Latest Ratios: P/E Ratio -19.1x · EV/EBITDA 2.9x · ROE -2.7%. (1997–2025 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 | $133M | $203M | $167M | $123M | $264M | $75M | $17M | $9M | $5M | $3M | $927994 |
| Enterprise Value | $176M | $245M | $239M | $227M | $374M | $142M | $47M | $18M | $-3469568 | $852284 | $351134 |
| P/E Ratio → | -19.13 | — | — | — | — | 97.34 | 4.48 | 6.00 | 2.06 | 3.84 | 7.17 |
| P/S Ratio | 0.41 | 0.63 | 0.49 | 0.37 | 0.92 | 0.26 | 0.18 | 0.11 | 0.12 | 0.15 | 0.06 |
| P/B Ratio | 0.53 | 0.80 | 0.64 | 0.46 | 0.90 | 0.20 | 0.32 | 0.29 | 0.19 | 0.21 | 0.07 |
| P/FCF | 4.04 | 6.15 | 5.00 | 8.05 | 16.57 | 4.68 | 1.54 | 1.35 | 1.32 | 1.43 | 0.83 |
| P/OCF | 3.19 | 4.85 | 3.76 | 4.63 | 12.56 | 3.55 | 1.46 | 1.06 | 0.95 | 0.77 | 0.28 |
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 | — | 0.76 | 0.71 | 0.68 | 1.30 | 0.49 | 0.49 | 0.21 | -0.08 | 0.04 | 0.02 |
| EV / EBITDA | 2.95 | 4.11 | 3.97 | 4.05 | 8.59 | 3.26 | 2.81 | 1.65 | -0.57 | 0.27 | 0.16 |
| EV / EBIT | — | — | — | — | — | — | 8.38 | 5.43 | -1.09 | 0.86 | 1.16 |
| EV / FCF | — | 7.44 | 7.18 | 14.88 | 23.46 | 8.89 | 4.14 | 2.57 | -0.90 | 0.40 | 0.31 |
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 | 68.3% | 68.3% | 69.9% | 68.4% | 69.9% | 69.9% | 64.6% | 60.9% | 53.9% | 65.2% | 68.0% |
| Operating Margin | -0.5% | -0.5% | -0.4% | -1.2% | -2.5% | -2.5% | 7.8% | 6.7% | 7.7% | 5.3% | 2.1% |
| Net Profit Margin | -2.1% | -2.1% | -3.5% | -11.5% | -49.4% | -49.4% | 3.0% | 1.4% | 4.3% | 3.0% | 0.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.7% | -2.7% | -4.5% | -13.7% | -42.6% | -66.2% | 6.6% | 4.0% | 8.9% | 4.2% | 0.6% |
| ROA | -1.8% | -1.8% | -2.8% | -8.2% | -27.5% | -42.6% | 2.8% | 2.1% | 6.2% | 3.2% | 0.5% |
| ROIC | -0.4% | -0.4% | -0.3% | -0.8% | -1.3% | -2.0% | 9.0% | 14.3% | 16.2% | 6.3% | 1.9% |
| ROCE | -0.5% | -0.5% | -0.4% | -1.0% | -1.6% | -2.5% | 10.5% | 14.1% | 15.0% | 7.6% | 2.4% |
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 | 0.22 | 0.22 | 0.34 | 0.43 | 0.42 | 0.24 | 0.90 | 0.54 | 0.13 | 0.20 | 0.07 |
| Debt / EBITDA | 0.94 | 0.94 | 1.48 | 2.06 | 2.82 | 2.05 | 2.96 | 1.62 | 0.56 | 0.96 | 0.47 |
| Net Debt / Equity | — | 0.17 | 0.28 | 0.39 | 0.37 | 0.18 | 0.53 | 0.26 | -0.32 | -0.15 | -0.04 |
| Net Debt / EBITDA | 0.71 | 0.71 | 1.21 | 1.86 | 2.52 | 1.54 | 1.76 | 0.78 | -1.39 | -0.71 | -0.26 |
| Debt / FCF | — | 1.29 | 2.19 | 6.83 | 6.89 | 4.21 | 2.59 | 1.22 | -2.22 | -1.03 | -0.51 |
| Interest Coverage | -0.49 | -0.49 | -0.43 | -3.72 | -25.94 | -25.94 | 3.01 | 3.08 | 17.00 | 12.94 | 3.61 |
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 | 0.86 | 0.86 | 0.95 | 0.98 | 0.78 | 0.97 | 1.09 | 1.17 | 2.54 | 1.92 | 2.43 |
| Quick Ratio | 0.70 | 0.70 | 0.70 | 0.69 | 0.56 | 0.75 | 0.84 | 0.82 | 2.00 | 1.35 | 1.57 |
| Cash Ratio | 0.27 | 0.27 | 0.27 | 0.18 | 0.16 | 0.40 | 0.55 | 0.37 | 1.27 | 0.85 | 0.46 |
| Asset Turnover | — | 0.93 | 0.84 | 0.76 | 0.58 | 0.53 | 0.75 | 1.14 | 1.11 | 0.99 | 0.93 |
| Inventory Turnover | 12.41 | 12.41 | 6.90 | 5.88 | 4.98 | 7.35 | 3.67 | 3.85 | 3.93 | 2.06 | 1.75 |
| Days Sales Outstanding | — | 19.26 | 23.22 | 29.60 | 31.80 | 20.39 | 33.07 | 40.09 | 45.98 | 43.55 | 79.02 |
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 | — | — | — | — | — | 1.0% | 22.3% | 16.7% | 48.6% | 26.1% | 13.9% |
| FCF Yield | 24.7% | 16.3% | 20.0% | 12.4% | 6.0% | 21.4% | 64.7% | 74.1% | 75.8% | 70.0% | 120.8% |
| Buyback Yield | 2.1% | 1.4% | 0.0% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.1% | 1.4% | 0.0% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $33M | $33M | $33M | $31M | $29M | $10M | $8M | $6M | $5M | $5M |
Liquidity and Revenue Contraction
