Latest Ratios: P/E Ratio -20.1x · EV/EBITDA 9.9x · ROE -0.7%. (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 | $1.8B | $1.9B | $1.2B | $1.4B | $1.3B | $1.3B | $761M | $2.5B | $2.3B | $2.7B | $4.1B |
| Enterprise Value | $4.8B | $5.0B | $5.6B | $5.4B | $4.8B | $4.4B | $4.3B | $6.1B | $5.7B | $6.4B | $7.2B |
| P/E Ratio → | -20.08 | — | — | 52.64 | — | — | — | 113.78 | — | 44.70 | 36.02 |
| P/S Ratio | 1.10 | 1.17 | 0.42 | 0.45 | 0.45 | 0.62 | 0.42 | 1.01 | 0.78 | 1.34 | 2.39 |
| P/B Ratio | 2.54 | 2.70 | 0.82 | 0.83 | 0.70 | 0.66 | 0.43 | 1.07 | 0.93 | 541.36 | 231.49 |
| P/FCF | 20.32 | 21.63 | — | — | — | 35.91 | 4.99 | 11.46 | 11.63 | 30.78 | — |
| P/OCF | 6.52 | 6.94 | 3.16 | 2.72 | 3.74 | 3.88 | 2.57 | 6.57 | 5.80 | 8.02 | 13.70 |
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 | — | 3.04 | 1.88 | 1.70 | 1.73 | 2.07 | 2.35 | 2.44 | 1.95 | 3.16 | 4.19 |
| EV / EBITDA | 9.86 | 10.10 | 10.60 | 8.84 | 7.89 | 11.44 | 86.76 | 10.22 | 11.51 | 13.23 | 16.32 |
| EV / EBIT | 18.73 | 16.72 | 22.85 | 14.13 | 17.53 | 45.29 | 75.81 | 18.92 | 25.98 | 25.13 | 34.73 |
| EV / FCF | — | 56.05 | — | — | — | 120.61 | 28.06 | 27.65 | 29.21 | 72.57 | — |
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 | 21.1% | 21.1% | 10.6% | 12.4% | 22.9% | 6.4% | 22.4% | 13.1% | 11.0% | 12.2% | 14.7% |
| Operating Margin | 15.8% | 15.8% | 7.2% | 10.4% | 11.3% | 3.6% | -13.5% | 11.0% | 5.8% | 10.9% | 12.1% |
| Net Profit Margin | -0.5% | -0.5% | -2.2% | 3.7% | 2.7% | -7.8% | -22.8% | 3.9% | -0.2% | 4.1% | 6.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.7% | -0.7% | -4.0% | 6.8% | 4.0% | -8.9% | -20.3% | 4.0% | -0.5% | 729.2% | 6.8% |
| ROA | -0.1% | -0.1% | -0.9% | 1.8% | 1.2% | -2.8% | -6.6% | 1.5% | -0.1% | 1.3% | 2.0% |
| ROIC | 4.0% | 4.0% | 2.8% | 4.5% | 4.5% | 1.1% | -3.3% | 3.5% | 2.7% | 4.9% | 3.3% |
| ROCE | 5.0% | 5.0% | 3.5% | 5.6% | 5.7% | 1.4% | -4.2% | 4.4% | 2.7% | 3.6% | 3.9% |
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 | 4.30 | 4.30 | 2.87 | 2.34 | 2.03 | 1.58 | 2.03 | 1.54 | 1.41 | 736.97 | 175.15 |
| Debt / EBITDA | 6.21 | 6.21 | 8.27 | 6.56 | 5.88 | 8.10 | 71.89 | 6.08 | 6.95 | 7.64 | 7.04 |
| Net Debt / Equity | — | 4.29 | 2.86 | 2.32 | 2.01 | 1.56 | 2.01 | 1.51 | 1.41 | 735.17 | 174.75 |
| Net Debt / EBITDA | 6.20 | 6.20 | 8.25 | 6.51 | 5.84 | 8.03 | 71.34 | 5.98 | 6.93 | 7.62 | 7.02 |
| Debt / FCF | — | 34.42 | — | — | — | 84.70 | 23.08 | 16.19 | 17.58 | 41.80 | — |
| Interest Coverage | 1.12 | 1.12 | 0.85 | 1.56 | 1.22 | 0.42 | 0.27 | 1.46 | 0.96 | 1.44 | 1.48 |
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 | 0.98 | 0.98 | 1.06 | 1.00 | 1.20 | 1.09 | 1.51 | 1.43 | 1.33 | 1.39 | 1.38 |
| Quick Ratio | 0.90 | 0.90 | 0.93 | 0.86 | 1.09 | 0.93 | 1.25 | 1.27 | 1.11 | 1.20 | 1.00 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.03 | 0.04 | 0.05 | 0.07 | 0.16 | 0.03 | 0.02 | 0.03 |
| Asset Turnover | — | 0.34 | 0.42 | 0.45 | 0.44 | 0.36 | 0.31 | 0.38 | 0.45 | 0.28 | 0.30 |
| Inventory Turnover | 23.23 | 23.23 | 23.94 | 20.57 | 27.53 | 25.51 | 14.17 | 33.09 | 35.25 | 20.10 | 14.81 |
| Days Sales Outstanding | — | 136.16 | 91.77 | 87.26 | 94.43 | 71.08 | 78.51 | 61.35 | 40.53 | 89.15 | 47.89 |
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 | 4.5% | 4.2% | 6.1% | 5.2% | 5.9% | 5.6% | 16.1% | 10.7% | 11.4% | 11.8% | 7.6% |
| Payout Ratio | — | — | — | 62.5% | 97.5% | — | — | 280.9% | — | 389.5% | 273.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 1.9% | — | — | — | 0.9% | — | 2.2% | 2.8% |
| FCF Yield | 4.9% | 4.6% | — | — | — | 2.8% | 20.0% | 8.7% | 8.6% | 3.2% | — |
| Buyback Yield | 14.6% | 13.7% | 0.0% | 5.4% | 23.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 19.1% | 18.0% | 6.1% | 10.5% | 28.9% | 5.6% | 16.1% | 10.7% | 11.4% | 11.8% | 7.6% |
| Shares Outstanding | — | $122M | $122M | $123M | $123M | $123M | $123M | $123M | $123M | $122M | $113M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying GEL stock.
