Latest Ratios: P/E Ratio -6.6x · EV/EBITDA N/A · ROE -19.9%. (2008–2025 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 | $40M | $53M | $45M | $67M | $26M | $66M | $34M | $20M | $46M | $66M | $52M |
| Enterprise Value | $26M | $39M | $4M | $65M | $18M | $58M | $28M | $12M | $72M | $95M | $80M |
| P/E Ratio → | -6.61 | — | 1.42 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.43 | 1.92 | 1.98 | 6.05 | 1.01 | 3.63 | 1.73 | 0.96 | 0.43 | 0.65 | 0.45 |
| P/B Ratio | 1.36 | 1.81 | 1.28 | 4.73 | 1.54 | 3.40 | 2.44 | 1.18 | 3.83 | 3.79 | 1.94 |
| P/FCF | — | — | — | — | — | — | — | — | 29.29 | — | — |
| P/OCF | — | — | — | — | — | — | — | — | 21.28 | 47.42 | — |
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 | — | 1.43 | 0.19 | 5.84 | 0.70 | 3.15 | 1.42 | 0.58 | 0.68 | 0.94 | 0.70 |
| EV / EBITDA | — | — | — | — | — | — | — | — | 50.26 | 13.63 | 16.20 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | 19.37 |
| EV / FCF | — | — | — | — | — | — | — | — | 45.98 | — | — |
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 | 12.4% | 12.4% | 24.1% | 20.0% | 10.9% | 7.6% | 4.5% | 5.7% | 18.1% | 19.7% | 21.8% |
| Operating Margin | -23.9% | -23.9% | -22.9% | -63.3% | -22.5% | -21.1% | -22.0% | -57.1% | -1.8% | 3.3% | 1.8% |
| Net Profit Margin | -23.3% | -23.3% | 139.2% | -17.1% | -20.9% | -11.8% | -15.3% | -5.0% | -5.3% | -9.2% | -0.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -19.9% | -19.9% | 128.3% | -12.2% | -29.7% | -13.0% | -19.5% | -7.2% | -38.5% | -42.3% | -2.1% |
| ROA | -12.6% | -12.6% | 64.4% | -5.4% | -16.6% | -8.8% | -12.0% | -2.0% | -8.0% | -12.7% | -0.8% |
| ROIC | -94.7% | -94.7% | -122.4% | -50.8% | -44.1% | -31.2% | -38.5% | -37.5% | -3.3% | 5.0% | 3.2% |
| ROCE | -19.6% | -19.6% | -20.7% | -42.7% | -29.4% | -20.8% | -24.9% | -60.7% | -8.5% | 11.6% | 6.7% |
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 | 0.05 | 0.05 | 0.02 | 0.09 | 0.13 | 0.06 | 0.10 | 0.02 | 2.20 | 1.66 | 1.06 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 18.39 | 4.16 | 5.74 |
| Net Debt / Equity | — | -0.46 | -1.15 | -0.17 | -0.47 | -0.45 | -0.44 | -0.47 | 2.18 | 1.65 | 1.05 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | 18.24 | 4.12 | 5.69 |
| Debt / FCF | — | — | — | — | — | — | — | — | 16.69 | — | — |
| Interest Coverage | — | — | — | — | — | — | — | -29.68 | -9.96 | — | 2.37 |
Net cash position: cash ($15M) exceeds total debt ($2M)
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 | 5.23 | 5.23 | 1.89 | 1.52 | 1.74 | 3.82 | 2.52 | 2.07 | 0.90 | 1.04 | 1.07 |
| Quick Ratio | 3.94 | 3.94 | 1.69 | 1.10 | 1.28 | 3.19 | 2.09 | 1.61 | 0.37 | 0.53 | 0.46 |
| Cash Ratio | 3.06 | 3.06 | 1.39 | 0.20 | 0.54 | 1.51 | 1.37 | 0.93 | 0.00 | 0.00 | 0.01 |
| Asset Turnover | — | 0.76 | 0.35 | 0.34 | 0.70 | 0.66 | 0.92 | 0.72 | 1.47 | 1.45 | 1.48 |
| Inventory Turnover | 3.83 | 3.83 | 2.86 | 1.17 | 2.64 | 4.07 | 7.74 | 4.26 | 3.19 | 3.51 | 3.37 |
| Days Sales Outstanding | — | 41.39 | 124.85 | 295.85 | 157.11 | 163.59 | 57.85 | 104.20 | 11.61 | 48.35 | 45.75 |
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 | 41.7% | 31.5% | — | — | — | 1.6% | — | — | — | — | — |
| 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 | — | — | 70.2% | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | 3.4% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 41.7% | 31.5% | 0.0% | 0.0% | 0.0% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $11M | $11M | $10M | $10M | $9M | $9M | $9M | $9M | $9M | $9M |
Persistent Operating Margin Deficit
As reported in financial statements, PPSI trades at a price-to-book ratio of 1.48, which appears to reflect investor optimism regarding its green-tech pivot rather than current earnings, especially given the negative TTM P/E of -7.20 that highlights the absence of a traditional valuation floor.