According to current market data, Sangoma trades at a P/S multiple of 0.38, which, based on reported figures, suggests the market is heavily discounting the company's future growth prospects compared to the broader software infrastructure peer group that often commands significantly higher valuation premiums.
The low EV/EBITDA of 2.79 indicates that investors are pricing in a high probability of continued operational stagnation or decline. This valuation gap relative to peers like NetScout suggests that the market remains unconvinced that the current transition to recurring cloud revenue will successfully restore long-term growth or profitability.
As reported in recent financial statements, Sangoma's ROIC has consistently hovered in negative territory, reaching -0.6% in 2026Q3, which indicates that the company is currently failing to generate returns that exceed its cost of capital while navigating a difficult transition between legacy and cloud models.
The persistent inability to achieve positive returns on invested capital suggests that the capital deployed for past acquisitions has not yet been effectively integrated to drive organic growth. Investors should monitor whether future capital allocation shifts toward debt reduction or R&D optimization to improve these returns.
Based on the company's reported figures, the cash conversion cycle has fluctuated significantly, reaching -35 days in 2026Q3, which, while appearing efficient, may actually mask underlying challenges in managing inventory and accounts payable as the business model shifts away from transactional hardware sales.
The volatility in the CCC suggests that Sangoma is relying on extended payment terms to suppliers to manage its liquidity position. This reliance warrants further investigation into whether these terms are sustainable or if they represent a temporary buffer against declining operational cash flows.
As indicated by the 2026Q3 current ratio of 0.90, Sangoma's liquidity position has tightened compared to historical levels, suggesting that the company has a diminishing buffer to meet its short-term obligations without relying on external financing or further asset liquidation to support ongoing operations.
The decline in the quick ratio to 0.74 further highlights the company's dependence on inventory turnover to meet immediate cash needs. This liquidity profile appears vulnerable to any further revenue shocks or unexpected increases in operating expenses, necessitating a cautious outlook on short-term financial stability.
The P/E ratio is frequently misapplied to Sangoma's business model, as the company's ongoing transition to a recurring revenue structure and its history of negative GAAP earnings render this metric largely irrelevant for assessing the underlying value of its infrastructure-heavy, open-source-driven operations.
Investors should instead focus on EV/Revenue or adjusted EBITDA metrics to better capture the value of the company's recurring service base. Relying on P/E in this context obscures the potential for future margin expansion as the company scales its cloud-based offerings and reduces its reliance on legacy hardware.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying SANG stock.
Sangoma Technologies Corporation's current P/E ratio is -19.1x. The historical average is 13.3x.
Sangoma Technologies Corporation's current EV/EBITDA is 2.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.9x.
Sangoma Technologies Corporation's return on equity (ROE) is -2.7%. The historical average is -1.5%.
Based on historical data, Sangoma Technologies Corporation is trading at a P/E of -19.1x. Compare with industry peers and growth rates for a complete picture.
Sangoma Technologies Corporation has 68.3% gross margin and -0.5% operating margin.
Sangoma Technologies Corporation's Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.