AYX - Alteryx Inc Stock Price, Fair Value and News

48.26USD Market Closed

Market Summary

USD48.26

Market Closed

AYX Alerts

1 major insider buys recently.

AYX Stock Price

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AYX RSI Chart

AYX Valuation

Market Cap

3.4B

Price/Earnings (Trailing)

-19.13

Price/Sales (Trailing)

3.53

EV/EBITDA

-41.42

Price/Free Cashflow

131.69

AYX Price/Sales (Trailing)

AYX Profitability

Operating Margin

97.70%

EBT Margin

-17.45%

Return on Equity

-94.21%

Return on Assets

-9.36%

Free Cashflow Yield

0.76%

AYX Fundamentals

AYX Revenue

Revenue (TTM)

970.0M

Rev. Growth (Yr)

16.59%

Rev. Growth (Qtr)

51.27%

AYX Earnings

Earnings (TTM)

-179.0M

Earnings Growth (Yr)

350%

Earnings Growth (Qtr)

260%

Breaking Down AYX Revenue

Last 7 days

0.2%

Last 30 days

0.9%

Last 90 days

0.4%

Trailing 12 Months

-15.9%

How does AYX drawdown profile look like?

AYX Financial Health

Current Ratio

1.45

Debt/Equity

4.42

Debt/Cashflow

0.03

AYX Investor Care

Shares Dilution (1Y)

3.56%

Diluted EPS (TTM)

-2.52

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2023	896.1M	903.1M	920.1M	970.0M
2022	575.2M	636.1M	727.6M	855.0M
2021	505.2M	529.1M	522.9M	536.0M
2020	450.7M	464.9M	491.2M	495.3M
2019	279.3M	309.8M	350.6M	417.9M
2018	153.4M	174.6M	203.0M	253.6M
2017	95.9M	106.3M	118.0M	131.6M
2016	61.8M	69.8M	77.8M	85.8M
2015	0	0	0	53.8M
2014	0	0	0	38.0M

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index

Very Expensive Stocks

Very Cheap Stocks

Try For Just $1.99

Tracking the Latest Insider Buys and Sells of Alteryx Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Mar 19, 2024	horing jeff	sold	-	-	-911,829	-
Mar 19, 2024	rubin kevin	back to issuer	-	-	-170,464	interim ceo and cfo
Mar 19, 2024	stoecker dean	back to issuer	-	-	-12,449	-
Mar 19, 2024	stoecker dean	back to issuer	-	-	-10,599	-
Mar 19, 2024	natali chris	back to issuer	-	-	-39,554	chief accounting officer
Mar 19, 2024	horing jeff	sold	-	-	-85,685	-
Mar 19, 2024	cory charles	back to issuer	-	-	-14,910	-
Mar 19, 2024	vittal suresh	back to issuer	-	-	-185,847	chief product officer
Mar 19, 2024	lal christopher m	back to issuer	-	-	-118,001	clo & corp. secretary
Mar 19, 2024	maudlin timothy i	back to issuer	-	-	-46,691	-

Which funds bought or sold AYX recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
Apr 12, 2024	waypoint wealth counsel	sold off	-100	-26,335	-	-%
Apr 11, 2024	CONGRESS ASSET MANAGEMENT CO /MA	sold off	-100	-4,191,300	-	-%
Apr 10, 2024	Banque Cantonale Vaudoise	sold off	-100	-13,000	-	-%
Apr 09, 2024	MATHER GROUP, LLC.	new	-	21,033	21,033	-%
Apr 09, 2024	Nalls Sherbakoff Group, LLC	reduced	-45.45	-132	283	-%
Apr 09, 2024	WOODSTOCK CORP	sold off	-100	-445,285	-	-%
Apr 05, 2024	CWM, LLC	sold off	-100	-72,000	-	-%
Apr 05, 2024	GAMMA Investing LLC	sold off	-100	-1,471	-	-%
Apr 01, 2024	Michael S. Ryan, Inc.	sold off	-100	-213,163	-	-%
Mar 28, 2024	Newbridge Financial Services Group, Inc.	sold off	-100	-3,241	-	-%

Are Funds Buying or Selling AYX?

