Latest Ratios: P/E Ratio -0.3x · EV/EBITDA 0.8x · ROE -115.6%. (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 | $339M | $1.0B | $3.8B | $4.2B | $3.8B | $4.8B | $5.0B | — | — | — |
| Enterprise Value | $2.2B | $2.9B | $5.6B | $6.7B | $6.6B | $7.5B | $8.9B | — | — | — |
| P/E Ratio → | -0.34 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.15 | 0.45 | 1.62 | 1.22 | 1.74 | 1.63 | 1.83 | — | — | — |
| P/B Ratio | 0.32 | 0.98 | 0.88 | 0.88 | 0.75 | 0.96 | 7.31 | — | — | — |
| P/FCF | 1.64 | 4.12 | 28.90 | 16.97 | 27.78 | 4754.24 | 34.93 | — | — | — |
| P/OCF | 0.94 | 2.86 | 15.02 | 10.82 | 13.40 | 41.34 | 21.44 | — | — | — |
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 | — | 1.27 | 2.40 | 1.98 | 2.98 | 2.57 | 3.24 | — | — | — |
| EV / EBITDA | 0.82 | 6.52 | 18.36 | 24.76 | 21.88 | 13.68 | 20.21 | — | — | — |
| EV / EBIT | 64.26 | — | — | — | — | 59.01 | 63.22 | — | — | — |
| EV / FCF | — | 11.50 | 42.74 | 27.38 | 47.73 | 7494.24 | 61.89 | — | — | — |
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 | 20.7% | 20.7% | 34.0% | 33.4% | 31.1% | 23.8% | 30.6% | 34.6% | 35.8% | 34.9% |
| Operating Margin | 1.5% | 1.5% | -3.9% | -3.0% | -4.3% | 6.7% | 5.4% | 10.4% | 8.6% | 8.3% |
| Net Profit Margin | -136.9% | -136.9% | -6.7% | -10.1% | -2.8% | -2.1% | -3.8% | 0.9% | -0.9% | 1.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -115.6% | -115.6% | -3.5% | -7.0% | -1.2% | -2.1% | -13.8% | 2.7% | -2.5% | 2.7% |
| ROA | -48.5% | -48.5% | -1.7% | -3.1% | -0.6% | -0.7% | -1.5% | 0.4% | -0.4% | 0.4% |
| ROIC | 0.6% | 0.6% | -1.0% | -1.0% | -0.9% | 2.4% | 2.4% | 4.6% | 3.7% | 3.4% |
| ROCE | 0.6% | 0.6% | -1.1% | -1.2% | -1.1% | 2.8% | 2.9% | 5.6% | 4.6% | 4.2% |
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 | 2.03 | 2.03 | 0.50 | 0.62 | 0.59 | 0.63 | 6.39 | 5.04 | 4.23 | 3.90 |
| Debt / EBITDA | 4.80 | 4.80 | 7.07 | 10.73 | 9.98 | 5.68 | 9.96 | 7.84 | 8.00 | 9.04 |
| Net Debt / Equity | — | 1.76 | 0.42 | 0.54 | 0.54 | 0.56 | 5.64 | 4.77 | 3.97 | 3.67 |
| Net Debt / EBITDA | 4.19 | 4.19 | 5.94 | 9.41 | 9.15 | 5.00 | 8.80 | 7.42 | 7.49 | 8.53 |
| Debt / FCF | — | 7.38 | 13.84 | 10.41 | 19.95 | 2740.00 | 26.96 | 20.11 | 27.97 | 13.25 |
| Interest Coverage | -32.28 | -32.28 | -0.44 | -1.79 | -0.02 | 0.71 | 0.60 | 1.17 | 0.98 | — |
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 | 1.31 | 1.31 | 1.42 | 1.27 | 1.20 | 1.16 | 1.25 | 1.15 | 1.22 | 1.18 |
| Quick Ratio | 1.31 | 1.31 | 1.42 | 1.27 | 1.20 | 1.16 | 1.25 | 1.15 | 1.22 | 1.18 |
| Cash Ratio | 0.31 | 0.31 | 0.38 | 0.16 | 0.11 | 0.18 | 0.28 | 0.14 | 0.18 | 0.11 |
| Asset Turnover | — | 0.50 | 0.28 | 0.32 | 0.20 | 0.27 | 0.39 | 0.39 | 0.42 | 0.37 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 76.97 | 87.65 | 86.17 | 136.77 | 83.02 | 75.46 | 95.11 | 77.82 | 89.47 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 25.4% | 8.4% | 0.6% | — | — | — | 0.1% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 45.5% | — | 287.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 61.1% | 24.3% | 3.5% | 5.9% | 3.6% | 0.0% | 2.9% | — | — | — |
| Buyback Yield | 19.2% | 6.3% | 4.4% | 1.0% | 0.3% | 3.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 44.5% | 14.7% | 5.0% | 1.0% | 0.3% | 3.0% | 0.1% | — | — | — |
| Shares Outstanding | — | $26M | $27M | $24M | $23M | $22M | $22M | $22M | $22M | $6M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying ALIT stock.
