Latest Ratios: P/E Ratio 12.1x · EV/EBITDA 7.5x · ROE 6.7%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.5B | $7.2B | $4.6B | $4.7B | $4.7B | $4.2B | $4.0B | $2.6B | $5.0B | $5.1B | $5.0B |
| Enterprise Value | $9.8B | $10.5B | $7.3B | $7.6B | $7.7B | $5.9B | $5.3B | $3.9B | $6.2B | $6.2B | $5.9B |
| P/E Ratio → | 12.07 | 21.54 | 19.30 | 9.48 | 6.11 | 6.09 | 20.74 | — | 28.47 | — | 9.53 |
| P/S Ratio | 0.20 | 0.26 | 0.21 | 0.20 | 0.18 | 0.17 | 0.21 | 0.15 | 0.26 | 0.27 | 0.29 |
| P/B Ratio | 1.32 | 1.43 | 0.93 | 0.96 | 0.99 | 1.01 | 0.98 | 0.70 | 1.21 | 1.10 | 0.97 |
| P/FCF | — | — | 8.04 | 10.20 | — | — | 98.80 | 3.98 | 12.17 | 52.69 | — |
| P/OCF | — | — | 6.40 | 6.85 | — | — | 44.09 | 3.58 | 9.38 | 20.29 | — |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.38 | 0.33 | 0.32 | 0.29 | 0.24 | 0.27 | 0.22 | 0.32 | 0.32 | 0.34 |
| EV / EBITDA | 7.52 | 10.59 | 9.80 | 7.72 | 5.81 | 5.42 | 11.32 | 16.25 | 11.32 | 13.91 | 9.92 |
| EV / EBIT | 11.43 | 14.61 | 14.62 | 8.30 | 6.26 | 6.35 | 20.28 | — | 16.66 | 25.97 | 14.50 |
| EV / FCF | — | — | 12.69 | 16.39 | — | — | 131.14 | 5.90 | 15.02 | 63.27 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.4% | 10.4% | 10.7% | 11.6% | 12.0% | 12.2% | 11.5% | 11.7% | 12.7% | 13.3% | 13.6% |
| Operating Margin | 3.1% | 3.1% | 2.8% | 3.6% | 4.5% | 3.9% | 1.4% | -0.0% | 1.9% | 1.1% | 2.5% |
| Net Profit Margin | 1.2% | 1.2% | 1.1% | 2.1% | 2.9% | 2.8% | 1.0% | -0.2% | 0.9% | -0.8% | 3.0% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.7% | 6.7% | 4.8% | 10.3% | 17.2% | 16.7% | 4.9% | -0.8% | 4.0% | -3.2% | 10.6% |
| ROA | 2.4% | 2.4% | 2.0% | 4.0% | 6.7% | 7.2% | 2.3% | -0.4% | 1.9% | -1.6% | 5.0% |
| ROIC | 8.0% | 8.0% | 6.0% | 8.1% | 13.0% | 12.5% | 4.1% | -0.1% | 5.0% | 2.6% | 5.4% |
| ROCE | 10.8% | 10.8% | 7.9% | 10.6% | 16.5% | 15.6% | 4.8% | -0.1% | 5.8% | 3.0% | 6.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.69 | 0.69 | 0.57 | 0.65 | 0.69 | 0.44 | 0.37 | 0.46 | 0.42 | 0.35 | 0.34 |
| Debt / EBITDA | 3.50 | 3.50 | 3.85 | 3.23 | 2.48 | 1.71 | 3.22 | 7.27 | 3.15 | 3.73 | 2.97 |
| Net Debt / Equity | — | 0.66 | 0.54 | 0.58 | 0.63 | 0.41 | 0.32 | 0.34 | 0.28 | 0.22 | 0.18 |
| Net Debt / EBITDA | 3.34 | 3.34 | 3.59 | 2.91 | 2.27 | 1.56 | 2.79 | 5.27 | 2.15 | 2.33 | 1.57 |
| Debt / FCF | — | — | 4.65 | 6.19 | — | — | 32.35 | 1.91 | 2.85 | 10.59 | — |
| Interest Coverage | 2.85 | 2.85 | 2.00 | 3.24 | 4.92 | 9.30 | 2.93 | -0.06 | 2.75 | 2.56 | 4.12 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.78 | 1.78 | 2.43 | 2.32 | 2.53 | 2.09 | 2.34 | 2.78 | 2.67 | 2.56 | 3.07 |
| Quick Ratio | 0.97 | 0.97 | 1.16 | 1.10 | 1.24 | 1.09 | 1.29 | 1.58 | 1.50 | 1.50 | 1.92 |
