Latest Ratios: P/E Ratio 14.0x · EV/EBITDA 9.5x · ROE 22.0%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $456M | $406M | $205M | $171M | $103M | $117M | $302M | $100M | $135M | $316M | $427M |
| Enterprise Value | $440M | $390M | $224M | $237M | $200M | $193M | $334M | $64M | $112M | $288M | $398M |
| P/E Ratio → | 14.04 | 12.27 | 10.15 | 16.26 | 6.97 | 64.29 | 13.07 | — | — | 17.89 | 17.92 |
| P/S Ratio | 0.99 | 0.88 | 0.46 | 0.42 | 0.26 | 0.22 | 0.63 | 0.27 | 0.30 | 0.65 | 0.91 |
| P/B Ratio | 3.48 | 3.04 | 1.22 | 1.14 | 0.73 | 0.89 | 1.80 | 0.57 | 0.66 | 1.31 | 1.85 |
| P/FCF | 9.59 | 8.54 | 6.07 | 6.32 | 5.65 | 28.27 | — | 6.88 | — | — | 33.00 |
| P/OCF | 8.86 | 7.89 | 5.53 | 5.38 | 4.48 | 14.64 | — | 5.49 | 20.05 | 11.58 | 16.17 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.85 | 0.51 | 0.57 | 0.51 | 0.35 | 0.70 | 0.18 | 0.25 | 0.59 | 0.85 |
| EV / EBITDA | 9.48 | 8.40 | 7.40 | 11.25 | 13.23 | 16.37 | 9.17 | — | — | 9.04 | 8.80 |
| EV / EBIT | 10.34 | 9.16 | 8.28 | 13.86 | 18.94 | 28.64 | 10.61 | — | — | 11.47 | 10.58 |
| EV / FCF | — | 8.19 | 6.64 | 8.74 | 10.99 | 46.61 | — | 4.40 | — | — | 30.77 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.7% | 24.7% | 22.2% | 21.1% | 18.0% | 13.4% | 20.2% | 14.5% | 15.8% | 20.1% | 23.2% |
| Operating Margin | 9.3% | 9.3% | 6.0% | 4.1% | 2.7% | 1.2% | 6.5% | -9.4% | -9.7% | 5.0% | 7.9% |
| Net Profit Margin | 7.2% | 7.2% | 4.6% | 2.6% | 3.8% | 0.3% | 4.8% | -7.3% | -7.4% | 3.6% | 5.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.0% | 22.0% | 12.7% | 7.2% | 10.8% | 1.2% | 13.4% | -14.1% | -14.6% | 7.5% | 10.8% |
| ROA | 12.3% | 12.3% | 7.2% | 3.7% | 5.3% | 0.7% | 8.6% | -10.9% | -12.1% | 6.4% | 9.2% |
| ROIC | 21.0% | 21.0% | 9.9% | 5.6% | 3.5% | 2.4% | 13.8% | -16.0% | -16.3% | 8.8% | 14.9% |
| ROCE | 21.3% | 21.3% | 12.3% | 7.6% | 4.8% | 3.3% | 16.4% | -17.6% | -19.2% | 10.3% | 16.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.35 | 0.47 | 0.71 | 0.59 | 0.20 | 0.07 | — | — | — |
| Debt / EBITDA | — | — | 1.96 | 3.34 | 6.64 | 6.62 | 0.92 | — | — | — | — |
| Net Debt / Equity | — | -0.12 | 0.12 | 0.44 | 0.69 | 0.58 | 0.19 | -0.21 | -0.11 | -0.11 | -0.13 |
| Net Debt / EBITDA | -0.36 | -0.36 | 0.64 | 3.11 | 6.42 | 6.44 | 0.89 | — | — | -0.87 | -0.64 |
| Debt / FCF | — | -0.35 | 0.57 | 2.42 | 5.33 | 18.34 | — | -2.48 | — | — | -2.23 |
| Interest Coverage | 1934.09 | 1934.09 | 386.23 | 11.03 | 7.87 | 8.07 | 3147.70 | -410.67 | — | — | — |
Net cash position: cash ($17M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.09 | 2.09 | 2.78 | 2.57 | 3.10 | 2.94 | 2.29 | 3.40 | 3.47 | 4.63 | 5.25 |
| Quick Ratio | 0.90 | 0.90 | 1.34 | 0.97 | 0.88 | 0.76 | 0.68 | 2.08 | 1.51 | 2.28 | 2.58 |
| Cash Ratio | 0.22 | 0.22 | 0.65 | 0.08 | 0.06 | 0.03 | 0.01 | 0.90 | 0.47 | 1.07 | 1.26 |
| Asset Turnover | — | 1.81 | 1.56 | 1.50 | 1.35 | 2.03 | 1.61 | 1.55 | 1.74 | 1.72 | 1.74 |
| Inventory Turnover | 3.82 | 3.82 | 3.85 | 3.37 | 2.64 | 3.34 | 2.37 | 4.45 | 3.99 | 4.06 | 3.62 |
| Days Sales Outstanding | — | 33.91 | 29.15 | 39.12 | 35.39 | 27.57 | 42.67 | 32.05 | 31.40 | 30.78 | 32.98 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.9% | 1.1% | 1.7% | 1.9% | 3.1% | 3.3% | 0.9% | 7.0% | 5.1% | 2.1% | 1.4% |
| Payout Ratio | 13.2% | 13.2% | 17.6% | 30.6% | 21.9% | 211.1% | 11.4% | — | — | 38.2% | 25.5% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.1% | 8.1% | 9.9% | 6.1% | 14.3% | 1.6% | 7.7% | — | — | 5.6% | 5.6% |
| FCF Yield | 10.4% | 11.7% | 16.5% | 15.8% | 17.7% | 3.5% | — | 14.5% | — | — | 3.0% |
| Buyback Yield | 14.0% | 15.7% | 0.0% | 1.0% | 3.6% | 29.9% | 9.9% | 1.6% | 0.0% | 0.0% | 0.3% |
| Total Shareholder Yield | 14.9% | 16.8% | 1.7% | 2.8% | 6.7% | 33.3% | 10.7% | 8.5% | 5.1% | 2.1% | 1.7% |
| Shares Outstanding | — | $5M | $6M | $6M | $5M | $7M | $7M | $8M | $8M | $8M | $8M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FLXS stock.
