Latest Ratios: P/E Ratio 13.9x · EV/EBITDA 5.6x · ROE 10.6%. (2008–2025 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $58M | $117M | $59M | $143M | $62M | $48M | $34M | $21M | $19M | $10M | $7M |
| Enterprise Value | $70M | $129M | $88M | $161M | $59M | $46M | $50M | $94M | $91M | $147M | $135M |
| P/E Ratio → | 13.90 | 26.00 | — | 217.31 | — | — | — | — | — | — | — |
| P/S Ratio | 0.44 | 0.87 | 0.50 | 1.57 | 1.07 | 0.87 | 0.64 | 0.33 | 0.26 | 0.13 | 0.08 |
| P/B Ratio | 1.23 | 2.30 | 1.38 | 2.79 | 1.82 | 1.55 | 2.35 | — | — | — | — |
| P/FCF | 5.75 | 11.51 | — | — | — | — | — | — | 32.38 | — | — |
| P/OCF | 4.66 | 9.33 | — | — | — | 109.01 | — | — | 15.71 | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.96 | 0.75 | 1.76 | 1.02 | 0.84 | 0.94 | 1.46 | 1.26 | 1.77 | 1.50 |
| EV / EBITDA | 5.61 | 10.29 | — | — | — | — | 37.87 | 111.41 | — | — | — |
| EV / EBIT | 9.63 | 12.06 | — | 84.76 | — | — | — | — | — | — | — |
| EV / FCF | — | 12.66 | — | — | — | — | — | — | 154.44 | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.9% | 62.9% | 58.2% | 60.8% | 55.4% | 58.8% | 64.5% | 65.7% | 60.2% | 60.6% | 69.2% |
| Operating Margin | 5.4% | 5.4% | -10.3% | -11.1% | -11.7% | -7.0% | -1.4% | -3.6% | -83.2% | -45.8% | -8.4% |
| Net Profit Margin | 3.7% | 3.7% | -14.0% | 0.7% | -14.6% | -8.8% | -13.2% | -12.7% | -97.1% | -63.4% | -21.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.6% | 10.6% | -34.9% | 1.5% | -26.1% | -21.4% | -48.4% | — | — | — | -2162.1% |
| ROA | 5.3% | 5.3% | -17.6% | 0.9% | -14.8% | -10.1% | -16.6% | -18.4% | -92.2% | -42.0% | -13.6% |
| ROIC | 8.1% | 8.1% | -12.8% | -15.2% | -16.8% | -9.6% | -1.9% | -6.2% | -85.5% | -28.6% | -4.8% |
| ROCE | 11.2% | 11.2% | -17.9% | -17.7% | -15.2% | -13.0% | -3.0% | -6.9% | -105.2% | -39.2% | -6.4% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.56 | 0.56 | 0.82 | 0.46 | 0.50 | 0.55 | 1.28 | — | — | — | — |
| Debt / EBITDA | 2.30 | 2.30 | — | — | — | — | 13.96 | 92.73 | — | — | — |
| Net Debt / Equity | — | 0.23 | 0.67 | 0.35 | -0.09 | -0.05 | 1.12 | — | — | — | — |
| Net Debt / EBITDA | 0.93 | 0.93 | — | — | — | — | 12.20 | 86.54 | — | — | — |
| Debt / FCF | — | 1.15 | — | — | — | — | — | — | 122.06 | — | — |
| Interest Coverage | 2.91 | 2.91 | -2.91 | 0.65 | -3.97 | -3.87 | -0.13 | -0.41 | -5.91 | -2.56 | -0.59 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.65 | 2.65 | 2.35 | 2.82 | 3.24 | 4.00 | 1.22 | 3.43 | 2.88 | 1.53 | 1.57 |
| Quick Ratio | 1.63 | 1.63 | 1.00 | 1.22 | 2.10 | 2.38 | 0.39 | 1.72 | 1.44 | 0.67 | 0.73 |
| Cash Ratio | 0.58 | 0.58 | 0.22 | 0.25 | 1.33 | 1.65 | 0.09 | 0.56 | 0.56 | 0.11 | 0.08 |
| Asset Turnover | — | 1.42 | 1.25 | 0.99 | 0.96 | 1.01 | 1.29 | 1.50 | 1.56 | 0.78 | 0.62 |
| Inventory Turnover | 1.64 | 1.64 | 1.27 | 0.97 | 1.49 | 1.27 | 0.88 | 1.38 | 1.66 | 1.46 | 1.05 |
| Days Sales Outstanding | — | 48.52 | 64.31 | 82.88 | 68.34 | 47.25 | 47.08 | 57.13 | 50.50 | 56.18 | 77.02 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 3.8% | — | 0.5% | — | — | — | — | — | — | — |
| FCF Yield | 17.4% | 8.7% | — | — | — | — | — | — | 3.1% | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $150M | $134M | $127M | $94M | $85M | $28M | $13M | $12M | $2M | $1M |
High operating leverage sensitivity
Based on reported figures, XTNT trades at a P/S multiple of 0.44, which suggests that the market assigns a significant sub-scale discount to the company compared to larger orthopedic peers, likely reflecting skepticism regarding the firm's ability to achieve sustainable profitability following recent inorganic growth initiatives.
