Latest Ratios: P/E Ratio 31.0x · EV/EBITDA 21.0x · ROE 29.5%. (1997–2025 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 | $28.4B | $18.7B | $12.7B | $9.1B | $5.5B | $2.7B | $3.5B | $7.9B | $7.3B | $12.0B | $3.6B |
| Enterprise Value | $29.4B | $19.7B | $13.4B | $10.1B | $6.7B | $4.2B | $6.5B | $8.2B | $6.2B | $9.2B | $-77241000 |
| P/E Ratio → | 30.97 | 19.37 | 15.15 | 402.80 | — | 31.16 | — | — | — | 106.79 | 9.21 |
| P/S Ratio | 2.86 | 1.88 | 1.40 | 1.16 | 0.82 | 0.42 | 0.53 | 1.13 | 0.58 | 0.80 | 0.40 |
| P/B Ratio | 8.77 | 5.48 | 4.06 | 2.87 | 1.67 | 0.79 | 0.81 | 1.02 | 0.70 | 0.90 | 0.72 |
| P/FCF | 19.62 | 12.90 | 18.76 | 20.19 | 28.22 | 4.56 | 8.62 | 19.95 | — | — | 20.12 |
| P/OCF | 16.10 | 10.58 | 13.27 | 13.47 | 15.56 | 3.44 | 5.26 | 9.27 | — | 56.97 | 7.37 |
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 | — | 1.98 | 1.47 | 1.29 | 1.00 | 0.65 | 1.00 | 1.18 | 0.49 | 0.61 | -0.01 |
| EV / EBITDA | 21.01 | 14.05 | 9.96 | 10.75 | 11.64 | 9.04 | 21.14 | 14.18 | 4.11 | 4.91 | -0.06 |
| EV / EBIT | 30.71 | 18.95 | 12.89 | 17.18 | 32.34 | 11.80 | — | 72.93 | 6.49 | 7.30 | -0.09 |
| EV / FCF | — | 13.58 | 19.70 | 22.45 | 34.57 | 7.11 | 16.22 | 20.89 | — | — | -0.43 |
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 | 17.3% | 17.3% | 18.8% | 17.2% | 13.4% | 12.9% | 10.6% | 15.2% | 18.2% | 16.8% | 17.1% |
| Operating Margin | 9.6% | 9.6% | 10.7% | 7.2% | 3.0% | 1.2% | -1.6% | 1.6% | 7.6% | 8.4% | 9.7% |
| Net Profit Margin | 9.7% | 9.7% | 9.3% | 0.3% | -1.6% | 0.2% | -50.3% | -34.8% | -15.3% | 0.8% | 4.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 29.5% | 29.5% | 26.7% | 0.7% | -3.2% | 0.3% | -54.9% | -26.5% | -16.1% | 1.2% | 7.9% |
| ROA | 9.6% | 9.6% | 8.6% | 0.2% | -1.1% | 0.1% | -15.2% | -10.0% | -7.2% | 0.5% | 2.3% |
| ROIC | 17.6% | 17.6% | 18.2% | 9.8% | 3.2% | 1.0% | -1.0% | 1.0% | 7.2% | 15.8% | 22.6% |
| ROCE | 18.8% | 18.8% | 19.0% | 10.9% | 3.5% | 1.0% | -0.9% | 0.8% | 5.6% | 9.6% | 12.1% |
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 | 0.59 | 0.59 | 0.57 | 0.62 | 0.70 | 0.83 | 1.01 | 0.72 | 0.42 | 0.29 | 0.51 |
| Debt / EBITDA | 1.44 | 1.44 | 1.33 | 2.09 | 3.97 | 6.10 | 14.03 | 9.58 | 2.91 | 2.10 | 2.14 |
| Net Debt / Equity | — | 0.29 | 0.20 | 0.32 | 0.38 | 0.44 | 0.72 | 0.05 | -0.11 | -0.21 | -0.74 |
| Net Debt / EBITDA | 0.70 | 0.70 | 0.47 | 1.08 | 2.14 | 3.24 | 9.91 | 0.64 | -0.78 | -1.50 | -3.12 |
| Debt / FCF | — | 0.68 | 0.93 | 2.26 | 6.36 | 2.55 | 7.60 | 0.94 | — | — | -20.54 |
| Interest Coverage | 10.69 | 10.69 | 10.66 | 4.82 | 1.50 | 2.26 | -0.78 | 0.84 | 1.97 | 2.76 | 7.81 |
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 | 1.13 | 1.13 | 1.12 | 1.16 | 1.20 | 1.39 | 1.10 | 1.17 | 1.29 | 1.32 | 1.00 |
| Quick Ratio | 0.87 | 0.87 | 0.88 | 0.90 | 0.93 | 1.10 | 0.97 | 1.01 | 1.13 | 1.18 | 0.97 |
