Latest Ratios: P/E Ratio 12.9x · EV/EBITDA 7.9x · ROE 22.9%. (1996–2025 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 | $130.5B | $137.1B | $101.6B | $105.0B | $106.3B | $82.7B | $66.3B | $65.7B | $48.1B | $44.0B | $34.1B |
| Enterprise Value | $154.5B | $161.1B | $126.2B | $127.8B | $129.2B | $107.0B | $78.9B | $78.6B | $62.4B | $58.4B | $45.9B |
| P/E Ratio → | 12.87 | 13.42 | 14.44 | 17.64 | 32.28 | 724.06 | 20.70 | 49.03 | 22.34 | 14.64 | 9.76 |
| P/S Ratio | 2.22 | 2.33 | 1.88 | 2.29 | 2.40 | 2.21 | 2.49 | 2.69 | 2.18 | 1.96 | 1.48 |
| P/B Ratio | 2.70 | 2.81 | 2.49 | 2.68 | 2.87 | 2.10 | 4.24 | 4.50 | 3.43 | 2.64 | 2.05 |
| P/FCF | 15.05 | 15.81 | 13.96 | 15.99 | 14.68 | 21.97 | 30.24 | 129.08 | 38.59 | 22.45 | 18.62 |
| P/OCF | 8.95 | 9.40 | 8.57 | 10.15 | 10.83 | 13.86 | 13.82 | 22.13 | 18.38 | 12.29 | 8.23 |
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 | — | 2.74 | 2.33 | 2.79 | 2.91 | 2.86 | 2.96 | 3.22 | 2.82 | 2.60 | 2.00 |
| EV / EBITDA | 7.93 | 8.27 | 8.38 | 9.73 | 14.34 | 20.75 | 9.79 | 11.75 | 8.74 | 8.71 | 6.32 |
| EV / EBIT | 11.24 | 11.43 | 12.17 | 15.06 | 33.73 | 105.85 | 15.20 | 26.63 | 18.58 | 16.29 | 9.33 |
| EV / FCF | — | 18.58 | 17.35 | 19.46 | 17.86 | 28.44 | 35.96 | 154.34 | 50.04 | 29.85 | 25.06 |
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 | 81.9% | 81.9% | 81.1% | 82.0% | 72.1% | 66.8% | 80.1% | 79.8% | 77.7% | 80.8% | 82.1% |
| Operating Margin | 23.4% | 23.4% | 18.5% | 17.9% | 8.5% | 2.8% | 19.4% | 12.0% | 15.3% | 16.4% | 21.3% |
| Net Profit Margin | 17.5% | 17.5% | 13.0% | 13.0% | 7.4% | 0.3% | 12.0% | 5.5% | 9.8% | 13.4% | 15.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.9% | 22.9% | 17.6% | 15.6% | 8.6% | 0.4% | 21.1% | 9.3% | 14.0% | 18.0% | 19.9% |
| ROA | 9.4% | 9.4% | 6.9% | 6.0% | 3.3% | 0.1% | 5.0% | 2.2% | 3.5% | 4.8% | 5.7% |
| ROIC | 14.9% | 14.9% | 11.8% | 10.1% | 4.6% | 1.7% | 13.9% | 7.9% | 8.5% | 9.3% | 13.2% |
| ROCE | 17.2% | 17.2% | 13.6% | 11.6% | 4.9% | 1.6% | 11.5% | 6.7% | 7.4% | 7.8% | 10.6% |
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 | 0.61 | 0.61 | 0.74 | 0.73 | 0.79 | 0.78 | 1.30 | 1.25 | 1.36 | 1.07 | 1.01 |
| Debt / EBITDA | 1.53 | 1.53 | 2.00 | 2.18 | 3.23 | 5.95 | 2.53 | 2.73 | 2.68 | 2.65 | 2.32 |
| Net Debt / Equity | — | 0.49 | 0.60 | 0.58 | 0.62 | 0.62 | 0.80 | 0.88 | 1.02 | 0.87 | 0.71 |
| Net Debt / EBITDA | 1.23 | 1.23 | 1.63 | 1.74 | 2.55 | 4.72 | 1.56 | 1.92 | 2.00 | 2.16 | 1.62 |
| Debt / FCF | — | 2.77 | 3.39 | 3.47 | 3.17 | 6.47 | 5.72 | 25.26 | 11.45 | 7.40 | 6.44 |
| Interest Coverage | 8.32 | 8.32 | 6.17 | 5.34 | 2.88 | 0.79 | 4.08 | 2.10 | 2.46 | 2.64 | 3.60 |
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 | 0.94 | 0.94 | 0.93 | 0.82 | 0.86 | 1.16 | 0.96 | 0.86 | 0.96 | 0.80 | 0.87 |
| Quick Ratio | 0.72 | 0.72 | 0.74 | 0.64 | 0.68 | 0.76 | 0.76 | 0.68 | 0.78 | 0.62 | 0.72 |
| Cash Ratio | 0.19 | 0.19 | 0.20 | 0.19 | 0.24 | 0.28 | 0.39 | 0.34 | 0.35 | 0.28 | 0.39 |
| Asset Turnover | — | 0.51 | 0.52 | 0.45 | 0.46 | 0.36 | 0.40 | 0.40 | 0.36 | 0.35 | 0.37 |
| Inventory Turnover | 1.62 | 1.62 | 1.93 | 1.52 | 2.64 | 1.38 | 1.32 | 1.54 | 1.71 | 1.42 | 1.77 |
| Days Sales Outstanding | — | 94.31 | 75.84 | 66.98 | 75.65 | 79.33 | 77.49 | 73.29 | 49.49 | 45.53 | 40.99 |
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 | 3.8% | 3.6% | 4.6% | 4.3% | 4.1% | 4.7% | 5.4% | 5.5% | 7.2% | 8.0% | 10.4% |
| Payout Ratio | 48.5% | 48.5% | 65.8% | 75.2% | 132.7% | 3442.9% | 111.8% | 269.1% | 161.7% | 117.3% | 101.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.8% | 7.5% | 6.9% | 5.7% | 3.1% | 0.1% | 4.8% | 2.0% | 4.5% | 6.8% | 10.2% |
| FCF Yield | 6.6% | 6.3% | 7.2% | 6.3% | 6.8% | 4.6% | 3.3% | 0.8% | 2.6% | 4.5% | 5.4% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.8% | 3.6% | 4.6% | 4.3% | 4.1% | 4.7% | 5.4% | 5.5% | 7.2% | 8.0% | 10.4% |
| Shares Outstanding | — | $781M | $782M | $781M | $780M | $714M | $657M | $651M | $634M | $634M | $633M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AZN stock.
