Latest Ratios: P/E Ratio -3.7x · EV/EBITDA N/A · ROE -42.0%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $403M | $647M | $495M | — | — | — |
| Enterprise Value | $302M | $546M | $374M | — | — | — |
| P/E Ratio → | -3.71 | — | — | — | — | — |
| P/S Ratio | 152.00 | 243.87 | 273.05 | — | — | — |
| P/B Ratio | 1.07 | 1.84 | 3.76 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 205.78 | 206.33 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|
| Gross Margin | -580.2% | -580.2% | -4.1% | -733.7% | -965.1% | — |
| Operating Margin | -4253.8% | -4253.8% | -2112.5% | -9987.0% | -19433.5% | — |
| Net Profit Margin | -3823.5% | -3823.5% | -2162.3% | -11955.8% | -20270.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -42.0% | -42.0% | -61.4% | — | — | -260.4% |
| ROA | -40.0% | -40.0% | -55.0% | -437.3% | -254.1% | -250.3% |
| ROIC | -64.9% | -64.9% | -517.8% | — | — | — |
| ROCE | -46.3% | -46.3% | -59.2% | -3413.7% | -323.2% | -127.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.02 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.29 | -0.92 | — | — | -0.96 |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | — | — | -56.26 | -8.50 | -33.35 | — |
Net cash position: cash ($106M) exceeds total debt ($5M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 18.13 | 18.13 | 18.40 | 0.23 | 0.88 | 25.10 |
| Quick Ratio | 18.13 | 18.13 | 18.36 | 0.11 | 0.72 | 23.72 |
| Cash Ratio | 17.55 | 17.55 | 18.11 | 0.00 | 0.70 | 23.69 |
| Asset Turnover | — | 0.01 | 0.01 | 0.07 | 0.01 | — |
| Inventory Turnover | — | — | 6.09 | 2.23 | 1.86 | 0.09 |
| Days Sales Outstanding | — | 213.00 | 56.07 | 5.20 | 80.22 | — |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $62M | $37M | $37M | $37M | $37M |
Unit-level economics failure
Based on reported figures, SERV trades at a P/S multiple of 150.99, which suggests that investors are pricing the company as a high-growth technology platform rather than an industrial machinery firm, effectively discounting the significant execution risks inherent in its current pre-revenue commercialization phase.
The extreme P/S ratio indicates that the market is assigning value to the company's proprietary software stack and strategic partnerships rather than its current delivery revenue. This valuation appears to imply an expectation of rapid, non-linear scaling that has yet to be reflected in the company's historical financial performance.
As reported in financial statements, the company's ROIC has remained consistently negative, bottoming out at -135.1% in 2024Q3, which highlights the fundamental challenge of generating returns on invested capital while the business remains in a heavy, R&D-intensive deployment phase without achieving operational scale.
The persistent negative ROIC suggests that every dollar of capital deployed into the fleet and software development is currently destroying value rather than compounding it. Investors should monitor whether the recent stabilization in ROIC trends indicates a potential inflection point or merely a temporary pause in capital intensity.
According to recent SEC filings, the company's asset turnover ratio remains extremely low at 0.01, reflecting the significant capital tied up in non-productive robotic assets that have yet to achieve the utilization rates necessary to drive meaningful revenue generation relative to the firm's total asset base.
The low asset turnover ratio underscores the difficulty of scaling a hardware-heavy business model in a high-density urban environment. The lack of meaningful improvement in this metric suggests that the company is struggling to optimize its fleet deployment, which may be constrained by external factors like merchant adoption or regulatory hurdles.
Based on reported figures, the current ratio of 10.19 in 2026Q1 provides a temporary liquidity cushion, yet this figure is largely a function of recent capital raises rather than operational efficiency, leaving the company vulnerable if it fails to reach profitability before these cash reserves are exhausted.
While the high current ratio suggests the company is not facing immediate insolvency, the rapid consumption of cash to fund operating losses warrants close investigation. The liquidity position appears adequate for the near term, but the lack of self-sustaining cash flow makes the company highly dependent on future external financing.
As indicated by financial data, the most commonly misapplied metric for Serve Robotics is the traditional P/S ratio, which obscures the company's true nature as a data-collection and edge-computing platform by focusing solely on transactional delivery fees that currently fail to cover the underlying operational costs.
Using delivery-based valuation multiples ignores the potential long-term value of the company's proprietary urban mapping data and software integration. Analysts should instead focus on unit-level metrics like intervention frequency and robot utilization rates to better assess the company's progress toward a sustainable, scalable business model.
Includes 30+ ratios · 5 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 SERV stock.
Serve Robotics Inc.'s current P/E ratio is -3.7x. This places it at the 50th percentile of its historical range.
Serve Robotics Inc.'s return on equity (ROE) is -42.0%. The historical average is -121.3%.
Based on historical data, Serve Robotics Inc. is trading at a P/E of -3.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Serve Robotics Inc. has -580.2% gross margin and -4253.8% operating margin.