Latest Ratios: P/E Ratio 34.6x · EV/EBITDA 15.1x · ROE 8.3%. (2016–2025 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 | $7.2B | $5.2B | $4.7B | $4.0B | $2.6B | $2.6B | $2.7B | $2.2B | $1.4B | — | — |
| Enterprise Value | $8.5B | $6.5B | $6.3B | $4.5B | $3.1B | $3.2B | $2.8B | $2.0B | $1.4B | — | — |
| P/E Ratio → | 34.55 | 25.08 | 50.65 | 25.35 | 10.76 | 37.11 | 25.20 | 19.04 | 17.86 | — | — |
| P/S Ratio | 2.50 | 1.81 | 1.84 | 1.74 | 1.18 | 1.26 | 1.38 | 1.24 | 0.93 | — | — |
| P/B Ratio | 2.74 | 1.99 | 1.94 | 1.73 | 1.21 | 1.31 | 1.41 | 1.20 | 0.80 | — | — |
| P/FCF | 40.99 | 29.68 | 15.12 | 69.99 | 72.60 | 31.46 | 14.98 | 7.89 | 18.37 | — | — |
| P/OCF | 21.09 | 15.27 | 9.40 | 15.42 | 15.12 | 15.38 | 10.25 | 6.01 | 11.43 | — | — |
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 | — | 2.26 | 2.45 | 1.96 | 1.37 | 1.57 | 1.46 | 1.18 | 0.99 | — | — |
| EV / EBITDA | 15.10 | 11.57 | 16.01 | 13.23 | 6.09 | 12.69 | 10.60 | 8.57 | 8.86 | — | — |
| EV / EBIT | 25.00 | 18.62 | 31.29 | 20.21 | 8.82 | 29.83 | 18.97 | 13.32 | 15.02 | — | — |
| EV / FCF | — | 37.14 | 20.13 | 78.72 | 84.36 | 39.21 | 15.88 | 7.49 | 19.54 | — | — |
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 | 22.4% | 22.4% | 20.0% | 19.2% | 18.3% | 17.5% | 19.7% | 19.1% | 18.6% | 20.2% | 20.4% |
| Operating Margin | 11.8% | 11.8% | 7.7% | 7.9% | 15.6% | 5.3% | 7.8% | 8.8% | 6.5% | 9.0% | 11.8% |
| Net Profit Margin | 7.2% | 7.2% | 3.6% | 6.9% | 11.0% | 3.4% | 5.5% | 6.5% | 5.2% | 6.1% | 7.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.3% | 8.3% | 3.9% | 7.0% | 11.9% | 3.6% | 5.8% | 6.5% | 4.9% | 6.5% | 9.2% |
| ROA | 4.3% | 4.3% | 2.2% | 4.6% | 7.5% | 2.4% | 4.3% | 5.1% | 4.0% | 5.7% | 8.1% |
| ROIC | 6.4% | 6.4% | 4.3% | 5.0% | 10.1% | 3.5% | 6.1% | 6.6% | 4.5% | 7.2% | 11.3% |
| ROCE | 7.8% | 7.8% | 5.2% | 6.0% | 12.0% | 4.2% | 7.0% | 7.7% | 5.6% | 9.5% | 14.8% |
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 | 0.58 | 0.58 | 0.72 | 0.26 | 0.27 | 0.36 | 0.13 | 0.07 | 0.11 | 0.00 | — |
| Debt / EBITDA | 2.70 | 2.70 | 4.46 | 1.77 | 1.17 | 2.80 | 0.96 | 0.55 | 1.14 | 0.00 | — |
| Net Debt / Equity | — | 0.50 | 0.64 | 0.22 | 0.20 | 0.32 | 0.08 | -0.06 | 0.05 | -0.00 | -0.01 |
| Net Debt / EBITDA | 2.32 | 2.32 | 3.99 | 1.47 | 0.85 | 2.51 | 0.60 | -0.46 | 0.53 | -0.03 | -0.05 |
| Debt / FCF | — | 7.45 | 5.01 | 8.73 | 11.76 | 7.75 | 0.89 | -0.40 | 1.17 | -0.08 | -0.10 |
| Interest Coverage | 3.22 | 3.22 | 2.83 | 7.97 | 11.20 | 4.57 | 14.04 | 22.59 | 106.56 | — | — |
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 | 2.20 | 2.20 | 1.85 | 2.12 | 2.33 | 2.11 | 2.14 | 2.67 | 2.85 | 2.46 | 2.50 |
| Quick Ratio | 1.35 | 1.35 | 1.15 | 1.18 | 1.47 | 1.22 | 1.25 | 1.67 | 1.77 | 1.05 | 0.93 |
| Cash Ratio | 0.43 | 0.43 | 0.36 | 0.24 | 0.44 | 0.20 | 0.31 | 0.85 | 0.42 | 0.04 | 0.08 |
| Asset Turnover | — | 0.59 | 0.52 | 0.65 | 0.67 | 0.64 | 0.73 | 0.75 | 0.67 | 0.91 | 1.12 |
| Inventory Turnover | 5.27 | 5.27 | 5.71 | 4.64 | 5.80 | 5.18 | 5.61 | 4.96 | 4.71 | 4.73 | 5.14 |
| Days Sales Outstanding | — | 52.88 | 49.74 | 56.48 | 54.39 | 55.71 | 49.07 | 42.03 | 72.83 | 41.26 | 28.47 |
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 | 0.1% | 0.2% | 0.2% | 0.2% | 0.4% | 0.4% | 0.4% | 0.5% | — | — | — |
| Payout Ratio | 4.8% | 4.8% | 10.4% | 6.2% | 4.0% | 14.1% | 9.2% | 8.7% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 4.0% | 2.0% | 3.9% | 9.3% | 2.7% | 4.0% | 5.3% | 5.6% | — | — |
| FCF Yield | 2.4% | 3.4% | 6.6% | 1.4% | 1.4% | 3.2% | 6.7% | 12.7% | 5.4% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 0.6% | 1.0% | 0.8% | 0.4% | 0.7% | 0.3% | — | — |
| Total Shareholder Yield | 0.1% | 0.2% | 0.4% | 0.9% | 1.4% | 1.1% | 0.8% | 1.2% | 0.3% | — | — |
| Shares Outstanding | — | $49M | $49M | $49M | $49M | $49M | $49M | $48M | $49M | $49M | $49M |
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Quick answers to the most common questions about buying ACA stock.