AstraZeneca PLC's current P/E ratio is 12.9x. The historical average is 14.5x. This places it at the 45th percentile of its historical range.
AstraZeneca PLC's current EV/EBITDA is 7.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.3x.
AstraZeneca PLC's return on equity (ROE) is 22.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 24.1%.
Based on historical data, AstraZeneca PLC is trading at a P/E of 12.9x. This is at the 45th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AstraZeneca PLC's current dividend yield is 3.78% with a payout ratio of 48.5%.
AstraZeneca PLC has 81.9% gross margin and 23.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
AstraZeneca PLC's Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
IRA pricing and China exposure
Margin Resilience Amidst Cost Pressures
Gross margin expanded to 83.6% in 2026Q2, up from 82.9% a year earlier, while operating margin contracted to 20.6% from 24.3%, reflecting higher R&D and SG&A intensity, as per quarterly filings.
The gross margin expansion underscores the high-value biologic and specialty portfolio, but the operating margin compression suggests that investment in pipeline and commercialization is absorbing the incremental revenue. Net margin of 16.3% in 2026Q2 is below the 20%+ levels seen in early 2025, indicating that non-operating items or tax effects are weighing on bottom-line profitability. Investors should monitor whether the R&D intensity, which exceeded 20% of revenue, translates into sustained top-line growth or if it merely pressures near-term earnings.
Return on Capital Stabilizing After Deleveraging
ROIC improved to 3.1% in 2026Q2 from 2.3% in 2024Q4, while ROE rose to 5.1% from 3.7%, as per reported figures, indicating a gradual recovery in capital efficiency.
The improvement in ROIC and ROE is modest but consistent, driven by margin stabilization and a lower capital base as debt is repaid. However, the absolute levels remain low relative to peers like Merck (ROIC 22%) and Lilly (41.8%), reflecting the heavy intangible asset base from acquisitions like Alexion. The trend suggests that the company is slowly digesting the acquisition, but the return on capital is unlikely to reach peer levels without significant operational leverage or further margin expansion.
Working Capital Efficiency Driven by Supplier Leverage
Cash conversion cycle improved to -486 days in 2026Q2 from -173 days in 2024Q1, driven by a DPO of 818 days, as per financial statements, indicating significant supplier financing.
The negative cash conversion cycle is a hallmark of AstraZeneca's business model, where it collects cash from customers long before paying suppliers, effectively using supplier credit as a source of funding. The DPO of 818 days is exceptionally high, suggesting strong bargaining power with suppliers, but it may also reflect the timing of large milestone payments or collaboration obligations. Asset turnover remains low at 0.13, typical for pharma, but the working capital efficiency partially compensates for the heavy asset base.
Leverage Easing as Debt Service Improves
Debt-to-equity improved to 0.64 in 2026Q2 from 0.92 in 2024Q1, while interest coverage rose to 7.43 from 4.88, as per balance sheet data, indicating a more comfortable debt position.
The deleveraging trend is clear, with total debt stable at $32.2B while equity grows, reflecting retained earnings and a disciplined approach to debt repayment. Interest coverage of 7.43 is adequate, though it remains below the double-digit levels seen in early 2025, suggesting that operating income volatility could pressure coverage if margins contract further. The D/EBITDA ratio of 6.32 is elevated but improving, and investors should monitor the refinancing risk given the $39B Alexion debt, though the current trajectory appears manageable.
Thin Liquidity Buffer Despite Stable Operations
Current ratio dipped to 0.89 in 2026Q2, below the 1.0 threshold, with quick ratio at 0.67, as per recent filings, indicating a tight liquidity position.
The sub-1.0 current ratio suggests that AstraZeneca relies on ongoing cash flows and access to credit markets to meet short-term obligations, which is typical for large pharma with predictable revenue streams. However, the thin buffer could be a concern if a major disruption occurs, such as a large settlement or a sudden drop in revenue from IRA price negotiations. The negative working capital is partly a result of high DPO, but it also means the company is dependent on its ability to roll over commercial paper or draw on credit lines.
P/E Misleading Due to Intangible Amortization
The trailing P/E of 12.08 appears low, but it is distorted by non-cash amortization from the Alexion acquisition, which depresses reported earnings, as per accounting disclosures.
The reported P/E understates the company's true earning power because it includes significant amortization of intangibles that do not reflect cash outflows. A more appropriate metric is EV/EBITDA, which at 7.52 is also low but better captures cash-generating ability. Alternatively, investors should use P/FCF (14.12) or adjust net income by adding back amortization to get a clearer picture of underlying profitability. The low P/E may be a value trap if the market is not adjusting for these non-cash charges, but it also suggests that the market is pricing in growth risks from IRA and China.