Latest Ratios: P/E Ratio 26.0x · EV/EBITDA 13.0x · ROE 4.1%. (2008–2025 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 | $1.1B | $1.6B | $1.2B | $1.7B | $3.0B | $4.3B | $2.6B | $836M | $660M | $393M | $256M |
| Enterprise Value | $3.0B | $3.4B | $2.8B | $3.2B | $3.9B | $4.7B | $3.4B | $1.4B | $845M | $565M | $395M |
| P/E Ratio → | 25.99 | 35.29 | 21.94 | 27.07 | 32.10 | 60.33 | 47.49 | 18.82 | 17.41 | 10.49 | 21.15 |
| P/S Ratio | 0.59 | 0.81 | 0.70 | 1.23 | 1.67 | 3.50 | 2.48 | 0.96 | 0.84 | 0.55 | 0.39 |
| P/B Ratio | 1.02 | 1.39 | 1.19 | 1.73 | 3.31 | 5.67 | 4.82 | 1.82 | 1.69 | 1.13 | 0.85 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | 10.61 | — | — | — | — | — | — | — | — |
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 | — | 1.78 | 1.61 | 2.29 | 2.12 | 3.87 | 3.26 | 1.64 | 1.07 | 0.79 | 0.61 |
| EV / EBITDA | 12.96 | 14.75 | 14.36 | 21.30 | 20.65 | 33.12 | 29.65 | 15.66 | 9.43 | 9.10 | 8.14 |
| EV / EBIT | 23.46 | 25.84 | 26.92 | 37.34 | 28.36 | 49.33 | 45.17 | 27.10 | 14.72 | 15.12 | 16.61 |
| 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 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.7% | 15.7% | 14.5% | 17.9% | 15.9% | 18.9% | 18.2% | 19.4% | 22.1% | 20.1% | 20.6% |
| Operating Margin | 6.7% | 6.7% | 6.1% | 6.0% | 7.3% | 7.9% | 6.9% | 6.0% | 7.5% | 5.1% | 3.7% |
| Net Profit Margin | 2.3% | 2.3% | 3.2% | 4.5% | 5.2% | 5.8% | 5.2% | 5.1% | 4.8% | 5.2% | 1.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.1% | 4.1% | 5.6% | 6.6% | 11.4% | 11.0% | 10.9% | 10.4% | 10.3% | 11.6% | 4.1% |
| ROA | 1.0% | 1.0% | 1.4% | 1.9% | 3.7% | 3.5% | 3.5% | 3.5% | 3.5% | 4.2% | 1.6% |
| ROIC | 3.4% | 3.4% | 3.2% | 2.9% | 6.8% | 5.6% | 4.5% | 4.8% | 8.1% | 5.7% | 4.3% |
| ROCE | 3.8% | 3.8% | 3.6% | 3.4% | 7.0% | 6.1% | 5.9% | 5.2% | 6.9% | 5.3% | 4.1% |
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 | 1.73 | 1.73 | 1.63 | 1.59 | 1.02 | 0.66 | 1.64 | 1.35 | 0.63 | 0.56 | 0.53 |
| Debt / EBITDA | 8.36 | 8.36 | 8.60 | 10.45 | 5.01 | 3.50 | 7.69 | 6.84 | 2.75 | 3.15 | 3.29 |
| Net Debt / Equity | — | 1.67 | 1.52 | 1.51 | 0.89 | 0.60 | 1.52 | 1.28 | 0.47 | 0.49 | 0.46 |
| Net Debt / EBITDA | 8.05 | 8.05 | 8.06 | 9.92 | 4.39 | 3.15 | 7.11 | 6.48 | 2.06 | 2.76 | 2.87 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 1.51 | 1.51 | 1.47 | 1.83 | 4.45 | 5.54 | 4.12 | 3.27 | 3.82 | 4.08 | 3.65 |
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 | 1.51 | 1.51 | 1.46 | 1.25 | 1.23 | 1.35 | 1.28 | 1.26 | 1.40 | 1.42 | 1.19 |
| Quick Ratio | 1.50 | 1.50 | 1.45 | 1.24 | 1.22 | 1.33 | 1.26 | 1.24 | 1.36 | 1.38 | 1.12 |
| Cash Ratio | 0.07 | 0.07 | 0.12 | 0.09 | 0.14 | 0.11 | 0.17 | 0.10 | 0.28 | 0.12 | 0.11 |
| Asset Turnover | — | 0.43 | 0.43 | 0.37 | 0.63 | 0.55 | 0.59 | 0.63 | 0.68 | 0.73 | 0.82 |
| Inventory Turnover | 129.12 | 129.12 | 131.00 | 82.73 | 107.86 | 111.88 | 98.51 | 75.66 | 79.01 | 70.40 | 42.70 |
| Days Sales Outstanding | — | 223.51 | 194.38 | 220.15 | 159.29 | 155.06 | 120.63 | 132.66 | 88.86 | 108.67 | 89.75 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.8% | 2.8% | 4.6% | 3.7% | 3.1% | 1.7% | 2.1% | 5.3% | 5.7% | 9.5% | 4.7% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.9% | 2.5% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.9% | 2.5% |
| Shares Outstanding | — | $53M | $53M | $53M | $53M | $52M | $49M | $48M | $47M | $46M | $46M |
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying AMRC stock.
