Latest Ratios: P/E Ratio -6.6x · EV/EBITDA N/A · ROE -65.4%. (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 | $24.9B | $23.4B | $13.5B | $22.2B | $16.8B | $21.2B | — | — |
| Enterprise Value | $28.0B | $26.4B | $13.9B | $19.5B | $7.1B | $4.6B | — | — |
| P/E Ratio → | -6.56 | — | — | — | — | — | — | — |
| P/S Ratio | 4.63 | 4.34 | 2.71 | 5.01 | 10.15 | 384.60 | — | — |
| P/B Ratio | 5.20 | 5.09 | 2.05 | 2.43 | 1.22 | 1.08 | — | — |
| 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 | — | 4.91 | 2.80 | 4.39 | 4.26 | 84.12 | — | — |
| 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 | 2.7% | 2.7% | -24.1% | -45.8% | -188.4% | -845.5% | — | — |
| Operating Margin | -66.5% | -66.5% | -94.3% | -129.4% | -413.5% | -7672.7% | — | — |
| Net Profit Margin | -67.7% | -67.7% | -95.5% | -122.5% | -407.2% | -8523.6% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -65.4% | -65.4% | -60.5% | -47.4% | -40.5% | -51.7% | — | — |
| ROA | -24.1% | -24.1% | -29.5% | -31.3% | -33.6% | -34.9% | -28.2% | -17.4% |
| ROIC | -36.7% | -36.7% | -52.5% | -82.4% | -146.3% | — | — | — |
| ROCE | -29.5% | -29.5% | -34.2% | -38.6% | -37.6% | -33.8% | -31.7% | -16.7% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.45 | 1.45 | 0.87 | 0.56 | 0.13 | 0.08 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.67 | 0.07 | -0.30 | -0.71 | -0.85 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -12.21 | -12.21 | -13.91 | -23.69 | -64.51 | -160.66 | -126.25 | -11.53 |
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 | 2.33 | 2.33 | 4.70 | 4.95 | 5.42 | 14.13 | 4.94 | 12.39 |
| Quick Ratio | 1.89 | 1.89 | 3.70 | 3.90 | 4.86 | 13.93 | 4.94 | 12.39 |
| Cash Ratio | 1.65 | 1.65 | 3.42 | 3.77 | 4.77 | 13.81 | 4.88 | 12.24 |
| Asset Turnover | — | 0.36 | 0.32 | 0.26 | 0.09 | 0.00 | — | — |
| Inventory Turnover | 3.29 | 3.29 | 2.74 | 2.47 | 3.55 | 1.90 | — | — |
| Days Sales Outstanding | — | 37.60 | 32.53 | 13.25 | 22.45 | 172.55 | — | — |
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 | — | $1.2B | $1.0B | $947M | $913M | $204M | $101M | $98M |
Persistent negative operating margins
According to recent market data, Rivian trades at a price-to-sales multiple of 3.59, a valuation that appears to price the company as a high-growth technology entity rather than a capital-intensive manufacturer, despite the persistent lack of positive earnings and the significant risks inherent in its current business model.
The current P/S multiple suggests investors are assigning a premium for software-defined vehicle potential that has yet to manifest in consistent bottom-line results. This valuation warrants caution, as it implies a growth trajectory that may be difficult to sustain given the company's ongoing reliance on external capital and the competitive pressures within the premium EV SUV segment.
Based on reported figures, Rivian's ROIC has consistently remained in negative territory, fluctuating between -6.8% and -19.1% over the last ten quarters, which indicates that the company is currently destroying shareholder value rather than compounding it through its massive investments in manufacturing and R&D infrastructure.
The persistent negative return on invested capital highlights the difficulty of scaling a clean-sheet automotive platform in a high-interest-rate environment. Until the company can demonstrate a clear path toward positive unit economics, these returns suggest that the capital deployed into the Normal facility and R2 development is not yet generating adequate economic profit.
As reported in financial statements, Rivian's cash conversion cycle has remained elevated, peaking at 179 days in 2025Q1, which suggests that the company faces significant challenges in managing its inventory and supplier leverage compared to more mature automotive manufacturers with optimized supply chain operations.
The high days-in-inventory (DIO) figure of 112 days as of 2026Q1 reflects the difficulty of balancing production output with actual consumer demand. This inefficiency ties up critical liquidity, forcing the company to maintain higher cash balances than would be necessary under a more streamlined, just-in-time manufacturing model.
According to recent balance sheet disclosures, Rivian's debt-to-equity ratio has climbed to 1.13 as of 2026Q1, signaling an increasing reliance on external financing to bridge the gap between its high-cost manufacturing operations and its current revenue generation capabilities, which warrants close monitoring by debt and equity holders alike.
The shift toward higher leverage is particularly concerning given the company's negative interest coverage ratio, which indicates that current operating cash flows are insufficient to service debt obligations. This trend suggests that the company's financial flexibility is narrowing, potentially limiting its ability to fund future growth initiatives without further dilutive capital raises.
Investors frequently misapply traditional automotive P/E or EV/EBITDA multiples to Rivian, a practice that obscures the company's current status as a pre-scale, capital-intensive growth entity where GAAP earnings are currently irrelevant due to the massive, non-recurring nature of its ongoing R&D and manufacturing startup costs.
Instead of relying on earnings-based multiples, analysts should focus on unit-level contribution margins and the 'Production-to-Delivery' gap to assess operational progress. Using traditional valuation metrics for a company in this phase of its lifecycle may lead to a fundamental misunderstanding of the risks associated with its path to self-funding.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying RIVN stock.
Rivian Automotive, Inc.'s current P/E ratio is -6.6x. This places it at the 50th percentile of its historical range.
Rivian Automotive, Inc.'s return on equity (ROE) is -65.4%. The historical average is -53.1%.
Based on historical data, Rivian Automotive, Inc. is trading at a P/E of -6.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Rivian Automotive, Inc. has 2.7% gross margin and -66.5% operating margin.