Latest Ratios: P/E Ratio 17.8x · EV/EBITDA 10.7x · ROE 16.1%. (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 | $15.7B | $14.6B | $17.0B | $18.2B | $16.4B | $31.9B | $31.1B | $22.0B | $16.2B | $13.5B | $12.1B |
| Enterprise Value | $21.5B | $20.4B | $22.1B | $26.1B | $25.2B | $39.5B | $37.8B | $28.3B | $22.2B | $20.0B | $19.1B |
| P/E Ratio → | 17.82 | 16.05 | 4.24 | 25.79 | 22.73 | 36.33 | 53.25 | 38.96 | 35.64 | 33.79 | 53.61 |
| P/S Ratio | 1.19 | 1.11 | 1.44 | 1.52 | 1.07 | 2.29 | 2.65 | 1.92 | 1.39 | 1.23 | 1.34 |
| P/B Ratio | 2.99 | 2.70 | 2.87 | 4.75 | 4.64 | 8.66 | 9.32 | 7.29 | 4.55 | 3.34 | 3.42 |
| P/FCF | 19.87 | 18.55 | — | 22.29 | — | 938.96 | 97.53 | 23.15 | 21.60 | 14.65 | — |
| P/OCF | 12.41 | 11.58 | 147.75 | 9.79 | 57.83 | 18.14 | 21.73 | 14.21 | 10.34 | 9.14 | 62.46 |
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 | — | 1.55 | 1.87 | 2.17 | 1.65 | 2.84 | 3.22 | 2.47 | 1.91 | 1.82 | 2.10 |
| EV / EBITDA | 10.67 | 10.15 | 13.72 | 14.02 | 14.97 | 20.45 | 19.18 | 16.82 | 13.67 | 10.47 | 16.65 |
| EV / EBIT | 15.44 | 13.90 | 26.36 | 24.31 | 20.86 | 30.97 | 39.67 | 30.15 | 23.43 | 24.58 | 43.11 |
| EV / FCF | — | 25.91 | — | 31.92 | — | 1162.31 | 118.63 | 29.74 | 29.61 | 21.73 | — |
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 | 14.9% | 14.9% | 15.6% | 14.3% | 11.5% | 14.6% | 16.0% | 14.5% | 13.5% | 13.9% | 14.9% |
| Operating Margin | 10.6% | 10.6% | 8.4% | 9.8% | 6.6% | 8.8% | 11.1% | 8.7% | 7.9% | 10.8% | 7.6% |
| Net Profit Margin | 6.9% | 6.9% | 34.0% | 5.9% | 4.7% | 6.3% | 5.0% | 4.9% | 3.9% | 3.4% | 2.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.1% | 16.1% | 82.1% | 19.2% | 19.9% | 25.0% | 18.4% | 17.2% | 11.9% | 9.9% | 11.0% |
| ROA | 4.9% | 4.9% | 21.7% | 3.6% | 3.6% | 4.6% | 3.3% | 3.3% | 2.7% | 2.2% | 2.0% |
| ROIC | 9.4% | 9.4% | 6.5% | 7.3% | 6.4% | 8.7% | 10.1% | 8.0% | 6.9% | 8.4% | 6.3% |
| ROCE | 10.4% | 10.4% | 7.7% | 9.0% | 7.6% | 8.9% | 10.2% | 8.3% | 7.2% | 9.0% | 6.7% |
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 | 1.29 | 1.29 | 1.01 | 2.23 | 2.67 | 2.21 | 2.43 | 2.67 | 1.89 | 1.72 | 2.13 |
| Debt / EBITDA | 3.49 | 3.49 | 3.73 | 4.60 | 5.58 | 4.22 | 4.10 | 4.80 | 4.14 | 3.64 | 6.58 |
| Net Debt / Equity | — | 1.07 | 0.86 | 2.05 | 2.51 | 2.06 | 2.02 | 2.07 | 1.69 | 1.61 | 1.96 |
| Net Debt / EBITDA | 2.88 | 2.88 | 3.18 | 4.23 | 5.25 | 3.93 | 3.41 | 3.73 | 3.70 | 3.41 | 6.06 |
| Debt / FCF | — | 7.36 | — | 9.63 | — | 223.35 | 21.09 | 6.59 | 8.01 | 7.07 | — |
| Interest Coverage | 4.68 | 4.68 | 2.86 | 2.33 | 3.86 | 4.73 | 3.47 | 2.96 | 3.15 | 2.86 | 1.93 |
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 | 1.11 | 1.11 | 1.00 | 0.79 | 0.78 | 0.88 | 1.05 | 0.88 | 0.96 | 0.92 | 1.23 |
| Quick Ratio | 0.75 | 0.75 | 0.69 | 0.54 | 0.47 | 0.58 | 0.75 | 0.65 | 0.65 | 0.54 | 0.75 |
| Cash Ratio | 0.22 | 0.22 | 0.18 | 0.11 | 0.08 | 0.09 | 0.31 | 0.32 | 0.18 | 0.11 | 0.20 |
| Asset Turnover | — | 0.67 | 0.67 | 0.62 | 0.77 | 0.71 | 0.64 | 0.66 | 0.70 | 0.64 | 0.56 |
| Inventory Turnover | 5.57 | 5.57 | 6.74 | 6.73 | 6.21 | 6.63 | 7.30 | 7.69 | 7.92 | 6.20 | 5.46 |
| Days Sales Outstanding | — | 72.27 | 67.01 | 62.47 | 61.92 | 67.07 | 53.95 | 51.97 | 56.54 | 54.25 | 60.05 |
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 | 1.4% | 1.5% | 1.4% | 1.4% | 1.6% | 0.7% | 0.6% | 0.8% | 0.8% | 1.0% | 0.7% |
| Payout Ratio | 24.1% | 24.1% | 6.1% | 35.6% | 35.3% | 26.1% | 33.8% | 32.2% | 30.2% | 34.5% | 31.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.6% | 6.2% | 23.6% | 3.9% | 4.4% | 2.8% | 1.9% | 2.6% | 2.8% | 3.0% | 1.9% |
| FCF Yield | 5.0% | 5.4% | — | 4.5% | — | 0.1% | 1.0% | 4.3% | 4.6% | 6.8% | — |
| Buyback Yield | 8.4% | 9.0% | 10.1% | 0.0% | 3.8% | 2.4% | 0.2% | 4.4% | 4.6% | 0.8% | 0.9% |
| Total Shareholder Yield | 9.8% | 10.5% | 11.5% | 1.4% | 5.3% | 3.1% | 0.8% | 5.2% | 5.4% | 1.7% | 1.6% |
| Shares Outstanding | — | $276M | $308M | $317M | $320M | $332M | $334M | $340M | $352M | $357M | $323M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying BALL stock.
