Latest Ratios: P/E Ratio -18.8x · EV/EBITDA N/A · ROE -10.0%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $2.3B | $5.5B | $1.6B | — | — | — |
| Enterprise Value | $2.1B | $5.2B | $1.1B | — | — | — |
| P/E Ratio → | -18.80 | — | — | — | — | — |
| P/S Ratio | 25.70 | 61.05 | 21.87 | — | — | — |
| P/B Ratio | 1.46 | 3.22 | 1.69 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 58.09 | 14.91 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|
| Gross Margin | 15.7% | 15.7% | 15.2% | 23.5% | 46.9% | 77.7% |
| Operating Margin | -289.8% | -289.8% | -380.6% | -199.2% | -249.6% | -2652.5% |
| Net Profit Margin | -148.9% | -148.9% | -365.4% | -173.6% | -216.4% | -2768.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -10.0% | -10.0% | -32.9% | -160.4% | — | — |
| ROA | -9.4% | -9.4% | -30.5% | -16.4% | -20.0% | -31.7% |
| ROIC | -20.8% | -20.8% | -59.2% | -38.8% | — | — |
| ROCE | -19.4% | -19.4% | -34.0% | -20.1% | -24.3% | -31.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.01 | 0.01 | — | — |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.16 | -0.54 | -0.60 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — |
Net cash position: cash ($295M) exceeds total debt ($29M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 13.67 | 13.67 | 11.77 | 13.83 | 13.38 | 14.69 |
| Quick Ratio | 13.67 | 13.67 | 11.77 | 13.83 | 13.38 | 14.69 |
| Cash Ratio | 12.76 | 12.76 | 10.51 | 12.24 | 12.01 | 13.91 |
| Asset Turnover | — | 0.05 | 0.07 | 0.10 | 0.09 | 0.01 |
| Inventory Turnover | — | — | — | — | — | — |
| Days Sales Outstanding | — | 141.50 | 179.41 | 189.00 | 182.56 | 97.53 |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | 0.3% | 0.1% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.3% | 0.1% | 0.0% | — | — | — |
| Shares Outstanding | — | $380M | $114M | $89M | $349M | $349M |
Unsustainable cash burn rate
Based on reported figures, Pony AI trades at a P/S ratio of 26.83, a valuation that appears to price in significant future software-licensing success rather than the current, capital-intensive Robotaxi service model that currently dominates the company's revenue mix and operational footprint.
The current P/S multiple suggests that investors are valuing the firm as a high-growth software entity, yet the underlying financials show a business still heavily tethered to hardware-intensive operations. This valuation gap warrants caution, as it implies a rapid transition to high-margin licensing that remains unproven in the current competitive landscape.
According to recent financial statements, Pony AI's ROIC has remained consistently negative, bottoming at -20.9% in 2024Q3, which reflects the massive, non-productive capital outlays required to sustain the company's autonomous driving research and development efforts relative to its current revenue generation.
The persistent negative return on invested capital indicates that the company is currently destroying shareholder value through its aggressive expansion strategy. Until the firm can demonstrate a clear path to scaling its software stack without proportional increases in hardware-related capital expenditure, these returns are unlikely to turn positive.
As reported in quarterly filings, the company's Days Sales Outstanding (DSO) has fluctuated significantly, reaching as high as 216 days in 2025Q1, which suggests that Pony AI faces substantial challenges in converting its project-based licensing and service contracts into actual cash inflows.
The extended collection periods indicate that the company may have limited leverage over its OEM partners and government clients, potentially creating a structural drag on liquidity. Investors should monitor whether these DSO trends stabilize as the company attempts to shift toward more standardized, high-volume commercial contracts.
Based on the latest quarterly data, Pony AI maintains a current ratio of 13.67, which appears robust on the surface but masks the reality that the company's cash reserves are being rapidly depleted by operating losses and high capital intensity in its autonomous fleet.
While the high current ratio provides a temporary cushion, the lack of positive operating cash flow means that this liquidity is essentially a finite runway rather than a sustainable working capital base. The company's reliance on external financing to maintain this liquidity position remains a critical risk factor for long-term solvency.
The market frequently misapplies traditional revenue growth metrics to Pony AI, failing to account for the lumpy, project-based nature of its licensing income which obscures the underlying, more stable, but currently loss-making, Robotaxi service utilization rates.
Investors should prioritize 'Miles per Disengagement' and 'Fleet Utilization Rates' over top-line revenue growth to gauge the true health of the business model. Relying on standard revenue multiples ignores the reality that current growth may be driven by one-time OEM integration fees rather than recurring, scalable autonomous service demand.
Includes 30+ ratios · 5 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 PONY stock.
Pony AI Inc. American Depositary Shares's current P/E ratio is -18.8x. This places it at the 50th percentile of its historical range.
Pony AI Inc. American Depositary Shares's return on equity (ROE) is -10.0%. The historical average is -67.8%.
Based on historical data, Pony AI Inc. American Depositary Shares is trading at a P/E of -18.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pony AI Inc. American Depositary Shares's current dividend yield is 0.26%.
Pony AI Inc. American Depositary Shares has 15.7% gross margin and -289.8% operating margin.