Latest Ratios: P/E Ratio -3.4x · EV/EBITDA N/A · ROE -59.3%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $22M | $17M | $20M | $29M | $40M | $127M | — |
| Enterprise Value | $26M | $21M | $21M | $26M | $29M | $123M | — |
| P/E Ratio → | -3.36 | — | — | — | — | — | — |
| P/S Ratio | 4.79 | 3.74 | 3.55 | 4.25 | 3.73 | 7.47 | — |
| P/B Ratio | 2.93 | 2.28 | 1.37 | 1.71 | 1.95 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.62 | 3.84 | 3.90 | 2.72 | 7.21 | — |
| 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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | -51.9% | -51.9% | -18.2% | 6.7% | 10.7% | 7.4% | 46.1% |
| Operating Margin | -116.5% | -116.5% | -142.7% | -108.8% | -70.2% | -96.6% | 14.4% |
| Net Profit Margin | -142.7% | -142.7% | -106.2% | -90.3% | -83.1% | -98.0% | 20.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -59.3% | -59.3% | -37.7% | -33.0% | -98.5% | — | 81.3% |
| ROA | -41.3% | -41.3% | -32.2% | -31.2% | -54.2% | -214.6% | 10.0% |
| ROIC | -28.8% | -28.8% | -38.9% | -46.1% | -411.4% | — | — |
| ROCE | -46.4% | -46.4% | -49.1% | -38.9% | -48.7% | -237.6% | 7.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.57 | 0.57 | 0.19 | 0.05 | 0.02 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.54 | 0.11 | -0.14 | -0.53 | — | -2.62 |
| Net Debt / EBITDA | — | — | — | — | — | — | -3.56 |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.30 | 2.30 | 2.96 | 17.83 | 33.68 | 4.93 | 9.81 |
| Quick Ratio | 2.29 | 2.29 | 2.75 | 17.77 | 33.40 | 4.79 | 7.03 |
| Cash Ratio | 0.05 | 0.05 | 0.29 | 4.74 | 20.23 | 3.21 | 4.01 |
| Asset Turnover | — | 0.36 | 0.30 | 0.37 | 0.50 | 1.48 | 0.48 |
| Inventory Turnover | 109.02 | 109.02 | 8.49 | 143.61 | 62.49 | 79.67 | 1.17 |
| Days Sales Outstanding | — | 23.65 | 60.91 | 79.02 | 72.16 | 38.37 | 160.77 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| 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 | — | $2M | $2M | $2M | $1M | $862243 | $398318 |
Imminent liquidity and insolvency
According to current market data, SAIHEAT trades at a price-to-sales multiple of 4.72, a valuation that appears disconnected from the company's negative gross margins and the 18.42% year-over-year revenue decline reported in recent financial filings, suggesting investors are pricing in speculative potential rather than fundamental performance.
The P/S ratio of 4.72 implies that the market is assigning value to the company's intellectual property or potential pivot to AI infrastructure despite the lack of earnings. This valuation appears highly aggressive when compared to the company's inability to demonstrate a path to positive net income, warranting caution regarding the sustainability of this premium.
Based on reported financial statements, SAIHEAT's gross margin of -51.88% and operating margin of -116.45% indicate that the firm is currently unable to cover its direct production costs, let alone its administrative overhead, which suggests a fundamental lack of scale in its current business model.
The deep negative margins suggest that the company's transition to liquid-cooling hardware is currently value-destructive. Investors should monitor whether these margins are a temporary byproduct of R&D investment or a structural issue where the cost of delivering heat-recovery solutions exceeds the market price for such services.
As indicated by the most recent financial disclosures, the company holds a cash balance of only $202,000, a figure that appears dangerously low given the firm's history of negative operating cash flows and the capital-intensive nature of its specialized data center hardware development and deployment.
The current ratio and quick ratio, while historically high in 2021, provide little comfort given the rapid erosion of the company's equity base. The lack of liquid assets suggests that the firm may be forced into highly dilutive financing rounds to maintain operations, which would further impair shareholder value.
The price-to-sales ratio is frequently misapplied to SAIHEAT, as it fails to account for the company's negative gross margins, which render revenue growth a misleading indicator of business health rather than a proxy for future profitability or long-term value creation for shareholders.
For a company with negative gross margins, revenue growth actually accelerates cash burn rather than reducing it. Analysts should instead focus on the unit economics of the cooling modules and the company's cash runway, as these metrics provide a more accurate assessment of the firm's survival probability than traditional valuation multiples.
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Quick answers to the most common questions about buying SAIH stock.
SAIHEAT Limited's current P/E ratio is -3.4x. This places it at the 50th percentile of its historical range.
SAIHEAT Limited's return on equity (ROE) is -59.3%. The historical average is -29.5%.
Based on historical data, SAIHEAT Limited is trading at a P/E of -3.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
SAIHEAT Limited has -51.9% gross margin and -116.5% operating margin.