Latest Ratios: P/E Ratio -1.7x · EV/EBITDA N/A · ROE -36.6%. (2015–2025 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 | $682M | $889M | $1.3B | $1.4B | $1.7B | $3.2B | $3.8B | $2.7B | $1.2B | $1.2B | — |
| Enterprise Value | $832M | $1.0B | $1.5B | $1.6B | $1.7B | $3.3B | $3.4B | $2.5B | $946M | $1.1B | — |
| P/E Ratio → | -1.71 | — | — | — | — | — | 2.13 | 12.61 | 43.90 | 11.06 | — |
| P/S Ratio | 1.61 | 2.10 | 2.83 | 2.51 | 2.54 | 4.27 | 6.49 | 2.52 | 1.01 | 1.03 | — |
| P/B Ratio | 0.89 | 0.90 | 0.70 | 0.62 | 0.62 | 0.95 | 1.00 | 1.76 | 1.02 | 1.04 | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
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 | — | 2.45 | 3.27 | 2.81 | 2.62 | 4.47 | 5.74 | 2.36 | 0.78 | 0.93 | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | 1.54 | 9.88 | 34.64 | — | — |
| 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 | 12.7% | 12.7% | 0.6% | 7.5% | 4.7% | 6.0% | -5.7% | 6.3% | 3.6% | 6.4% | 10.7% |
| Operating Margin | -28.2% | -28.2% | -22.9% | -20.9% | -21.8% | -18.0% | -32.2% | -10.0% | -12.4% | -6.7% | -0.2% |
| Net Profit Margin | -121.2% | -121.2% | -67.3% | -55.0% | -64.7% | -38.7% | 305.0% | 4.4% | 2.3% | 9.3% | -1.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -36.6% | -36.6% | -14.8% | -12.5% | -14.1% | -8.1% | 67.2% | 3.4% | 2.3% | 10.1% | -1.2% |
| ROA | -28.9% | -28.9% | -12.4% | -10.8% | -12.2% | -6.8% | 53.3% | 2.6% | 1.9% | 7.4% | -0.8% |
| ROIC | -5.7% | -5.7% | -3.5% | -3.4% | -3.5% | -2.9% | -6.0% | -7.0% | -11.4% | -5.8% | -0.2% |
| ROCE | -7.3% | -7.3% | -4.4% | -4.3% | -4.3% | -3.3% | -6.0% | -6.7% | -11.8% | -6.1% | -0.2% |
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 | 0.33 | 0.33 | 0.18 | 0.12 | 0.11 | 0.07 | 0.08 | 0.24 | 0.04 | 0.12 | 0.13 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | 3.17 |
| Net Debt / Equity | — | 0.15 | 0.11 | 0.07 | 0.02 | 0.04 | -0.12 | -0.11 | -0.23 | -0.10 | -0.01 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | -0.16 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | -1.37 |
| Interest Coverage | -38.81 | -38.81 | -21.75 | -10.57 | -26.28 | -43.18 | 243.43 | 14.37 | 5.81 | -9.61 | 2.00 |
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 | 2.07 | 2.07 | 1.34 | 1.65 | 2.53 | 0.68 | 4.18 | 3.18 | 2.84 | 1.40 | 1.71 |
| Quick Ratio | 2.07 | 2.07 | 1.34 | 1.65 | 2.53 | 0.68 | 4.18 | 3.09 | 2.70 | 1.28 | 1.56 |
| Cash Ratio | 1.40 | 1.40 | 0.94 | 1.13 | 2.30 | 0.48 | 3.76 | 2.69 | 2.01 | 1.05 | 1.21 |
| Asset Turnover | — | 0.32 | 0.20 | 0.21 | 0.21 | 0.19 | 0.13 | 0.51 | 0.83 | 0.79 | 0.80 |
| Inventory Turnover | — | — | — | — | — | — | — | 61.54 | 52.09 | 36.84 | 44.03 |
| Days Sales Outstanding | — | 52.22 | 28.80 | 16.65 | 1.05 | — | 10.97 | 5.46 | 9.21 | 11.17 | 7.65 |
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 | 3.5% | 3.4% | 1.8% | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | 47.0% | 7.9% | 2.3% | 9.0% | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 46.8% | 36.0% | 18.4% | 7.9% | 13.6% | 5.1% | 0.4% | 0.2% | 0.0% | 3.8% | — |
| Total Shareholder Yield | 50.3% | 39.4% | 20.1% | 7.9% | 13.6% | 5.1% | 0.4% | 0.2% | 0.0% | 3.8% | — |
| Shares Outstanding | — | $57M | $64M | $73M | $82M | $90M | $86M | $72M | $71M | $71M | $71M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying CNNE stock.