Genesis Energy, L.P.'s current P/E ratio is -20.1x. The historical average is 46.8x.
Genesis Energy, L.P.'s current EV/EBITDA is 9.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.6x.
Genesis Energy, L.P.'s return on equity (ROE) is -0.7%. The historical average is 9.5%.
Based on historical data, Genesis Energy, L.P. is trading at a P/E of -20.1x. Compare with industry peers and growth rates for a complete picture.
Genesis Energy, L.P.'s current dividend yield is 4.50%.
Genesis Energy, L.P. has 21.1% gross margin and 15.8% operating margin. Operating margin between 10-20% is typical for established companies.
Genesis Energy, L.P.'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
High leverage and negative equity
Metrics are mathematically derived from official filings.
Margin Recovery Masks Underlying Volatility
Gross margin expanded to 32.1% in 2026Q2 from 21.9% a year earlier, as reported in the latest quarterly data, yet net margin remains thin at 8.1%, suggesting operating leverage is offset by high interest costs.
The sequential improvement in gross margin from 21.1% in 2026Q1 to 32.1% in 2026Q2 indicates enhanced pricing power or lower input costs, but the sustainability is uncertain given the prior quarters' volatility. Operating margin of 19.8% in 2026Q2 is the highest in the ten-quarter window, yet net margin of 8.1% is compressed by interest expense, reflecting the heavy debt load. Investors should monitor whether margin expansion can persist amid commodity price swings and input cost inflation.
Return on Capital Remains Subdued
ROIC improved to 2.3% in 2026Q2 from 0.3% in 2025Q1, based on reported figures, but remains far below the cost of capital, indicating that the company is not yet generating adequate returns on its invested base.
Despite the recent uptick, ROIC of 2.3% is still low relative to the capital-intensive nature of the business and the high leverage, suggesting that the asset base is not being deployed efficiently. ROE of 12.9% in 2026Q2 is distorted by negative equity, making it an unreliable metric for assessing true profitability. The improvement in ROIC is driven by margin recovery rather than asset efficiency, as asset turnover remains low at 0.10, indicating that the company's large PP&E base is not generating sufficient revenue.
Working Capital Efficiency Shows Mixed Signals
Cash conversion cycle turned negative to -37 days in 2026Q2, as per the latest data, driven by a DPO of 202 days versus DSO of 155 days, suggesting the company is effectively using supplier financing to fund operations.
The negative CCC indicates that GEL is collecting cash from customers and paying suppliers later, which provides a source of working capital financing. However, the DSO of 155 days is elevated, suggesting potential collection issues or extended payment terms with customers, which may warrant monitoring. The sharp swing in CCC from 9 days in 2026Q1 to -37 days in 2026Q2 highlights the volatility in working capital components, which can distort cash flow from operations.
Leverage Distorted by Negative Equity
Debt-to-equity surged to 25.09 in 2026Q2 from 2.28 in 2024Q1, as reported in the balance sheet, but this is distorted by negative equity of -$336.8M, making traditional leverage ratios misleading.
The reported D/E of 25.09 is not a meaningful measure of leverage because equity has turned negative due to accumulated losses. A more appropriate metric is D/EBITDA, which stood at 19.01 in 2026Q2, down from 42.47 in 2025Q1, indicating some deleveraging relative to cash flow. Interest coverage of 1.85 in 2026Q2 is thin, suggesting that operating income barely covers interest expense, leaving little cushion for debt service. Investors should monitor whether the company can generate sufficient cash flow to service its debt without further eroding equity.
Liquidity Cushion Remains Thin
Current ratio fell to 0.93 in 2026Q2 from 1.48 in 2025Q1, while cash dropped to $44.2M from $377.4M, according to the balance sheet, indicating a weakened liquidity position.
The current ratio below 1.0 suggests that current liabilities exceed current assets, which could strain the company's ability to meet short-term obligations without relying on external financing. The quick ratio of 0.90 indicates that even excluding inventory, the company has limited liquid assets to cover immediate liabilities. The significant cash drawdown from $377.4M to $44.2M over the period, partly due to unit buybacks, raises concerns about liquidity under stress scenarios.
Misapplied Metric: Debt-to-Equity
The most commonly misapplied ratio for GEL is debt-to-equity, which is distorted by negative equity, as per the balance sheet data, and should be replaced with debt-to-EBITDA or net debt-to-EBITDA for a clearer picture of leverage.
Traditional leverage ratios like D/E become meaningless when equity is negative, as seen in 2026Q2 with a D/E of 25.09. Analysts should instead focus on D/EBITDA, which at 19.01 in 2026Q2, though still high, provides a more accurate measure of the company's ability to service debt from cash flow. Additionally, the company's high fixed-cost base and capital intensity mean that EBITDA may not fully capture maintenance capex requirements, so investors should also consider free cash flow to assess true debt repayment capacity.