Latest Ratios: P/E Ratio 35.6x · EV/EBITDA 16.9x · ROE 19.3%. (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 | $3.0B | $1.8B | $1.4B | $597M | $536M | $508M | $395M | $734M | $512M | $539M | $597M |
| Enterprise Value | $3.6B | $2.5B | $1.9B | $1000M | $962M | $836M | $650M | $984M | $712M | $759M | $821M |
| P/E Ratio → | 35.65 | 20.48 | 19.58 | 8.66 | 11.15 | 30.93 | — | 19.91 | 14.35 | 31.80 | 78.95 |
| P/S Ratio | 1.47 | 0.89 | 0.77 | 0.36 | 0.36 | 0.46 | 0.39 | 0.58 | 0.42 | 0.54 | 0.62 |
| P/B Ratio | 6.30 | 3.62 | 3.26 | 1.57 | 1.47 | 1.42 | 1.09 | 2.13 | 1.66 | 2.01 | 2.37 |
| P/FCF | 54.89 | 33.43 | 17.89 | 6.35 | 548.49 | 16.34 | 3.91 | 38.24 | 19.31 | 55.42 | 13.85 |
| P/OCF | 31.43 | 19.14 | 13.50 | 5.62 | 91.01 | 13.70 | 3.66 | 17.76 | 14.29 | 43.00 | 12.45 |
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 | — | 1.23 | 1.06 | 0.60 | 0.65 | 0.75 | 0.65 | 0.78 | 0.59 | 0.75 | 0.85 |
| EV / EBITDA | 16.88 | 11.51 | 10.67 | 5.92 | 7.62 | 12.47 | — | 10.62 | 7.53 | 12.39 | 16.63 |
| EV / EBIT | 20.59 | 13.81 | 12.81 | 7.14 | 10.13 | 20.75 | — | 14.58 | 9.72 | 22.37 | 32.51 |
| EV / FCF | — | 45.99 | 24.73 | 10.64 | 983.89 | 26.88 | 6.43 | 51.27 | 26.86 | 78.02 | 19.02 |
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 | 31.5% | 31.5% | 30.9% | 30.1% | 28.5% | 29.5% | 27.6% | 27.7% | 27.3% | 27.0% | 27.5% |
| Operating Margin | 8.8% | 8.8% | 8.1% | 8.3% | 6.6% | 3.6% | -2.8% | 5.3% | 5.6% | 3.3% | 2.0% |
| Net Profit Margin | 4.4% | 4.4% | 3.9% | 4.1% | 3.3% | 1.5% | -2.9% | 2.9% | 2.9% | 1.7% | 0.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.3% | 19.3% | 17.5% | 18.4% | 13.3% | 4.6% | -8.3% | 11.3% | 12.4% | 6.5% | 3.4% |
| ROA | 5.8% | 5.8% | 5.6% | 6.2% | 5.0% | 1.9% | -3.5% | 5.0% | 5.3% | 2.7% | 1.2% |
| ROIC | 12.5% | 12.5% | 12.6% | 13.2% | 9.9% | 4.6% | -3.4% | 9.2% | 10.3% | 5.2% | 2.8% |
| ROCE | 14.0% | 14.0% | 14.1% | 15.6% | 12.6% | 5.5% | -4.1% | 11.3% | 12.8% | 7.0% | 4.1% |
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 | 1.97 | 1.97 | 1.60 | 1.51 | 1.29 | 1.05 | 1.04 | 0.88 | 0.78 | 0.90 | 0.89 |
| Debt / EBITDA | 4.55 | 4.55 | 3.78 | 3.41 | 3.74 | 5.62 | — | 3.28 | 2.54 | 3.95 | 4.56 |
| Net Debt / Equity | — | 1.36 | 1.25 | 1.06 | 1.17 | 0.91 | 0.71 | 0.72 | 0.65 | 0.82 | 0.88 |
| Net Debt / EBITDA | 3.14 | 3.14 | 2.95 | 2.39 | 3.37 | 4.89 | — | 2.70 | 2.11 | 3.59 | 4.52 |
| Debt / FCF | — | 12.56 | 6.84 | 4.29 | 435.40 | 10.54 | 2.52 | 13.03 | 7.55 | 22.60 | 5.17 |
| Interest Coverage | 2.97 | 2.97 | 2.33 | 2.64 | 3.26 | 1.91 | -1.35 | 3.46 | 3.50 | 1.99 | 1.62 |
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 | 3.34 | 3.34 | 2.71 | 2.89 | 2.42 | 2.23 | 2.78 | 2.76 | 2.69 | 2.55 | 1.60 |
| Quick Ratio | 2.94 | 2.94 | 2.29 | 2.43 | 1.95 | 1.68 | 2.12 | 1.88 | 1.89 | 1.81 | 1.10 |
| Cash Ratio | 1.11 | 1.11 | 0.61 | 0.77 | 0.22 | 0.27 | 0.81 | 0.37 | 0.28 | 0.18 | 0.01 |
| Asset Turnover | — | 1.20 | 1.34 | 1.43 | 1.43 | 1.23 | 1.16 | 1.60 | 1.74 | 1.58 | 1.57 |
| Inventory Turnover | 12.76 | 12.76 | 12.08 | 11.30 | 10.44 | 7.78 | 7.50 | 7.07 | 7.70 | 8.04 | 8.33 |
| Days Sales Outstanding | — | 81.70 | 79.01 | 76.86 | 79.09 | 80.31 | 68.40 | 63.84 | 67.62 | 70.92 | 64.46 |
