Latest Ratios: P/E Ratio -5.9x · EV/EBITDA N/A · ROE -14.0%. (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 | $232M | $429M | $1.3B | $1.4B | $350M | $308M | — | — |
| Enterprise Value | $223M | $420M | $1.3B | $1.4B | $384M | $328M | — | — |
| P/E Ratio → | -5.89 | — | — | — | — | — | — | — |
| P/S Ratio | 1.72 | 3.19 | 9.55 | 15.60 | 7.15 | 13.63 | — | — |
| P/B Ratio | 0.84 | 1.56 | 4.75 | 8.66 | 3.90 | 2.23 | — | — |
| 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 | — | 3.12 | 9.52 | 15.52 | 7.83 | 14.54 | — | — |
| 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 | 76.6% | 76.6% | 70.7% | 60.4% | 43.5% | 20.0% | 11.6% | -81.2% |
| Operating Margin | -35.8% | -35.8% | -26.3% | -56.2% | -129.2% | -233.6% | -241.2% | -2055.8% |
| Net Profit Margin | -29.0% | -29.0% | -19.6% | -54.6% | -136.2% | -215.5% | 187.9% | 5632.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -14.0% | -14.0% | -12.4% | -38.8% | -58.5% | -35.2% | — | — |
| ROA | -12.4% | -12.4% | -11.0% | -29.2% | -38.9% | -33.2% | 26.1% | 114.3% |
| ROIC | -13.3% | -13.3% | -12.8% | -27.1% | -33.7% | -24.9% | — | — |
| ROCE | -16.7% | -16.7% | -16.2% | -34.0% | -40.3% | -39.0% | -37.1% | -45.2% |
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 | 0.04 | 0.04 | 0.04 | 0.02 | 0.50 | 0.33 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.03 | -0.02 | -0.04 | 0.37 | 0.15 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -970.90 | -970.90 | -1304.00 | -13.69 | -12.50 | -12.22 | 55.18 | 4856.54 |
Net cash position: cash ($20M) exceeds total debt ($11M)
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 | 10.95 | 10.95 | 11.36 | 8.06 | 7.81 | 15.92 | 7.03 | 10.67 |
| Quick Ratio | 9.75 | 9.75 | 10.50 | 7.22 | 6.95 | 15.19 | 6.31 | 9.81 |
| Cash Ratio | 8.69 | 8.69 | 9.17 | 6.08 | 6.14 | 14.38 | 5.95 | 9.54 |
| Asset Turnover | — | 0.43 | 0.44 | 0.49 | 0.33 | 0.12 | 0.15 | 0.02 |
| Inventory Turnover | 1.00 | 1.00 | 1.86 | 2.03 | 1.87 | 2.25 | 1.57 | 0.56 |
| Days Sales Outstanding | — | 63.47 | 78.39 | 83.10 | 81.60 | 78.55 | 71.24 | 128.51 |
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 | — | $41M | $39M | $34M | $28M | $27M | $19M | $19M |
Revenue growth deceleration trend
Based on current market data, RXST trades at a P/S multiple of 1.65, which appears to discount the company's recent revenue contraction and suggests that investors are increasingly skeptical of the firm's ability to re-accelerate its top-line growth within the competitive premium IOL market.
The current valuation multiple is notably compressed compared to historical levels, reflecting a shift in market sentiment from growth-at-any-cost to a focus on fundamental viability. This pricing implies that the market is no longer willing to assign a premium for the company's unique technology without clear evidence of a return to sustainable, double-digit revenue expansion.
As reported in recent financial statements, RXST's ROIC has consistently remained in negative territory, reaching -5.1% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its heavy investments in commercial infrastructure and specialized manufacturing capabilities.
The persistent negative return on capital highlights the difficulty of scaling a high-touch, hardware-dependent medical device model. Investors should monitor whether the company can achieve a positive inflection point in ROIC as the installed base of Light Delivery Devices matures and begins to generate more consistent, high-margin consumable revenue.
According to quarterly filings, the company's cash conversion cycle has expanded significantly to 395 days in 2026Q1, primarily driven by an elevated days inventory outstanding of 404 days, which suggests substantial inefficiencies in managing the supply chain for its proprietary Light Adjustable Lens technology.
This extended cycle indicates that capital is being trapped in inventory for over a year, which is unsustainable for a company currently burning cash. The lack of improvement in inventory turnover suggests that either demand is failing to meet production forecasts or the company is intentionally building a buffer that it cannot yet efficiently monetize.
Based on reported figures, RXST maintains a negligible debt-to-equity ratio of 0.04%, which provides a fortress-like balance sheet in terms of solvency but fails to address the underlying operational reality that the company is currently reliant on equity dilution to fund its ongoing cash burn.
While the lack of debt minimizes interest coverage risk, it also suggests that the company has not yet reached a stage of maturity where it can leverage its assets to optimize its capital structure. The absence of debt service obligations is a positive, yet it does not mitigate the fundamental risk posed by the company's inability to reach operating break-even.
The market's reliance on the P/S ratio as a primary valuation metric for RXST is fundamentally flawed, as it obscures the high-cost nature of the company's razor-razorblade model and fails to account for the significant disparity between hardware sales and high-margin recurring consumable revenue.
Investors should instead focus on the LAL utilization rate per installed LDD, as this metric provides a more accurate reflection of the company's long-term earning power. Using a simple revenue multiple ignores the reality that not all revenue is created equal, particularly when the cost of acquiring new LDD placements remains so high.
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Quick answers to the most common questions about buying RXST stock.
RxSight, Inc.'s current P/E ratio is -5.9x. This places it at the 50th percentile of its historical range.
RxSight, Inc.'s return on equity (ROE) is -14.0%. The historical average is -31.8%.
Based on historical data, RxSight, Inc. is trading at a P/E of -5.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
RxSight, Inc. has 76.6% gross margin and -35.8% operating margin.