Latest Ratios: P/E Ratio -0.5x · EV/EBITDA N/A · ROE -76.5%. (1996–2025 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 | $98M | $34M | $132M | $5M | $4M | $127M | $45M | $6M | $8M | $10M | $102M |
| Enterprise Value | $51M | $-13170848 | $146M | $19M | $26M | $126M | $43M | $5M | $2M | $6M | $98M |
| P/E Ratio → | -0.49 | — | — | — | — | — | 23.18 | 19.94 | 3.96 | 16.19 | — |
| P/S Ratio | 3.31 | 1.14 | 3.47 | 0.25 | 0.14 | 8.88 | 75.85 | 0.98 | 0.95 | 1.39 | 14.43 |
| P/B Ratio | 0.30 | 0.30 | 4.82 | 0.10 | 0.08 | 1.40 | 7.63 | 1.68 | 1.10 | 1.97 | 24.53 |
| P/FCF | — | — | — | — | — | — | 55.24 | 31.23 | 4.02 | 38.27 | 263.76 |
| P/OCF | — | — | — | — | — | 22.95 | 23.74 | 22.26 | 3.83 | 26.99 | 195.04 |
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 | — | -0.44 | 3.84 | 0.89 | 0.90 | 8.76 | 72.15 | 0.74 | 0.23 | 0.85 | 13.95 |
| EV / EBITDA | — | — | — | — | — | — | — | 14.08 | 1.16 | 8.92 | — |
| EV / EBIT | — | — | — | — | — | — | — | 16.51 | 1.24 | 10.15 | — |
| EV / FCF | — | — | — | — | — | — | 52.55 | 23.64 | 0.99 | 23.32 | 255.00 |
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 | 21.7% | 21.7% | 60.3% | 73.4% | 87.5% | 43.7% | 31.9% | 66.4% | 71.1% | 68.4% | 61.4% |
| Operating Margin | -113.3% | -113.3% | -125.0% | -96.1% | -297.0% | -31.2% | -276.0% | 3.9% | 18.9% | 8.3% | -5.1% |
| Net Profit Margin | -179.7% | -179.7% | -166.6% | -138.6% | -345.8% | -36.7% | 327.1% | 4.9% | 24.0% | 8.2% | -5.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -76.5% | -76.5% | -156.9% | -58.6% | -143.8% | -10.9% | 39.9% | 6.0% | 32.5% | 12.8% | -12.6% |
| ROA | -38.7% | -38.7% | -70.6% | -33.1% | -97.4% | -8.3% | 27.0% | 4.7% | 27.0% | 10.2% | -9.2% |
| ROIC | -47.5% | -47.5% | -65.9% | -22.5% | -80.9% | -7.2% | -41.1% | 11.3% | 98.9% | 46.3% | -29.5% |
| ROCE | -37.6% | -37.6% | -92.0% | -34.1% | -107.7% | -8.2% | -28.3% | 4.5% | 25.6% | 12.9% | -12.7% |
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 | 0.26 | 0.26 | 0.80 | 0.37 | 0.49 | 0.09 | 0.07 | 0.25 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | 2.74 | — | — | — |
| Net Debt / Equity | — | -0.42 | 0.51 | 0.25 | 0.47 | -0.02 | -0.37 | -0.41 | -0.83 | -0.77 | -0.81 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | -4.52 | -3.56 | -5.72 | — |
| Debt / FCF | — | — | — | — | — | — | -2.69 | -7.59 | -3.03 | -14.95 | -8.76 |
| Interest Coverage | -11.27 | -11.27 | -18.75 | -7.16 | -4.38 | -2.38 | — | — | — | — | -26.29 |
Net cash position: cash ($76M) exceeds total debt ($29M)
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 | 1.87 | 1.87 | 0.28 | 0.51 | 0.13 | 1.59 | 2.92 | 3.71 | 6.34 | 4.86 | 4.87 |
| Quick Ratio | 1.87 | 1.87 | 0.28 | 0.51 | 0.13 | 1.59 | 2.92 | 2.90 | 5.62 | 4.30 | 4.22 |
| Cash Ratio | 1.55 | 1.55 | 0.16 | 0.23 | 0.04 | 0.65 | 1.61 | 2.20 | 4.84 | 3.09 | 3.28 |
| Asset Turnover | — | 0.16 | 0.43 | 0.23 | 0.34 | 0.12 | 0.07 | 1.14 | 0.99 | 1.14 | 1.36 |
| Inventory Turnover | — | — | — | — | — | — | — | 2.39 | 2.70 | 3.22 | 4.03 |
| Days Sales Outstanding | — | 67.82 | 25.98 | 58.81 | 6.89 | 13.51 | 36.19 | 41.38 | 39.43 | 72.68 | 45.57 |
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 | — | — | — | — | 98.9% | 0.5% | — | 55.0% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 1096.3% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 4.3% | 5.0% | 25.3% | 6.2% | — |
| FCF Yield | — | — | — | — | — | — | 1.8% | 3.2% | 24.9% | 2.6% | 0.4% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 98.9% | 0.5% | 0.0% | 55.0% | 0.0% | 0.3% | 0.0% |
| Shares Outstanding | — | $29M | $63M | $1M | $599300 | $473609 | $383275 | $384101 | $377994 | $387999 | $3M |
Persistent liquidity depletion
