Latest Ratios: P/E Ratio -0.9x · EV/EBITDA N/A · ROE -89.0%. (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 | $26M | $17M | $24M | $46M | $77M | $340M | $725M | — | — |
| Enterprise Value | $31M | $21M | $56M | $65M | $105M | $325M | $734M | — | — |
| P/E Ratio → | -0.94 | — | — | — | — | 14.32 | — | — | — |
| P/S Ratio | 0.57 | 0.37 | 0.43 | 1.04 | 2.12 | 67.26 | 274.64 | — | — |
| P/B Ratio | 1.02 | 0.73 | 0.72 | 1.02 | 0.69 | 1.95 | — | — | — |
| P/FCF | 4.86 | 3.16 | — | — | — | — | — | — | — |
| P/OCF | 4.86 | 3.16 | — | — | — | — | — | — | — |
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 | — | 0.47 | 1.01 | 1.46 | 2.87 | 64.47 | 277.79 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 3.99 | — | — | — | — | — | — | — |
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 | 5.9% | 5.9% | 7.1% | -2.9% | -82.6% | -46.8% | 11.4% | 29.7% | 70.1% |
| Operating Margin | -71.9% | -71.9% | -82.0% | -145.9% | -306.1% | -1053.0% | -449.5% | -381.3% | -1167.9% |
| Net Profit Margin | -55.1% | -55.1% | -89.6% | -170.3% | -201.6% | 463.6% | -631.1% | -430.1% | -1281.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -89.0% | -89.0% | -127.3% | -96.4% | -51.2% | 31.8% | — | — | — |
| ROA | -31.9% | -31.9% | -52.2% | -53.5% | -35.0% | 19.3% | -201.7% | -204.3% | -190.4% |
| ROIC | -53.1% | -53.1% | -53.1% | -47.9% | -55.7% | -56.4% | — | — | — |
| ROCE | -74.9% | -74.9% | -72.9% | -59.5% | -62.4% | -54.9% | — | — | -498.2% |
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 | 0.79 | 0.79 | 1.28 | 0.68 | 0.56 | 0.01 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.19 | 0.95 | 0.42 | 0.24 | -0.08 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 0.83 | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -214.36 | -7.14 | -24.55 | — | -3.61 | — | — |
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 | 2.11 | 2.11 | 1.76 | 3.66 | 3.57 | 10.38 | 0.39 | 0.30 | 0.87 |
| Quick Ratio | 1.05 | 1.05 | 0.98 | 1.73 | 2.31 | 8.45 | 0.33 | 0.04 | 0.64 |
| Cash Ratio | 0.59 | 0.59 | 0.24 | 0.59 | 1.89 | 6.93 | 0.31 | 0.00 | 0.64 |
| Asset Turnover | — | 0.76 | 0.57 | 0.48 | 0.19 | 0.02 | 0.19 | 0.42 | 0.15 |
| Inventory Turnover | 1.73 | 1.73 | 1.42 | 1.21 | 1.15 | 0.24 | 1.25 | 0.51 | 0.29 |
| Days Sales Outstanding | — | 47.89 | 190.67 | 130.78 | 85.57 | 242.44 | 56.39 | 56.96 | — |
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 | — | — | — | — | — | 7.0% | — | — | — |
| FCF Yield | 20.6% | 31.7% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $9M | $8M | $6M | $6M | $4M | $2M | $1M | $786998 |
Imminent liquidity and solvency risk
Based on current market data, Xos trades at a P/S multiple of 0.63, which, when viewed alongside a negative TTM P/E of -1.05, suggests that investors are pricing the company as a distressed asset rather than a growth-stage industrial manufacturer with a clear path to profitability.
The low P/S ratio relative to broader industrial peers indicates that the market is heavily discounting the company's future revenue potential due to persistent operational losses. This valuation suggests that the market requires significant evidence of backlog conversion and margin expansion before re-rating the stock, as current multiples imply a high probability of further equity dilution.
As reported in financial statements, the company's ROIC has remained consistently negative, bottoming out at -24.9% in 2025Q4, which indicates that the business is currently destroying shareholder value rather than compounding capital through its modular chassis manufacturing and energy infrastructure investments.
The persistent inability to generate a positive return on invested capital highlights a structural mismatch between the company's high fixed-cost base and its current revenue scale. Investors should monitor whether future capital allocation toward the Xos Hub infrastructure can improve these returns, or if the core vehicle business will continue to drag down overall capital efficiency.
According to quarterly data, the cash conversion cycle has remained highly volatile, peaking at 982 days in 2025Q1, which suggests that Xos faces significant challenges in managing inventory turnover and collecting receivables efficiently compared to more established industrial peers in the commercial vehicle space.
The extremely high days inventory outstanding (DIO) figures indicate that the company is struggling to align its production output with actual customer demand, leading to bloated inventory levels. This inefficiency ties up critical liquidity and increases the risk of obsolescence for specialized electric vehicle components, further straining the company's already thin cash position.
Based on the most recent quarterly filings, the current ratio has declined to 1.89, and with cash reserves dwindling to approximately $14 million, the company's ability to meet short-term obligations appears increasingly vulnerable to any further delays in vehicle deliveries or unexpected increases in operating expenses.
The rapid depletion of the liquidity buffer suggests that the company is operating with a very narrow margin for error, making it highly susceptible to external shocks or supply chain disruptions. Without a significant improvement in cash flow generation, the current liquidity profile warrants close monitoring for potential covenant breaches or the necessity of emergency financing.
Analysts frequently misapply the P/S ratio to Xos, which obscures the company's underlying cash burn and capital intensity, as this metric fails to account for the high cost of goods sold and the significant R&D expenditures required to maintain the X-Platform's competitive relevance.
Using P/S as a primary valuation tool is misleading for a company that has yet to achieve a sustainable gross margin, as it ignores the reality that each dollar of revenue currently comes at a high economic cost. A more appropriate focus would be on the unit-level contribution margin and the cash-burn-to-revenue ratio, which better reflect the company's actual progress toward self-funded operations.
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Quick answers to the most common questions about buying XOS stock.
Xos, Inc.'s current P/E ratio is -0.9x. The historical average is 14.3x.
Xos, Inc.'s return on equity (ROE) is -89.0%. The historical average is -66.4%.
Based on historical data, Xos, Inc. is trading at a P/E of -0.9x. Compare with industry peers and growth rates for a complete picture.
Xos, Inc. has 5.9% gross margin and -71.9% operating margin.