Latest Ratios: P/E Ratio -0.8x · EV/EBITDA N/A · ROE N/A. (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 | $1.4B | $2.0B | $74M | $159M | $373M | $825M | — | — |
| Enterprise Value | $6.7B | $7.3B | $4.3B | $3.0B | $852M | $894M | — | — |
| P/E Ratio → | -0.75 | — | — | — | — | — | — | — |
| P/S Ratio | 0.44 | 0.65 | 0.04 | 0.07 | 0.15 | 0.61 | — | — |
| P/B Ratio | — | — | — | — | — | 6.73 | — | — |
| 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 | — | 2.38 | 2.14 | 1.25 | 0.35 | 0.67 | — | — |
| 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 | -35.4% | -35.4% | -43.1% | -17.4% | 4.9% | 0.8% | 9.3% | 56.9% |
| Operating Margin | -65.0% | -65.0% | -89.1% | -62.2% | -37.4% | -71.5% | -72.2% | -207.7% |
| Net Profit Margin | -77.1% | -77.1% | -100.8% | -50.2% | -19.6% | -75.0% | -79.5% | -214.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | -286.5% | -82.7% | -33.5% |
| ROA | -59.0% | -59.0% | -50.1% | -29.6% | -13.2% | -34.4% | -23.7% | -12.8% |
| ROIC | -262.6% | -262.6% | -109.3% | -118.2% | -261.1% | -161.5% | -41.2% | -16.0% |
| ROCE | — | — | — | -218.2% | -178.4% | -202.4% | -68.4% | -31.6% |
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 | — | — | — | — | — | 6.74 | 0.75 | 0.92 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | 0.56 | 0.21 | 0.52 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -5.29 | -5.29 | -5.14 | -4.56 | -4.78 | -20.52 | -16.72 | -8.35 |
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 | 0.43 | 0.43 | 0.48 | 0.65 | 0.68 | 0.53 | 0.63 | 0.56 |
| Quick Ratio | 0.29 | 0.29 | 0.26 | 0.38 | 0.48 | 0.35 | 0.40 | 0.54 |
| Cash Ratio | 0.19 | 0.19 | 0.16 | 0.22 | 0.31 | 0.25 | 0.17 | 0.25 |
| Asset Turnover | — | 0.78 | 0.50 | 0.58 | 0.62 | 0.41 | 0.24 | 0.06 |
| Inventory Turnover | 4.82 | 4.82 | 2.70 | 3.01 | 3.56 | 2.45 | 1.28 | 1.75 |
| Days Sales Outstanding | — | 72.79 | 75.17 | 72.78 | 47.67 | 67.05 | 213.60 | 179.28 |
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% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $93M | $70M | $70M | $70M | $71M | $56M | $7M |
Liquidity and Tariff Exposure
According to recent market data, Polestar trades at a P/S multiple of 0.40, a valuation level that suggests investors are heavily discounting the company's long-term viability rather than pricing it as a growth-stage automotive manufacturer with sustainable future earnings potential.
The current valuation multiple appears to reflect a market consensus that the company is in a distressed state, prioritizing liquidity survival over growth. Unlike established luxury peers, the lack of a forward P/E or meaningful EV/EBITDA multiple indicates that the market is currently unable to assign value to future cash flows, viewing the equity as a high-risk option on survival.
Based on reported figures, Polestar's ROIC has remained deeply negative, reaching -62.2% in 2025Q2, which highlights a fundamental inability to generate returns on invested capital that exceed the cost of funding the company's capital-intensive manufacturing and development operations.
The consistent deterioration in ROIC suggests that the company's asset-light model has failed to provide the expected efficiency gains, as the burden of R&D and fixed manufacturing fees continues to outpace revenue generation. This trend warrants further investigation into whether the current business model can ever achieve positive compounding returns without a radical shift in unit-level economics.
As reported in financial statements, the company's cash conversion cycle reached 55 days in 2025Q2, a metric that remains highly volatile and underscores the operational challenges of managing inventory and supplier payables in a delivery-dependent, capital-constrained automotive business model.
The fluctuation in days of inventory outstanding, which peaked at 141 days in 2023Q3, suggests that the company struggles to align production with actual consumer demand. This inefficiency forces the company to tie up precious liquidity in unsold finished goods, further exacerbating the pressure on its already strained balance sheet.
According to recent SEC filings, Polestar's current ratio has compressed to 0.43 as of 2025Q2, indicating a severe liquidity constraint that leaves the company with minimal flexibility to navigate operational shocks or fund ongoing working capital requirements without immediate external capital injections.
The quick ratio of 0.27 further confirms that the company's ability to meet short-term obligations is heavily dependent on the rapid liquidation of inventory, which is inherently risky in a cooling EV market. Investors should monitor the company's reliance on parent-company credit lines, as this appears to be the primary mechanism preventing a liquidity crisis.
The most commonly misapplied metric for Polestar is top-line revenue growth, which obscures the company's underlying inability to achieve unit-level profitability and masks the significant cash burn required to sustain its current market share in a highly competitive and cyclical automotive environment.
Analysts often prioritize revenue expansion as a proxy for success, but this ignores the negative gross margins that suggest the company is effectively subsidizing each vehicle sale. A more appropriate focus would be the 'Cost per Delivered Unit' or 'Gross Margin per Vehicle,' which would provide a clearer picture of whether the company is moving toward a sustainable, self-funding business model.
Includes 30+ ratios · 7 years · Updated daily
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Polestar Automotive Holding UK PLC's current P/E ratio is -0.8x. This places it at the 50th percentile of its historical range.
Based on historical data, Polestar Automotive Holding UK PLC is trading at a P/E of -0.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Polestar Automotive Holding UK PLC has -35.4% gross margin and -65.0% operating margin.