Cannae Holdings, Inc.'s current P/E ratio is -1.7x. The historical average is 17.4x.
Cannae Holdings, Inc.'s return on equity (ROE) is -36.6%. The historical average is -0.6%.
Based on historical data, Cannae Holdings, Inc. is trading at a P/E of -1.7x. Compare with industry peers and growth rates for a complete picture.
Cannae Holdings, Inc.'s current dividend yield is 3.48%.
Cannae Holdings, Inc. has 12.7% gross margin and -28.2% operating margin.
Key Metrics
Top Statement Risk
Persistent restaurant segment losses
Metrics are mathematically derived from official filings.
Restaurant Drag Masks Investment Gains
According to the latest quarterly data, CNNE's gross margin averaged only 12.68% over the past ten quarters, with several negative quarters, indicating the consolidated restaurant operations lack pricing power and are a persistent drag on profitability.
The deeply negative operating margin of -28.23% in the most recent quarter underscores that the restaurant segment is not self-sustaining, requiring parent-level support. However, the 2026Q2 net margin of 36.7% likely reflects mark-to-market gains on investment stakes, not operational improvement, as evidenced by the volatile swings from -131.4% to 36.7% over the period. Investors should monitor whether the restaurant segment can achieve break-even, as the current cost structure appears unsustainable without structural changes.
Capital Returns Decaying Amid Losses
Based on reported figures, CNNE's ROIC has been negative for nine of the last ten quarters, averaging -1.2%, while ROE has also been negative, indicating the company is destroying value on its invested capital rather than compounding it.
The persistent negative ROIC, even as the company holds valuable minority stakes, suggests that the consolidated restaurant operations are consuming capital without generating adequate returns. The slight improvement in 2026Q2 (ROIC of 2.1%) appears driven by investment gains rather than operational efficiency, as asset turnover remains extremely low at 0.08. This implies that the market's skepticism about management's ability to generate returns from the current asset mix may be warranted.
Working Capital Efficiency Deteriorates
As reported in financial statements, CNNE's cash conversion cycle has been erratic, with DSO swinging from 9 to 54 days and DPO from 30 to 96 days, indicating unstable working capital management and limited supplier leverage.
The wide fluctuations in DSO and DPO suggest that the restaurant operations are struggling to manage receivables and payables consistently, possibly due to changing vendor terms or customer payment patterns. The low asset turnover of 0.08 reflects a heavy asset base relative to revenue, typical of a holding company with significant investments, but it also indicates that the consolidated operations are not generating sufficient sales from their asset base. This inefficiency may be a structural feature of the holding company model, but it also highlights the cash drag from the restaurant segment.
Moderate Leverage, Coverage Improving
According to the latest balance sheet data, CNNE's debt-to-equity ratio rose from 0.10 in 2024Q1 to 0.22 in 2026Q2, while interest coverage turned positive at 23.67 in 2026Q2, suggesting debt service is becoming more comfortable.
The increase in leverage is moderate and appears manageable, with total debt of $199.7 million against equity of $911.9 million. The positive interest coverage in 2026Q2 is a notable improvement from the negative readings in prior quarters, likely driven by investment income, but investors should monitor whether this is sustainable given the operating losses. The D/EBITDA of 6.48 in 2026Q2 is elevated, but EBITDA is likely depressed by the restaurant losses, so this metric may overstate leverage risk.
Liquidity Buffer Thins but Adequate
Based on reported figures, CNNE's current ratio fell from 3.32 in 2024Q1 to 1.24 in 2026Q2, while cash declined from $238.3 million to $70.4 million, indicating a shrinking but still positive liquidity cushion.
The current ratio remains above 1.0, suggesting the company can cover short-term obligations, but the rapid decline in cash and the persistent negative free cash flow in eight of the last ten quarters raise concerns about the sustainability of this buffer. The quick ratio equals the current ratio, indicating minimal inventory dependence, which is typical for a holding company. However, the $182 million cash position mentioned in the intelligence may include investments, so the actual cash available for operations may be lower than reported.
Misapplied P/E on Holding Company
The most commonly misapplied ratio for CNNE is the P/E ratio, which is meaningless given the volatile mark-to-market swings in net income; instead, investors should use price-to-NAV or sum-of-the-parts valuation.
The P/E of -1.61 reflects negative earnings, but even when positive, the net margin swings from -131.4% to 36.7% make P/E unreliable. The company's true value lies in its minority stakes in Dun & Bradstreet and Alight, which are not fully reflected in consolidated earnings. A more appropriate metric is the discount to net asset value (NAV), which the market appears to apply, as evidenced by the P/B of 0.84. Investors should focus on the value of the investment portfolio and the potential for monetization, rather than trailing earnings.