Latest Ratios: P/E Ratio 17.7x · EV/EBITDA 11.3x · ROE 31.9%. (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 | $10.1B | $9.5B | $7.5B | $6.5B | $6.7B | $5.2B | $2.0B | $1.5B | $1.8B | $1.9B | $1.9B |
| Enterprise Value | $9.8B | $9.2B | $7.4B | $6.2B | $6.6B | $5.1B | $2.2B | $1.9B | $2.2B | $2.4B | $2.3B |
| P/E Ratio → | 17.72 | 16.67 | 12.71 | 8.75 | 7.47 | 5.99 | — | 13.86 | 10.51 | 8.49 | 11.09 |
| P/S Ratio | 1.54 | 1.44 | 1.15 | 0.94 | 0.95 | 0.78 | 0.45 | 0.24 | 0.28 | 0.29 | 0.29 |
| P/B Ratio | 5.66 | 5.33 | 4.20 | 3.81 | 4.17 | 3.56 | 1.38 | 0.95 | 1.07 | 1.10 | 1.09 |
| P/FCF | 16.17 | 15.20 | 12.38 | 8.62 | 8.04 | 4.40 | 10.35 | 5.89 | 7.78 | 13.06 | 4.60 |
| P/OCF | 14.06 | 13.22 | 10.57 | 7.32 | 7.03 | 4.04 | 7.88 | 4.22 | 4.88 | 6.85 | 3.66 |
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 | — | 1.40 | 1.12 | 0.91 | 0.94 | 0.76 | 0.51 | 0.30 | 0.34 | 0.38 | 0.37 |
| EV / EBITDA | 11.27 | 10.57 | 8.03 | 5.63 | 4.99 | 3.84 | 16.84 | 4.79 | 4.53 | 4.73 | 4.04 |
| EV / EBIT | 14.20 | 13.20 | 9.59 | 6.50 | 5.70 | 4.47 | — | 10.35 | 8.55 | 8.77 | 7.31 |
| EV / FCF | — | 14.71 | 12.11 | 8.29 | 7.93 | 4.30 | 11.67 | 7.18 | 9.71 | 16.84 | 5.76 |
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 | 37.6% | 37.6% | 40.5% | 41.4% | 43.1% | 43.4% | 30.8% | 33.2% | 34.0% | 34.6% | 35.1% |
| Operating Margin | 10.5% | 10.5% | 11.2% | 13.5% | 16.1% | 16.9% | -1.9% | 2.6% | 4.1% | 4.3% | 5.2% |
| Net Profit Margin | 8.7% | 8.7% | 9.0% | 10.7% | 12.7% | 13.0% | -1.6% | 1.8% | 2.6% | 3.4% | 2.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 31.9% | 31.9% | 34.0% | 44.8% | 58.5% | 59.6% | -4.7% | 6.7% | 10.1% | 12.9% | 9.6% |
| ROA | 16.2% | 16.2% | 17.0% | 21.8% | 27.1% | 27.2% | -2.2% | 3.2% | 4.8% | 5.8% | 4.4% |
| ROIC | 33.2% | 33.2% | 36.0% | 46.9% | 59.4% | 55.2% | -3.4% | 6.2% | 9.2% | 9.4% | 10.9% |
| ROCE | 26.0% | 26.0% | 27.8% | 36.3% | 47.4% | 48.6% | -3.4% | 6.7% | 10.5% | 10.0% | 11.1% |
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 | 0.31 | 0.31 | 0.31 | 0.33 | 0.35 | 0.42 | 0.43 | 0.38 | 0.34 | 0.43 | 0.48 |
| Debt / EBITDA | 0.64 | 0.64 | 0.60 | 0.51 | 0.42 | 0.46 | 4.60 | 1.57 | 1.15 | 1.43 | 1.41 |
| Net Debt / Equity | — | -0.17 | -0.09 | -0.14 | -0.06 | -0.07 | 0.18 | 0.21 | 0.27 | 0.32 | 0.28 |
| Net Debt / EBITDA | -0.35 | -0.35 | -0.18 | -0.22 | -0.07 | -0.08 | 1.90 | 0.86 | 0.90 | 1.06 | 0.81 |
| Debt / FCF | — | -0.49 | -0.27 | -0.32 | -0.11 | -0.09 | 1.32 | 1.29 | 1.93 | 3.78 | 1.16 |
| Interest Coverage | — | — | 19.30 | 23.55 | 26.59 | 25.22 | -2.09 | 3.82 | 4.88 | 4.35 | 5.04 |
