Latest Ratios: P/E Ratio -14.4x · EV/EBITDA 47.8x · ROE -3.2%. (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 | $1.8B | $1.3B | $2.6B | $3.3B | $3.2B | $7.6B | $3.4B | $2.7B | $2.5B | $2.1B | $932M |
| Enterprise Value | $1.6B | $1.1B | $2.3B | $2.7B | $2.6B | $7.5B | $3.2B | $2.4B | $2.5B | $2.0B | $847M |
| P/E Ratio → | -14.43 | — | — | — | — | 68.69 | 52.57 | 264.50 | 21.36 | 34.11 | — |
| P/S Ratio | 2.94 | 2.22 | 4.49 | 5.00 | 5.78 | 14.83 | 8.79 | 3.43 | 3.93 | 4.06 | 1.66 |
| P/B Ratio | 1.04 | 0.76 | 1.46 | 1.31 | 0.95 | 5.75 | 2.81 | 2.35 | 3.46 | 3.52 | 1.68 |
| P/FCF | 182.67 | 34.39 | 208.55 | — | — | 78.52 | — | 39.98 | 40.62 | 25.69 | 34.92 |
| P/OCF | 25.01 | 18.26 | 51.78 | 569.98 | — | 50.85 | 90.22 | 29.49 | 33.60 | 22.24 | 23.58 |
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 | — | 1.94 | 4.07 | 4.07 | 4.68 | 14.58 | 8.24 | 3.11 | 3.93 | 3.86 | 1.51 |
| EV / EBITDA | 47.77 | 23.02 | 38.44 | 799.40 | 87.64 | 123.83 | 84.35 | 22.17 | 34.56 | 44.01 | 17.83 |
| EV / EBIT | — | — | — | — | — | — | — | 76.67 | 82.81 | 136.54 | 206.10 |
| EV / FCF | — | 29.99 | 189.10 | — | — | 77.15 | — | 36.25 | 40.59 | 24.47 | 31.74 |
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 | 45.5% | 45.5% | 44.4% | 35.1% | 41.5% | 41.8% | 37.3% | 37.4% | 35.9% | 35.2% | 33.4% |
| Operating Margin | -1.9% | -1.9% | -5.2% | -12.4% | -4.3% | 0.7% | -7.1% | 7.1% | 5.5% | 3.4% | 3.5% |
| Net Profit Margin | -9.4% | -9.4% | -28.8% | -2.1% | -77.2% | 21.6% | 16.7% | 3.7% | 18.5% | 11.9% | -12.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.2% | -3.2% | -7.7% | -0.5% | -18.3% | 8.7% | 5.5% | 3.1% | 17.6% | 10.8% | -11.7% |
| ROA | -2.7% | -2.7% | -6.6% | -0.4% | -15.5% | 6.6% | 4.2% | 2.2% | 12.5% | 8.6% | -9.6% |
| ROIC | -0.5% | -0.5% | -1.3% | -2.6% | -0.9% | 0.2% | -2.2% | 5.2% | 4.2% | 2.8% | 2.9% |
| ROCE | -0.6% | -0.6% | -1.3% | -2.7% | -1.0% | 0.3% | -2.1% | 5.1% | 4.4% | 3.1% | 3.2% |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.04 | 0.02 | 0.01 | 0.07 | 0.07 | 0.04 | 0.27 | — | — |
| Debt / EBITDA | 2.23 | 2.23 | 1.16 | 17.85 | 1.66 | 1.57 | 2.17 | 0.47 | 2.73 | — | — |
| Net Debt / Equity | — | -0.10 | -0.14 | -0.24 | -0.18 | -0.10 | -0.18 | -0.22 | -0.00 | -0.17 | -0.15 |
| Net Debt / EBITDA | -3.38 | -3.38 | -3.95 | -182.66 | -20.52 | -2.19 | -5.62 | -2.29 | -0.02 | -2.19 | -1.79 |
| Debt / FCF | — | -4.40 | -19.45 | — | — | -1.37 | — | -3.74 | -0.03 | -1.22 | -3.19 |
| Interest Coverage | — | — | — | — | -1.17 | -23.04 | -12.69 | 1.42 | 3.15 | 36.59 | 26.18 |
Net cash position: cash ($280M) exceeds total debt ($111M)
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 | 2.98 | 2.98 | 4.07 | 6.73 | 10.67 | 2.25 | 3.08 | 2.37 | 3.42 | 2.40 | 2.50 |
| Quick Ratio | 2.66 | 2.66 | 3.50 | 6.12 | 10.30 | 2.08 | 2.53 | 2.01 | 2.83 | 1.67 | 1.73 |
| Cash Ratio | 1.43 | 1.43 | 2.26 | 4.83 | 6.81 | 0.66 | 1.40 | 1.23 | 1.48 | 0.69 | 0.71 |
| Asset Turnover | — | 0.29 | 0.27 | 0.23 | 0.15 | 0.28 | 0.25 | 0.51 | 0.58 | 0.69 | 0.82 |
| Inventory Turnover | 4.32 | 4.32 | 2.77 | 3.37 | 3.80 | 4.95 | 2.12 | 4.92 | 4.17 | 3.21 | 4.03 |
| Days Sales Outstanding | — | 116.30 | 109.93 | 85.91 | 107.60 | 85.18 | 89.05 | 77.41 | 72.35 | 64.67 | 69.29 |
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 | — | — | — | — | 0.2% | 0.4% | 0.9% | 1.1% | 1.1% | 1.3% | 2.9% |
| Payout Ratio | — | — | — | — | — | 26.8% | 45.5% | 100.3% | 24.3% | 44.6% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 1.5% | 1.9% | 0.4% | 4.7% | 2.9% | — |
| FCF Yield | 0.5% | 2.9% | 0.5% | — | — | 1.3% | — | 2.5% | 2.5% | 3.9% | 2.9% |
| Buyback Yield | 0.0% | 0.0% | 25.7% | 25.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 25.7% | 25.2% | 0.2% | 0.4% | 0.9% | 1.1% | 1.1% | 1.3% | 2.9% |
| Shares Outstanding | — | $46M | $53M | $66M | $75M | $74M | $74M | $72M | $71M | $70M | $69M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AZTA stock.
