Latest Ratios: P/E Ratio -2.8x · EV/EBITDA N/A · ROE N/A. (2017–2025 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 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $21M | $41M | $73M | — | — | — | — | — | — |
| Enterprise Value | $55M | $75M | $107M | — | — | — | — | — | — |
| P/E Ratio → | -2.77 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.23 | 0.45 | 3.18 | — | — | — | — | — | — |
| P/B Ratio | — | — | — | — | — | — | — | — | — |
| P/FCF | 41.19 | 82.38 | — | — | — | — | — | — | — |
| P/OCF | 41.19 | 82.38 | — | — | — | — | — | — | — |
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 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.83 | 4.66 | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 150.76 | — | — | — | — | — | — | — |
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 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 4.6% | 4.6% | 10.1% | 20.6% | 16.7% | 15.8% | 12.5% | 10.3% | 11.9% |
| Operating Margin | -8.1% | -8.1% | -144.0% | 0.9% | -17.8% | -16.4% | 2.8% | -12.2% | -9.2% |
| Net Profit Margin | -7.0% | -7.0% | -152.1% | 0.8% | -15.4% | -8.8% | 0.7% | -16.3% | -13.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | -227.4% | -106.0% |
| ROA | -0.0% | -0.0% | -80.1% | 0.8% | -10.3% | -3.9% | 0.9% | -14.2% | -12.6% |
| ROIC | — | — | -117.0% | 1.4% | -21.8% | -16.2% | 7.1% | -17.2% | -13.1% |
| ROCE | — | — | -724.1% | 4.8% | -41.6% | -24.7% | 9.9% | -20.7% | -14.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | 40.59 | 5.57 |
| Debt / EBITDA | — | — | — | 19.97 | — | — | 11.00 | — | — |
| Net Debt / Equity | — | — | — | — | — | — | — | 29.59 | 3.18 |
| Net Debt / EBITDA | — | — | — | 18.76 | — | — | 6.84 | — | — |
| Debt / FCF | — | 68.38 | — | 10.39 | — | — | — | — | — |
| Interest Coverage | -5.38 | -5.38 | -20.27 | 1.24 | -2.74 | -0.81 | 1.76 | -6.56 | -4.94 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.79 | 0.79 | 0.60 | 0.46 | 0.63 | 0.87 | 0.86 | 1.13 | 1.44 |
| Quick Ratio | 0.77 | 0.77 | 0.57 | 0.43 | 0.55 | 0.80 | 0.83 | 1.06 | 1.33 |
| Cash Ratio | 0.01 | 0.01 | 0.21 | 0.06 | 0.08 | 0.27 | 0.31 | 0.28 | 0.71 |
| Asset Turnover | — | 0.00 | 0.60 | 1.11 | 0.73 | 0.52 | 1.37 | 0.81 | 0.94 |
| Inventory Turnover | 0.04 | 0.04 | 15.87 | 32.05 | 10.94 | 9.47 | 54.87 | 20.01 | 17.40 |
| Days Sales Outstanding | — | 244434.78 | 149.07 | 78.38 | 150.36 | 212.61 | 88.89 | 196.58 | 93.39 |
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 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | 2.4% | 1.2% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — |
| Shares Outstanding | — | $50M | $45M | $45M | $48M | $48M | $48M | $45M | $45M |
Liquidity and Solvency Risk
As reported in financial statements, SMXT trades at a price-to-sales multiple of 0.19, a valuation level that suggests the market is heavily discounting the company's long-term viability due to its persistent inability to generate positive net income or maintain a stable, predictable growth trajectory in the solar sector.
The absence of a meaningful P/E ratio and the negative P/FCF of 34.43 highlight that investors are currently valuing the firm purely on its top-line revenue potential rather than its underlying earning power. This valuation approach appears to ignore the significant execution risks associated with the company's lumpy, project-based revenue model in China.
Based on recent SEC filings, SMXT's gross margin has compressed to as low as 2.7%, a figure that underscores the company's role as a low-margin integrator rather than a high-value technology provider, leaving virtually no buffer to absorb operational costs or fluctuations in hardware procurement pricing.
The persistent negative operating margins indicate that the company's fixed administrative overhead, exacerbated by its dual-jurisdiction operational structure, is fundamentally misaligned with its current gross profit generation. Investors should monitor whether management can shift toward higher-margin proprietary financing to offset these structural inefficiencies.
According to the company's reported figures, ROIC has remained consistently negative over the last ten quarters, reaching a low of -50.9% in 2024Q1, which indicates that the firm is currently destroying shareholder value rather than compounding capital through its ongoing solar installation and procurement activities.
The inability to generate a positive return on invested capital suggests that the company's asset base is not being deployed effectively to drive profitable growth. This trend warrants further investigation into whether the current capital allocation strategy is sustainable without continuous external funding or significant operational restructuring.
As disclosed in financial statements, SMXT maintains a current ratio that has consistently hovered below 1.0, reaching a low of 0.44 in 2023Q4, which signals that the company lacks sufficient liquid assets to cover its short-term liabilities without relying on volatile, project-based cash inflows.
The precarious cash-to-revenue ratio of less than $800,000 against $90.9 million in trailing revenue suggests that the company is operating with an extremely thin margin for error. Any delay in project completion or receivable collection could lead to immediate liquidity stress, potentially forcing the company to seek dilutive financing.
As reported in financial statements, the 295.8% year-over-year revenue growth is a commonly misapplied metric for SMXT, as it obscures the lumpy, project-based nature of the company's Chinese solar farm procurement business rather than reflecting sustainable, recurring growth in its core US residential installation segment.
Analysts should prioritize cash flow conversion and receivable turnover over headline revenue growth to assess the true health of the business. Relying on revenue growth as a proxy for success in this specific model risks ignoring the underlying credit and liquidity risks inherent in the company's current operational structure.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying SMXT stock.
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