Are funds buying AYX calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own AYX

No. of Funds

AYX Alerts

1 major insider buys recently.

Unveiling Alteryx Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Mar 11, 2024	vanguard group inc	10.03%	6,458,280	SC 13G/A
Feb 13, 2024	bank of america corp /de/	6.0%	3,830,768	SC 13G
Feb 13, 2024	vanguard group inc	9.96%	6,409,576	SC 13G/A
Feb 06, 2024	stoecker dean	11.9%	7,720,959	SC 13G/A
Jan 31, 2024	blackrock inc.	5.5%	3,559,714	SC 13G/A
Oct 10, 2023	capital world investors	2.3%	1,450,000	SC 13G/A
Sep 11, 2023	vanguard group inc	10.37%	6,547,224	SC 13G/A
Feb 13, 2023	capital world investors	7.8%	4,783,159	SC 13G/A
Feb 09, 2023	vanguard group inc	9.17%	5,615,095	SC 13G/A
Feb 07, 2023	blackrock inc.	7.0%	4,285,909	SC 13G

Recent SEC filings of Alteryx Inc

View All Filings

Date Filed	Form Type	Document
Apr 01, 2024	15-12G	15-12G
Mar 21, 2024	4	Insider Trading
Mar 19, 2024	4	Insider Trading
Mar 19, 2024	S-8 POS	Employee Benefits Plan
Mar 19, 2024	S-8 POS	Employee Benefits Plan
Mar 19, 2024	S-8 POS	Employee Benefits Plan
Mar 19, 2024	S-8 POS	Employee Benefits Plan
Mar 19, 2024	S-8 POS	Employee Benefits Plan
Mar 19, 2024	S-8 POS	Employee Benefits Plan
Mar 19, 2024	S-8 POS	Employee Benefits Plan

Peers (Alternatives to Alteryx Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
CRM	264.6B	34.9B	-7.34%	40.12%	63.96	7.59	11.18%	1888.46%
UBER	152.4B	37.3B	-3.54%	133.10%	80.75	4.09	16.95%	120.64%
ADSK	49.1B	5.3B	-9.66%	17.99%	53.58	9.19	9.15%	48.14%
ANSS	28.6B	2.3B	0.14%	3.42%	57.09	12.59	9.90%	-4.45%
ZM	18.0B	4.5B	-8.66%	-13.31%	28.26	3.98	3.06%	514.65%
MID-CAP
APPF	7.7B	620.4M	-2.61%	68.38%	2.8K	12.39	31.48%	103.97%
LYFT	6.9B	4.4B	4.41%	76.89%	-20.37	1.57	7.53%	78.52%
AYX	3.4B	970.0M	0.90%	-15.87%	-19.13	3.53	13.46%	43.89%
ALRM	3.3B	881.7M	-10.17%	37.04%	40.87	3.72	4.64%	44.42%
AI	2.5B	296.4M	-28.01%	-4.89%	-9.23	8.46	11.14%	-3.59%
AGYS	2.3B	228.1M	8.32%	-1.21%	25.94	9.93	18.99%	599.09%
SMALL-CAP
AVID	1.2B	413.5M	0.63%	-1.64%	92.02	2.88	-1.65%	-71.35%
APPS	191.8M	572.4M	-36.49%	-84.68%	-0.97	0.34	-19.38%	-489.49%
ASUR	183.6M	119.1M	-12.53%	-55.01%	-19.92	1.54	24.27%	36.31%
AEYE	154.8M	31.3M	51.31%	98.50%	-26.37	4.94	4.69%	43.72%