Alight, Inc.'s current P/E ratio is -0.3x. This places it at the 50th percentile of its historical range.
Alight, Inc.'s current EV/EBITDA is 0.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.6x.
Alight, Inc.'s return on equity (ROE) is -115.6%. The historical average is -15.6%.
Based on historical data, Alight, Inc. is trading at a P/E of -0.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Alight, Inc.'s current dividend yield is 25.35%.
Alight, Inc. has 20.7% gross margin and 1.5% operating margin.
Alight, Inc.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Equity erosion and rising leverage
Metrics are mathematically derived from official filings.
Deep Discount Reflects Impairment Skepticism
Based on reported figures, ALIT trades at 0.15x sales, 0.32x book, and 4.95x EV/EBITDA, multiples that imply the market assigns little durable value to the company's shrinking revenue base and depleted equity.
The 0.32x price-to-book ratio sits well below peers such as WTW at 4.04x and AON at 7.59x, suggesting investors are pricing in further write-downs rather than a stable asset base. The negative trailing P/E of -0.11 makes earnings-based comparison uninformative, so EV/EBITDA and the 1.36x P/FCF are the more meaningful anchors, though both may overstate value if EBITDA quality continues to weaken. The 25.4% dividend yield appears unsustainable given recent suspension of payouts and should be treated as a warning signal rather than a valuation support.
Margin Compression Erodes Earning Power
As reported in the financial statements, ALIT's gross margin fell from 39.9% in 2024Q4 to 27.0% in 2026Q3, while operating margin turned to -12.2%, well below the mid-to-high forties gross margins held by peers.
The gross margin compression of roughly 13 percentage points over about two years suggests structural pricing or cost pressure rather than a temporary dip. Operating margin has been negative in most recent quarters, indicating that cost control has not offset revenue erosion. Net margin is distorted by large non-operating charges in late 2025, so operating margin and FCF margin provide a cleaner read of underlying earning power.
Returns Collapse as Capital Base Shrinks
Based on ALIT's reported figures, ROE moved from 0.5% in 2024Q2 to -5.1% in 2026Q3, and ROIC has been negative in most recent quarters, against peer ROIC of 10.6% to 15.2%.
The negative ROIC trend indicates the company is currently destroying rather than compounding returns on invested capital. The sharp swings in late 2025, including ROIC of 52.2% in 2025Q4, reflect distortions from impairments and equity reductions rather than genuine operating improvement, so these quarterly figures should not be extrapolated. Investors should monitor whether returns stabilize once the equity base stops contracting.
Leverage Rising as Equity Shrinks
According to reported balance sheet figures, ALIT's debt-to-equity ratio climbed from roughly 0.50 in late 2024 to 2.13 in 2026Q3, while interest coverage has been negative in recent quarters, leaving limited debt-service cushion.
Total debt has held near $2.1B while equity has fallen roughly 78% from its 2024 level, mechanically driving the leverage increase without any reduction in obligations. Negative interest coverage in most recent quarters suggests operating earnings are not currently covering interest expense, which warrants further investigation into refinancing terms and maturity profile. The debt-to-EBITDA ratio was elevated at 47.55x in 2026Q3, indicating that EBITDA cushion for debt service is thin.
Adequate Near-Term Liquidity, Thin Buffer
Reported current and quick ratios of 1.42 in 2026Q3, supported by $212M of cash, suggest near-term liquidity is adequate, though this buffer is modest relative to total debt of roughly $2.1B.
Current ratio has drifted from 1.42 in 2024Q4 to 1.31 at its low before recovering, indicating liquidity has been broadly stable rather than deteriorating sharply. Cash has fluctuated between $183M and $417M over ten quarters, so the cushion is not large against the debt load. Under a severe stress scenario with continued operating losses, the liquidity position may tighten faster than the current ratio alone implies, and investors should monitor cash burn against maturities.
Peer Multiples Mask Structural Decline
The most commonly misapplied ratio here is the low P/B, which based on reported figures of 0.32x may appear to signal value while obscuring that book equity is itself being eroded by impairments and accumulated losses.
A depressed price-to-book multiple is often read as a margin of safety, but for ALIT the denominator is shrinking through goodwill writedowns and a retained deficit of roughly -$3.8B, so the ratio may understate how much tangible value remains. Tangible book value, EV to recurring free cash flow, or a liquidation-style asset coverage analysis would give a more defensible read. Investors should monitor whether further impairments continue to reduce the equity base faster than the market has already priced in.