Latest Ratios: P/E Ratio 13.9x · EV/EBITDA 7.1x · ROE 6.2%. (1998–2025 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 | $1.2B | $2.3B | $4.3B | $4.8B | $6.1B | $5.9B | $4.8B | $4.6B | $3.9B | $4.1B | $4.2B |
| Enterprise Value | $3.5B | $4.6B | $5.7B | $6.1B | $7.2B | $6.9B | $5.8B | $5.9B | $4.9B | $4.9B | $5.2B |
| P/E Ratio → | 13.93 | 26.97 | 17.50 | 38.81 | 26.86 | 28.32 | 31.43 | 27.87 | 24.96 | 27.20 | 25.60 |
| P/S Ratio | 0.22 | 0.44 | 0.85 | 0.94 | 1.28 | 1.35 | 1.10 | 1.12 | 0.99 | 1.04 | 1.07 |
| P/B Ratio | 0.91 | 1.76 | 3.08 | 3.55 | 4.25 | 4.15 | 3.50 | 3.65 | 3.11 | 3.25 | 3.47 |
| P/FCF | 3.70 | 7.17 | 15.48 | 21.80 | 31.95 | 43.75 | 13.48 | 17.50 | 19.90 | 18.29 | 16.48 |
| P/OCF | 2.65 | 5.13 | 10.52 | 13.75 | 16.98 | 16.98 | 10.57 | 12.56 | 13.21 | 13.66 | 11.78 |
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 | — | 0.88 | 1.12 | 1.20 | 1.49 | 1.59 | 1.33 | 1.43 | 1.24 | 1.25 | 1.32 |
| EV / EBITDA | 7.09 | 9.34 | 11.22 | 18.89 | 16.07 | 15.93 | 12.58 | 15.91 | 13.73 | 15.91 | 12.75 |
| EV / EBIT | 10.73 | 24.03 | 15.56 | 31.65 | 21.84 | 22.74 | 24.32 | 23.44 | 21.03 | 26.35 | 18.18 |
| EV / FCF | — | 14.44 | 20.30 | 27.83 | 37.30 | 51.39 | 16.33 | 22.34 | 24.92 | 22.04 | 20.30 |
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 | 48.9% | 48.9% | 49.5% | 48.3% | 47.9% | 49.8% | 50.0% | 47.7% | 47.7% | 48.7% | 48.4% |
| Operating Margin | 6.2% | 6.2% | 6.8% | 3.4% | 6.3% | 6.8% | 7.3% | 5.5% | 5.4% | 4.1% | 6.7% |
| Net Profit Margin | 1.6% | 1.6% | 4.9% | 2.4% | 4.8% | 4.8% | 3.5% | 4.0% | 4.0% | 3.8% | 4.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.2% | 6.2% | 18.0% | 8.8% | 16.0% | 14.8% | 11.6% | 13.0% | 12.5% | 12.2% | 13.4% |
| ROA | 2.2% | 2.2% | 7.3% | 3.7% | 7.0% | 6.3% | 4.7% | 5.5% | 5.7% | 5.5% | 5.8% |
| ROIC | 7.7% | 7.7% | 9.6% | 5.0% | 9.3% | 9.2% | 9.8% | 7.1% | 7.4% | 5.7% | 9.0% |
| ROCE | 10.8% | 10.8% | 12.4% | 6.3% | 11.1% | 10.6% | 11.8% | 8.8% | 9.0% | 6.9% | 10.9% |
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 | 1.79 | 1.79 | 0.96 | 1.00 | 0.83 | 0.86 | 0.96 | 1.02 | 0.80 | 0.67 | 0.81 |
| Debt / EBITDA | 4.72 | 4.72 | 2.68 | 4.16 | 2.68 | 2.80 | 2.86 | 3.48 | 2.84 | 2.72 | 2.41 |
| Net Debt / Equity | — | 1.78 | 0.96 | 0.98 | 0.71 | 0.72 | 0.74 | 1.01 | 0.78 | 0.67 | 0.80 |
| Net Debt / EBITDA | 4.70 | 4.70 | 2.67 | 4.09 | 2.31 | 2.37 | 2.19 | 3.45 | 2.77 | 2.71 | 2.39 |
| Debt / FCF | — | 7.27 | 4.83 | 6.03 | 5.36 | 7.64 | 2.85 | 4.84 | 5.02 | 3.75 | 3.81 |
| Interest Coverage | 2.50 | 2.50 | 9.86 | 5.29 | 11.33 | 9.59 | 6.17 | 6.46 | 6.52 | 5.08 | 8.15 |