Alteryx Inc News

Latest updates

Alteryx Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Income Statement (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Revenue	51.3%	351	232	188	199	301	215	181	158	174	124	120	119	161	130	96.00	109	156	103	82.00	76.00	89.00
Gross Profit	60.2%	317	198	155	169	269	183	151	134	157	108	107	108	150	119	87.00	96.00	144	94.00	73.00	68.00	82.00
Operating Expenses	2.6%	241	235	271	257	310	248	246	233	183	154	142	137	125	110	104	116	106	82.00	81.00	72.00	61.00
S&GA Expenses	1.6%	135	133	162	151	157	136	133	116	101	83.00	78.00	72.00	69.00	61.00	58.00	65.00	61.00	44.00	48.00	38.00	35.00
R&D Expenses	-3.5%	51.00	53.00	57.00	59.00	59.00	55.00	57.00	50.00	36.00	33.00	31.00	31.00	26.00	25.00	23.00	26.00	21.00	18.00	16.00	14.00	12.00
EBITDA Margin	60.1%	-0.09*	-0.23*	-0.28*	-0.27*	-0.31*	-0.37*	-0.40*	-0.33*	-0.23*	-0.12*	-0.01*	0.03*	0.05*	0.07*	0.02*	0.04*	0.09*	0.04*	0.10*	0.12*	0.15*
Interest Expenses	7.4%	13.00	12.00	13.00	5.00	2.00	2.00	3.00	2.00	11.00	10.00	10.00	10.00	10.00	10.00	9.00	9.00	9.00	6.00	3.00	3.00	3.00
Income Taxes	60.6%	3.00	2.00	2.00	3.00	1.00	1.00	2.00	1.00	0.00	0.00	1.00	1.00	-0.22	1.00	13.00	-16.40	5.00	-8.66	-7.32	-10.47	3.00
Earnings Before Taxes	273.4%	83.00	-48.00	-118	-86.46	-30.96	-74.00	-105	-104	-37.79	-57.92	-42.63	-39.66	22.00	5.00	-22.76	-31.87	36.00	-14.90	-10.54	-4.56	19.00
EBT Margin	43.4%	-0.17*	-0.31*	-0.34*	-0.33*	-0.37*	-0.44*	-0.48*	-0.42*	-0.33*	-0.23*	-0.10*	-0.07*	-0.06*	-0.03*	-0.07*	-0.05*	0.01*	-0.03*	0.04*	0.06*	0.10*
Net Income	260.0%	80.00	-50.00	-120	-89.00	-32.00	-75.00	-107	-105	-37.86	-58.04	-43.44	-40.66	22.00	4.00	-35.29	-15.47	31.00	-6.24	-3.22	6.00	17.00
Net Income Margin	41.7%	-0.18*	-0.32*	-0.35*	-0.34*	-0.37*	-0.45*	-0.48*	-0.42*	-0.34*	-0.23*	-0.11*	-0.10*	-0.05*	-0.03*	-0.06*	0.01*	0.06*	0.04*	0.10*	0.10*	0.11*
Free Cashflow	236.2%	79.00	-58.00	-33.82	39.00	4.00	-65.00	-70.19	2.00	32.00	2.00	-14.78	20.00	46.00	6.00	-18.77	15.00	15.00	4.00	-11.39	15.00	14.00