| Cash Ratio | 0.21 | 0.21 | 0.24 | 0.22 | 0.25 | 0.43 | 0.12 | 0.51 | 0.61 | 0.70 | 0.58 |
| Asset Turnover | — | 0.98 | 0.92 | 0.81 | 0.71 | 0.64 | 0.33 | 0.30 | 0.51 | 0.53 | 0.49 |
| Inventory Turnover | 6.49 | 6.49 | 6.18 | 5.45 | 5.18 | 5.02 | 4.33 | 3.55 | 7.13 | 9.09 | 22.80 |
| Days Sales Outstanding | — | 98.48 | 106.36 | 121.11 | 130.56 | 134.63 | 146.34 | 245.74 | 129.10 | 103.39 | 127.74 |
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 | 0.3% | 0.4% | 0.7% | 0.5% | — | — | 1.7% | 3.0% | 3.2% | 0.5% | 3.1% |
| Payout Ratio | 8.5% | 8.5% | 10.2% | 190.0% | — | — | — | — | — | 53.5% | 28.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 5.2% | 6.6% | 0.2% | — | 3.2% | — | — | — | 0.9% | 10.9% |
| FCF Yield | 5.1% | 7.8% | 5.3% | 5.0% | 3.5% | 21.9% | 11.6% | 5.0% | — | — | 5.0% |
| Buyback Yield | 3.2% | 4.9% | 3.1% | 2.3% | 1.8% | 0.0% | 0.0% | 1.2% | 6.0% | 0.5% | 5.1% |
| Total Shareholder Yield | 3.5% | 5.4% | 3.8% | 2.7% | 1.8% | 0.0% | 1.7% | 4.1% | 9.3% | 1.0% | 8.2% |
| Shares Outstanding | — | $419M | $441M | $452M | $450M | $455M | $449M | $448M | $458M | $468M | $125M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying FTI stock.
TechnipFMC plc's current P/E ratio is 31.0x. The historical average is 31.0x. This places it at the 78th percentile of its historical range.
TechnipFMC plc's current EV/EBITDA is 21.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.2x.
TechnipFMC plc's return on equity (ROE) is 29.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 5.7%.
Based on historical data, TechnipFMC plc is trading at a P/E of 31.0x. This is at the 78th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TechnipFMC plc's current dividend yield is 0.28% with a payout ratio of 8.5%.
TechnipFMC plc has 17.3% gross margin and 9.6% operating margin.
TechnipFMC plc's Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Geographic concentration in Brazil/Guyana
Metrics are mathematically derived from official filings.
Margin Expansion Driven by Subsea 2.0
Gross margin climbed to 24.8% in 2026Q2 from 20.6% a year earlier, as per reported figures, reflecting a favorable mix shift toward standardized Subsea 2.0 products and improved execution on integrated projects.
The sequential improvement from 20.6% in 2025Q4 to 24.8% in 2026Q2 suggests that the company is successfully converting its backlog into higher-margin work, likely due to the increasing adoption of Subsea 2.0 standardized hardware. Operating margin expanded to 17.7% in 2026Q2, up from 12.6% in 2025Q4, indicating strong operating leverage as fixed costs are absorbed by higher revenue. However, the sustainability of these margins depends on continued vessel utilization and the absence of cost overruns on fixed-price EPCI contracts, which remain a key execution risk.
