ADTRAN Holdings, Inc. (ADTN) Financial Ratios
30 years of historical data (1996–2025) · Technology · Communication Equipment
EV/EBITDA
↓
18.42
↓-95% vs avg
5yr avg: 386.90
30Y Low7.8·High96.1
P/FCF
↓
12.93
+7% vs avg
5yr avg: 12.10
30Y Low7.1·High129.9
P/B Ratio
↓
2.41
↑+70% vs avg
5yr avg: 1.42
30Y Low0.5·High19.0
ROE
↓
-8.5%
↓+53% vs avg
5yr avg: -18.3%
30Y Low-58%·High29%
Debt/EBITDA
↑
3.18
+15% vs avg
5yr avg: 2.77
30Y Low0.2·High3.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ADTN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
ADTRAN Holdings, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 12.9x P/FCF, 7% above the 5-year average of 12.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $693M | $657M | $576M | $1.2B | $1.1B | $713M | $473M | $514M | $942M | $1.1B |
| Enterprise Value | $1.4B | $842M | $797M | $723M | $1.2B | $1.1B | $658M | $424M | $434M | $881M | $1.0B |
| P/E Ratio → | -27.56 | — | — | — | — | — | 300.20 | — | — | 39.49 | 31.04 |
| P/S Ratio | 1.17 | 0.64 | 0.71 | 0.50 | 1.14 | 1.97 | 1.41 | 0.89 | 0.97 | 1.41 | 1.72 |
| P/B Ratio | 2.41 | 1.33 | 1.20 | 0.55 | 0.90 | 3.11 | 1.91 | 1.24 | 1.15 | 1.89 | 2.28 |
| P/FCF | 12.93 | 7.07 | 17.12 | — | — | — | — | — | 10.61 | — | 53.21 |
| P/OCF | 9.77 | 5.34 | 6.35 | — | — | 368.73 | — | — | 9.09 | — | 26.05 |
P/E links to full P/E history page with 30-year chart
ADTN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
ADTRAN Holdings, Inc.'s enterprise value stands at 18.4x EBITDA, 95% below its 5-year average of 386.9x. The Technology sector median is 17.4x, placing the stock at a 6% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.78 | 0.86 | 0.63 | 1.18 | 1.88 | 1.30 | 0.80 | 0.82 | 1.32 | 1.63 |
| EV / EBITDA | 18.42 | 10.95 | — | — | — | 762.86 | 96.06 | — | — | 16.61 | 21.18 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | 19.48 | 21.93 |
| EV / FCF | — | 8.59 | 20.75 | — | — | — | — | — | 8.96 | — | 50.63 |
ADTN Profitability
Margins and return-on-capital ratios measuring operating efficiency
ADTRAN Holdings, Inc. earns an operating margin of -1.4%. Operating margins have expanded from -19.5% to -1.4% over the past 3 years, signaling improving operational efficiency. A negative ROE of -8.5% indicates the company is currently destroying shareholder equity.
Margins
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 | 38.3% | 38.3% | 35.1% | 28.8% | 31.9% | 38.8% | 43.0% | 41.3% | 38.5% | 45.6% | 45.8% |
| Operating Margin | -1.4% | -1.4% | -46.3% | -19.5% | -7.1% | -2.6% | -1.9% | -7.5% | -8.6% | 5.6% | 5.5% |
| Net Profit Margin | -4.2% | -4.2% | -49.8% | -23.3% | -0.2% | -1.5% | 0.5% | -10.0% | -3.7% | 3.6% | 5.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.5% | -8.5% | -57.5% | -22.8% | -0.2% | -2.4% | 0.6% | -12.8% | -4.1% | 4.9% | 7.3% |
| ROA | -3.8% | -3.8% | -32.3% | -14.8% | -0.2% | -1.6% | 0.4% | -9.0% | -3.0% | 3.6% | 5.4% |
| ROIC | -1.7% | -1.7% | -34.0% | -13.2% | -6.7% | -3.5% | -2.3% | -8.6% | -8.5% | 6.5% | 6.1% |
| ROCE | -1.8% | -1.8% | -37.5% | -15.3% | -7.6% | -3.5% | -2.3% | -8.5% | -8.5% | 6.8% | 6.4% |
ADTN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
ADTRAN Holdings, Inc. carries a Debt/EBITDA ratio of 3.2x, which is moderately leveraged (11% above the sector average of 2.9x). Net debt stands at $149M ($245M total debt minus $96M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.47 | 0.47 | 0.39 | 0.22 | 0.11 | 0.01 | 0.01 | 0.06 | 0.06 | 0.05 | 0.06 |
| Debt / EBITDA | 3.18 | 3.18 | — | — | — | 2.36 | 0.78 | — | — | 0.48 | 0.55 |
| Net Debt / Equity | — | 0.29 | 0.25 | 0.14 | 0.03 | -0.15 | -0.15 | -0.13 | -0.18 | -0.12 | -0.11 |
| Net Debt / EBITDA | 1.94 | 1.94 | — | — | — | -38.54 | -8.00 | — | — | -1.15 | -1.08 |
