Latest Ratios: P/E Ratio -3.1x · EV/EBITDA N/A · ROE -0.4%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $263M | $227M | — | — | — | $1M |
| Enterprise Value | $278M | $241M | — | — | — | $-186999831 |
| P/E Ratio → | -3.14 | — | — | — | — | 0.11 |
| P/S Ratio | 5.73 | 4.93 | — | — | — | 0.04 |
| P/B Ratio | 0.01 | 0.01 | — | — | — | 0.01 |
| 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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.25 | — | — | — | -6.82 |
| 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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | -16.1% | -16.1% | -5.1% | -33.9% | 1.1% | 18.1% |
| Operating Margin | -119.5% | -119.5% | -200.8% | -172.1% | -135.1% | -210.5% |
| Net Profit Margin | -155.2% | -155.2% | -178.8% | -174.5% | 10.1% | 37.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -0.4% | -0.4% | -135.7% | -130.5% | 6.4% | 9.2% |
| ROA | -0.1% | -0.1% | -60.3% | -71.7% | 3.0% | 3.4% |
| ROIC | -0.2% | -0.2% | -85.9% | -91.2% | -306.8% | — |
| ROCE | -0.2% | -0.2% | -105.4% | -94.5% | -49.1% | -22.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.40 | 0.67 | 0.16 | 0.18 |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.00 | 0.37 | 0.31 | -0.07 | -1.70 |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | -15.33 | -15.33 | -3.59 | -12.90 | 22.42 | -4.36 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 2.34 | 2.34 | 1.52 | 2.32 | 3.72 | 5.75 |
| Quick Ratio | 1.53 | 1.53 | 0.20 | 1.07 | 2.18 | 5.75 |
| Cash Ratio | 0.00 | 0.00 | 0.03 | 0.64 | 1.74 | 4.78 |
| Asset Turnover | — | 0.00 | 0.46 | 0.50 | 0.35 | 0.09 |
| Inventory Turnover | 0.00 | 0.00 | 0.86 | 1.71 | 1.09 | — |
| Days Sales Outstanding | — | 49724.73 | 37.59 | 80.56 | 67.65 | 173.62 |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 934.1% |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | 0.0% |
| Shares Outstanding | — | $16M | $847265 | $395774 | $385095 | $111788 |
Immediate liquidity and solvency
According to recent financial data, Velo3D trades at a price-to-sales multiple of 7.02, a figure that appears disconnected from the company's negative gross margins and the severe depletion of its cash reserves, suggesting the market may be pricing in speculative recovery rather than current fundamental realities.
The P/S multiple of 7.02 warrants skepticism given the company's inability to generate positive gross profit, which effectively renders traditional valuation metrics like P/E or EV/EBITDA meaningless. Investors should monitor whether this premium reflects a mispricing of the company's proprietary technology or an overly optimistic assumption regarding the potential for a successful turnaround under new ownership.
As reported in financial statements, Velo3D's ROIC has consistently remained in negative territory, reaching -15.6% in 2025Q1, which indicates that the company is failing to generate any meaningful return on the capital deployed into its high-precision hardware manufacturing and research infrastructure.
The persistent decay in ROIC suggests that the company's capital allocation strategy has been value-destructive, as the costs associated with scaling the Sapphire platform have far outpaced the revenue generated. This trend implies that the business model, in its current form, is unable to achieve the efficiency required to justify the capital intensity of the additive manufacturing sector.
Based on reported figures, the company's cash conversion cycle reached an extreme 183,197 days in 2026Q1, a metric that highlights severe operational bottlenecks and an inability to efficiently manage the flow of inventory and receivables within the high-end aerospace and defense supply chain.
The massive expansion in the cash conversion cycle suggests that the company is struggling to convert its hardware sales into cash, likely due to long project lead times and potential collection issues with its customer base. This inefficiency exacerbates the company's liquidity constraints, as capital remains trapped in inventory and uncollected receivables rather than funding ongoing operations.
According to the latest quarterly filings, the quick ratio has deteriorated to 1.39 in 2026Q1, which, when paired with a cash balance of only $1.2M, suggests that the company possesses virtually no buffer to withstand further operational shocks or delays in project-based revenue recognition.
The company's liquidity position appears highly precarious, as the current assets are heavily weighted toward inventory that may face significant obsolescence risks. Without a substantial infusion of capital or a rapid improvement in cash collection, the company may face severe challenges in meeting its short-term obligations and maintaining its ongoing operations.
Data from recent filings indicates that the market's reliance on P/S multiples to value Velo3D is fundamentally flawed, as it obscures the company's transition toward a software-enabled business model and ignores the high-margin potential of its proprietary Flow and Assure platforms relative to its hardware.
Investors should instead focus on the 'installed base utilization' and 'recurring software revenue' as more accurate indicators of the company's long-term viability. By treating Velo3D as a traditional hardware manufacturer, the market fails to account for the potential value of its intellectual property, which may be the only path to achieving sustainable profitability in the future.
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Quick answers to the most common questions about buying VELO stock.
Velo3D, Inc.'s current P/E ratio is -3.1x. The historical average is 0.1x.
Velo3D, Inc.'s return on equity (ROE) is -0.4%. The historical average is -50.2%.
Based on historical data, Velo3D, Inc. is trading at a P/E of -3.1x. Compare with industry peers and growth rates for a complete picture.
Velo3D, Inc. has -16.1% gross margin and -119.5% operating margin.