According to current market data, Soluna trades at a price-to-book ratio of 0.37, which suggests that investors are heavily discounting the company's asset base relative to its historical book value, likely reflecting deep skepticism regarding the long-term viability of its current hardware-intensive business model.
The P/S multiple of 4.05 appears elevated given the company's negative operating margins and contracting revenue, implying that the market may be assigning a speculative premium to the potential for an AI/HPC pivot. Investors should monitor whether this valuation gap narrows as the company attempts to transition away from commodity mining toward more stable service-based revenue streams.
Based on reported figures, Soluna's ROIC has remained consistently negative over the last ten quarters, bottoming out at -18.1% in 2026Q1, which indicates that the company is currently destroying shareholder value with every dollar of capital deployed into its modular data center infrastructure.
The persistent inability to generate positive returns on invested capital suggests that the company's cost of capital likely exceeds its operational returns by a wide margin. This trend warrants further investigation into whether the current hardware refresh cycle can ever achieve the scale necessary to overcome the high depreciation and energy overheads inherent in their model.
As reported in recent financial statements, Soluna's asset turnover ratio has languished at 0.05 in 2026Q1, signaling that the company is struggling to generate meaningful revenue from its growing asset base compared to its historical performance and broader industry benchmarks for infrastructure-heavy technology firms.
The fluctuation in days sales outstanding, which reached 53 days in the most recent quarter, suggests potential friction in collecting payments from hosting clients or managing the volatility of digital asset liquidations. This inefficiency in converting assets to revenue highlights the operational challenges of managing a decentralized, modular data center fleet.
Based on the most recent quarterly filings, Soluna maintains a current ratio of 1.75, yet this liquidity position appears highly dependent on external financing rather than organic cash generation, leaving the company vulnerable to sudden shifts in capital market sentiment or tightening credit conditions.
While the current ratio suggests a superficial level of coverage, the lack of positive free cash flow means that the company's liquidity is essentially a finite resource being consumed by ongoing operating losses. Investors should monitor the burn rate closely, as the current cash position may provide only a temporary runway before further dilutive financing becomes necessary.
As indicated by the company's specialized hardware focus, the price-to-book ratio is frequently misapplied to Soluna, as it fails to account for the rapid technological obsolescence of ASIC miners which often renders book value an unreliable proxy for the true economic value of the firm's assets.
Analysts should instead focus on the replacement cost of the fleet or the net present value of future hosting contracts, as book value ignores the reality that mining hardware often loses its utility long before it is fully depreciated on the balance sheet. Relying on P/B in this context may lead to an overestimation of the company's tangible support in a liquidation scenario.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SLNH stock.
Soluna Holdings, Inc.'s current P/E ratio is -0.5x. The historical average is 25.5x.
Soluna Holdings, Inc.'s return on equity (ROE) is -76.5%. The historical average is -26.0%.
Based on historical data, Soluna Holdings, Inc. is trading at a P/E of -0.5x. Compare with industry peers and growth rates for a complete picture.
Soluna Holdings, Inc. has 21.7% gross margin and -113.3% operating margin.