Ball Corporation's current P/E ratio is 17.8x. The historical average is 25.4x. This places it at the 48th percentile of its historical range.
Ball Corporation's current EV/EBITDA is 10.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.0x.
Ball Corporation's return on equity (ROE) is 16.1%. The historical average is 22.2%.
Based on historical data, Ball Corporation is trading at a P/E of 17.8x. This is at the 48th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ball Corporation's current dividend yield is 1.36% with a payout ratio of 24.1%.
Ball Corporation has 14.9% gross margin and 10.6% operating margin. Operating margin between 10-20% is typical for established companies.
Ball Corporation'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
Aluminum cost pass-through lag
Metrics are mathematically derived from official filings.
Margin Expansion Defies Cost Pressures
Gross margin improved to 17.4% in 2026Q2 from 14.5% a year earlier, as reported in financial statements, indicating successful pass-through of aluminum costs and favorable mix shift toward specialty cans.
The 300 basis point year-over-year gross margin expansion in 2026Q2 suggests Ball is effectively managing aluminum pass-through and benefiting from a richer product mix. Operating margin surged to 12.8%, the highest in the provided data, reflecting operating leverage from fixed cost absorption. However, the 57% effective tax rate in 2026Q2, as per the income statement, may signal unsustainable earnings quality, warranting monitoring of normalized tax rates.
ROIC Recovery Signals Efficiency Gains
ROIC improved to 3.0% in 2026Q2 from 1.1% in 2025Q2, as per reported figures, suggesting that capital deployed is generating higher returns, though still below peer averages.
The sequential improvement in ROIC from 2.1% in 2026Q1 to 3.0% in 2026Q2 indicates that operational momentum is translating into better returns on invested capital. However, ROIC remains below the 8-14% range seen in peers like Crown Holdings and Silgan, implying that Ball's capital intensity and recent divestitures may still be weighing on returns. Investors should monitor whether this recovery is sustainable as capacity utilization normalizes.
Working Capital Efficiency Improves
Cash conversion cycle shortened to 20 days in 2026Q2 from 24 days a year earlier, as reported in financial statements, driven by faster receivables collection and extended payables.
DSO improved to 70 days in 2026Q2 from 76 days in 2025Q2, while DPO extended to 115 days from 108 days, indicating Ball is collecting cash faster and stretching supplier payments. This working capital efficiency is contributing to the strong FCF rebound in 2026Q2, though the quarterly volatility in CCC (ranging from 5 to 24 days) suggests timing effects that may not persist. The asset turnover of 0.20 remains low, reflecting the capital-intensive nature of the business.
Leverage Elevated Despite Divestiture
Debt-to-equity rose to 1.25 in 2026Q2 from 0.79 in 2024Q1, as per balance sheet data, indicating that leverage has not yet reverted to pre-divestiture levels and may reflect ongoing capital intensity.
Total debt increased to $7.2B in 2026Q2 from $5.8B a year earlier, while cash fell to $491M, pushing D/E to 1.25. Interest coverage improved to 4.52x in 2026Q2 from 1.14x in 2024Q4, suggesting debt service is becoming more comfortable, but the D/EBITDA of 10.66 remains high, indicating elevated leverage relative to earnings. The reported D/E of 1.29 in 2025Q4 appears anomalous versus the 0.79 in 2024Q1, as per balance sheet data, and may reflect a data error or temporary post-divestiture distortion, but it underscores the need for verification.
Liquidity Buffer Thins as Cash Dwindles
Current ratio improved to 1.07 in 2026Q2 from 1.00 a year earlier, but cash dropped to $491M from $1.3B, as reported, suggesting a thinner liquidity cushion despite stable working capital metrics.
The quick ratio of 0.66 in 2026Q2 indicates that Ball relies heavily on inventory to meet short-term obligations, which could be a concern if demand softens. The decline in cash reserves, despite the Aerospace divestiture proceeds, suggests that cash has been deployed toward debt reduction or capex, but the current ratio remains below the 1.5x typically considered healthy. Under severe stress, Ball's liquidity position may be strained, though its access to credit markets and stable cash flows provide some buffer.
Misapplied Metric: Gross Margin
Gross margin is often misapplied to Ball due to aluminum pass-through accounting, which inflates revenue and compresses margins artificially, as per industry knowledge, obscuring true operational efficiency.
Analysts should focus on EBITDA per unit or dollars per thousand cans to assess Ball's true operational efficiency, as gross margin is distorted by aluminum cost pass-through. The reported gross margin of 14.86% reflects a conversion-fee model, not the underlying commodity value, so comparing it to peers without adjustment can be misleading. Instead, investors should monitor specialty can mix and capacity utilization as more accurate indicators of margin power.