Latest Ratios: P/E Ratio -1.4x · EV/EBITDA N/A · ROE -58.2%. (2011–2025 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 | $783M | $728M | $1.3B | $2.9B | $3.9B | $7.2B | $4.3B | $2.7B | $2.3B | $1.5B | $1.0B |
| Enterprise Value | $1.5B | $1.4B | $1.9B | $3.5B | $3.9B | $7.4B | $4.5B | $2.8B | $2.3B | $1.6B | $1.1B |
| P/E Ratio → | -1.43 | — | 188.56 | 23.68 | 18.85 | 43.95 | 47.62 | 29.23 | 27.25 | 35.00 | 29.52 |
| P/S Ratio | 0.53 | 0.50 | 0.90 | 1.96 | 2.41 | 5.55 | 4.84 | 3.63 | 3.70 | 3.16 | 2.60 |
| P/B Ratio | 1.16 | 1.09 | 1.05 | 2.34 | 3.45 | 8.06 | 6.00 | 6.45 | 6.84 | 6.07 | 5.67 |
| P/FCF | 29.04 | 27.03 | 14.34 | 21.71 | 26.97 | 690.01 | 166.07 | 127.86 | 65.17 | 48.07 | 39.11 |
| P/OCF | 12.85 | 11.96 | 9.55 | 16.02 | 20.67 | 110.38 | 52.14 | 36.40 | 35.07 | 31.24 | 27.00 |
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 | — | 0.99 | 1.37 | 2.42 | 2.45 | 5.71 | 5.04 | 3.68 | 3.75 | 3.30 | 2.68 |
| EV / EBITDA | — | — | 13.51 | 16.17 | 13.29 | 30.85 | 30.31 | 21.21 | 21.38 | 20.27 | 19.90 |
| EV / EBIT | — | — | 34.11 | 22.39 | 16.20 | 37.72 | 39.43 | 24.75 | 24.59 | 23.51 | 23.91 |
| EV / FCF | — | 53.80 | 21.74 | 26.82 | 27.42 | 709.91 | 172.83 | 129.84 | 66.07 | 50.07 | 40.28 |
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 | 30.2% | 30.2% | 30.4% | 31.7% | 33.2% | 33.3% | 32.5% | 32.3% | 33.2% | 32.5% | 31.4% |
| Operating Margin | -35.6% | -35.6% | 4.1% | 10.9% | 15.4% | 15.2% | 12.8% | 15.0% | 15.3% | 14.1% | 11.3% |
| Net Profit Margin | -37.1% | -37.1% | 0.5% | 8.3% | 12.8% | 12.6% | 10.2% | 12.4% | 13.6% | 9.1% | 8.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -58.2% | -58.2% | 0.5% | 10.3% | 20.4% | 20.3% | 15.9% | 24.6% | 28.8% | 19.9% | 21.2% |
| ROA | -27.9% | -27.9% | 0.3% | 6.3% | 13.1% | 11.7% | 9.6% | 17.0% | 18.4% | 11.3% | 11.6% |
| ROIC | -24.2% | -24.2% | 2.3% | 7.8% | 16.2% | 14.8% | 12.6% | 20.4% | 20.9% | 19.1% | 16.6% |
| ROCE | -30.9% | -30.9% | 2.9% | 9.5% | 18.7% | 16.4% | 13.9% | 24.9% | 25.9% | 22.7% | 20.1% |
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 | 1.16 | 1.16 | 0.60 | 0.62 | 0.19 | 0.43 | 0.59 | 0.20 | 0.18 | 0.40 | 0.36 |
| Debt / EBITDA | — | — | 5.11 | 3.46 | 0.71 | 1.61 | 2.84 | 0.66 | 0.55 | 1.28 | 1.23 |
| Net Debt / Equity | — | 1.08 | 0.54 | 0.55 | 0.06 | 0.23 | 0.24 | 0.10 | 0.09 | 0.25 | 0.17 |
| Net Debt / EBITDA | — | — | 4.60 | 3.08 | 0.22 | 0.86 | 1.19 | 0.32 | 0.29 | 0.81 | 0.58 |
| Debt / FCF | — | 26.77 | 7.40 | 5.11 | 0.45 | 19.90 | 6.76 | 1.98 | 0.89 | 2.00 | 1.17 |
| Interest Coverage | -9.74 | -9.74 | 1.02 | 8.18 | 27.15 | 24.08 | 12.25 | 35.22 | 30.90 | 27.83 | 21.64 |
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 | 2.86 | 2.86 | 2.80 | 3.46 | 3.08 | 3.15 | 3.52 | 3.07 | 2.40 | 2.35 | 2.10 |
| Quick Ratio | 1.37 | 1.37 | 1.24 | 1.79 | 1.73 | 1.94 | 2.75 | 1.67 | 1.29 | 1.37 | 1.28 |
| Cash Ratio | 0.22 | 0.22 | 0.28 | 0.38 | 0.56 | 0.78 | 1.49 | 0.48 | 0.29 | 0.42 | 0.41 |
| Asset Turnover | — | 0.88 | 0.62 | 0.65 | 0.99 | 0.86 | 0.69 | 1.23 | 1.28 | 1.11 | 1.20 |
| Inventory Turnover | 2.64 | 2.64 | 2.40 | 2.69 | 3.06 | 3.10 | 4.73 | 3.96 | 3.86 | 3.79 | 3.88 |
| Days Sales Outstanding | — | 47.43 | 43.42 | 42.64 | 45.65 | 39.91 | 49.67 | 44.53 | 46.50 | 46.86 | 55.80 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | 0.5% | 4.2% | 5.3% | 2.3% | 2.1% | 3.4% | 3.7% | 2.9% | 3.4% |
| FCF Yield | 3.4% | 3.7% | 7.0% | 4.6% | 3.7% | 0.1% | 0.6% | 0.8% | 1.5% | 2.1% | 2.6% |
| Buyback Yield | 0.2% | 0.2% | 2.0% | 1.1% | 0.1% | 0.1% | 0.1% | 0.0% | 0.2% | 0.3% | 0.8% |
| Total Shareholder Yield | 0.2% | 0.2% | 2.0% | 1.1% | 0.1% | 0.1% | 0.1% | 0.0% | 0.2% | 0.3% | 0.8% |
| Shares Outstanding | — | $42M | $42M | $42M | $42M | $42M | $41M | $39M | $39M | $39M | $38M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying FOXF stock.