| Debt / FCF | — | 1.52 | 3.63 | — | — | — | — | — | -1.65 | — | -2.58 |
| Interest Coverage | -0.62 | -0.62 | -19.08 | -13.33 | -19.65 | -184.44 | -1248.20 | -47.49 | -61.61 | 81.37 | 82.98 |
ADTN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.76x means ADTRAN Holdings, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 1.16x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 2.62x to 1.76x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.76 | 1.76 | 2.04 | 2.62 | 2.06 | 2.42 | 3.36 | 2.84 | 3.01 | 3.87 | 2.79 |
| Quick Ratio | 1.16 | 1.16 | 1.15 | 1.30 | 1.06 | 1.52 | 2.03 | 1.97 | 2.17 | 2.72 | 1.96 |
| Cash Ratio | 0.36 | 0.36 | 0.26 | 0.32 | 0.25 | 0.37 | 0.67 | 0.95 | 0.92 | 0.96 | 0.97 |
| Asset Turnover | — | 0.90 | 0.79 | 0.69 | 0.53 | 0.99 | 0.96 | 0.97 | 0.84 | 1.00 | 0.95 |
| Inventory Turnover | 3.10 | 3.10 | 2.29 | 2.27 | 1.63 | 2.46 | 2.30 | 3.16 | 3.26 | 2.96 | 3.29 |
| Days Sales Outstanding | — | 70.95 | 76.45 | 73.18 | 111.14 | 110.19 | 86.73 | 73.75 | 93.85 | 93.49 | 62.04 |
ADTN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
ADTRAN Holdings, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
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 | — | — | — | 3.7% | 2.0% | 1.6% | 2.4% | 3.6% | 3.4% | 1.8% | 1.6% |
| Payout Ratio | — | — | — | — | — | — | 728.9% | — | — | 72.9% | 49.9% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 0.3% | — | — | 2.5% | 3.2% |
| FCF Yield | 7.7% | 14.1% | 5.8% | — | — | — | — | — | 9.4% | — | 1.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 3.0% | 1.8% | 2.4% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 3.7% | 2.0% | 1.6% | 2.6% | 3.7% | 6.4% | 3.7% | 4.0% |
| Shares Outstanding | — | $80M | $79M | $78M | $62M | $49M | $48M | $48M | $48M | $49M | $49M |
Peer Comparison
Compare ADTN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ADTNYou | $1B | -27.6 | 18.4 | 12.9 | 38.3% | -1.4% | -8.5% | -1.7% | 3.2 |
 CIEN | $82B | 678.6 | 181.9 | 122.6 | 41.5% | 6.5% | 4.4% | 6.9% | 3.5 |
 CALX | $3B | 170.5 | 71.0 | 24.8 | 56.8% | 2.1% | 2.2% | 2.1% | 0.7 |
 VIAV | $12B | 353.3 | 93.8 | 197.8 | 56.8% | 6.5% | 4.8% | 5.5% | 5.2 |
 CSCO | $363B | 35.9 | 26.2 | 27.3 | 64.9% | 20.8% | 22.1% | 13.0% | 2.0 |
 NTGR | $699M | -22.4 | — | — | 36.2% | -5.1% | -6.3% | -8.4% | — |
 COMM | $4B | -10.0 | 18.2 | 15.9 | 31.8% | 7.9% | — | 3.7% | 13.4 |
 LITE | $67B | 2552.1 | 907.4 | — | 28.0% | -10.9% | 2.5% | -4.3% | 34.0 |
 COHR | $55B | -662.8 | 52.3 | 283.5 | 35.4% | 9.4% | 0.6% | 3.6% | 3.5 |
 ANET | $185B | 53.5 | 46.6 | 43.5 | 64.1% | 42.8% | 31.4% | 32.8% | — |
 TRMK | $3B | 12.1 | 9.5 | 11.4 | 71.0% | 25.5% | 11.0% | 7.1% | 3.4 |
| Technology Median | — | 27.5 | 17.4 | 19.8 | 48.6% | -0.5% | 2.4% | 2.9% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
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Start ComparisonADTN — Frequently Asked Questions
Quick answers to the most common questions about buying ADTN stock.
What is ADTRAN Holdings, Inc.'s P/E ratio?
ADTRAN Holdings, Inc.'s current P/E ratio is -27.6x. The historical average is 32.8x.
What is ADTRAN Holdings, Inc.'s EV/EBITDA?
ADTRAN Holdings, Inc.'s current EV/EBITDA is 18.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.7x.
What is ADTRAN Holdings, Inc.'s ROE?
ADTRAN Holdings, Inc.'s return on equity (ROE) is -8.5%. The historical average is 7.2%.
Is ADTN stock overvalued?
Based on historical data, ADTRAN Holdings, Inc. is trading at a P/E of -27.6x. Compare with industry peers and growth rates for a complete picture.
What are ADTRAN Holdings, Inc.'s profit margins?
ADTRAN Holdings, Inc. has 38.3% gross margin and -1.4% operating margin.
How much debt does ADTRAN Holdings, Inc. have?
ADTRAN Holdings, Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.