The market is clearly pricing the company as a growth-stage entity, ignoring the lack of profitability in favor of potential future market share in EV infrastructure. Investors should monitor whether this premium can be sustained if the company fails to demonstrate a clear path to positive earnings in the coming fiscal periods.
Based on the company's reported figures, ROIC has remained consistently negative, reaching -9.9% in 2026Q1, which suggests that the firm is currently destroying shareholder value rather than compounding it as it attempts to scale its e-Bloc and e-Boost product lines within a competitive industrial landscape.
The persistent negative returns on invested capital indicate that the company's current manufacturing and R&D investments are not yet generating sufficient incremental profit to cover their cost. This trend warrants further investigation into whether the current business model can ever achieve the scale necessary to reach positive return thresholds.
According to recent SEC filings, the cash conversion cycle remains highly volatile, peaking at 158 days in 2026Q1, which reflects significant inefficiencies in managing inventory and receivables compared to the more streamlined operations of larger industrial peers like Powell Industries.
The extended DIO and DSO metrics suggest that the company is struggling to convert its project-based revenue into cash in a timely manner. This inefficiency places additional strain on the balance sheet, as capital remains tied up in long-cycle inventory and uncollected receivables for extended periods.
As evidenced by the low 0.05% debt-to-equity ratio, the company maintains a clean balance sheet, yet this lack of leverage appears to be a result of limited debt capacity rather than a strategic choice to avoid interest-bearing obligations in a high-growth, cash-burning environment.
While the absence of significant debt reduces immediate insolvency risk, it also highlights the company's reliance on equity-based funding to sustain its operations. Investors should monitor whether the current cash reserves are sufficient to bridge the gap until the business model reaches a self-sustaining, profitable scale.
Based on the company's reported figures, the price-to-sales ratio is frequently misapplied by market participants who fail to account for the lumpy, project-based nature of revenue, which can artificially inflate or deflate the multiple depending on the timing of large e-Bloc installations.
Using P/S as a primary valuation tool obscures the underlying margin profile and the high cost of acquiring new revenue. Analysts should instead focus on unit economics and the attachment rate of recurring service contracts to better assess the true quality and sustainability of the company's top-line growth.
Includes 30+ ratios · 18 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 PPSI stock.
Pioneer Power Solutions, Inc.'s current P/E ratio is -6.6x. The historical average is 6.8x.
Pioneer Power Solutions, Inc.'s return on equity (ROE) is -19.9%. The historical average is -2.6%.
Based on historical data, Pioneer Power Solutions, Inc. is trading at a P/E of -6.6x. Compare with industry peers and growth rates for a complete picture.
Pioneer Power Solutions, Inc.'s current dividend yield is 41.72%.
Pioneer Power Solutions, Inc. has 12.4% gross margin and -23.9% operating margin.