Net cash position: cash ($862M) exceeds total debt ($558M)
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 | 2.65 | 2.65 | 2.84 | 2.67 | 2.41 | 1.98 | 2.15 | 1.99 | 1.90 | 1.66 | 1.88 |
| Quick Ratio | 1.31 | 1.31 | 1.43 | 1.35 | 1.11 | 0.86 | 0.74 | 0.41 | 0.26 | 0.26 | 0.44 |
| Cash Ratio | 1.19 | 1.19 | 1.25 | 1.16 | 0.93 | 0.74 | 0.47 | 0.30 | 0.13 | 0.18 | 0.36 |
| Asset Turnover | — | 1.87 | 1.87 | 1.99 | 2.10 | 2.04 | 1.43 | 1.85 | 1.90 | 1.74 | 1.65 |
| Inventory Turnover | 3.41 | 3.41 | 3.34 | 3.68 | 3.56 | 3.47 | 2.82 | 2.89 | 2.81 | 2.87 | 2.96 |
| Days Sales Outstanding | — | 2.21 | 3.08 | 3.21 | 2.97 | 2.19 | 12.77 | 2.66 | 2.80 | 2.18 | 2.74 |
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 | 4.8% | 5.1% | 5.5% | 5.2% | 4.1% | 5.9% | 0.7% | 0.7% | 0.6% | 0.5% | 0.5% |
| Payout Ratio | 85.0% | 85.0% | 69.7% | 45.8% | 30.4% | 35.4% | — | 10.4% | 6.5% | 4.3% | 5.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.6% | 6.0% | 7.9% | 11.4% | 13.4% | 16.7% | — | 7.2% | 9.5% | 11.8% | 9.0% |
| FCF Yield | 6.2% | 6.6% | 8.1% | 11.6% | 12.4% | 22.7% | 9.7% | 17.0% | 12.9% | 7.7% | 21.7% |
| Buyback Yield | 1.1% | 1.1% | 1.6% | 4.4% | 6.8% | 10.5% | 5.2% | 8.5% | 7.3% | 11.9% | 12.8% |
| Total Shareholder Yield | 5.9% | 6.3% | 7.1% | 9.6% | 10.9% | 16.4% | 5.9% | 9.2% | 7.9% | 12.4% | 13.3% |
| Shares Outstanding | — | $16M | $16M | $17M | $18M | $21M | $23M | $25M | $27M | $30M | $34M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying DDS stock.
Dillard's, Inc.'s current P/E ratio is 17.7x. The historical average is 20.6x. This places it at the 78th percentile of its historical range.
Dillard's, Inc.'s current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.3x.
Dillard's, Inc.'s return on equity (ROE) is 31.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 13.0%.
Based on historical data, Dillard's, Inc. is trading at a P/E of 17.7x. This is at the 78th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dillard's, Inc.'s current dividend yield is 4.81% with a payout ratio of 85.0%.
Dillard's, Inc. has 37.6% gross margin and 10.5% operating margin. Operating margin between 10-20% is typical for established companies.
Dillard's, Inc.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Stagnant revenue growth
Metrics are mathematically derived from official filings.
Premium Valuation Reflects Capital Return, Not Growth
Dillard's trades at a significant premium to peers with a P/E of 18.02 and EV/EBITDA of 11.46, suggesting the market values its fortress balance sheet and capital return program over its stagnant top-line growth.