Azenta, Inc.'s current P/E ratio is -14.4x. The historical average is 28.5x.
Azenta, Inc.'s current EV/EBITDA is 47.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 29.3x.
Azenta, Inc.'s return on equity (ROE) is -3.2%. The historical average is -8.9%.
Based on historical data, Azenta, Inc. is trading at a P/E of -14.4x. Compare with industry peers and growth rates for a complete picture.
Azenta, Inc. has 45.5% gross margin and -1.9% operating margin.
Azenta, Inc.'s Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
China exposure and uneven demand
Metrics are mathematically derived from official filings.
Margin Recovery Still Elusive
Despite a 12% revenue rebound in 2026Q3, operating margin remained negative at -2.6%, according to Azenta's reported financials, indicating that fixed costs continue to outpace revenue scaling.
Gross margin has held near 45% for ten quarters, suggesting pricing power, but operating leverage has not materialized as SG&A remains elevated. The negative operating margin in 2026Q3, despite the strongest revenue growth in the period, implies that the cost base is still being restructured under the Ascend program. Net margin swung to +1.5% in 2026Q3, but this was driven by non-operating items, not core operations, as evidenced by the -111.1% net margin in the prior quarter.
Capital Returns Trapped Near Zero
ROIC has hovered between -0.8% and +0.3% over the past ten quarters, according to Azenta's reported figures, indicating that the company is not yet generating returns above its cost of capital.
The near-zero ROIC reflects a business in transition, where the divestiture of the semiconductor business and subsequent acquisitions have not yet translated into profitable capital deployment. ROE similarly remains in low single digits or negative, with 2026Q3 at 0.2%, suggesting that shareholder equity is not being compounded. The high cash balance and low debt mean that interest income provides a small cushion, but the core operating assets are not yet earning their keep.
Working Capital Drag Easing
Cash conversion cycle improved from 218 days in 2024Q2 to 121 days in 2026Q3, according to Azenta's reported balance sheet data, reflecting better inventory and receivables management.
The improvement in CCC is driven by a reduction in DSO from 115 to 78 days and DIO from 150 to 81 days, while DPO has remained relatively stable. This suggests that Azenta is collecting receivables faster and managing inventory more efficiently, which is critical for a company with negative operating margins. However, the still-positive CCC of 121 days indicates that working capital continues to absorb cash, and the quarterly volatility in FCF margins (ranging from -3.6% to 15.0%) highlights the lumpiness of cash conversion.
Minimal Debt Masks Strategic Flexibility
Debt-to-equity stood at 0.04 in 2026Q3, with total debt of $54 million against $1.5 billion equity, according to Azenta's reported balance sheet, indicating a fortress balance sheet.
The low leverage and high cash position provide ample capacity for strategic moves, but the D/EBITDA ratio of 5.74 in 2026Q3 is misleading because EBITDA is depressed. Interest coverage is not reported, but with minimal debt, interest expense is likely negligible. The real risk is not debt service but the opportunity cost of holding excess cash and the potential for value-destructive M&A, as the market may be pricing in execution risk.
Liquidity Buffer Thinning but Adequate
Current ratio declined from 5.86 in 2024Q2 to 2.50 in 2026Q3, while cash fell to $189.7 million, according to Azenta's reported balance sheet, indicating a still-strong but tightening position.
The quick ratio of 2.21 in 2026Q3 suggests that even without inventory sales, Azenta can cover short-term obligations comfortably. However, the trend is downward, and the company's reliance on working capital swings for cash flow means that a severe demand shock could strain liquidity. The fortress balance sheet provides a cushion, but investors should monitor the pace of cash consumption as the company continues its transformation.
P/E Misleading for Turnaround
The most misapplied ratio for Azenta is the P/E, which is negative on a TTM basis and 87.5 on a forward basis, according to reported data, obscuring the company's asset-heavy, cash-rich profile.
Given Azenta's negative net income, P/E is meaningless, and the forward P/E of 87.5 implies an unrealistic earnings recovery. A more appropriate metric is EV/EBITDA, which at 27.4 TTM and 12.8 forward, reflects the market's expectation of margin expansion. However, even EV/EBITDA is distorted by the high cash balance and low EBITDA; investors should consider EV/EBIT or a sum-of-the-parts valuation that separates the cash and investments from the operating business. The P/B of 0.89 suggests the market is valuing the company below its book value, which may indicate skepticism about the value of goodwill and intangibles.