| Cash Ratio | 0.02 | 0.02 | 0.05 | 0.07 | 0.07 | 0.04 | 0.07 | 0.21 | 0.21 | 0.21 | 0.46 |
| Asset Turnover | — | 1.79 | 1.83 | 1.95 | 2.13 | 2.34 | 2.19 | 2.16 | 2.28 | 1.98 | 1.80 |
| Inventory Turnover | 4.08 | 4.08 | 3.78 | 3.84 | 4.27 | 5.03 | 5.34 | 5.70 | 5.66 | 5.25 | 5.34 |
| Days Sales Outstanding | — | 90.92 | 71.15 | 67.47 | 65.52 | 64.58 | 66.82 | 60.61 | 59.25 | 69.81 | 69.85 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.7% | 1.6% | 2.4% | 2.4% | 2.3% | 2.3% | 2.1% | 3.2% | 1.7% | 1.7% | 1.8% |
| Payout Ratio | 34.2% | 34.2% | 47.2% | 22.5% | 13.8% | 14.2% | 43.7% | — | 49.4% | — | 16.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.3% | 4.6% | 5.2% | 10.5% | 16.4% | 16.4% | 4.8% | — | 3.5% | — | 10.5% |
| FCF Yield | — | — | 12.4% | 9.8% | — | — | 1.0% | 25.1% | 8.2% | 1.9% | — |
| Buyback Yield | 2.1% | 1.9% | 6.5% | 3.4% | 4.7% | 4.4% | 0.0% | 9.1% | 11.3% | 6.3% | 5.5% |
| Total Shareholder Yield | 3.9% | 3.5% | 9.0% | 5.8% | 7.0% | 6.7% | 2.1% | 12.3% | 13.1% | 8.0% | 7.3% |
| Shares Outstanding | — | $83M | $87M | $92M | $93M | $100M | $100M | $100M | $111M | $120M | $129M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AVT stock.
Avnet, Inc.'s current P/E ratio is 12.1x. The historical average is 20.4x. This places it at the 52th percentile of its historical range.
Avnet, Inc.'s current EV/EBITDA is 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.9x.
Avnet, Inc.'s return on equity (ROE) is 6.7%. The historical average is 6.3%.
Based on historical data, Avnet, Inc. is trading at a P/E of 12.1x. This is at the 52th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Avnet, Inc.'s current dividend yield is 1.73% with a payout ratio of 34.2%.
Avnet, Inc. has 10.4% gross margin and 3.1% operating margin.
Avnet, Inc.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Thin margin cushion and cash conversion
Metrics are mathematically derived from official filings.
Discounted Multiples Reflect Cyclical Earnings Doubt
Based on Avnet's reported figures, the trailing P/E of 19.77 compresses to 15.37 forward and EV/EBITDA of 12.26 falls to 10.72, a discount to WESCO's 22.43 P/E that the market appears to attach to cyclical earnings durability.
The forward P/E contraction suggests the market expects earnings to rise over the next year, yet the 0.43 price-to-book ratio indicates investors are pricing the equity below accounting book value. This pattern appears consistent with a cyclical distributor whose margin base is thin enough that the market discounts reported earnings. Investors should monitor whether the raised guidance translates into sustained operating margin gains before treating the forward multiple as a reliable anchor.
