Latest Ratios: P/E Ratio -24.4x · EV/EBITDA N/A · ROE -18.0%. (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 | $5.5B | $4.1B | $1.9B | $766M | $1.6B | $2.2B | — | — |
| Enterprise Value | $5.2B | $3.8B | $2.5B | $1.5B | $2.2B | $2.6B | — | — |
| P/E Ratio → | -24.41 | — | — | 11.22 | 17.58 | — | — | — |
| P/S Ratio | 8.36 | 6.27 | 3.32 | 2.38 | 4.44 | 6.03 | — | — |
| P/B Ratio | 4.39 | 3.61 | 1.61 | 0.66 | 1.41 | 2.02 | — | — |
| P/FCF | 26.16 | 19.64 | 10.77 | — | — | 34.89 | — | — |
| P/OCF | 22.91 | 17.20 | 9.89 | 3967.25 | — | 30.19 | — | — |
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 | — | 5.83 | 4.40 | 4.71 | 5.99 | 7.24 | — | — |
| EV / EBITDA | — | — | 39.86 | 9.52 | 11.02 | — | — | — |
| EV / EBIT | — | — | — | 11.22 | 16.59 | — | — | — |
| EV / FCF | — | 18.24 | 14.29 | — | — | 41.89 | — | — |
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 | 57.5% | 57.5% | 56.5% | 39.8% | 35.7% | 47.6% | 47.7% | 35.1% |
| Operating Margin | -30.8% | -30.8% | -0.7% | 29.3% | 36.1% | -165.6% | 21.0% | -2.4% |
| Net Profit Margin | -31.6% | -31.6% | -1.1% | 21.0% | 25.5% | -182.6% | 7.1% | -17.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -18.0% | -18.0% | -0.5% | 5.9% | 8.3% | -96.4% | 8.8% | -16.0% |
| ROA | -8.1% | -8.1% | -0.2% | 2.8% | 3.6% | -35.6% | 2.1% | -3.7% |
| ROIC | -11.6% | -11.6% | -0.2% | 3.9% | 6.1% | -36.4% | 5.5% | -0.4% |
| ROCE | -8.3% | -8.3% | -0.2% | 4.1% | 5.4% | -33.5% | 6.5% | -0.5% |
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 | 0.03 | 0.03 | 0.70 | 0.69 | 0.60 | 0.61 | 2.36 | 2.78 |
| Debt / EBITDA | — | — | 13.00 | 5.01 | 3.49 | — | 5.30 | 13.97 |
| Net Debt / Equity | — | -0.26 | 0.52 | 0.65 | 0.49 | 0.41 | 2.28 | 2.74 |
| Net Debt / EBITDA | — | — | 9.80 | 4.71 | 2.85 | — | 5.13 | 13.78 |
| Debt / FCF | — | -1.40 | 3.51 | — | — | 7.01 | 10.50 | — |
| Interest Coverage | -5.04 | -5.04 | -0.09 | 3.27 | 3.05 | -13.00 | 1.70 | -0.09 |
Net cash position: cash ($326M) exceeds total debt ($34M)
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 | 3.22 | 3.22 | 6.31 | 4.56 | 4.16 | 3.70 | 4.04 | 2.57 |
| Quick Ratio | 2.42 | 2.42 | 4.44 | 1.91 | 2.23 | 2.64 | 2.25 | 1.11 |
| Cash Ratio | 1.86 | 1.86 | 3.18 | 0.96 | 1.71 | 2.24 | 0.68 | 0.21 |
| Asset Turnover | — | 0.25 | 0.23 | 0.14 | 0.15 | 0.14 | 0.30 | 0.21 |
| Inventory Turnover | 1.99 | 1.99 | 2.10 | 1.33 | 1.62 | 1.77 | 3.02 | 2.22 |
| Days Sales Outstanding | — | 35.98 | 43.68 | 46.81 | 27.19 | 25.32 | 43.37 | 63.32 |
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 | — | — | — | — | — | 2.7% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 8.9% | 5.7% | — | — | — |
| FCF Yield | 3.8% | 5.1% | 9.3% | — | — | 2.9% | — | — |
| Buyback Yield | 0.7% | 1.0% | 0.8% | 8.4% | 3.1% | 2.7% | — | — |
| Total Shareholder Yield | 0.7% | 1.0% | 0.8% | 8.4% | 3.1% | 5.5% | — | — |
| Shares Outstanding | — | $149M | $146M | $166M | $175M | $157M | $157M | $157M |
Extreme seasonal earnings volatility
Based on current market data, PRM trades at a forward P/E of 19.72, which appears to price in significant future growth that contrasts with the company's recent history of negative earnings and the inherent volatility of its wildfire-dependent revenue model as observed in recent SEC filings.
The valuation multiples suggest the market is treating the company as a growth-oriented platform rather than a mature industrial entity. Investors should monitor whether this premium is sustainable given the lack of consistent GAAP profitability and the potential for competitive encroachment to compress future margins.
As reported in financial statements, the company's ROIC has frequently dipped into negative territory, reaching -0.8% in 2026Q1, which indicates that the firm is currently failing to generate returns on invested capital that exceed its cost of capital due to heavy reliance on intangible assets.
The persistent gap between gross margin strength and ROIC suggests that the company's capital base is bloated by acquisition-related goodwill. This structure likely masks the true operational efficiency of the underlying chemical business, warranting further investigation into whether future capital allocation can improve these returns.
According to recent quarterly data, the cash conversion cycle has remained elevated, peaking at 381 days in 2023Q4, which reflects the significant logistical burden of pre-positioning retardant inventory at airfields well ahead of the peak wildfire season to maintain the company's critical service moat.
The high DIO and extended CCC suggest that the company's operational efficiency is structurally constrained by the necessity of its service model. While this inventory strategy reinforces the competitive barrier, it also ties up significant liquidity, leaving the firm vulnerable to cash flow mismatches during off-peak periods.
Based on the latest quarterly filings, the debt-to-equity ratio has climbed to 1.13 in 2026Q1, signaling a marked shift toward a more aggressive, debt-funded capital structure that contrasts sharply with the company's historically conservative leverage profile observed in previous fiscal periods.
The rapid increase in debt levels, coupled with inconsistent interest coverage, suggests that the company's financial flexibility may be narrowing. Investors should monitor whether this leverage is sustainable if the wildfire season fails to meet revenue expectations, potentially pressuring the company's ability to service its obligations.
As noted in industry analysis, the P/E ratio is the most commonly misapplied metric for this business model, as it fails to account for the massive non-cash amortization charges and extreme seasonal revenue swings that distort the company's reported net income on a quarterly basis.
Using P/E to evaluate PRM obscures the underlying cash-generative capacity of the Fire Safety segment. Analysts should instead focus on adjusted EBITDA or free cash flow metrics that normalize for the heavy non-cash expenses and the timing of government-driven inventory deployments.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying PRM stock.
Perimeter Solutions, S.A.'s current P/E ratio is -24.4x. The historical average is 14.4x.
Perimeter Solutions, S.A.'s return on equity (ROE) is -18.0%. The historical average is -15.4%.
Based on historical data, Perimeter Solutions, S.A. is trading at a P/E of -24.4x. Compare with industry peers and growth rates for a complete picture.
Perimeter Solutions, S.A. has 57.5% gross margin and -30.8% operating margin.