Latest Ratios: P/E Ratio 17.9x · EV/EBITDA 7.2x · ROE 19.3%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $985M | $908M | $891M | $702M | $1.2B | $839M | $773M | $622M | $360M |
| Enterprise Value | $1.4B | $1.3B | $1.2B | $1.2B | $1.0B | $1.4B | $1.1B | $997M | $872M | $538M |
| P/E Ratio → | 17.91 | 19.02 | 26.05 | 19.38 | 9.51 | 39.45 | — | — | 58.82 | — |
| P/S Ratio | 0.78 | 0.74 | 0.74 | 0.76 | 0.72 | 1.68 | 2.65 | 1.80 | 1.86 | 1.45 |
| P/B Ratio | 4.33 | 3.60 | 3.50 | 4.49 | 3.93 | 7.78 | 6.56 | — | 1.41 | 0.83 |
| P/FCF | 5.75 | 15.91 | 16.61 | 17.55 | 11.59 | 15.21 | — | 31.21 | — | — |
| P/OCF | 7.40 | 6.53 | 7.49 | 6.73 | 6.50 | 11.13 | — | 16.97 | 4417.78 | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.99 | 0.99 | 1.00 | 1.05 | 1.87 | 3.32 | 2.33 | 2.60 | 2.17 |
| EV / EBITDA | 7.23 | 7.06 | 7.76 | 7.04 | 7.10 | 11.76 | 55.57 | 17.28 | 14.45 | 13.00 |
| EV / EBIT | 13.34 | 12.09 | 13.63 | 11.86 | 8.77 | 23.19 | — | 422.99 | 35.06 | 28.54 |
| EV / FCF | — | 21.28 | 22.35 | 23.09 | 16.83 | 16.97 | — | 40.27 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.8% | 31.8% | 30.2% | 30.2% | 30.8% | 32.8% | 33.3% | 34.2% | 35.1% | 36.8% |
| Operating Margin | 8.2% | 8.2% | 7.4% | 9.2% | 10.0% | 9.6% | -7.8% | 3.1% | 7.4% | 7.3% |
| Net Profit Margin | 3.9% | 3.9% | 2.9% | 3.9% | 7.6% | 4.3% | -0.1% | -8.6% | 3.2% | -0.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.3% | 19.3% | 15.4% | 24.2% | 44.0% | 22.0% | -1.0% | -18.5% | 2.5% | -0.1% |
| ROA | 4.7% | 4.7% | 3.6% | 5.1% | 10.0% | 5.2% | -0.1% | -7.6% | 2.4% | -0.1% |
| ROIC | 13.8% | 13.8% | 12.9% | 16.5% | 18.2% | 16.4% | -7.1% | 2.6% | 3.1% | 2.2% |
| ROCE | 11.3% | 11.3% | 10.5% | 13.6% | 14.7% | 12.9% | -4.9% | 2.9% | 5.5% | 4.0% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.30 | 2.30 | 2.30 | 2.73 | 3.04 | 2.16 | 2.70 | — | 0.57 | 0.41 |
| Debt / EBITDA | 3.37 | 3.37 | 3.78 | 3.26 | 3.77 | 2.92 | 18.30 | 6.06 | 4.16 | 4.31 |
| Net Debt / Equity | — | 1.22 | 1.21 | 1.42 | 1.78 | 0.90 | 1.65 | — | 0.57 | 0.41 |
| Net Debt / EBITDA | 1.78 | 1.78 | 1.99 | 1.69 | 2.21 | 1.22 | 11.18 | 3.89 | 4.15 | 4.30 |
| Debt / FCF | — | 5.37 | 5.75 | 5.53 | 5.24 | 1.76 | — | 9.06 | — | — |
| Interest Coverage | 2.94 | 2.94 | 2.50 | 2.98 | 5.38 | 4.67 | -0.26 | 0.18 | 2.58 | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.61 | 2.61 | 2.76 | 2.85 | 3.33 | 3.45 | 2.90 | 2.76 | 404.05 | 3.22 |
| Quick Ratio | 2.55 | 2.55 | 2.69 | 2.78 | 3.25 | 3.45 | 2.90 | 2.76 | 404.05 | 3.22 |
| Cash Ratio | 2.26 | 2.26 | 2.38 | 2.39 | 2.85 | 3.21 | 2.57 | 2.48 | 365.30 | 2.36 |
| Asset Turnover | — | 1.18 | 1.17 | 1.28 | 1.12 | 1.19 | 0.53 | 0.84 | 0.73 | 0.55 |
| Inventory Turnover | 110.33 | 110.33 | 105.82 | 106.39 | 96.66 | — | — | — | — | — |
| Days Sales Outstanding | — | 6.39 | 3.13 | 4.20 | 4.20 | 2.54 | 3.85 | 3.33 | 2.29 | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.6% | 5.3% | 3.8% | 5.2% | 10.5% | 2.5% | — | — | 1.7% | — |
| FCF Yield | 17.4% | 6.3% | 6.0% | 5.7% | 8.6% | 6.6% | — | 3.2% | — | — |
| Buyback Yield | 3.6% | 4.0% | 2.8% | 3.4% | 11.2% | 0.7% | 0.0% | 0.0% | 0.5% | 0.0% |
| Total Shareholder Yield | 3.6% | 4.0% | 2.8% | 3.4% | 11.2% | 0.7% | 0.0% | 0.0% | 0.5% | 0.0% |
| Shares Outstanding | — | $86M | $85M | $87M | $91M | $95M | $83M | $62M | $62M | $37M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying ACEL stock.