Ameresco, Inc.'s current P/E ratio is 26.0x. The historical average is 38.7x. This places it at the 53th percentile of its historical range.
Ameresco, Inc.'s current EV/EBITDA is 13.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
Ameresco, Inc.'s return on equity (ROE) is 4.1%. The historical average is 10.1%.
Based on historical data, Ameresco, Inc. is trading at a P/E of 26.0x. This is at the 53th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ameresco, Inc. has 15.7% gross margin and 6.7% operating margin.
Ameresco, Inc.'s Debt/EBITDA ratio is 8.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
High leverage and thin margins
Metrics are mathematically derived from official filings.
Margin Mix Shift Underway
Gross margin expanded to 17.7% in 2026Q2 from 15.5% a year earlier, according to the latest quarterly data, suggesting a favorable mix shift toward higher-margin recurring revenue and improved project execution.
The 210 basis point year-over-year gross margin improvement in 2026Q2, as reported in the financial statements, appears to reflect a growing contribution from owned energy assets and better cost control on fixed-price contracts. However, net margin remains thin at 1.9%, indicating that operating overhead and interest expenses continue to absorb much of the gross profit. Investors should monitor whether this margin expansion is durable or a one-quarter timing benefit, especially given the lumpy nature of project completions.
Capital Efficiency Remains Subdued
ROIC improved to 1.0% in 2026Q2 from 0.6% a year earlier, based on reported figures, but remains far below the cost of capital, indicating that the asset-heavy pivot is not yet generating adequate returns.
Despite the recent improvement, ROIC of 1.0% and ROE of 0.8% in 2026Q2, as per the quarterly data, are well below the levels of diversified engineering peers like Tetra Tech (ROIC 17.4%) and MYR Group (ROIC 18.3%). The low returns appear to be driven by a combination of thin net margins and a rapidly expanding asset base, with PP&E now representing 48% of total assets. This suggests that the company is in an investment phase where capital deployment is outpacing earnings generation, and investors should watch for evidence of improving asset turnover or margin expansion to justify the elevated capital intensity.
Working Capital Swings Distort Efficiency
DSO spiked to 128 days in 2026Q2 from 175 days in 2025Q4, while CCC turned negative at -10 days, according to the quarterly data, reflecting volatile project billing and payment timing.
The dramatic improvement in DSO and CCC in 2026Q2, as reported in the financial statements, appears to be driven by a sharp decline in deferred revenue from $595.8M to $75.5M, which may indicate a large project milestone completion. However, this volatility makes it difficult to assess the underlying efficiency of working capital management. The negative CCC suggests that the company is effectively using supplier financing, with DPO of 140 days exceeding DSO, but this may not be sustainable if project delays persist. Investors should monitor whether the working capital swings stabilize as the project pipeline matures.
Leverage Eases but Remains Elevated
Debt-to-equity improved to 1.38 in 2026Q2 from 1.84 in 2026Q1, while interest coverage rose to 1.66x, according to the balance sheet data, but leverage remains high relative to peers.
The reduction in D/E and the improvement in interest coverage to 1.66x in 2026Q2, as per the latest financials, suggest that the company is managing its debt burden better than in the prior quarter. However, with total debt of $2.0B and equity of $1.4B, the balance sheet remains strained, especially when compared to peers like MYR Group (D/E 0.16) and Tetra Tech (D/E 0.55). The high D/EBITDA of 27.36x in 2026Q2, based on reported figures, indicates that EBITDA is thin relative to debt, leaving little cushion for adverse developments. Investors should monitor whether the company can continue to service its debt as it invests heavily in energy assets.
Liquidity Buffer Thin Despite Ratio
Current ratio improved to 1.67 in 2026Q2, but cash of $138.3M is modest relative to total debt of $2.0B, according to the balance sheet, suggesting limited liquidity cushion.
While the current ratio of 1.67 in 2026Q2, as reported in the financial statements, appears healthy, the quick ratio of 1.66 indicates that inventory is not a significant component, which is typical for a service-oriented business. However, the absolute cash balance is small compared to the company's debt load and negative free cash flow of -$302.3M in the quarter. This suggests that the company may be reliant on external financing or project-level debt to fund its operations, which could become a constraint if credit conditions tighten. Investors should monitor the company's ability to maintain adequate liquidity as it continues its capital-intensive growth strategy.
Misapplied Metric: Debt-to-Equity
The reported debt-to-equity ratio of 1.38 in 2026Q2 may understate true leverage because non-recourse project-level debt is often not fully captured, according to the company's financial disclosures, potentially masking the cash flow burden.
The debt-to-equity ratio, as commonly calculated from the balance sheet, may not provide a complete picture of Ameresco's leverage because a significant portion of its debt is likely non-recourse, project-level financing tied to energy assets. This type of debt is often held in separate entities and may not be consolidated, or if consolidated, the associated assets may offset the liability. As a result, the reported D/E of 1.38 may appear lower than the actual economic leverage. A more appropriate metric would be net debt to EBITDA or debt to total capitalization, which would better capture the full extent of the company's obligations. Investors should also consider the cash flow available for debt service, as the negative free cash flow suggests that the company is not yet generating sufficient cash to cover its financing needs.