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 | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| 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 | 2.8% | 4.9% | 5.1% | 11.5% | 9.0% | 3.2% | — | 5.0% | 7.0% | 3.1% | 1.3% |
| FCF Yield | 1.8% | 3.0% | 5.6% | 15.7% | 0.2% | 6.1% | 25.6% | 2.6% | 5.2% | 1.8% | 7.2% |
| Buyback Yield | 0.6% | 0.9% | 2.1% | 9.4% | 8.9% | 6.6% | 0.0% | 0.0% | 0.1% | 0.2% | 0.0% |
| Total Shareholder Yield | 0.6% | 1.0% | 2.1% | 9.4% | 8.9% | 6.6% | 0.0% | 0.0% | 0.1% | 0.2% | 0.0% |
| Shares Outstanding | — | $16M | $17M | $18M | $19M | $20M | $18M | $18M | $18M | $18M | $17M |
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 DXPE stock.
DXP Enterprises, Inc.'s current P/E ratio is 35.6x. The historical average is 19.6x. This places it at the 95th percentile of its historical range.
DXP Enterprises, Inc.'s current EV/EBITDA is 16.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.5x.
DXP Enterprises, Inc.'s return on equity (ROE) is 19.3%. The historical average is 9.5%.
Based on historical data, DXP Enterprises, Inc. is trading at a P/E of 35.6x. This is at the 95th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
DXP Enterprises, Inc.'s current dividend yield is 0.00%.
DXP Enterprises, Inc. has 31.5% gross margin and 8.8% operating margin.
DXP Enterprises, Inc.'s Debt/EBITDA ratio is 4.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Energy capex cyclicality and leverage
Metrics are mathematically derived from official filings.
Premium Multiple for Cyclical Growth
DXPE trades at 36.4x trailing earnings and 17.2x EV/EBITDA, per reported data, a premium to industrial distribution peers like MSM (33.6x P/E) and WSO (26.0x P/E), suggesting the market is pricing in sustained growth.
The forward P/E of 31.8x implies the market expects earnings to grow roughly 15% annually, which aligns with recent double-digit revenue growth but may be aggressive given the cyclicality of energy capex. The EV/EBITDA multiple of 17.2x is above the peer median of ~17.8x, but the forward EV/EBITDA of 10.5x suggests a sharp EBITDA expansion is anticipated. Investors should monitor whether the growth premium is justified by margin durability or if it reflects over-optimism about the energy cycle.
Margin Expansion Driven by Mix Shift
Gross margin improved from 30.0% in 2024Q1 to 31.8% in 2026Q2, as reported in financial statements, while operating margin rose from 7.1% to 9.6%, indicating a favorable shift toward higher-margin engineered solutions and operating leverage.
The 180 basis point gross margin expansion suggests that the IPS segment's custom fabrication is becoming a larger revenue mix, which supports the thesis of a technical partner rather than a commodity distributor. Operating margin growth outpaced gross margin, implying SG&A discipline, with SG&A as a percentage of revenue declining to 22.1%. However, net margin of 5.0% remains modest, and the recent EPS miss (actual $1.76 vs. estimate $1.79) suggests that margin expansion may face headwinds from cost pressures or integration costs.
ROIC Trapped by Acquisition-Driven Growth
ROIC has remained in a narrow 2.7% to 3.4% range over the past ten quarters, per reported data, despite revenue growth of 11.9%, indicating that capital deployed in acquisitions is not yet generating incremental returns above the cost of capital.