Accel Entertainment, Inc.'s current P/E ratio is 17.9x. The historical average is 28.7x. This places it at the 17th percentile of its historical range.
Accel Entertainment, Inc.'s current EV/EBITDA is 7.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.7x.
Accel Entertainment, Inc.'s return on equity (ROE) is 19.3%. The historical average is 12.0%.
Based on historical data, Accel Entertainment, Inc. is trading at a P/E of 17.9x. This is at the 17th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Accel Entertainment, Inc. has 31.8% gross margin and 8.2% operating margin.
Accel Entertainment, Inc.'s Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Illinois Concentration and Leverage
Metrics are mathematically derived from official filings.
Discounted Multiples Reflect Leverage Drag
Based on reported figures, ACEL trades at 22.87x trailing earnings and 7.76x EV/EBITDA, a modest premium to its near-term forward multiples that implies the market expects earnings growth to continue.
The gap between trailing P/E of 22.87 and forward P/E of 19.01 suggests analysts expect earnings to rise over the next year, which the recent 11% Adjusted EBITDA growth supports. The 7.76x EV/EBITDA multiple is reasonable for a route-based gaming operator carrying substantial debt, though the 0.84x price-to-sales ratio reflects thin net margins of roughly 4 to 6 percent rather than a deep discount. Investors should monitor whether forward earnings estimates hold, since the valuation case depends more on sustained margin stability than on top-line growth.
Stable Gross Margin, Volatile Net Earnings
As reported in financial statements, ACEL's gross margin has held between 29.9% and 33.4% across ten quarters, while net margin swung from 1.6% to 5.7%, indicating below-the-line items drive earnings variability.
The narrow gross margin band reflects the statutory revenue-sharing structure, which caps gross expansion without legislative or contractual change. Operating margin improved modestly from 7.2% to 7.9% over the period, yet net margin volatility suggests interest expense, amortization, or tax effects are absorbing gains. Earning power appears better represented by operating margin and Adjusted EBITDA than by reported net income.
Returns Tied to Thin Asset Efficiency
Based on reported figures, ACEL's ROIC has remained in a narrow 2.9% to 4.0% range while ROE ranged from 2.4% to 7.1%, suggesting limited compounding despite a growing equity base.
ROIC staying near 3 to 4 percent across ten quarters indicates the company is earning little above its cost of capital on acquired routes and intangibles, which total roughly $1.1B in assets. ROE improvement is largely a function of rising leverage-adjusted equity retention rather than a structural lift in operating returns. Investors should watch whether recent acquisitions such as Century Gaming lift ROIC above this plateau.
Debt Declining Relative to Equity Base
According to reported quarterly figures, ACEL's debt-to-equity ratio fell from 2.71 in 2024Q2 to 1.83 in 2026Q3, while interest coverage improved from 1.76x to 3.96x, indicating debt service is becoming more comfortable.
The improvement in interest coverage from below 2x to near 4x reflects both earnings growth and a stronger equity cushion, lowering refinancing pressure. Debt to EBITDA near 11x however remains elevated relative to typical gaming peers, suggesting the leverage improvement is still early-stage. Covenant and refinancing risk warrants monitoring given the scale of total debt against quarterly earnings.
Strong Current Ratio Limits Near-Term Risk
As reported in financial statements, ACEL's current ratio of 2.27 and quick ratio of 2.20 suggest a liquidity position that is largely unaffected by inventory, given minimal inventory days of about 3 to 4.
Because inventory is negligible for a route-based gaming operator, the quick ratio sits almost on top of the current ratio, indicating the liquidity cushion comes from cash rather than from convertible assets. A cash balance near $294M provides meaningful buffer under stress scenarios. The current ratio has drifted lower from 3.05 in 2024Q2, which appears to reflect cash deployment toward acquisitions and buybacks rather than deteriorating operations.
Misapplied Metric: Cash Conversion Cycle
Based on reported figures, ACEL's negative cash conversion cycle of roughly -7 to -12 days is frequently cited as a working capital advantage, yet it largely reflects the receivable-light cash nature of gaming revenue rather than supplier leverage.
Applying a traditional cash conversion cycle to a gaming operator is misleading because net win is collected in cash, so DSO near 3 days carries little analytical information. Investors should instead assess free cash flow after route capex and acquisition-related incentive payments, which better reflect true cash generation. The lumpy FCF margins from -1.9% to 30.7% suggest that quarterly cash metrics require normalization.