Latest Ratios: P/E Ratio -0.5x · EV/EBITDA N/A · ROE N/A. (2016–2024 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11M | $50M | $129M | $417M | $1.4B | $1.6B | $2.6B | $5.1B | — | — |
| Enterprise Value | $17M | $92M | $144M | $359M | $1.3B | $1.5B | $2.4B | $4.6B | — | — |
| P/E Ratio → | -0.50 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.46 | 1.01 | 0.80 | 2.28 | 3.79 | 4.82 | 4.09 | 7.90 | — | — |
| P/B Ratio | — | — | 6.63 | 4.49 | 7.02 | 5.55 | 6.23 | 8.54 | — | — |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.87 | 0.89 | 1.96 | 3.64 | 4.50 | 3.79 | 7.01 | — | — |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.3% | 68.3% | 57.5% | 61.5% | 76.1% | 73.1% | 71.1% | 71.8% | 80.5% | 84.9% |
| Operating Margin | -182.9% | -182.9% | -74.5% | -65.1% | -31.0% | -51.9% | -40.5% | -10.5% | -25.6% | -69.1% |
| Net Profit Margin | -382.3% | -382.3% | -51.1% | -90.9% | -28.5% | -49.4% | -38.9% | -16.9% | -34.4% | -83.9% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -147.8% | -116.4% | -42.4% | -45.9% | -48.9% | -40.7% | — | — |
| ROA | -230.0% | -230.0% | -46.8% | -56.6% | -24.6% | -31.3% | -38.8% | -26.3% | -119.2% | -199.3% |
| ROIC | — | — | -242.0% | -98.7% | -50.7% | -61.8% | -155.1% | -217.8% | — | — |
| ROCE | — | — | -152.0% | -72.7% | -44.4% | -47.4% | -50.8% | -25.0% | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 1.27 | 0.19 | 0.06 | 0.03 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | 0.78 | -0.62 | -0.28 | -0.37 | -0.46 | -0.96 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -90.03 | -90.03 | — | -190.87 | — | — | — | — | -29.69 | -58.94 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.37 | 0.37 | 0.71 | 1.60 | 1.36 | 1.77 | 3.74 | 5.65 | 0.64 | 0.41 |
| Quick Ratio | 0.37 | 0.37 | 0.71 | 1.60 | 1.36 | 1.77 | 3.74 | 5.65 | 0.64 | 0.41 |
| Cash Ratio | 0.09 | 0.09 | 0.19 | 0.72 | 0.47 | 0.93 | 1.96 | 4.74 | 0.42 | 0.25 |
| Asset Turnover | — | 1.11 | 1.36 | 0.78 | 1.01 | 0.70 | 1.14 | 0.90 | 2.49 | 2.38 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 87.93 | 64.95 | 99.56 | 48.95 | 73.09 | 40.98 | 35.27 | 12.94 | 17.51 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.0% | — | — |
| Shares Outstanding | — | $2M | $2M | $2M | $2M | $2M | $2M | $635000 | $494118 | $465746 |
Imminent liquidity crisis
Based on reported figures, Token Cat's P/S ratio of 2.35 appears to be a legacy metric that fails to account for the company's negative earnings and the severe 69.71% revenue contraction, suggesting that the market may be mispricing the firm as a viable growth entity.
The negative P/E of -0.81 confirms that the company is currently unable to generate positive earnings, rendering traditional valuation multiples largely irrelevant for assessing intrinsic value. Investors should monitor whether the current price-to-sales multiple is supported by any residual asset value or if it represents a speculative premium that is disconnected from the firm's deteriorating fundamental reality.
According to recent financial statements, Token Cat maintains a 79.0% gross margin, yet this efficiency is entirely negated by an operating margin of -2.1%, indicating that the company's fixed cost structure is fundamentally incompatible with its current, significantly reduced revenue scale.
The disparity between high gross margins and negative operating margins suggests that while the core service delivery is cost-effective, the corporate overhead remains bloated. This structural imbalance implies that the company may require a radical downsizing of its administrative and selling functions to achieve even a baseline level of operational sustainability.
As reported in quarterly filings, Token Cat's Days Sales Outstanding (DSO) reached 577 days in 2025Q2, a figure that highlights a severe inability to collect receivables and suggests that the company's working capital efficiency is deteriorating rapidly compared to historical norms.
The extreme length of the collection cycle indicates that the company is effectively financing its customers, which is a dangerous practice for a firm with limited cash reserves. This trend warrants further investigation into the credit quality of the dealership network and the potential for significant future write-offs of these aged receivables.
Based on the latest balance sheet data, Token Cat's debt-to-equity ratio of 1.26, combined with a deeply negative interest coverage ratio of -54.36, suggests that the company is currently unable to service its existing obligations through its core operating activities.
The reliance on debt in an environment of contracting revenue and negative cash flow creates a precarious financial position that leaves little room for operational error. Investors should monitor the company's ability to refinance these obligations, as the current interest coverage profile indicates a high risk of default or the necessity for dilutive equity financing.
The most commonly misapplied ratio for Token Cat is the Price-to-Sales (P/S) multiple, which obscures the company's underlying cash burn and the structural decline in its O2O business model by focusing on top-line figures that no longer correlate with profitability.
Because the company's revenue is highly transactional and project-based, P/S fails to capture the high customer acquisition costs and the lack of recurring revenue streams. Analysts should instead focus on the cash burn rate and the sustainability of the current operating margin to better understand the firm's true financial viability.
Includes 30+ ratios · 9 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TC stock.
Token Cat Limited's current P/E ratio is -0.5x. This places it at the 50th percentile of its historical range.
Based on historical data, Token Cat Limited is trading at a P/E of -0.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Token Cat Limited has 68.3% gross margin and -182.9% operating margin.