Arcosa, Inc.'s current P/E ratio is 34.6x. The historical average is 26.4x. This places it at the 75th percentile of its historical range.
Arcosa, Inc.'s current EV/EBITDA is 15.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.0x.
Arcosa, Inc.'s return on equity (ROE) is 8.3%. The historical average is 6.8%.
Based on historical data, Arcosa, Inc. is trading at a P/E of 34.6x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Arcosa, Inc.'s current dividend yield is 0.14% with a payout ratio of 4.8%.
Arcosa, Inc. has 22.4% gross margin and 11.8% operating margin. Operating margin between 10-20% is typical for established companies.
Arcosa, Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
EPS miss and revenue decline
Metrics are mathematically derived from official filings.
Margin Resilience Amid Volume Decline
Gross margin expanded to 23.6% in Q2 2026 from 22.5% a year earlier, as reported in the income statement, indicating pricing power or favorable mix despite lower revenue.
The 60 bps gross margin expansion in Q2 2026, despite a 10.6% revenue decline, suggests that Arcosa's pricing power in aggregates and utility structures is holding, but the operating margin of 12.8% remains below the 13.8% peak in Q3 2025, reflecting fixed-cost absorption challenges. The net margin spike to 49.9% is clearly distorted by a one-time tax benefit, as operating income only grew modestly, so investors should focus on gross and operating margins as more reliable indicators of underlying profitability.
ROIC Stagnation Masks Segment Mix
ROIC has hovered between 0.8% and 2.1% over the past ten quarters, as per the ratio data, indicating that capital deployed in acquisitions is not yet generating meaningful returns above the cost of capital.
Despite a strategic pivot toward higher-margin aggregates, ROIC remains subdued, with Q2 2026 at 1.6%, barely above the 0.9% in Q4 2024. This suggests that the $1.2B acquisition outflow in Q4 2024 has not yet translated into earnings power, possibly due to integration costs or the cyclical downturn in transportation. The low ROIC relative to peers like Martin Marietta (7.6%) and Vulcan (8.8%) indicates that Arcosa's capital efficiency is lagging, and investors should monitor whether the StonePoint acquisition begins to contribute to returns as volumes recover.
Working Capital Drag Intensifies
Cash conversion cycle lengthened to 91 days in Q2 2026 from 71 days a year earlier, as per the ratio data, driven by slower collections and higher inventory days, straining cash flow.
DSO rose to 67 days from 55 days in Q2 2025, and DIO increased to 65 days from 62 days, while DPO fell to 41 days from 46 days, indicating that Arcosa is holding more inventory and paying suppliers faster, which is consuming cash. This explains the negative FCF margin of -10.6% in Q2 2026, as working capital outflows compounded the revenue decline. The efficiency deterioration appears cyclical, but if it persists, it could signal weakening customer payment behavior or overstocking in anticipation of demand that has not materialized.
Deleveraging Improves Coverage
Debt-to-EBITDA improved to 7.38 in Q2 2026 from 16.91 in Q4 2024, as per the balance sheet data, but interest coverage of 3.70 remains thin relative to the cost of debt.
Arcosa's total debt fell to $1.4B from $1.8B a year earlier, and cash rose to $432.1M, driving the D/E ratio down to 0.48 from 0.72. However, the D/EBITDA of 7.38 is still elevated, and interest coverage of 3.70, while improved from 1.29 in Q4 2024, suggests that earnings are only moderately covering interest expenses. The deleveraging is a positive, but the high leverage relative to EBITDA indicates that Arcosa remains sensitive to further earnings deterioration, and investors should monitor whether the company can sustain debt reduction without sacrificing growth investments.
Liquidity Buffer Strengthens
Current ratio improved to 3.12 in Q2 2026 from 1.85 in Q4 2024, with cash at $432.1M, as per the balance sheet, providing a strong buffer against short-term obligations.
The quick ratio of 2.31 indicates that even without inventory, Arcosa can cover current liabilities more than twice over, which is a robust liquidity position. This buffer is particularly important given the negative FCF in Q2 2026 and the cyclicality of the transportation segment. However, the liquidity strength is partly a result of reduced capital deployment, and if the company resumes aggressive acquisitions, the buffer could erode quickly.
Misapplied ROIC in Cyclical Mix
ROIC is commonly misapplied to Arcosa because it blends high-return aggregates with low-return transportation, obscuring the true capital efficiency of the core growth engine.
The reported ROIC of 1.6% in Q2 2026 is misleading because it averages the stable, high-margin aggregates business with the volatile, capital-intensive barge and wind tower operations. Investors should instead segment ROIC by division, focusing on the Construction Products segment, which likely generates returns closer to Martin Marietta's 7.6% or Vulcan's 8.8%. Using a blended ROIC may undervalue the company's strategic shift toward aggregates and overstate the risk of the overall portfolio.