Latest Ratios: P/E Ratio -1.7x · EV/EBITDA 13.9x · ROE -19.4%. (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 | $45M | $92M | $55M | $81M | $131M | $492M | $2.0B | $277M | — |
| Enterprise Value | $672M | $719M | $693M | $566M | $394M | $144M | $1.7B | $288M | — |
| P/E Ratio → | -1.72 | — | — | — | — | 15.95 | — | — | — |
| P/S Ratio | 0.41 | 0.82 | 0.67 | 1.02 | 5.65 | 31.51 | 98.67 | 38.45 | — |
| P/B Ratio | 0.37 | 0.76 | 0.38 | 0.38 | 0.45 | 1.36 | 10.62 | — | — |
| 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 | — | 6.43 | 8.44 | 7.08 | 16.99 | 9.26 | 82.47 | 39.89 | — |
| EV / EBITDA | 13.92 | 14.88 | — | — | — | — | — | — | — |
| EV / EBIT | 37.79 | 40.40 | — | — | — | 2.74 | — | — | — |
| 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 | 64.3% | 64.3% | 51.3% | 52.7% | 57.1% | -4.5% | 13.5% | -11.9% | -15.4% |
| Operating Margin | 15.9% | 15.9% | -61.4% | -46.1% | -255.6% | -377.6% | -75.2% | -188.1% | -133.0% |
| Net Profit Margin | -23.2% | -23.2% | -85.9% | -82.4% | -405.0% | 184.6% | -298.0% | -206.5% | -135.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -19.4% | -19.4% | -39.1% | -26.1% | -28.9% | 10.5% | -69.2% | — | -1525.2% |
| ROA | -3.0% | -3.0% | -7.9% | -7.4% | -14.6% | 7.8% | -34.0% | -130.8% | -95.3% |
| ROIC | 1.7% | 1.7% | -5.1% | -4.4% | -15.7% | -299.9% | — | — | — |
| ROCE | 2.5% | 2.5% | -6.1% | -4.4% | -9.8% | -16.5% | -9.2% | — | -205.1% |
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 | 5.62 | 5.62 | 4.87 | 2.91 | 1.74 | 0.01 | 0.00 | — | 4.60 |
| Debt / EBITDA | 14.11 | 14.11 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 5.17 | 4.37 | 2.26 | 0.91 | -0.96 | -1.74 | — | -2.12 |
| Net Debt / EBITDA | 12.98 | 12.98 | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 0.35 | 0.35 | -0.74 | -0.32 | -3.62 | 1349.77 | -8.51 | -5.93 | — |
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 | 0.49 | 0.49 | 2.29 | 2.84 | 4.61 | 22.52 | 38.02 | 0.46 | 1.71 |
| Quick Ratio | 0.49 | 0.49 | 2.29 | 2.84 | 4.61 | 21.60 | 37.62 | 0.31 | 1.37 |
| Cash Ratio | 0.23 | 0.23 | 1.22 | 1.97 | 4.02 | 21.14 | 36.29 | 0.22 | 0.77 |
| Asset Turnover | — | 0.13 | 0.09 | 0.09 | 0.03 | 0.04 | 0.06 | 0.78 | 0.70 |
| Inventory Turnover | — | — | — | — | — | 1.07 | 4.92 | 3.60 | 4.49 |
| Days Sales Outstanding | — | 51.41 | 66.73 | 41.99 | 131.18 | — | 189.50 | 58.63 | 144.97 |
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 | — | — | — | — | — | — | — | 0.0% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 6.3% | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 4.0% | 2.0% | 1.6% | 6.7% | 0.0% | 0.0% | 0.0% | 83.4% | — |
| Total Shareholder Yield | 4.0% | 2.0% | 1.6% | 6.7% | 0.0% | 0.0% | 0.0% | 83.4% | — |
| Shares Outstanding | — | $18M | $18M | $18M | $18M | $19M | $11M | $3M | $1M |
High interest rate sensitivity
As reported in recent financial statements, SPRU trades at a price-to-sales multiple of 0.43, which, when viewed alongside a negative net margin of 23.22%, suggests that the market is pricing the entity as a distressed asset rather than a growth-oriented solar utility.
The current valuation appears to reflect deep skepticism regarding the company's ability to achieve positive net income, as the negative P/E ratio highlights the absence of earnings power. Investors should monitor whether the low P/B ratio of 0.39 indicates a genuine value opportunity or a reflection of potential asset impairments inherent in the legacy business model.
Based on the provided financial data, SPRU's ROIC has struggled to maintain positive territory, fluctuating between -4.1% and 0.8% over the last ten quarters, which indicates that the company is failing to generate adequate returns on its invested capital compared to industry peers.
The inability to consistently compound returns on capital suggests that the cost of financing its solar portfolio acquisitions may be exceeding the yields generated by those assets. This trend warrants further investigation into whether the company's capital allocation strategy is value-destructive in the current high-interest-rate environment.
According to recent SEC filings, SPRU's asset turnover ratio remains stagnant at approximately 0.03, which, when compared to the broader energy sector, suggests that the company's asset base is not being utilized effectively to drive top-line revenue growth.
The persistent DSO levels, which have hovered around 60 days, imply that the company may face challenges in the timely collection of payments from its residential solar customers. This inefficiency in working capital management likely exacerbates the company's liquidity constraints and limits its operational flexibility.
As reported in financial statements, SPRU's debt-to-equity ratio has climbed to 5.64 in 2026Q1, a significant increase from 2.91 in 2023Q4, which indicates that the company is becoming increasingly reliant on debt to sustain its operations and portfolio expansion.
The interest coverage ratio, which has frequently dipped below 1.0, suggests that the company may struggle to service its debt obligations without further capital infusions or refinancing. Investors should monitor this leverage trend closely, as it appears to be a primary driver of the company's heightened financial risk profile.
Based on the company's unique business model, the P/E ratio is a fundamentally flawed metric for evaluating SPRU, as it fails to account for the heavy non-cash depreciation charges that characterize the residential solar asset-ownership industry.
Investors should instead focus on metrics like Cash Available for Distribution (CAFD) or Adjusted EBITDA to better understand the underlying cash-generating capacity of the solar portfolio. Relying on P/E ratios in this context obscures the company's true operational health and may lead to incorrect conclusions regarding its long-term viability.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying SPRU stock.
Spruce Power Holding Corporation's current P/E ratio is -1.7x. The historical average is 16.0x.
Spruce Power Holding Corporation's current EV/EBITDA is 13.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.9x.
Spruce Power Holding Corporation's return on equity (ROE) is -19.4%. The historical average is -28.7%.
Based on historical data, Spruce Power Holding Corporation is trading at a P/E of -1.7x. Compare with industry peers and growth rates for a complete picture.
Spruce Power Holding Corporation has 64.3% gross margin and 15.9% operating margin. Operating margin between 10-20% is typical for established companies.
Spruce Power Holding Corporation's Debt/EBITDA ratio is 14.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.