Pony AI Inc. (PONY) Key Metrics
PONY valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.15B
- Enterprise value
- $2.02B
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 17.2
- Price / book
- 2.0
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- —
PONY key metrics, 2021–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPONY valuation Price multiples at each fiscal year-end price.
PONY returns How much profit the business earns on the capital it uses.
PONY per-share figures Results divided by the shares outstanding at year-end.
PONY financial health Debt, liquidity and how easily interest is covered.
PONY efficiency & capital use Working capital cycle and where the cash goes.
PONY valuation history
PONY returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PONY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PONY cash returned to shareholders
PONY price vs earnings per share
PONY key metrics
2021–2025| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Valuation | |||||
| Market capitalization | $5.51B | $1.64B | — | — | — |
| Enterprise value | $4.37B | $909.3M | — | — | — |
| Price / sales | 61.0 | 21.9 | — | — | — |
| Price / book | 3.3 | 1.7 | — | — | — |
| EV / sales | 48.4 | 12.1 | — | — | — |
| Earnings yield | −2.4% | −16.7% | — | — | — |
| Free cash flow yield | −3.8% | −7.5% | — | — | — |
| Dividend yield | 0.1% | 0.0% | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.1% | 0.0% | — | — | — |
| Share price at fiscal year-end | $14.50 | $14.35 | — | — | — |
| Per share | |||||
| Revenue per share | $0.24 | $0.66 | $0.81 | $0.20 | $0.02 |
| Earnings per share | −$0.35 | −$2.40 | −$1.40 | −$0.42 | −$0.64 |
| Operating cash flow per share | −$0.43 | −$0.97 | −$1.30 | −$0.44 | −$0.42 |
| Free cash flow per share | −$0.55 | −$1.07 | −$1.35 | −$0.48 | −$0.49 |
| Cash per share | $3.07 | $6.52 | $6.63 | $1.66 | $1.20 |
| Book value per share | $4.35 | $8.32 | $7.69 | $2.02 | $1.93 |
| Tangible book value per share | $4.35 | $8.31 | $7.69 | $2.02 | $1.93 |
| Dividends per share | $0.02 | $0.00 | $0.00 | — | — |
| Capex per share | $0.12 | $0.10 | $0.06 | $0.03 | $0.07 |
| Debt per share | $0.08 | $0.12 | $0.08 | $0.04 | — |
| Shares outstanding | 379.9M | 114.3M | 88.9M | 349.0M | 349.0M |
| Change in shares outstanding | +232.3% | +28.5% | −74.5% | 0.0% | — |
| Returns & profitability | |||||
| Return on equity (ROE) | −10.3% | −33.5% | −18.0% | −21.5% | −33.3% |
| Return on invested capital (ROIC) | −56.3% | −140.2% | −93.1% | −68.1% | −66.7% |
| Return on assets (ROA) | −9.4% | −30.5% | −16.4% | −20.0% | −31.7% |
| Return on tangible assets | −7.4% | −26.1% | −16.7% | −19.2% | −31.7% |
| Free cash flow margin | −231.4% | −162.9% | −167.5% | −243.6% | — |
| Financial health | |||||
| Total debt | $28.9M | $13.8M | $7.4M | $13.0M | — |
| Cash & short-term investments | $1.17B | $745.0M | $589.6M | $577.9M | $418.8M |
| Net debt | −$1.14B | −$731.2M | −$582.2M | −$564.9M | −$418.8M |
| Debt / equity | 0.02 | 0.01 | 0.01 | 0.02 | — |
| Debt / assets | 0.02 | 0.01 | 0.01 | 0.02 | — |
| Current ratio | 13.67 | 11.77 | 13.83 | 13.38 | 14.69 |
| Quick ratio | 13.67 | 11.77 | 13.83 | 13.38 | 14.69 |
| Working capital | $1.16B | $763.7M | $618.2M | $595.5M | $412.0M |
| Invested capital | $513.6M | $219.9M | $101.8M | $141.1M | $255.1M |
| Tangible asset value | $1.71B | $968.1M | $694.6M | $717.4M | $676.9M |
| Net current asset value | $1.15B | $752.5M | $614.4M | $590.0M | $410.9M |
| Graham net-net per share | $2.87 | $6.04 | $6.36 | $1.58 | $1.12 |
| Capital allocation | |||||
| Dividends paid | $6.4M | $0 | $0 | — | — |
| Share buybacks (net) | $0 | $0 | $9.3M | $5.4M | $0 |
| Capex / revenue | 48.6% | 15.2% | 7.1% | 17.6% | 312.9% |
| Capex / depreciation | 7.05 | 1.36 | 0.35 | 0.72 | 1.85 |
| Stock-based compensation / revenue | 34.1% | 169.3% | 4.5% | 19.3% | 505.9% |
| R&D / revenue | 241.6% | 320.1% | 170.7% | 224.6% | 2,101.7% |
| SG&A / revenue | 63.8% | 75.6% | 52.0% | 76.0% | 675.3% |
| Efficiency | |||||
| Days sales outstanding | 145.3 | 180.3 | 181.3 | 97.1 | 97.5 |
| Days payables outstanding | 77.7 | 86.8 | — | — | — |
| Cash conversion cycle (days) | 67.6 | 93.5 | — | — | — |
| Receivables turnover | 2.51 | 2.02 | 2.01 | 3.76 | 3.74 |
| Payables turnover | 4.70 | 4.21 | — | — | — |
| Asset turnover | 0.06 | 0.08 | 0.09 | 0.09 | 0.01 |
| Average receivables | $35.9M | $37.1M | $35.7M | $18.2M | $2.2M |
| Average payables | $16.2M | $15.1M | — | — | — |
| Intangibles / total assets | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
Computed from PONY's annual financial statements (latest annual report filed April 22, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PONY valuation and financial ratios
Pony AI Inc. earned a return on equity of −10.3% and a return on invested capital of −56.3% in fiscal 2025. It ended the year with $28.9 million of debt and $1.2 billion in cash and short-term investments, a net cash position of $1.1 billion. It returned $6.4 million to shareholders: $6.4 million in dividends and $0 in share buybacks. The share count rose 8.9% from 349.0M to 379.9M over 4 years.
See the PONY income statement, the PONY chart for price history, or the PONY stock overview for the latest quote and news.
PONY key metrics FAQ
What is Pony AI Inc.'s return on equity?
Pony AI Inc.'s return on equity (ROE) was −10.3% in fiscal 2025: net income of -$134.3 million on average shareholders' equity of $1.3 billion.
What is Pony AI Inc.'s ROIC?
Pony AI Inc.'s return on invested capital was −56.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Pony AI Inc. have?
Pony AI Inc. had total debt of $28.9 million at the end of fiscal 2025, a debt-to-equity ratio of 0.02 and more cash than debt.
What is Pony AI Inc.'s dividend yield?
Pony AI Inc. paid $6.4 million in dividends in fiscal 2025 ($0.02 per share), a payout ratio of —.
What is Pony AI Inc.'s free cash flow yield?
Pony AI Inc. generated -$208.8 million of free cash flow in fiscal 2025, a free cash flow yield of −3.8% on its market value at year-end ($5.5 billion).
What is Pony AI Inc.'s current ratio?
Pony AI Inc.'s current ratio was 13.67 at the end of fiscal 2025: current assets were 13.67 times current liabilities.