The valuation multiples, particularly the P/B of 5.76, are far above department store peers like Macy's (1.31) and Kohl's (0.55), indicating investors are paying for asset value and cash flow generation rather than operational expansion. This premium appears justified by the company's unique ownership of real estate and minimal debt, which provide a structural safety net absent in the peer group. However, the forward P/E of 19.37 implies limited earnings growth is expected, aligning with the decelerating revenue trend.
Margin Resilience Amidst Operational Leverage
Dillard's operating margin of 8.1% in 2026Q2, while down from recent peaks, remains structurally superior to peers, supported by a lean cost base and the absence of significant lease obligations.
The company's profitability is characterized by high volatility but strong underlying power, with operating margins swinging from 6.1% to 15.1% over the past ten quarters. This volatility is a direct result of high operating leverage, where a stable SG&A base amplifies the impact of gross margin changes on the bottom line. The recent gross margin of 40.6% appears to be normalizing from a peak of 44.6% in 2025Q1, suggesting that the one-time tariff rebate benefit may be fading, which warrants close monitoring of inventory management.
High Returns Driven by Asset-Light Economics
Dillard's ROIC of 5.8% in 2026Q2, while lower than its 2024-2025 peaks, is generated with minimal financial leverage, indicating a fundamentally efficient use of capital compared to more indebted peers.
The return on invested capital has shown a pattern of strong quarterly performance followed by normalization, with ROIC ranging from 4.7% to 11.7% over the period. This pattern suggests that returns are highly sensitive to seasonal sales cycles and inventory turns. The company's ability to generate a 4.7% ROE with a debt-to-equity ratio of just 0.22 is particularly noteworthy, as it demonstrates that returns are driven by operational efficiency and asset ownership rather than financial engineering.
Inventory Cycles Drive Working Capital Volatility
The cash conversion cycle of 49 days in 2026Q2, up from 34 days in 2025Q4, indicates a significant seasonal buildup of inventory that is a primary driver of the company's volatile free cash flow.
Dillard's working capital efficiency is dominated by its inventory management, with days inventory outstanding (DIO) swinging from 99 to 160 days over the past ten quarters. This volatility is a direct reflection of the company's seasonal business model and its 'limited-promotion' strategy, which requires careful timing of inventory purchases and markdowns. The relatively stable days sales outstanding (DSO) of 2-5 days suggests strong control over receivables, while the days payable outstanding (DPO) in the 63-110 range indicates the company has meaningful leverage with its suppliers.
Negligible Leverage Provides Cyclical Insulation
With a debt-to-equity ratio of 0.22 and interest coverage of 47.19x, Dillard's balance sheet is exceptionally strong, providing a structural advantage over peers in a rising rate or recessionary environment.
The company's leverage profile is a defining characteristic, with the debt-to-equity ratio declining from 0.31 in 2024Q4 to 0.22 in 2026Q2. This deleveraging has occurred alongside a significant accumulation of cash, which now stands at over $1.2 billion. The minimal debt load means that interest expense is a trivial component of the cost structure, insulating profitability from rate hikes. This financial flexibility is a key differentiator from peers like Macy's (D/E 1.07) and Kohl's (D/E 1.64), who face meaningful refinancing risk.
The Misapplied 'Dying Mall' Discount
The most commonly misapplied ratio is Price-to-Sales, which fails to account for Dillard's owned real estate and capital return model, leading to a systematic undervaluation versus asset-heavy, debt-laden peers.
Analysts often apply a standard retail P/S multiple to Dillard's, which at 1.56 appears low but is misleading. This metric obscures the company's true economic engine: a portfolio of owned, unencumbered real estate that provides a liquidation floor and eliminates rent expense. A more appropriate framework would be a sum-of-the-parts analysis valuing the retail operations on an EV/EBITDA basis and the real estate separately at market value. Furthermore, the focus on GAAP earnings ignores the massive cash flow being returned via buybacks, which is the primary driver of per-share value creation.