Latest Ratios: P/E Ratio -0.4x · EV/EBITDA N/A · ROE -137.7%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1M | $4M | $2M | $37M | $14M | — | — | — |
| Enterprise Value | $-598203 | $2M | $2M | $39M | $11M | — | — | — |
| P/E Ratio → | -0.36 | — | — | — | — | — | — | — |
| P/S Ratio | 0.15 | 0.39 | 0.27 | 6.21 | 1.97 | — | — | — |
| P/B Ratio | 0.34 | 0.57 | 0.61 | 6.94 | 1.22 | — | — | — |
| 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 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.17 | 0.36 | 6.55 | 1.60 | — | — | — |
| 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 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.9% | 13.9% | 20.5% | 26.3% | 31.9% | 36.4% | 19.3% | 35.1% |
| Operating Margin | -110.9% | -110.9% | -120.1% | -119.9% | -83.1% | -28.0% | -48.0% | -7.2% |
| Net Profit Margin | -64.6% | -64.6% | -239.6% | -124.7% | -105.2% | -104.5% | -55.8% | -14.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -137.7% | -137.7% | -342.6% | -87.9% | -108.7% | -1076.8% | — | — |
| ROA | -72.6% | -72.6% | -128.3% | -52.1% | -64.9% | -116.1% | -71.7% | -24.0% |
| ROIC | -214.8% | -214.8% | -97.6% | -65.8% | -63.5% | -31.1% | -71.8% | -13.2% |
| ROCE | -207.2% | -207.2% | -121.2% | -62.3% | -59.3% | -47.5% | -150.1% | -16.1% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 0.41 | 1.11 | 0.39 | 1.60 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.32 | 0.19 | 0.38 | -0.23 | 1.26 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -307.27 | -307.27 | -12.80 | -58.86 | -3.70 | -7.50 | -3.44 | -1.03 |
Net cash position: cash ($3M) exceeds total debt ($906969)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.07 | 7.07 | 1.34 | 2.06 | 7.85 | 3.02 | 0.99 | 3.52 |
| Quick Ratio | 4.20 | 4.20 | 0.51 | 1.07 | 4.97 | 1.72 | 0.69 | 1.74 |
| Cash Ratio | 2.98 | 2.98 | 0.09 | 0.98 | 4.58 | 0.49 | 0.24 | 0.68 |
| Asset Turnover | — | 1.20 | 0.62 | 0.50 | 0.43 | 0.69 | 0.98 | 1.68 |
| Inventory Turnover | 2.91 | 2.91 | 0.93 | 1.10 | 1.08 | 1.40 | 3.45 | 2.53 |
| Days Sales Outstanding | — | 27.19 | 39.78 | 9.45 | 15.19 | 62.63 | 48.47 | 8.30 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $6M | $641011 | $68879 | $61359 | $64449 | $64449 | $64449 |
Capital exhaustion and dilution
Based on current market data, XPON trades at a price-to-sales multiple of 0.17, which, according to recent financial filings, suggests that investors are heavily discounting the company's future growth prospects due to persistent operating losses and the absence of a clear path to profitability.
The low P/S ratio relative to broader industrial peers indicates that the market views the company as a speculative assembly operation rather than a scalable technology provider. This valuation level implies that investors are pricing in significant execution risk and the potential for further equity dilution to sustain operations.
As reported in historical financial statements, XPON's ROIC has remained consistently negative, bottoming out at -79.3% in 2025Q4, which underscores a fundamental inability to generate returns on invested capital that exceed the company's cost of funding or operational overhead.
The persistent decay in return metrics suggests that the company's capital allocation has been value-destructive, failing to translate investments in inventory and infrastructure into sustainable earnings. This trend warrants further investigation into whether the current business model can ever achieve the scale necessary to reach positive return thresholds.
According to quarterly data, the company's cash conversion cycle remains highly inefficient, peaking at 521 days in 2023Q4 and remaining elevated at 207 days in 2026Q1, reflecting significant challenges in managing inventory turnover and supplier payment terms within the competitive RV aftermarket.
The extended duration of the cash conversion cycle indicates that capital is trapped in inventory for prolonged periods, which exacerbates the company's liquidity constraints. Investors should monitor whether management can optimize these cycles, as current levels suggest a lack of leverage over both suppliers and distribution channels.
Based on the latest quarterly reports, the current ratio of 6.44 in 2026Q1 appears deceptively high, as it is heavily influenced by inventory levels that may face obsolescence risks, while the actual cash position of $2.97M provides a limited runway for ongoing operations.
While the headline liquidity ratios might suggest a comfortable cushion, the underlying quality of current assets is questionable given the high inventory dependence. The company's reliance on cash to fund negative operating margins suggests that its liquidity position is highly vulnerable to any unexpected disruptions in the RV sales cycle.
As evidenced by the company's financial history, the market frequently misapplies top-line revenue growth as a proxy for business health, ignoring the fact that such growth has been accompanied by gross margins as low as 13.86% and persistent operating losses.
Focusing on revenue growth in this context obscures the reality that the company is essentially a low-margin assembler with limited pricing power. Analysts should prioritize gross margin expansion and free cash flow generation over revenue growth to better assess the company's long-term viability and competitive positioning.
Includes 30+ ratios · 7 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying XPON stock.
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Expion360 Inc.'s return on equity (ROE) is -137.7%. The historical average is -169.3%.
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Expion360 Inc. has 13.9% gross margin and -110.9% operating margin.