Thin Net Margin Limits Earnings Cushion
As reported in financial statements, Avnet's net margin of 1.2% in 2027Q1 and gross margin of 10.4% sit below peer Arrow's 1.9% net margin and WESCO's 2.7%, leaving little room for pricing or inventory missteps.
Gross margin has held in a narrow 10.0% to 11.6% band across ten quarters, indicating limited pricing power in a structurally competitive distribution model. Net margin improved to 2.6% in the latest quarter, but the quarterly net income series has been volatile, suggesting non-operating items or tax effects may be shaping reported earnings more than operating trends. Operating margin of 4.4% is the more reliable gauge of earning power here, and it should be weighed against the fact that SG&A rose in step with revenue.
ROIC Recovery Remains Modest Versus Peers
According to recent SEC filings, Avnet's ROIC climbed from 1.4% to 4.0% over the last ten quarters, yet remains well below peer SNX's 9.9% and WCC's 8.5%, suggesting returns are recovering from a low base rather than compounding.
The improvement in ROIC has been driven primarily by the recovery in operating margin and volume rather than by any gain in capital efficiency, since asset turnover has stayed in a 0.45 to 0.63 range. ROE of 5.5% in the latest quarter is well below peer levels, consistent with a business that has not yet demonstrated sustained high-return capital deployment. The recent gains warrant confirmation across additional quarters before being treated as a durable trend.
Working Capital Build Stretches Cash Cycle
Based on Avnet's reported figures, the cash conversion cycle has moved from 113 days to 69 days, but inventory days at 72 and payables at 71 leave the cycle sensitive to supplier and customer terms.
The shortening cash cycle reflects a sharp reduction in inventory days from 104 to 72, which may indicate successful de-stocking but also suggests the company was previously holding elevated inventory during the downturn. Payable days have held near 60 to 70, implying Avnet relies on supplier financing to fund a meaningful share of working capital. Continued inventory discipline appears essential, since a reversal in receivable or inventory days would quickly reverse the recent cash-cycle improvement.
Leverage Rising Alongside Volume Recovery
As reported in financial statements, Avnet's debt-to-equity ratio rose from 0.57 to 0.84 over five quarters while interest coverage improved to 5.05x, suggesting debt service has become more comfortable even as borrowing expanded.
The rise in leverage appears to track the working capital build required to support higher revenue, and debt-to-EBITDA fell to 8.96x as earnings recovered, a level that still warrants attention for a distributor with thin margins. Interest coverage improving from 1.13x to 5.05x suggests near-term debt service is more manageable, though this relies on sustained operating income. Investors should monitor refinancing terms and short-term credit line usage, since the reported figures do not fully disclose the composition of working capital financing.
Narrowing Current Ratio Signals Thinner Buffer
Based on Avnet's reported figures, the current ratio has declined from 2.43 to 1.73 and the quick ratio from 1.16 to 0.87, while cash of roughly $237M is small relative to total liabilities of $13.2B.
The fall in the quick ratio below 1.0 suggests the company now depends on inventory conversion to meet short-term obligations, which becomes a concern if demand softens and inventory must be liquidated at lower prices. The limited cash balance indicates reliance on revolving credit facilities for daily operations, a point that warrants verification against the company's disclosed credit agreements. Under a severe downturn, the combination of falling inventory values and tighter credit access could compress the liquidity position more quickly than headline ratios imply.
P/B Discount Obscures Working Capital Risk
Because Avnet trades at 0.43 times book value, the low price-to-book ratio may appear to signal undervaluation, yet book value is heavily weighted toward inventory and receivables that carry cyclical and obsolescence risk.
Price-to-book is commonly used to flag value in asset-heavy businesses, but for a distributor whose assets are largely working capital, book value may overstate realizable worth if inventory must be marked down. Free cash flow margin has oscillated around breakeven and was negative at -8.1% in the latest quarter, which suggests earnings are not converting to cash. An operating cash flow metric or a normalized free cash flow yield through the cycle would give a more reliable read on value than P/B for this business model.