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Assets	14.6%	1,912	1,668	1,727	1,849	1,557	1,424	1,456	1,477	1,600	1,474	1,472	1,416	1,465	1,356	1,316	1,323	1,342	1,239	664	644	618
Current Assets	28.4%	1,190	927	962	1,056	747	626	633	622	933	768	843	988	972	867	873	880	972	995	441	459	462
Cash Equivalents	14.5%	530	463	479	593	105	90.00	114	149	155	187	286	256	174	97.00	130	229	411	644	109	128	91.00
Net PPE	1.5%	69.00	68.00	68.00	70.00	69.00	76.00	75.00	72.00	71.00	58.00	50.00	44.00	41.00	34.00	27.00	24.00	20.00	15.00	14.00	12.00	12.00
Goodwill	0%	398	398	398	398	398	398	400	399	57.00	11.00	37.00	37.00	37.00	37.00	37.00	37.00	37.00	18.00	19.00	10.00	9.00
Liabilities	7.6%	1,722	1,601	1,675	1,724	1,383	1,268	1,285	1,246	1,197	1,064	1,040	964	989	921	907	897	917	853	332	318	316
Current Liabilities	17.2%	818	698	368	415	512	391	403	363	409	289	282	239	268	215	224	214	247	191	298	290	125
Long Term Debt	0.1%	839	838	1,235	1,234	793	792	791	791	686	679	671	664	658	651	644	637	630	624	-	-	174
LT Debt, Current	0%	399	399	-	83.00	85.00	84.00	84.00	84.00	77.00	76.00	75.00	74.00	73.00	71.00	70.00	69.00	68.00	67.00	179	176	-
LT Debt, Non Current	-	-	-	-	-	793	792	791	791	686	679	671	664	658	651	644	637	630	624	-	-	174
Shareholder's Equity	183.6%	190	67.00	52.00	125	174	157	172	231	403	409	432	451	477	436	409	426	425	387	331	326	302
Retained Earnings	11.4%	-622	-702	-652	-532	-443	-411	-336	-230	-190	-152	-94.84	-51.40	-10.75	-32.78	-37.14	-1.85	14.00	-16.45	-10.21	-6.99	-12.91
Additional Paid-In Capital	6.5%	824	774	716	665	623	568	512	466	599	565	530	506	489	468	443	428	412	403	341	334	315
Shares Outstanding	-0.5%	71.00	71.00	71.00	70.00	69.00	68.00	68.00	68.00	67.00	67.00	67.00	67.00	66.00	66.00	66.00	66.00	63.00	64.00	63.00	62.00	61.00
Float	-	-	-	2,800	-	-	-	2,600	-	-	-	5,100	-	-	-	7,900	-	-	-	5,400	-	-

Cashflow (Last 12 Months)

(In Thousands)

Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Cashflow From Operations	237.9%	80,000	-58,000	-32,956	39,956	8,000	-58,000	-63,818	8,818	38,657	8,505	-10,130	25,968	58,489	9,679	-13,361	19,975	20,706	6,813	-9,365	16,038	14,424
Share Based Compensation	0%	62,000	62,000	63,527	57,473	63,000	61,000	57,838	45,162	38,444	33,330	27,787	24,439	23,632	20,697	16,923	13,664	10,930	8,836	8,024	5,335	4,582
Cashflow From Investing	-97.8%	1,000	45,000	15,311	24,689	19,000	41,000	40,986	-3,986	-66,444	-108,642	43,475	64,611	22,200	-45,961	-86,189	-201,896	-250,188	-27,047	-1,796	1,900	-7,460
Cashflow From Financing	-433.3%	-16,000	-3,000	-96,315	421,315	-8,000	-6,000	-11,615	-9,385	-4,372	1,560	-3,360	-7,828	-5,565	3,907	-1,060	1,222	-2,782	555,049	-8,020	19,599	-1,467

AYX Income Statement

2023-12-31

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Total revenue	$ 970,000	$ 855,000	$ 536,000
Cost of revenue:
Total cost of revenue	131,000	118,000	56,000
Gross profit	839,000	737,000	480,000
Operating expenses:
Research and development	220,000	221,000	132,000
Sales and marketing	581,000	542,000	334,000
General and administrative	201,000	232,000	150,000
Impairment of long-lived assets	2,000	43,000	0
Total operating expenses	1,004,000	1,038,000	616,000
Loss from operations	(165,000)	(301,000)	(136,000)
Interest expense	(43,000)	(9,000)	(40,000)
Other income (expense), net	39,000	(4,000)	(2,000)
Loss before provision for income taxes	(169,000)	(314,000)	(178,000)
Provision for income taxes	10,000	5,000	2,000
Net loss	$ (179,000)	$ (319,000)	$ (180,000)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (2.52)	$ (4.65)	$ (2.67)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (2.52)	$ (4.65)	$ (2.67)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic (in shares)	70,948	68,510	67,191
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted (in shares)	70,948	68,510	67,191
Other comprehensive loss, net of tax:
Net unrealized holding gain (loss) on investments, net of tax	$ 4,000	$ (2,000)	$ (3,000)
Foreign currency translation adjustments, net of tax	(10,000)	2,000	(1,000)
Other comprehensive loss, net of tax	(6,000)	0	(4,000)
Total comprehensive loss	(185,000)	(319,000)	(184,000)
Subscription-based software license
Revenue:
Total revenue	516,000	447,000	204,000
Cost of revenue:
Total cost of revenue	7,000	11,000	5,000
PCS and services
Revenue:
Total revenue	454,000	408,000	332,000
Cost of revenue:
Total cost of revenue	$ 124,000	$ 107,000	$ 51,000