The stability of ROIC around 3% is concerning because it suggests that the roll-up strategy is not compounding returns; instead, it is merely scaling the asset base. ROE has improved from 3.0% in 2024Q1 to 5.5% in 2026Q2, but this is partly due to leverage, as D/E rose from 1.55 to 1.66. The gap between ROIC and the cost of capital (likely 8-10%) implies that acquisitions are dilutive to shareholder value unless integration synergies materialize. Investors should monitor whether ROIC can break above 5% as recent acquisitions mature.
Working Capital Drag Persists
Cash conversion cycle (CCC) improved from 80 days in 2024Q1 to 71 days in 2026Q2, as per reported figures, but remains elevated relative to peers, with DSO of 73 days indicating slow receivables collection.
The improvement in CCC is driven by a reduction in DIO from 33 to 28 days, suggesting better inventory management, but DSO has remained stubbornly high at 73 days, which may reflect the project-based nature of IPS revenue. The negative FCF margin in 2025Q1 (-3.6%) highlights the volatility in working capital, and the cumulative operating cash flow of $258M over ten quarters is only slightly above net income of $208M, indicating that earnings are not fully converting to cash. This suggests that the company may be stretching payables or building inventory to support growth, which could reverse if demand softens.
Leverage Creeps Higher Despite Cash Buffer
Debt-to-equity rose from 1.55 in 2024Q1 to 1.66 in 2026Q2, while D/EBITDA climbed to 15.9x, as reported in balance sheet data, indicating that acquisition financing is increasing financial risk despite a current ratio of 2.99.
The D/EBITDA of 15.9x is unusually high and suggests that EBITDA is being suppressed by acquisition-related costs or that debt levels are growing faster than cash flows. Interest coverage of 3.36x is adequate but has declined from 2.0x in 2024Q1, indicating that rising debt and interest rates are consuming a larger share of operating income. The company's cash balance of $226.6M provides a buffer, but the rapid growth in total debt to $899M warrants monitoring, especially if energy capex slows and EBITDA contracts.
Liquidity Comfortable but Inventory-Heavy
Current ratio improved to 2.99 in 2026Q2 from 2.69 in 2024Q1, with quick ratio at 2.58, as per reported figures, indicating that DXPE can cover short-term obligations without relying on inventory liquidation.
The quick ratio of 2.58 suggests that even if inventory becomes obsolete, the company can meet its near-term liabilities. However, the inventory turnover of 28 days is relatively fast for a distributor, indicating that the company is managing its specialized inventory well. The cash build to $226.6M provides a cushion, but the reliance on debt for acquisitions means that liquidity could tighten if credit markets seize up. The current ratio is above the peer average, but the high D/E suggests that the balance sheet is not as fortress-like as the liquidity ratios imply.
Valuation Gap vs. Diversified Peers
DXPE's P/E of 36.4x is in line with GWW (36.8x) but above MSM (33.6x) and WSO (26.0x), while its ROE of 5.5% lags all peers, as per reported data, indicating the market is paying a premium for growth that is not yet reflected in returns.
Compared to DNOW, which has negative ROE, DXPE appears stronger, but against GWW and FAST, which have ROEs above 34%, DXPE's returns are weak. The EV/EBITDA of 17.2x is similar to MSM and WSO, but the forward EV/EBITDA of 10.5x suggests that the market expects a significant EBITDA jump, possibly from acquisition synergies. The gap in ROIC (3.4% vs. 12-32% for peers) indicates that DXPE's capital allocation is less efficient, and the premium valuation may be unjustified unless the IPS segment's higher margins become a larger part of the mix.
Misapplied P/E on Cyclical Earnings
The trailing P/E of 36.4x is commonly used to gauge DXPE's value, but it is misleading because earnings are depressed by acquisition-related amortization and cyclical troughs, as per reported data, obscuring the company's normalized earning power.
The P/E ratio fails to account for the non-cash charges from frequent acquisitions, such as amortization of intangibles, which can understate true earnings. A more appropriate metric is EV/EBITDA, which at 17.2x is more comparable to peers, or a normalized P/E that adjusts for one-time items. Additionally, the cyclicality of the energy sector means that trailing earnings may be at a cyclical low, making the P/E appear artificially high. Investors should use a mid-cycle earnings estimate or EV/EBITDA to assess valuation, as the P/E alone may overstate the cost of the stock.