Flexsteel Industries, Inc.'s current P/E ratio is 14.0x. The historical average is 15.1x. This places it at the 56th percentile of its historical range.
Flexsteel Industries, Inc.'s current EV/EBITDA is 9.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.8x.
Flexsteel Industries, Inc.'s return on equity (ROE) is 22.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 7.5%.
Based on historical data, Flexsteel Industries, Inc. is trading at a P/E of 14.0x. This is at the 56th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Flexsteel Industries, Inc.'s current dividend yield is 0.94% with a payout ratio of 13.2%.
Flexsteel Industries, Inc. has 24.7% gross margin and 9.3% operating margin.
Key Metrics
Top Statement Risk
Margin sustainability from inventory
Metrics are mathematically derived from official filings.
Valuation Reflects Profitability Turnaround
FLXS trades at a forward EV/EBITDA of 10.37x, a modest discount to the peer average of 14.57x, yet its PEG ratio of 0.94 suggests the market may be underappreciating the earnings growth potential implied by its recent profitability breakout.
The current forward P/E of 17.34x implies the market expects a deceleration from the trailing P/E of 13.53x, which appears incongruent with the strong sequential earnings momentum. The EV/EBITDA expansion from 9.12x (trailing) to 10.37x (forward) is driven by the denominator's recovery, not multiple expansion, suggesting the valuation is catching up to fundamentals rather than pricing in aggressive future growth.
Gross Margin Spike Demands Scrutiny
The 2026Q4 gross margin of 30.0% represents a 610 basis point sequential leap and a 780 basis point year-over-year improvement, a magnitude that appears anomalous and warrants verification for non-recurring benefits versus sustainable pricing power.
Operating margin expansion to 14.2% is the strongest in the observed period, indicating effective SG&A control. However, the sustainability of this profitability level is questionable; the net margin of 11.0% is heavily dependent on the gross margin spike, and any normalization to the more typical 22-24% range would compress earnings significantly. The key question is whether this reflects a permanent mix shift or a one-time accounting benefit.
ROIC Surge Questions Capital Efficiency
ROIC surged to 7.0% in 2026Q4 from just 1.0% a year ago, but this rapid improvement is primarily driven by a gross margin expansion that may not be repeatable, making the trend's durability the critical investor focus.
The return on equity (ROE) of 8.0% is now the highest in ten quarters, but it is depressed by the aggressive share buybacks that have reduced the equity base. The improvement in ROIC versus ROA (4.7%) highlights the benefit of modest leverage, yet the historical ROIC volatility suggests the business struggles to generate consistent returns on capital, which is a structural concern.
Inventory Reduction Drives Cash Flow
Days inventory outstanding fell to 96 in 2026Q4 from 109 in 2024Q3, a 12-day improvement that has been the primary driver of the cash conversion cycle's reduction and appears to be a key element of the recent working capital efficiency.
The cash conversion cycle (CCC) of 96 days is at the lower end of its historical range (96-117 days), indicating tighter working capital management. This improvement is almost entirely from inventory, as days sales outstanding (DSO) and days payable outstanding (DPO) have been relatively stable. Management's ability to sustain this lower inventory level through seasonal demand fluctuations will determine the cash flow benefits.
Strong Cash Masks Current Ratio Decline
The current ratio declined sharply to 2.09 in 2026Q4 from 3.44 in 2026Q3, but the quick ratio of 0.90 indicates that near-term liquidity is now heavily dependent on inventory liquidation to meet obligations.
The large sequential drop in the current ratio appears driven by a significant cash outflow for share repurchases, not operational deterioration. However, the current ratio is now below its 10-quarter average of 2.94, and with the quick ratio below 1.0, the company has less cushion to absorb a shock without relying on selling down inventory, which introduces execution risk.
Misleading Margins from Inventory Accounting
The most commonly misapplied ratio for FLXS is gross margin, as the 30.0% result in 2026Q4 may be inflated by non-recurring inventory valuation adjustments like LIFO reserve releases, obscuring the true underlying cost structure.
In furniture manufacturing, large swings in raw material costs (wood, fabric) and inventory valuation methods can create margin volatility that does not reflect operational performance. Investors should focus on a multi-quarter average of gross margin or segment-level data to assess true pricing power. The alternative is to analyze the cost of goods sold relative to a commodity index to isolate company-specific from market-driven factors.