ROIC Inflection Signals Value Creation
ROIC surged to 10.1% in 2026Q2 from 4.8% in 2024Q4, as per financial statements, indicating that the company is finally earning returns above its cost of capital after years of subpar performance.
The doubling of ROIC over the past six quarters is driven by both margin expansion and improved capital efficiency, as asset turnover remained stable around 0.25-0.27. This suggests that the company is not just benefiting from cyclical tailwinds but also from structural improvements in its business model, particularly the shift toward Subsea 2.0 which reduces engineering hours and enhances project economics. ROE also improved to 10.9% in 2026Q2 from 7.8% in 2024Q4, reflecting higher net margins and a modestly leveraged balance sheet. Investors should monitor whether ROIC can sustain above 10% through the cycle, as this would validate the strategic pivot to a pure-play subsea integrator.
Working Capital Drag Eases Slightly
Cash conversion cycle improved to 91 days in 2026Q2 from 107 days in 2024Q1, as per reported data, driven by faster collections and extended payables, though DSO remains elevated at 97 days.
The reduction in CCC is modest but directionally positive, reflecting better management of receivables and payables on long-cycle projects. DSO has declined from 115 days in 2024Q1 to 97 days in 2026Q2, suggesting improved billing and collection processes, while DPO has increased from 73 to 63 days, indicating some leverage over suppliers. However, the absolute level of CCC remains high due to the nature of subsea projects, which involve significant milestone billing and inventory buildup. The company's ability to further compress CCC will depend on the timing of project milestones and the mix of Subsea versus Surface Technologies revenue.
Deleveraging Enhances Financial Flexibility
Debt-to-equity fell to 0.38 in 2026Q2 from 0.63 in 2024Q1, while interest coverage improved to 45.5x from 9.0x, as per recent SEC filings, indicating a significantly strengthened balance sheet.
The reduction in leverage is a result of both debt repayment and retained earnings growth, with total debt declining from $1.9B to $1.2B over the period. Interest coverage of 45.5x in 2026Q2 is exceptionally high, providing ample cushion against any earnings volatility. This deleveraging trend suggests that management is prioritizing balance sheet strength, which could support increased capital returns or strategic investments. However, the company's capital-intensive nature means that leverage could rise again if it embarks on fleet expansion or major acquisitions, so investors should monitor future capital allocation decisions.
Liquidity Buffer Remains Thin but Manageable
Current ratio of 1.08 in 2026Q2, with cash of $991.8M, as per reported figures, provides a modest cushion against short-term obligations, though it lags the broader industrial sector.
The current ratio has remained consistently around 1.1 over the past two years, indicating that the company operates with a relatively tight liquidity position. Quick ratio of 0.85 suggests that inventory is a significant component of current assets, which is typical for a manufacturer with long-cycle projects. While the company's cash position and undrawn credit facilities likely provide adequate liquidity, the thin current ratio implies limited buffer against a sudden downturn or unexpected working capital needs. Investors should monitor the company's ability to generate cash from operations, which has been strong, to ensure it can meet its obligations without straining liquidity.
P/E Misleads on Cyclical Earnings
The trailing P/E of 30.27 appears expensive, but as per reported figures, it understates the earnings power at the top of the cycle; EV/EBITDA of 20.55 is a more reliable gauge for this capital-intensive business.
For a cyclical company like TechnipFMC, trailing P/E is often distorted by the trough earnings of the prior downcycle, making the stock appear overvalued. The forward P/E of 22.80 is more indicative of expected earnings recovery, but even this may not fully capture the potential margin expansion from Subsea 2.0. EV/EBITDA is a better metric because it normalizes for differences in capital structure and depreciation, which is significant given the vessel fleet. However, even EV/EBITDA should be viewed relative to the cycle, as current EBITDA is likely below mid-cycle levels. Investors should focus on the company's ability to sustain record subsea margins and grow backlog, rather than relying on a single multiple.