Latest Ratios: P/E Ratio -7.4x · EV/EBITDA N/A · ROE -50.7%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $298M | $414M | $182M | $251M | $584M | $835M | — | — | — |
| Enterprise Value | $247M | $362M | $102M | $148M | $434M | $608M | — | — | — |
| P/E Ratio → | -7.41 | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.85 | 5.35 | 2.28 | 3.10 | 8.19 | 17.05 | — | — | — |
| P/B Ratio | 4.47 | 6.47 | 2.09 | 2.09 | 3.65 | 3.60 | — | — | — |
| 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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.68 | 1.28 | 1.83 | 6.09 | 12.42 | — | — | — |
| 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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.2% | 86.2% | 85.5% | 85.3% | 82.7% | 82.4% | 66.7% | 72.0% | 69.0% |
| Operating Margin | -48.0% | -48.0% | -63.3% | -70.7% | -117.7% | -105.2% | -116.5% | -103.0% | -189.9% |
| Net Profit Margin | -49.7% | -49.7% | -64.5% | -68.5% | -120.9% | -128.6% | -125.5% | -110.8% | -189.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -50.7% | -50.7% | -49.6% | -39.6% | -44.0% | -87.9% | — | — | — |
| ROA | -29.8% | -29.8% | -33.3% | -29.3% | -35.0% | -35.7% | -67.0% | -133.2% | -176.6% |
| ROIC | -274.4% | -274.4% | -302.9% | -311.8% | -803.0% | -686.3% | — | — | -1129.9% |
| ROCE | -32.0% | -32.0% | -35.9% | -32.8% | -36.3% | -31.2% | -74.1% | -168.1% | -275.0% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.64 | 0.64 | 0.46 | 0.29 | 0.22 | 0.15 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.80 | -0.91 | -0.85 | -0.94 | -0.98 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -7.21 | -7.21 | -10.00 | -9.25 | -18.30 | -13.38 | -13.41 | -12.19 | — |
Net cash position: cash ($92M) exceeds total debt ($41M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.22 | 10.22 | 9.04 | 13.29 | 11.77 | 20.52 | 7.58 | 3.82 | 2.47 |
| Quick Ratio | 9.52 | 9.52 | 8.63 | 12.65 | 11.43 | 20.26 | 7.30 | 3.51 | 2.31 |
| Cash Ratio | 8.34 | 8.34 | 7.78 | 11.27 | 10.38 | 19.30 | 6.60 | 2.89 | 1.46 |
| Asset Turnover | — | 0.67 | 0.56 | 0.49 | 0.33 | 0.17 | 0.38 | 0.76 | 0.93 |
| Inventory Turnover | 1.38 | 1.38 | 1.83 | 1.51 | 2.02 | 2.48 | 3.54 | 2.92 | 4.81 |
| Days Sales Outstanding | — | 45.98 | 49.29 | 64.34 | 77.51 | 64.93 | 70.82 | 64.00 | 87.98 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| 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 | — | $52M | $50M | $49M | $48M | $48M | $47M | $34M | $32M |
Medicare reimbursement policy volatility
According to current market data, SGHT trades at a price-to-sales multiple of 4.00, which appears to discount the company's historical growth trajectory in favor of a more cautious outlook regarding the sustainability of its surgical glaucoma revenue stream amidst ongoing reimbursement and competitive pressures.
The absence of a positive P/E or EV/EBITDA multiple highlights the market's focus on the company's path to profitability rather than current earnings. Investors appear to be pricing in a significant risk premium, suggesting that the current valuation may be sensitive to any positive clinical or reimbursement catalysts that could restore the growth narrative.
Based on reported financial statements, the company's ROIC has remained consistently negative, reaching -21.7% in 2025Q4, which indicates that the firm is currently destroying shareholder value as it continues to deploy capital into a high-cost sales infrastructure that has yet to generate a positive return.
The persistent negative ROIC suggests that the company's investments in market expansion and clinical trials are not yet yielding the necessary procedural volume to cover the associated fixed costs. This trend warrants close monitoring, as a sustained inability to improve capital efficiency may necessitate further external financing or a strategic pivot in commercial operations.
As reported in recent filings, the company's cash conversion cycle remains elevated, with days inventory outstanding reaching 244 days in 2026Q1, suggesting that the firm is struggling to optimize its supply chain and inventory management relative to its current sales velocity.
The high DIO relative to peers indicates that a significant amount of capital is tied up in unsold inventory, which may be a byproduct of aggressive stocking strategies or slower-than-expected pull-through. Improving the efficiency of this cycle is critical for reducing the cash burn rate and enhancing the company's overall liquidity position.
Based on the most recent quarterly data, the company maintains a current ratio of 5.86, which provides an adequate liquidity cushion to navigate the current period of negative cash flow, although the steady depletion of cash reserves remains a primary concern for long-term solvency.
While the high current ratio suggests the company is not facing an immediate liquidity crisis, the rapid decline in cash balances over the last ten quarters indicates that the current burn rate is unsustainable without a significant improvement in operating margins. Investors should monitor the cash runway closely as the company continues to fund its commercialization efforts.
The price-to-sales ratio is frequently misapplied to SGHT, as it obscures the distinction between initial stocking orders and actual surgical pull-through, potentially leading investors to overestimate the underlying demand for the OMNI system in a volatile reimbursement environment.
Analysts should instead focus on procedural volume growth and revenue per trained surgeon to better gauge the true health of the business model. Relying solely on top-line revenue figures may lead to an inaccurate assessment of the company's competitive position and its ability to achieve long-term profitability.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying SGHT stock.
Sight Sciences, Inc.'s current P/E ratio is -7.4x. This places it at the 50th percentile of its historical range.
Sight Sciences, Inc.'s return on equity (ROE) is -50.7%. The historical average is -54.4%.
Based on historical data, Sight Sciences, Inc. is trading at a P/E of -7.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sight Sciences, Inc. has 86.2% gross margin and -48.0% operating margin.