% | 0.0% | 1.8% | 1.9% | 2.7% | 0.3% |
| Shares Outstanding | — | $39M | $39M | $39M | $37M | $37M | $34M | $32M | $32M | $32M | $32M |
Geopolitical export control exposure
According to current market data, PDFS trades at a forward P/E of 50.51 and a P/S ratio of 11.48, suggesting that investors are pricing in significant future expansion rather than current GAAP profitability, which remains constrained by heavy R&D and stock-based compensation expenses.
The valuation multiples appear to reflect a market expectation that the company will successfully transition into a high-margin software-as-a-service provider. Investors should monitor whether the current forward P/E multiple can be sustained if the company fails to demonstrate a clear path toward GAAP earnings expansion in the coming quarters.
Based on reported financial figures, PDFS has struggled to generate meaningful returns on invested capital, with ROIC hovering at a modest 1.7% as of 2026Q1, indicating that the company is currently failing to compound capital at rates exceeding its likely cost of equity.
The low ROIC suggests that the significant capital deployed into DFI hardware and strategic acquisitions has yet to yield the expected operational efficiency gains. This trend warrants further investigation into whether the company's heavy investment phase is a temporary drag or a structural limitation of its current business model.
As evidenced by the latest quarterly data, the company's DSO has climbed to 134 days, a significant increase from the 96 days observed in 2023Q4, which suggests that PDFS is experiencing growing friction in its cash conversion cycle and potential delays in customer payments.
The lengthening collection period may indicate that the company is granting more lenient credit terms to secure large-scale foundry contracts or that it is facing administrative delays in its complex service-based billing. This trend should be monitored closely as it directly impacts the company's ability to self-fund its R&D-heavy growth strategy.
According to recent balance sheet disclosures, PDFS maintains a healthy current ratio of 2.34 and a low debt-to-equity ratio of 0.03, providing a robust liquidity buffer that appears sufficient to navigate potential sector-specific downturns or geopolitical disruptions in its key Asian markets.
The company's minimal reliance on debt provides a strategic advantage, allowing it to maintain R&D spending even during periods of revenue volatility. This fortress-like balance sheet structure appears to be a deliberate management choice to mitigate the risks inherent in the cyclical semiconductor capital equipment industry.
The most commonly misapplied metric for PDFS is GAAP net income, which frequently obscures the company's underlying economic performance due to significant non-cash stock-based compensation and the lumpy nature of revenue recognition associated with its transition from gain-share royalties to subscription-based software contracts.
Investors should instead focus on adjusted EBITDA and free cash flow, which provide a more accurate view of the company's ability to generate cash from its core operations. Relying on GAAP net income may lead to an overly pessimistic assessment of the company's long-term value-creation potential.
Includes 30+ ratios · 26 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PDFS stock.
PDF Solutions, Inc.'s current P/E ratio is -3167.5x. The historical average is 50.1x.
PDF Solutions, Inc.'s current EV/EBITDA is 121.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 37.0x.
PDF Solutions, Inc.'s return on equity (ROE) is -0.2%. The historical average is -3.8%.
Based on historical data, PDF Solutions, Inc. is trading at a P/E of -3167.5x. Compare with industry peers and growth rates for a complete picture.
PDF Solutions, Inc. has 74.0% gross margin and 2.7% operating margin.
PDF Solutions, Inc.'s Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.