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 | 0.75 | 0.75 | 1.20 | 1.04 | 1.43 | 1.44 | 1.66 | 1.05 | 1.36 | 1.29 | 1.40 |
| Quick Ratio | 0.75 | 0.75 | 0.72 | 0.63 | 1.00 | 1.04 | 1.28 | 0.68 | 0.89 | 0.85 | 0.90 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.03 | 0.29 | 0.36 | 0.61 | 0.02 | 0.06 | 0.01 | 0.02 |
| Asset Turnover | — | 1.26 | 1.50 | 1.49 | 1.45 | 1.33 | 1.32 | 1.30 | 1.39 | 1.47 | 1.42 |
| Inventory Turnover | — | — | 9.81 | 9.72 | 10.33 | 10.69 | 11.36 | 11.08 | 11.01 | 11.66 | 11.90 |
| Days Sales Outstanding | — | 1.54 | 24.85 | 24.78 | 26.54 | 26.82 | 25.14 | 26.51 | 26.91 | 27.01 | 25.36 |
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 | 17.7% | 9.1% | 4.7% | 4.1% | 3.0% | 3.0% | 3.5% | 3.5% | 3.8% | 3.5% | 3.1% |
| Payout Ratio | 249.7% | 249.7% | 81.8% | 158.2% | 81.7% | 85.3% | 109.8% | 97.2% | 95.6% | 93.9% | 80.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 3.7% | 5.7% | 2.6% | 3.7% | 3.5% | 3.2% | 3.6% | 4.0% | 3.7% | 3.9% |
| FCF Yield | 27.0% | 13.9% | 6.5% | 4.6% | 3.1% | 2.3% | 7.4% | 5.7% | 5.0% | 5.5% | 6.1% |
| Buyback Yield | 0.5% | 0.2% | 0.5% | 1.0% | 0.6% | 0.2% | 0.0% | 0.2% | 0.1% | 0.1% | 3.0% |
| Total Shareholder Yield | 18.2% | 9.4% | 5.2% | 5.0% | 3.6% | 3.2% | 3.5% | 3.6% | 3.9% | 3.5% | 6.1% |
| Shares Outstanding | — | $212M | $212M | $213M | $213M | $213M | $212M | $212M | $212M | $210M | $210M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying FLO stock.
Flowers Foods, Inc.'s current P/E ratio is 13.9x. The historical average is 27.5x. This places it at the 4th percentile of its historical range.
Flowers Foods, Inc.'s current EV/EBITDA is 7.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.7x.
Flowers Foods, Inc.'s return on equity (ROE) is 6.2%. The historical average is 12.0%.
Based on historical data, Flowers Foods, Inc. is trading at a P/E of 13.9x. This is at the 4th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Flowers Foods, Inc.'s current dividend yield is 17.72% with a payout ratio of 249.7%.
Flowers Foods, Inc. has 48.9% gross margin and 6.2% operating margin.
Flowers Foods, Inc.'s Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage spike from acquisition activity
Metrics are mathematically derived from official filings.
Valuation Discount Amidst Premium Brand Thesis
Flowers Foods trades at a forward P/E of 8.99 and an EV/EBITDA of 8.76, a significant discount to historical levels and peers, suggesting the market is pricing in persistent margin pressure and growth headwinds rather than the potential of its premium brand portfolio.
