Price to Sales Ratio(P/S)
Valuation metric comparing market cap (or FDV) to annualized revenue.
In-Depth Explanation
P/S = Market Cap / Annual Revenue. Lower P/S suggests a token may be undervalued relative to its revenue. However, P/S doesn't account for growth, profitability, or token emissions. Compare P/S across similar protocols and adjust for whether using market cap vs FDV.
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Related Terms
Market Capitalization
Market CapThe total value of a token's circulating supply, calculated as price × circulating supply.
Fully Diluted Valuation
FDVThe theoretical market cap if all tokens (including locked, unvested, and unissued) were in circulation.
Protocol Revenue
Fees collected by a protocol that accrue to the protocol itself or its tokenholders, rather than to liquidity providers or other participants.
More in Valuation
View all →Market Capitalization
Market CapThe total value of a token's circulating supply, calculated as price × circulating supply.
Fully Diluted Valuation
FDVThe theoretical market cap if all tokens (including locked, unvested, and unissued) were in circulation.
Price to Fees Ratio
P/FValuation metric comparing market cap (or FDV) to total fees generated, regardless of fee distribution.
Tokenholder Revenue
The portion of protocol revenue that actually flows to token holders through buybacks, dividends, or burns.