Latest Ratios: P/E Ratio -15.2x · EV/EBITDA N/A · ROE -15.4%. (2023–2025 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 |
|---|---|---|---|---|
| Market Cap | $1.4B | $2.3B | — | — |
| Enterprise Value | $1.1B | $2.0B | — | — |
| P/E Ratio → | -15.21 | — | — | — |
| P/S Ratio | 3.25 | 5.36 | — | — |
| P/B Ratio | 2.33 | 3.71 | — | — |
| 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 |
|---|---|---|---|---|
| EV / Revenue | — | 4.58 | — | — |
| 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 |
|---|---|---|---|---|
| Gross Margin | 39.6% | 39.6% | 38.8% | 39.9% |
| Operating Margin | -17.6% | -17.6% | -24.8% | -46.0% |
| Net Profit Margin | -22.2% | -22.2% | -26.7% | -46.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | -15.4% | -15.4% | — | — |
| ROA | -17.2% | -17.2% | -23.9% | -31.7% |
| ROIC | -23.1% | -23.1% | -29.7% | — |
| ROCE | -16.1% | -16.1% | -27.8% | -39.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | — | — |
| Debt / EBITDA | — | — | — | — |
| Net Debt / Equity | — | -0.55 | — | — |
| Net Debt / EBITDA | — | — | — | — |
| Debt / FCF | — | — | — | — |
| Interest Coverage | -11.78 | -11.78 | -19.66 | -175.34 |
Net cash position: cash ($371M) exceeds total debt ($29M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 4.98 | 4.98 | 2.12 | 1.89 |
| Quick Ratio | 4.98 | 4.98 | 2.12 | 1.89 |
| Cash Ratio | 3.94 | 3.94 | 1.02 | 0.95 |
| Asset Turnover | — | 0.59 | 0.87 | 0.68 |
| Inventory Turnover | — | — | — | — |
| Days Sales Outstanding | — | 68.55 | 79.74 | 87.12 |
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 |
|---|---|---|---|---|
| Dividend Yield | — | — | — | — |
| Payout Ratio | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | — | — | — | — |
| FCF Yield | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $80M | $72M | $72M |
Operating Margin Scalability
Based on reported figures, Via trades at a price-to-sales multiple of 3.12, which appears to price in significant future expansion despite the company's current negative net margin of 15.8% as of 2026Q1, suggesting investors are prioritizing top-line growth over immediate bottom-line profitability metrics.
The current valuation multiple reflects a market expectation that Via will successfully transition from its current TaaS-heavy model to a higher-margin SaaS-dominant revenue stream. Investors should monitor whether this P/S ratio remains sustainable if revenue growth decelerates, as the lack of positive earnings makes the stock highly sensitive to shifts in growth sentiment.
According to recent financial statements, Via’s ROIC of -6.0% in 2026Q1 highlights the company's ongoing struggle to generate returns on invested capital that exceed its cost of funding, a trend that has persisted throughout the last several quarters of aggressive municipal market expansion.
The negative ROIC suggests that the capital deployed into fleet operations and software development is not yet yielding sufficient incremental returns. This warrants further investigation into whether the company's asset-heavy TaaS segment is diluting the potential returns of its more efficient software-based TransitTech stack.
As reported in quarterly filings, Via’s DSO of 62 days in 2026Q1 indicates a relatively long collection cycle for municipal contracts, which, when compared to industry standards, suggests that the company faces structural delays in converting its service delivery into realized cash inflows.
The reliance on government entities for payment creates a predictable but slow cash conversion cycle that necessitates a larger liquidity buffer. Investors should monitor whether these DSO trends improve as the company scales, as persistent delays could continue to strain the company's working capital position.
Based on the 2026Q1 balance sheet, Via maintains a current ratio of 5.09, which provides a substantial liquidity cushion that appears more than adequate to support the company's ongoing operational burn while it continues to pursue its long-term municipal partnership strategy.
This high liquidity position is a critical safeguard given the company's negative operating margins and the inherent volatility of its TaaS business model. It suggests that the firm is well-positioned to weather potential delays in contract renewals or unexpected increases in operational costs without requiring immediate external financing.
The most commonly misapplied metric for Via is the EV/EBITDA multiple, which obscures the company's true value by failing to distinguish between its low-margin TaaS fleet operations and its high-margin, recurring SaaS software licensing revenue streams that drive long-term terminal value.
Using a standard transportation multiple ignores the proprietary nature of Via's routing algorithms and the high switching costs associated with its B2G software stack. Analysts should instead focus on a sum-of-the-parts valuation that separates the software business from the operational fleet to avoid undervaluing the company's core intellectual property.
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Quick answers to the most common questions about buying VIA stock.
Via Transportation, Inc.'s current P/E ratio is -15.2x. This places it at the 50th percentile of its historical range.
Via Transportation, Inc.'s return on equity (ROE) is -15.4%. The historical average is -15.4%.
Based on historical data, Via Transportation, Inc. is trading at a P/E of -15.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Via Transportation, Inc. has 39.6% gross margin and -17.6% operating margin.