The current forward P/E of 8.99 is well below the trailing P/E of 17.75, indicating analysts expect a sharp earnings recovery that may not materialize given the lowered guidance. The P/S ratio of 0.29 is exceptionally low for a branded food company, reflecting deep skepticism about the sustainability of its revenue base and pricing power. This valuation appears to treat FLO as a low-growth commodity bakery, potentially mispricing the structural advantages of its DSD network and the high-margin potential of Dave's Killer Bread.
Margin Compression Erodes Earning Power
Operating margin has compressed to 5.7% in Q2 2026 from a high of 7.8% in Q2 2024, while net margin stands at a thin 3.4%, indicating that distribution and selling costs are overwhelming gross profit gains and limiting true earning power.
The persistent gap between the ~49% gross margin and the ~6% operating margin highlights the massive cost of the Direct-Store-Delivery network, which appears to be a structural drag on profitability. The recent decline in operating margin, despite relatively stable gross margins, suggests negative operating leverage where fixed distribution costs are not scaling down with volume. This margin profile indicates that the company's earning power is highly sensitive to input cost inflation and volume declines, as it lacks the flexibility to quickly adjust its cost structure.
Declining Returns Signal Capital Inefficiency
Return on Invested Capital (ROIC) has declined from 2.8% in Q1 2024 to 1.5% in Q2 2026, while Return on Equity (ROE) has fallen from 5.4% to 3.1%, suggesting the recent debt-funded acquisition has not yet generated commensurate returns and is diluting capital efficiency.
The downward trend in ROIC and ROE over the past ten quarters indicates that the company's capital base is expanding faster than its operating profits, a classic sign of acquisition-driven growth that has not yet been fully integrated or optimized. The ROIC of 1.5% is likely below the company's weighted average cost of capital, implying value destruction on a marginal basis. This trend warrants close monitoring, as a sustained period of sub-WACC returns would suggest the premium brand strategy is not translating into superior shareholder returns.
Leverage Spike Constrains Financial Flexibility
The debt-to-equity ratio has surged to 1.52 in Q2 2026 from 0.96 in Q4 2024, while interest coverage has fallen to 4.04x from 7.97x, indicating a materially more aggressive capital structure that reduces financial flexibility and increases vulnerability to earnings volatility.
The 58% increase in the D/E ratio over six quarters, driven by a 43% increase in total debt, represents a significant structural shift in the balance sheet. The declining interest coverage ratio, while still adequate, shows a clear negative trajectory that could become concerning if operating income continues to compress. This elevated leverage profile, combined with a tight liquidity position (current ratio of 0.77), suggests the company has limited capacity to weather a prolonged downturn or fund further acquisitions without additional equity issuance.
Tight Liquidity Position Amidst Rising Leverage
The current ratio has deteriorated to 0.77 in Q2 2026 from 1.20 in Q4 2024, and the quick ratio stands at 0.57, indicating a constrained liquidity profile that may struggle to cover short-term obligations without relying on consistent cash generation.
A current ratio below 1.0 suggests that current liabilities exceed current assets, which is a notable deterioration for a consumer staples company. The minimal cash position of $52.8 million relative to $2.0 billion in total debt further highlights the tight liquidity. While the company's business model generates consistent cash flow, this liquidity profile would be vulnerable under severe stress scenarios, such as a sharp commodity spike or a significant volume decline that impairs operating cash flow.
The Misapplied Efficiency Metric
The asset turnover ratio of 0.29 is the most commonly misapplied metric for Flowers Foods, as it obscures the true efficiency of its capital-intensive DSD model and the high-margin nature of its premium brand portfolio.
Analysts often compare FLO's low asset turnover to peers with different distribution models, but this metric is structurally depressed by the company's ownership of a massive, localized delivery fleet and production facilities. The DSD model is not about asset-light efficiency; it's about securing shelf space and controlling the last mile of distribution, which creates a competitive moat. A more appropriate metric would be gross margin per route or sales per delivery point, which would better capture the value generated by the physical infrastructure rather than penalizing it for the asset base required to operate it.