Latest Ratios: P/E Ratio -8.1x · EV/EBITDA 17.6x · ROE -3.6%. (2004–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $100M | $105M | $154M | $293M | $416M | $569M | $57M | $45M | $66M | $65M | $173M |
| Enterprise Value | $113M | $119M | $145M | $257M | $220M | $644M | $154M | $202M | $159M | $652M | $869M |
| P/E Ratio → | -8.08 | — | — | 50.22 | 59.60 | 204.11 | — | 25.87 | 1.90 | — | — |
| P/S Ratio | 1.08 | 1.14 | 1.46 | 4.79 | 5.23 | 7.74 | 0.48 | 0.47 | 0.64 | 0.80 | 0.14 |
| P/B Ratio | 0.30 | 0.31 | 0.42 | 0.76 | 0.93 | 3.11 | 0.42 | 0.36 | 0.73 | 0.98 | 1.55 |
| P/FCF | — | — | — | — | — | — | 1.36 | — | — | 3.17 | — |
| P/OCF | — | — | — | — | — | — | 1.03 | — | 3.56 | 2.35 | 78.49 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.29 | 1.37 | 4.19 | 2.76 | 8.76 | 1.30 | 2.09 | 1.54 | 8.09 | 0.68 |
| EV / EBITDA | 17.62 | 18.50 | — | 61.36 | 11.30 | 45.61 | 22.60 | 8.45 | 14.40 | 137.18 | 43.75 |
| EV / EBIT | — | — | — | 478.96 | 17.52 | 75.55 | — | 14.86 | 21.30 | 314.94 | 39.17 |
| EV / FCF | — | — | — | — | — | — | 3.66 | — | — | 31.90 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.2% | 26.2% | 23.7% | 25.0% | 39.4% | 22.7% | 28.7% | 29.0% | 13.7% | 9.0% | 14.7% |
| Operating Margin | -0.5% | -0.5% | -8.2% | -4.3% | 15.9% | 9.2% | -0.8% | 16.0% | 6.4% | 2.9% | 1.3% |
| Net Profit Margin | -13.6% | -13.6% | -3.0% | -7.6% | 8.6% | 3.8% | -7.4% | 1.8% | 33.5% | -43.1% | -0.4% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.6% | -3.6% | -0.8% | -1.1% | 2.2% | 1.7% | -6.7% | 1.6% | 44.0% | -39.0% | -4.0% |
| ROA | -2.7% | -2.7% | -0.6% | -0.9% | 1.6% | 0.8% | -2.5% | 0.5% | 4.8% | -2.9% | -0.3% |
| ROIC | -0.1% | -0.1% | -1.8% | -0.7% | 3.7% | 2.1% | -0.3% | 4.9% | 4.1% | 0.4% | 1.5% |
| ROCE | -0.1% | -0.1% | -2.0% | -0.5% | 3.4% | 3.0% | -0.4% | 7.1% | 3.5% | 1.1% | 5.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.19 | 0.19 | 0.17 | 0.18 | 0.13 | 0.63 | 0.88 | 1.41 | 1.18 | 0.44 | 6.55 |
| Debt / EBITDA | 9.89 | 9.89 | — | 16.86 | 2.97 | 8.18 | 17.75 | 7.36 | 9.67 | 6.07 | 36.93 |
| Net Debt / Equity | — | 0.04 | -0.03 | -0.09 | -0.44 | 0.41 | 0.71 | 1.26 | 1.03 | 8.87 | 6.21 |
| Net Debt / EBITDA | 2.09 | 2.09 | — | -8.78 | -10.11 | 5.31 | 14.20 | 6.56 | 8.45 | 123.57 | 35.02 |
| Debt / FCF | — | — | — | — | — | — | 2.30 | — | — | 28.73 | — |
| Interest Coverage | -0.25 | -0.25 | -3.93 | -0.83 | 2.45 | 1.09 | -0.11 | 1.78 | 1.67 | 1.28 | 8.16 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.87 | 3.87 | 3.97 | 4.50 | 9.11 | 1.55 | 0.94 | 1.01 | 1.17 | 0.56 | 0.58 |
| Quick Ratio | 3.86 | 3.86 | 3.97 | 4.50 | 9.11 | 1.55 | 0.94 | 0.99 | 1.17 | 0.40 | 0.40 |
| Cash Ratio | 1.01 | 1.01 | 1.23 | 2.48 | 7.25 | 0.46 | 0.22 | 0.05 | 0.09 | 0.04 | 0.03 |
| Asset Turnover | — | 0.21 | 0.22 | 0.12 | 0.15 | 0.22 | 0.37 | 0.26 | 0.31 | 0.07 | 0.95 |
| Inventory Turnover | 188.21 | 188.21 | — | — | — | — | — | 25.92 | — | 0.51 | 5.66 |
| Days Sales Outstanding | — | 279.32 | 324.17 | 425.69 | 231.03 | 288.37 | 65.96 | 178.83 | 137.08 | 22.85 | 53.93 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 2.0% | 1.7% | 0.5% | — | 3.9% | 52.6% | — | — |
| FCF Yield | — | — | — | — | — | — | 73.5% | — | — | 31.6% | — |
| Buyback Yield | 7.2% | 6.8% | 14.2% | 14.9% | 4.4% | 0.0% | 0.0% | 0.0% | 0.0% | 2.3% | 0.5% |
| Total Shareholder Yield | 7.2% | 6.8% | 14.2% | 14.9% | 4.4% | 0.0% | 0.0% | 0.0% | 0.0% | 2.3% | 0.5% |
| Shares Outstanding | — | $52M | $57M | $65M | $70M | $50M | $41M | $38M | $25M | $20M | $20M |
Project Monetization Timing Risk
Based on reported figures, Emeren trades at a price-to-book ratio of 0.30, which suggests that the market is heavily discounting the company's asset base relative to its peers, likely due to the persistent lack of consistent GAAP profitability and the inherent volatility of its project-based revenue model.
