Latest Ratios: P/E Ratio -0.6x · EV/EBITDA N/A · ROE -9.0%. (2007–2025 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 | $8M | $23M | $11M | $12M | $20M | $55M | $5M | $15M | $16M | $129M | $115M |
| Enterprise Value | $-1469494 | $-41512780 | $-59237727 | $-56880169 | $-265576054 | $-246388803 | $6M | $32M | $-10811609 | $136M | $127M |
| P/E Ratio → | -0.58 | — | — | — | 0.21 | — | — | — | — | — | — |
| P/S Ratio | 0.82 | 0.35 | 0.15 | 0.17 | 0.24 | 1.15 | 0.08 | 0.15 | 0.19 | 2.15 | 2.69 |
| P/B Ratio | 0.05 | 0.05 | 0.02 | 0.03 | 0.05 | 0.19 | 0.04 | 0.14 | 0.18 | 3.10 | 2.32 |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.63 | -0.86 | -0.85 | -3.17 | -5.14 | 0.09 | 0.31 | -0.13 | 2.26 | 2.96 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | -2.79 | — | — | — | — | — | — |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.0% | 23.0% | 30.3% | 28.1% | 23.2% | 15.1% | 30.1% | 29.2% | 4.9% | 26.6% | 17.0% |
| Operating Margin | -86.5% | -86.5% | -104.0% | -103.3% | -98.2% | -128.5% | -29.1% | -22.6% | -48.5% | -51.0% | -93.4% |
| Net Profit Margin | -64.3% | -64.3% | -72.4% | -88.2% | 114.1% | -47.6% | -30.9% | -25.2% | -52.2% | -52.4% | -95.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.0% | -9.0% | -10.7% | -13.9% | 27.3% | -11.2% | -17.7% | -26.6% | -68.6% | -68.9% | -62.0% |
| ROA | -7.9% | -7.9% | -9.2% | -11.6% | 18.1% | -6.0% | -11.5% | -18.5% | -45.7% | -41.8% | -38.2% |
| ROIC | -10.6% | -10.6% | -13.6% | -20.9% | -108.6% | -86.2% | -11.6% | -18.8% | -56.7% | -42.0% | -38.6% |
| ROCE | -11.8% | -11.8% | -14.7% | -15.3% | -17.7% | -19.9% | -15.5% | -21.9% | -59.5% | -67.1% | -60.5% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.15 | 0.25 | 0.20 | 0.22 | 0.24 | 0.27 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.14 | -0.14 | -0.16 | -0.69 | -1.05 | 0.00 | 0.16 | -0.31 | 0.15 | 0.23 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -372.30 | -372.30 | -66.92 | -27.57 | -54.06 | -27.86 | -13.06 | -14.53 | -45.60 | -55.77 | -44.18 |
Net cash position: cash ($99M) 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.88 | 5.88 | 10.67 | 8.26 | 8.43 | 6.39 | 1.98 | 2.32 | 3.88 | 2.32 | 2.49 |
| Quick Ratio | 5.62 | 5.62 | 10.54 | 8.16 | 8.35 | 6.34 | 1.95 | 2.29 | 3.62 | 2.23 | 2.28 |
| Cash Ratio | 1.69 | 1.69 | 4.17 | 4.72 | 5.99 | 4.50 | 0.47 | 0.11 | 1.74 | 0.13 | 0.06 |
| Asset Turnover | — | 0.13 | 0.12 | 0.13 | 0.17 | 0.08 | 0.33 | 0.65 | 0.69 | 0.84 | 0.54 |
| Inventory Turnover | 3.20 | 3.20 | 7.63 | 7.62 | 16.52 | 11.17 | 22.92 | 57.08 | 11.88 | 16.78 | 5.62 |
| Days Sales Outstanding | — | 492.28 | 1338.67 | 439.26 | 293.06 | 622.73 | 364.60 | 283.96 | 122.13 | 276.78 | 365.25 |
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 | — | — | — | — | 467.3% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $9M | $7M | $2M | $2M | $705391 | $256923 | $217158 | $127594 | $1M | $1M |
SOE procurement dependency
Based on reported figures, RCON trades at a P/B ratio of 0.06, suggesting that the market assigns negligible value to the company's operating business and instead prices the equity primarily as a discount to its substantial cash-heavy balance sheet rather than as a growth-oriented industrial entity.
The negative P/E ratio and lack of meaningful EV/EBITDA multiples underscore the market's skepticism regarding the company's ability to generate future earnings. Investors appear to be discounting the stock heavily due to the persistent operational losses, effectively treating the company as a liquidation play rather than a going concern.
According to recent financial statements, RCON has consistently reported negative ROIC figures, with the most recent quarter showing -2.9%, indicating that the company is failing to generate returns that exceed its cost of capital while struggling to deploy its asset base effectively within the Chinese energy sector.
The inability to achieve positive returns on invested capital over the last ten quarters suggests that the company's core business model is structurally flawed. The persistent negative trend highlights that management has not yet found a way to translate its technical niche into a profitable, compounding return profile.
As reported in quarterly filings, RCON's cash conversion cycle remains extremely elevated, reaching 2583 days in 2025Q4, which reflects the severe difficulty in collecting payments from state-owned enterprise clients and the resulting strain on the company's operational liquidity and overall working capital management efficiency.
The massive DSO figures, which have peaked as high as 7812 days in recent history, indicate that the company is essentially acting as a long-term creditor to its customers. This structural inefficiency forces the company to maintain a massive cash buffer just to survive the extended payment cycles inherent in its project-based business model.
Based on the latest balance sheet data, RCON maintains a current ratio of 5.88, which appears robust on the surface, yet this liquidity is largely a function of cash accumulation rather than operational strength, as the company continues to burn through its reserves to fund ongoing negative cash flows.
While the quick ratio of 5.62 suggests the company could meet short-term obligations under stress, the lack of operational cash generation means this liquidity is finite. Investors should monitor whether this cash remains accessible or if it becomes trapped by the same regulatory and credit dynamics that plague the broader Chinese industrial sector.
The price-to-book ratio is frequently misapplied to RCON, as it obscures the reality that the company's book value is heavily comprised of cash and potentially impaired receivables rather than productive, revenue-generating assets that could support a valuation premium in a standard industrial context.
Using P/B to justify the stock's valuation ignores the fact that the company's core operations are value-destructive. A more appropriate metric would be a cash-adjusted EV/Revenue multiple, which would better reflect the company's actual operational performance and the significant discount the market applies to its non-cash assets.
Includes 30+ ratios · 19 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying RCON stock.
Recon Technology, Ltd.'s current P/E ratio is -0.6x. The historical average is 8.5x.
Recon Technology, Ltd.'s return on equity (ROE) is -9.0%. The historical average is -1.7%.
Based on historical data, Recon Technology, Ltd. is trading at a P/E of -0.6x. Compare with industry peers and growth rates for a complete picture.
Recon Technology, Ltd. has 23.0% gross margin and -86.5% operating margin.