Latest Ratios: P/E Ratio -1.1x · EV/EBITDA N/A · ROE -38.3%. (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 | $34M | $27M | $37M | $121M | $357M | $342M |
| Enterprise Value | $30M | $22M | $37M | $116M | $357M | $343M |
| P/E Ratio → | -1.11 | — | — | — | 24.62 | 36.74 |
| P/S Ratio | 0.50 | 0.39 | 0.51 | 1.10 | 4.01 | 13.92 |
| P/B Ratio | 0.51 | 0.90 | 0.87 | 3.95 | 11.41 | 11.11 |
| P/FCF | — | — | — | 11.03 | 37.00 | 55.43 |
| P/OCF | — | — | — | 10.08 | 33.28 | 49.73 |
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 | — | 0.32 | 0.50 | 1.05 | 4.01 | 13.93 |
| EV / EBITDA | — | — | — | 16.57 | 34.44 | 46.02 |
| EV / EBIT | — | — | — | 23.34 | 40.90 | 48.30 |
| EV / FCF | — | — | — | 10.57 | 36.98 | 55.48 |
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 | 55.2% | 55.2% | 48.1% | 45.8% | 20.0% | 42.7% |
| Operating Margin | -29.6% | -29.6% | -14.8% | 4.7% | 9.7% | 28.7% |
| Net Profit Margin | -20.2% | -20.2% | -3.6% | 4.4% | 9.7% | 28.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -38.3% | -38.3% | -7.3% | 15.7% | 27.9% | 23.0% |
| ROA | -23.7% | -23.7% | -4.9% | 11.6% | 25.6% | 21.9% |
| ROIC | -45.3% | -45.3% | -23.9% | 13.6% | 20.8% | — |
| ROCE | -43.2% | -43.2% | -27.4% | 15.7% | 27.0% | 22.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.12 | 0.10 | 0.07 | 0.02 |
| Debt / EBITDA | — | — | — | 0.43 | 0.20 | 0.10 |
| Net Debt / Equity | — | -0.16 | -0.01 | -0.17 | -0.01 | 0.01 |
| Net Debt / EBITDA | — | — | — | -0.72 | -0.02 | 0.04 |
| Debt / FCF | — | — | — | -0.46 | -0.02 | 0.05 |
| Interest Coverage | -123.55 | -123.55 | -31.56 | — | 169.94 | — |
Net cash position: cash ($6M) exceeds total debt ($1M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 2.69 | 2.69 | 1.26 | 1.05 | 1.32 | 0.94 |
| Quick Ratio | 2.59 | 2.59 | 1.20 | 1.02 | 1.21 | 0.94 |
| Cash Ratio | 0.73 | 0.73 | 0.38 | 0.52 | 0.90 | 0.44 |
| Asset Turnover | — | 1.22 | 1.19 | 2.28 | 2.53 | 0.76 |
| Inventory Turnover | 36.46 | 36.46 | 43.58 | 169.65 | 247.99 | — |
| Days Sales Outstanding | — | 67.30 | 51.08 | 9.67 | 2.32 | 5.79 |
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 | 4.0% | 2.3% | 0.2% | — | 2.3% | 2.2% |
| Payout Ratio | — | — | — | — | 94.7% | 104.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 4.1% | 2.7% |
| FCF Yield | — | — | — | 9.1% | 2.7% | 1.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.0% | 2.3% | 0.2% | 0.0% | 2.3% | 2.2% |
| Shares Outstanding | — | $25M | $11M | $11M | $35M | $35M |
Liquidity and capital runway
Based on current market data, ZEO trades at a P/S multiple of 0.51, which appears to reflect significant investor skepticism regarding the company's ability to achieve profitability, especially when compared to the higher valuation premiums typically afforded to more established, national residential solar players in the sector.
The absence of a positive P/E ratio and the depressed P/B of 0.53 suggest that the market is pricing the company as a distressed asset rather than a growth-oriented technology firm. This valuation gap may imply that investors are heavily discounting the company's future cash flows due to the persistent operating losses and the high probability of future equity dilution.
As reported in financial statements, ZEO's ROIC has remained consistently negative, reaching a trough of -34.2% in 2025Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its localized, vertically integrated residential solar installation business model in Florida.
The persistent negative returns on invested capital suggest that the company's operational overhead and customer acquisition costs are not being adequately offset by the margins generated from its installations. This trend warrants further investigation into whether the company can ever achieve a positive spread between its returns and its cost of capital without a radical shift in its current operating scale.
According to recent quarterly filings, ZEO's cash conversion cycle has exhibited extreme instability, swinging from a high of 67 days in 2023Q4 to a negative 8 days in 2025Q2, reflecting the inherent difficulty in managing project-based inventory and receivables within a highly seasonal Florida market.
The erratic nature of the cash conversion cycle suggests that the company lacks the operational maturity to maintain consistent working capital efficiency. Investors should monitor whether these fluctuations are a result of supply chain bottlenecks or aggressive revenue recognition practices that may be masking underlying operational inefficiencies.
Based on the most recent balance sheet data, ZEO's current ratio has declined to 1.53 as of 2026Q1, which, when combined with the company's ongoing negative operating margins, suggests a precarious liquidity position that may necessitate external financing to sustain operations through the next fiscal year.
The rapid depletion of cash reserves relative to the company's burn rate indicates that the current liquidity position is insufficient to withstand prolonged market volatility or further delays in utility interconnection. This vulnerability suggests that the company may be forced to seek dilutive capital, which would further pressure existing shareholder value.
The most commonly misapplied metric for ZEO is the P/S ratio, which obscures the company's labor-intensive, construction-heavy reality by treating it as a scalable software or technology platform, thereby failing to account for the high fixed costs and localized regulatory risks inherent in its Florida-centric business model.
Analysts should instead focus on the unit-level contribution margin and the ratio of customer acquisition costs to lifetime value, as these metrics better capture the sustainability of the company's installation-led revenue. Relying on top-line growth multiples in this context may lead to an overestimation of the company's long-term earnings potential.
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Quick answers to the most common questions about buying ZEO stock.
Zeo Energy Corp.'s current P/E ratio is -1.1x. The historical average is 30.7x.
Zeo Energy Corp.'s return on equity (ROE) is -38.3%. The historical average is 4.2%.
Based on historical data, Zeo Energy Corp. is trading at a P/E of -1.1x. Compare with industry peers and growth rates for a complete picture.
Zeo Energy Corp.'s current dividend yield is 4.00%.
Zeo Energy Corp. has 55.2% gross margin and -29.6% operating margin.