The current EV/EBITDA of 5.64 appears to price in a high degree of uncertainty regarding future margin expansion. Investors should monitor whether this valuation gap narrows as the company demonstrates its ability to integrate the Surgalign assets without further diluting its already thin operating margins.
As reported in financial statements, XTNT's ROIC has struggled to maintain positive territory, oscillating between -4.1% and 4.6% over the last ten quarters, which indicates that the company has yet to establish a consistent mechanism for compounding returns on its invested capital base.
The persistent negative ROIC trends suggest that the capital deployed into the business is not currently generating sufficient returns to cover the cost of capital. This warrants further investigation into whether the recent acquisition strategy will eventually drive the efficiency gains necessary to turn these returns sustainably positive.
According to recent SEC filings, XTNT's cash conversion cycle remains elevated, peaking at 345 days in 2025Q3, which highlights the significant burden of managing high inventory levels and extended receivables in a medical device business model that relies heavily on consignment-based distribution strategies.
The high DIO, which reached 330 days in 2025Q3, suggests that inventory obsolescence remains a material risk that could impair future cash flows. Management's ability to optimize these cycles is critical, as the current efficiency levels appear to be a primary drag on the company's overall liquidity and operational agility.
Based on reported figures, XTNT has maintained a current ratio of 3.34 as of 2026Q1, providing a robust short-term liquidity cushion that appears sufficient to navigate the current period of operational volatility and integration-related cash outflows without immediate reliance on external financing markets.
While the current ratio is healthy, the quick ratio of 1.64 suggests that a significant portion of this liquidity is tied up in inventory, which may be less liquid than the headline numbers imply. Investors should monitor whether this liquidity remains stable if the company faces further revenue contraction.
The P/E ratio is frequently misapplied to XTNT, as the company's earnings are currently distorted by non-recurring integration costs and significant historical deficits, which obscures the underlying cash-generating potential of the core biologics portfolio and the true operational leverage of the business model.
Analysts should instead focus on EV/Sales or adjusted EBITDA metrics to better gauge the company's valuation relative to its peers. Relying on P/E in this context may lead to erroneous conclusions about the company's profitability, as it fails to account for the capital-intensive nature of the current turnaround phase.
Includes 30+ ratios · 18 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying XTNT stock.
Xtant Medical Holdings, Inc.'s current P/E ratio is 13.9x. The historical average is 26.0x.
Xtant Medical Holdings, Inc.'s current EV/EBITDA is 5.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.1x.
Xtant Medical Holdings, Inc.'s return on equity (ROE) is 10.6%. The historical average is -100.9%.
Based on historical data, Xtant Medical Holdings, Inc. is trading at a P/E of 13.9x. Compare with industry peers and growth rates for a complete picture.
Xtant Medical Holdings, Inc. has 62.9% gross margin and 5.4% operating margin.
Xtant Medical Holdings, Inc.'s Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.