Fox Factory Holding Corp.'s current P/E ratio is -1.4x. The historical average is 43.1x.
Fox Factory Holding Corp.'s return on equity (ROE) is -58.2%. The historical average is 15.7%.
Based on historical data, Fox Factory Holding Corp. is trading at a P/E of -1.4x. Compare with industry peers and growth rates for a complete picture.
Fox Factory Holding Corp. has 30.2% gross margin and -35.6% operating margin.
Key Metrics
Top Statement Risk
Impairment and margin compression
Metrics are mathematically derived from official filings.
Impairments Mask Underlying Margin Stability
Reported operating margin swung to -84.7% in Q4 2025 due to non-cash impairments, but excluding those quarters, operating margin held near 4-5%, as per financial statements.
The deeply negative operating margins in Q1 and Q4 2025 are clearly non-recurring, as evidenced by the return to a 4.9% operating margin in Q2 2026. Gross margin compression from 31.8% to 30.6% over two years suggests a structural mix shift toward lower-margin upfitting, which may cap future profitability. Investors should focus on adjusted EBITDA margins, which management indicated expanded sequentially, to gauge true earning power.
ROIC Decay Reflects Impairment and Mix Shift
ROIC fell from 0.7% in 2024 to -15.4% in Q4 2025, driven by goodwill write-downs, while excluding impairments it remains sub-1%, based on reported figures.
The massive impairment charges have eroded the capital base, but even on an adjusted basis, ROIC remains below 1%, indicating that the company is not generating returns above its cost of capital. The shift toward vehicle upfitting, which is more asset-intensive and lower-margin, may structurally depress ROIC compared to the legacy component business. This suggests the company is in a period of capital recycling, but the payoff is not yet visible in the data.
Working Capital Drag from Inventory Glut
Cash conversion cycle extended to 140 days in Q2 2026, up from 135 days a year earlier, driven by DIO of 139 days, as per quarterly data.
Inventory days outstanding remain elevated at 139 days, reflecting the ongoing destocking in the cycling segment and high-cost components. The CCC has hovered around 135-145 days for the past year, indicating persistent working capital inefficiency. While DSO and DPO are stable, the inventory overhang is the primary drag on cash flow, and its resolution is critical for margin recovery.
Leverage Elevated but Impairments Skew the Picture
D/E rose to 1.02 in Q2 2026 from 0.65 in 2024, while interest coverage fell to 1.53x, according to recent balance sheet data.
The increase in leverage is partly due to the erosion of equity from impairments, not new borrowing, as total debt remained near $680M. Interest coverage of 1.53x is thin, but it is based on operating income that excludes the impairment quarters; on a cash basis, coverage appears more comfortable. The D/EBITDA of 11.58x is distorted by the low EBITDA, and investors should monitor refinancing risk given the elevated leverage and rising rate environment.
Liquidity Cushion Remains Adequate
Current ratio improved to 3.10 in Q2 2026 from 2.80 in Q4 2024, with cash of $61.3M, as per balance sheet data.
The current ratio of 3.10 and quick ratio of 1.55 indicate a solid liquidity buffer, even with inventory heavy on the balance sheet. The company generated $25.2M in FCF in Q2 2026, which supports near-term obligations. However, the reliance on inventory liquidation to maintain liquidity is a risk if the destocking process stalls.
Misapplied EV/EBITDA in Upfitting Model
EV/EBITDA is commonly used for FOXF, but the upfitting revenue model inflates EBITDA with pass-through chassis costs, distorting the multiple, as per industry analysis.
The most misapplied ratio for FOXF is EV/EBITDA, because the upfitting business recognizes full vehicle revenue, making EBITDA appear larger relative to the true value-added. Analysts should use EV/Value-Added Revenue or EV/Adjusted EBITDA that excludes the cost of chassis to better reflect the underlying manufacturing economics. This adjustment would likely show a higher multiple, indicating the stock may not be as cheap as it appears.