Latest Ratios: P/E Ratio 65.0x · EV/EBITDA 12.9x · ROE 1.7%. (2023–2025 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 |
|---|---|---|---|---|
| Market Cap | $856M | $744M | — | — |
| Enterprise Value | $1.5B | $1.4B | — | — |
| P/E Ratio → | 65.00 | 74.41 | — | — |
| P/S Ratio | 0.56 | 0.49 | — | — |
| P/B Ratio | 0.80 | 0.91 | — | — |
| P/FCF | — | — | — | — |
| P/OCF | 95.46 | 82.88 | — | — |
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 |
|---|---|---|---|---|
| EV / Revenue | — | 0.92 | — | — |
| EV / EBITDA | 12.93 | 11.97 | — | — |
| EV / EBIT | 20.75 | 26.48 | — | — |
| EV / FCF | — | — | — | — |
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 |
|---|---|---|---|---|
| Gross Margin | 19.9% | 19.9% | 21.0% | 20.3% |
| Operating Margin | 4.8% | 4.8% | 6.3% | 5.8% |
| Net Profit Margin | 0.6% | 0.6% | 2.8% | 1.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | 1.7% | 1.7% | 8.7% | 3.3% |
| ROA | 0.6% | 0.6% | 2.8% | 1.0% |
| ROIC | 4.9% | 4.9% | 6.6% | 5.5% |
| ROCE | 6.2% | 6.2% | 8.2% | 7.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.93 | 0.93 | 1.26 | 1.51 |
| Debt / EBITDA | 6.47 | 6.47 | 4.87 | 5.91 |
| Net Debt / Equity | — | 0.81 | 1.09 | 1.38 |
| Net Debt / EBITDA | 5.63 | 5.63 | 4.18 | 5.42 |
| Debt / FCF | — | — | 7.19 | 25.69 |
| Interest Coverage | 1.27 | 1.27 | 2.22 | 1.46 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 1.90 | 1.90 | 1.94 | 1.94 |
| Quick Ratio | 1.15 | 1.15 | 1.07 | 1.03 |
| Cash Ratio | 0.21 | 0.21 | 0.24 | 0.16 |
| Asset Turnover | — | 0.76 | 1.00 | 0.91 |
| Inventory Turnover | 3.53 | 3.53 | 3.71 | 3.29 |
| Days Sales Outstanding | — | 93.99 | 66.58 | 76.18 |
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 |
|---|---|---|---|---|
| Dividend Yield | 2.1% | 1.8% | — | — |
| Payout Ratio | 138.0% | 138.0% | 10.5% | 18.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | 1.5% | 1.3% | — | — |
| FCF Yield | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 2.1% | 1.8% | — | — |
| Shares Outstanding | — | $59M | $78M | $78M |
Includes 30+ ratios · 3 years · Updated daily
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Quick answers to the most common questions about buying AEBI stock.
Aebi Schmidt Holding AG's current P/E ratio is 65.0x. The historical average is 74.4x.
Aebi Schmidt Holding AG's current EV/EBITDA is 12.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.0x.
Aebi Schmidt Holding AG's return on equity (ROE) is 1.7%. The historical average is 4.6%.
Based on historical data, Aebi Schmidt Holding AG is trading at a P/E of 65.0x. Compare with industry peers and growth rates for a complete picture.
Aebi Schmidt Holding AG's current dividend yield is 2.07% with a payout ratio of 138.0%.
Aebi Schmidt Holding AG has 19.9% gross margin and 4.8% operating margin.
Aebi Schmidt Holding AG's Debt/EBITDA ratio is 6.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Merger integration eroding profitability
Metrics are mathematically derived from official filings.
Valuation Disconnect: Growth vs. Profitability
AEBI's forward P/E of 17.51 appears reasonable for an industrial, but the trailing P/E of 74.41 and P/B of 0.91 suggest the market is pricing in significant future earnings growth that has not yet materialized from the Shyft merger.
The wide gap between the trailing and forward P/E multiples indicates the market is discounting current earnings, which are depressed by integration costs, and is instead valuing the company on a normalized, post-synergy earnings power. The P/B ratio below 1.0, combined with a P/S of just 0.64, suggests the market is skeptical of the asset base's earning potential, particularly given the $904M in goodwill now representing 36% of total assets. This valuation profile implies investors are betting on a successful integration and margin expansion, a bet that appears precarious given the current 0.64% net margin.
Margin Compression Amidst Scale
Despite 40.6% TTM revenue growth, AEBI's net margin remains a razor-thin 0.64%, indicating that the Shyft merger has so far failed to generate meaningful operating leverage or cost synergies.
The gross margin of 19.92% is already low for a specialty vehicle manufacturer, suggesting limited pricing power or a high-cost production base. The operating margin of 4.79% and net margin of 0.64% reveal that SG&A and other overhead costs are consuming nearly all gross profit, a trend that worsened in 2026Q2 as SG&A growth outpaced revenue growth. This margin structure leaves the company extremely vulnerable to input cost inflation or any operational misstep, as there is virtually no buffer to absorb shocks.
Capital Returns Fail to Cover Cost
AEBI's ROIC of 1.1% and ROE of 1.7% are critically low, suggesting the company is not generating sufficient returns to justify its capital base, a situation exacerbated by the goodwill-heavy post-merger balance sheet.
The ROIC trend has been consistently below 2% for the past ten quarters, indicating that the significant capital invested in the business, now swollen by acquisition, is not translating into meaningful economic profit. The ROE of 1.7% is far below the cost of equity for an industrial firm, implying value destruction for shareholders. This poor return profile is a direct consequence of the thin net margin and the massive increase in the asset base from the merger, which has not yet been matched by a proportional increase in earnings.
Leverage Elevated Relative to Earnings
A debt-to-equity ratio of 0.93 appears manageable in isolation, but when paired with a net margin of 0.64% and an interest coverage ratio of just 2.38x, it indicates that debt service is consuming a significant portion of operating profit.
The D/E ratio has improved from a peak of 1.56 in 2025Q2, likely due to an equity infusion accompanying the Shyft merger. However, the interest coverage ratio of 2.38x in 2026Q2 is uncomfortably low for an industrial company, suggesting that a significant portion of operating income is dedicated to servicing debt. This leaves limited financial flexibility for R&D investment, such as for Euro 7 compliance, or for weathering a downturn in municipal or airport capital spending.
Working Capital Swings Mask Instability
The cash conversion cycle of 132 days in 2026Q2, down from a peak of 451 days in 2024Q4, suggests improving efficiency, but the extreme volatility indicates ongoing integration challenges in managing inventory and receivables across the combined entity.
The dramatic reduction in the CCC is a positive sign, driven primarily by a sharp decrease in days inventory outstanding from 351 to 108 days. However, the days sales outstanding of 82 days remains high, suggesting potential issues with collections or contract terms with municipal customers. The volatility in these metrics quarter-to-quarter points to a lack of operational control during the integration period, making cash flow forecasting difficult and increasing the risk of working capital surprises.
The Misleading P/E Multiple
The trailing P/E of 74.41 is the most commonly misapplied ratio for AEBI, as it is distorted by near-zero earnings from merger integration costs and does not reflect the company's normalized earning power or asset base.
Investors focusing on the high trailing P/E may incorrectly conclude the stock is expensive, while the P/B of 0.91 suggests the opposite. The more relevant metric is EV/EBITDA, which at 13.99x is more reflective of the company's operational cash flow generation and is less distorted by the non-cash charges and interest expense from the merger. For a company in a heavy integration phase with significant goodwill, EV/EBITDA provides a clearer picture of valuation relative to peers like Bucher Industries or Oshkosh.