AYX Balance Sheet

2023-12-31

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 530	$ 105
Short-term investments	195	237
Accounts receivable, net	296	260
Prepaid expenses and other current assets	169	145
Total current assets	1,190	747
Property and equipment, net	69	69
Operating lease right-of-use assets	43	51
Long-term investments	19	90
Goodwill	398	398
Intangible assets, net	48	61
Other assets	145	141
Total assets	1,912	1,557
Current liabilities:
Accounts payable	4	14
Accrued payroll and payroll related liabilities	81	81
Accrued expenses and other current liabilities	82	56
Deferred revenue	252	276
Convertible senior notes, net	399	85
Total current liabilities	818	512
Long-term debt, net	839	793
Operating lease liabilities	47	61
Other liabilities	18	17
Total liabilities	1,722	1,383
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.0001 par value: 10,000 shares authorized as of December 31, 2023 and December 31, 2022, respectively; no shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.0001 par value: 500,000 Class A shares authorized, 64,378 and 61,616 shares issued and outstanding, as of December 31, 2023 and December 31, 2022, respectively; 500,000 Class B shares authorized, 7,886 and 7,886 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	0	0
Additional paid-in capital	824	623
Accumulated deficit	(622)	(443)
Accumulated other comprehensive loss	(12)	(6)
Total stockholders’ equity	190	174
Total liabilities and stockholders’ equity	$ 1,912	$ 1,557

About Alteryx Inc

Alteryx, Inc. operates in analytic process automation business in the Asia-Pacific, Europe, the Middle East, Africa, North America, and internationally. The company's analytics platform enables organizations to enhance business outcomes and the productivity of their business analysts, data scientists, citizen data scientists, and data engineers. Its analytics platform comprises Alteryx Designer, a data profiling, preparation, blending, and analytics product; Alteryx Server, a server-based product for scheduling, sharing, and running analytic processes and applications in a web-based environment; Alteryx Intelligence Suite, an automated modeling, optical character recognition, and natural language processing product; and Alteryx Connect, a collaborative data exploration platform. The company's platform also offers cloud-native products comprising Alteryx Designer Cloud, a browser-based version of Alteryx Designer product; Alteryx Machine Learning, an automated machine learning product to build, validate, iterate, and explore machine learning models; and Alteryx Auto Insights, an analytics solution that automates insights for business users. In addition, it provides technical support, instruction, and customer services. It serves retail, food services, consumer products, telecom and cable, media and entertainment, professional services, financial services, energy and utilities, public sector, manufacturing, travel and hospitality, healthcare and insurance, and technology industries. Alteryx, Inc. was founded in 1997 and is headquartered in Irvine, California.

CEO	Mr. Mark F. Anderson
WEBSITE	alteryx.com
INDUSTRY	Software - Apps
EMPLOYEES	2626

Alteryx Inc Frequently Asked Questions

What is the ticker symbol for Alteryx Inc? What does AYX stand for in stocks?

AYX is the stock ticker symbol of Alteryx Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Alteryx Inc (AYX)?

As of Mon Mar 18 2024, market cap of Alteryx Inc is 3.42 Billion. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of AYX stock?

You can check AYX's fair value in chart for subscribers.

What is the fair value of AYX stock?

You can check AYX's fair value in chart for subscribers. The fair value of Alteryx Inc is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of Alteryx Inc is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for AYX so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is Alteryx Inc a good stock to buy?

The fair value guage provides a quick view whether AYX is over valued or under valued. Whether Alteryx Inc is cheap or expensive depends on the assumptions which impact Alteryx Inc's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for AYX.

What is Alteryx Inc's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Mon Mar 18 2024, AYX's PE ratio (Price to Earnings) is -19.13 and Price to Sales (PS) ratio is 3.53. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. AYX PE ratio will change depending on the future growth rate expectations of investors.