Latest Ratios: P/E Ratio -30.9x · EV/EBITDA 346.0x · ROE -11.6%. (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 | $12.9B | $18.6B | $8.9B | $15.6B | $8.9B | $40.4B | $26.1B | — | — |
| Enterprise Value | $13.3B | $18.9B | $9.7B | $16.7B | $10.1B | $41.1B | $24.9B | — | — |
| P/E Ratio → | -30.90 | — | — | — | — | — | — | — | — |
| P/S Ratio | 7.00 | 10.05 | 4.91 | 7.11 | 6.38 | 36.34 | 33.77 | — | — |
| P/B Ratio | 3.58 | 5.33 | 2.60 | 4.56 | 2.36 | 16.85 | 12.81 | — | — |
| P/FCF | 32.05 | 46.03 | 32.57 | 87.02 | — | — | — | — | — |
| P/OCF | 30.61 | 43.96 | 28.20 | 66.28 | — | — | 1309.99 | — | — |
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 | — | 10.23 | 5.37 | 7.63 | 7.26 | 37.02 | 32.28 | — | — |
| EV / EBITDA | 346.02 | 493.11 | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 46.84 | 35.63 | 93.29 | — | — | — | — | — |
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 | 74.2% | 74.2% | 73.5% | 66.5% | 68.2% | 77.2% | 77.7% | 78.1% | 78.7% |
| Operating Margin | -22.8% | -22.8% | -41.6% | -38.1% | -63.4% | -47.9% | -35.6% | -27.8% | -34.2% |
| Net Profit Margin | -21.8% | -21.8% | -36.6% | -37.6% | -66.1% | -48.0% | -36.5% | -30.1% | -34.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -11.6% | -11.6% | -19.4% | -22.9% | -29.9% | -24.0% | -23.2% | -46.0% | -41.6% |
| ROA | -5.9% | -5.9% | -9.5% | -10.9% | -14.5% | -14.2% | -16.4% | -24.1% | -22.3% |
| ROIC | -7.8% | -7.8% | -12.9% | -13.1% | -16.3% | -19.7% | -35.8% | -70.3% | -170.3% |
| ROCE | -7.6% | -7.6% | -12.4% | -12.6% | -16.0% | -16.7% | -21.2% | -39.6% | -38.8% |
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 | 0.68 | 0.68 | 0.69 | 0.79 | 0.72 | 0.76 | 0.06 | — | — |
| Debt / EBITDA | 62.17 | 62.17 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.09 | 0.24 | 0.33 | 0.33 | 0.32 | -0.56 | -0.33 | -0.82 |
| Net Debt / EBITDA | 8.60 | 8.60 | — | — | — | — | — | — | — |
| Debt / FCF | — | 0.82 | 3.06 | 6.27 | — | — | — | — | — |
| Interest Coverage | -17.60 | -17.60 | -27.34 | -31.46 | -118.18 | -468.70 | -50.84 | -58.56 | -56.00 |
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 | 1.84 | 1.84 | 2.50 | 2.60 | 2.34 | 3.44 | 4.13 | 1.09 | 1.73 |
| Quick Ratio | 1.84 | 1.84 | 2.50 | 2.60 | 2.34 | 3.44 | 4.13 | 1.09 | 1.73 |
| Cash Ratio | 1.35 | 1.35 | 1.71 | 1.78 | 1.57 | 2.77 | 3.48 | 0.39 | 1.02 |
| Asset Turnover | — | 0.27 | 0.27 | 0.30 | 0.18 | 0.23 | 0.29 | 0.71 | 0.65 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 127.01 | 115.52 | 102.08 | 166.30 | 111.91 | 129.59 | 138.04 | 146.17 |
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 | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | 3.1% | 2.2% | 3.1% | 1.1% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.6% | 16.9% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 1.6% | 16.9% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $421M | $396M | $380M | $311M | $282M | $170M | $228M | $228M |
Persistent operating margin deficits
According to current market data, Unity trades at a P/S ratio of 6.66, which appears to discount the company's historical growth premiums as investors grapple with the transition from a high-growth narrative to a more mature, albeit volatile, operational reality compared to software peers.
The current EV/EBITDA multiple of 329.75 is largely non-informative due to the company's persistent operating losses, suggesting that the market is struggling to anchor a valuation on traditional earnings metrics. Investors should monitor whether the current P/S multiple reflects a floor for the business or if further multiple compression is warranted as growth remains inconsistent.
Based on reported financial figures, Unity's ROIC has consistently remained in negative territory, reaching -7.4% in 2026Q1, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of capital, a trend that warrants significant investor caution.
The persistent negative ROIC suggests that the capital deployed into acquisitions and R&D has not yet translated into profitable growth. This trend implies that the company's current business model is value-destructive, and a turnaround would require a fundamental shift in how capital is allocated toward high-margin revenue streams.
As reported in recent quarterly filings, Unity's DSO has remained elevated, hovering around 115 days in 2026Q1, which suggests that the company faces significant friction in its cash conversion cycle compared to more efficient software-as-a-service peers that typically maintain much tighter receivables management.
The extended DSO indicates that Unity may be offering generous payment terms to secure enterprise contracts or that its billing processes are not yet optimized for scale. This inefficiency ties up liquidity that could otherwise be used to fund R&D, potentially exacerbating the company's reliance on external financing.
Based on the latest balance sheet data, Unity maintains a current ratio of 1.95, providing a moderate liquidity cushion; however, this figure may be misleading as it does not account for the ongoing cash burn required to sustain the company's current operating structure.
While the current ratio appears adequate, the company's reliance on non-cash expenses to manage its bottom line suggests that its actual liquidity position is more vulnerable than the headline numbers imply. Investors should monitor the cash burn rate closely, as any disruption in the Grow segment could rapidly deplete these reserves.
The P/E ratio is frequently misapplied to Unity's business model, as the company's heavy reliance on stock-based compensation and acquisition-related amortization renders GAAP earnings a poor proxy for the underlying cash-generating capability of the platform, according to standard institutional analysis practices.
Using P/E to value Unity obscures the true economic cost of talent and the impact of past M&A activity on the income statement. Analysts should instead focus on adjusted free cash flow or unit economics within the Create and Grow segments to better understand the company's long-term viability.
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Quick answers to the most common questions about buying U stock.
Unity Software Inc.'s current P/E ratio is -30.9x. This places it at the 50th percentile of its historical range.
Unity Software Inc.'s current EV/EBITDA is 346.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Unity Software Inc.'s return on equity (ROE) is -11.6%. The historical average is -27.3%.
Based on historical data, Unity Software Inc. is trading at a P/E of -30.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Unity Software Inc. has 74.2% gross margin and -22.8% operating margin.
Unity Software Inc.'s Debt/EBITDA ratio is 62.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.