The negative TTM P/E ratio of -8.08 highlights the difficulty in valuing the firm through traditional earnings multiples, as the business remains in a transition phase. Investors should monitor whether the shift toward an IPP model can eventually justify a higher valuation multiple as recurring revenue streams begin to stabilize the bottom line.
According to recent SEC filings, Emeren's ROIC has fluctuated significantly, swinging from a negative 7.0% in 2025Q2 to a positive 1.5% in 2025Q3, which underscores the company's struggle to generate consistent returns on its invested capital amidst the lumpy nature of its project development and divestment cycles.
The erratic nature of these returns suggests that the company's capital allocation is highly sensitive to the timing of project exits rather than operational efficiency. This volatility warrants further investigation into whether the current asset-light strategy can produce sustainable compounding returns as the IPP portfolio matures.
As reported in financial statements, Emeren's DSO reached an extreme of 3,288 days in 2025Q1, indicating that the company faces significant challenges in converting project development milestones into cash, which creates a structural drag on its overall working capital efficiency compared to more integrated solar industry peers.
The wide swings in DSO and DPO suggest that the company's cash conversion cycle is heavily influenced by the specific contractual terms of individual project sales. This lack of operational rhythm implies that the company may be overly reliant on large, infrequent payments, which complicates short-term liquidity management.
Based on Emeren's reported figures, the company maintains a disciplined capital structure with a debt-to-equity ratio of 0.27 as of 2025Q3, which appears significantly lower than many capital-intensive peers and provides a necessary safety margin against the inherent volatility of its European project development pipeline.
While the low leverage is a positive, the interest coverage ratio has shown extreme volatility, ranging from -45.40 to 4.38 over the last few quarters. This suggests that while the company is not over-indebted, its ability to service debt remains highly dependent on the successful and timely monetization of its solar assets.
The most commonly misapplied ratio for Emeren is the P/E multiple, which obscures the company's true economic value by failing to account for the lumpy, non-recurring nature of project divestments that frequently distort GAAP earnings and render traditional valuation metrics largely irrelevant for this specific business model.
Analysts should instead focus on the net asset value of the project pipeline and the growth of recurring IPP cash flows to better assess the company's long-term viability. Relying on P/E ratios in this context may lead to an inaccurate assessment of the firm's underlying operational health and growth potential.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying SOL stock.
Emeren Group, Ltd.'s current P/E ratio is -8.1x. The historical average is 28.4x.
Emeren Group, Ltd.'s current EV/EBITDA is 17.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.1x.
Emeren Group, Ltd.'s return on equity (ROE) is -3.6%. The historical average is 0.7%.
Based on historical data, Emeren Group, Ltd. is trading at a P/E of -8.1x. Compare with industry peers and growth rates for a complete picture.
Emeren Group, Ltd. has 26.2% gross margin and -0.5% operating margin.
Emeren Group, Ltd.'s Debt/EBITDA ratio is 9.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.