Latest Ratios: P/E Ratio 29.4x · EV/EBITDA 13.6x · ROE 5.2%. (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 | $753M | $782M | $351M | $346M | $328M | $399M | $362M | $442M | $511M | $424M | $260M |
| Enterprise Value | $595M | $624M | $240M | $257M | $245M | $321M | $283M | $380M | $456M | $388M | $242M |
| P/E Ratio → | 29.35 | 38.06 | 13.98 | 14.90 | — | — | 10.35 | 12.12 | 27.76 | 64.46 | — |
| P/S Ratio | 1.67 | 1.73 | 1.15 | 1.30 | 1.37 | 1.85 | 2.18 | 1.68 | 1.92 | 1.50 | 0.93 |
| P/B Ratio | 1.21 | 1.56 | 1.15 | 1.26 | 1.34 | 1.61 | 1.45 | 1.74 | 2.14 | 1.94 | 1.24 |
| P/FCF | 82.00 | 85.10 | 13.99 | 16.33 | — | 40.00 | 9.43 | 16.47 | 24.02 | 24.80 | 40.24 |
| P/OCF | 36.43 | 37.80 | 11.07 | 10.84 | 30.35 | 21.09 | 8.40 | 12.69 | 15.95 | 20.40 | 24.16 |
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 | — | 1.38 | 0.79 | 0.97 | 1.02 | 1.49 | 1.70 | 1.44 | 1.71 | 1.37 | 0.86 |
| EV / EBITDA | 13.57 | 14.21 | 5.81 | 6.20 | 11.39 | 24.37 | 5.88 | 10.40 | 13.24 | 16.18 | 17.44 |
| EV / EBIT | 29.42 | 26.61 | 8.07 | 9.05 | 34.40 | 699.34 | 7.83 | 16.06 | 25.90 | 52.50 | 320.25 |
| EV / FCF | — | 67.91 | 9.57 | 12.13 | — | 32.20 | 7.35 | 14.18 | 21.44 | 22.70 | 37.36 |
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 | 29.5% | 29.5% | 37.1% | 39.4% | 36.2% | 33.2% | 24.9% | 36.4% | 35.3% | 29.2% | 27.0% |
| Operating Margin | 4.5% | 4.5% | 9.1% | 10.6% | 4.1% | 1.0% | 22.7% | 9.7% | 8.0% | 3.8% | 0.3% |
| Net Profit Margin | 4.6% | 4.6% | 8.1% | 8.8% | -2.5% | -1.4% | 21.1% | 13.9% | 6.9% | 2.4% | -1.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.2% | 5.2% | 8.6% | 9.1% | -2.4% | -1.2% | 13.9% | 14.8% | 8.0% | 3.2% | -2.8% |
| ROA | 3.5% | 3.5% | 5.8% | 5.8% | -1.6% | -0.8% | 8.7% | 9.3% | 4.7% | 1.8% | -1.4% |
| ROIC | 5.7% | 5.7% | 11.0% | 12.1% | 4.5% | 1.0% | 15.6% | 10.2% | 8.7% | 4.4% | 0.3% |
| ROCE | 4.7% | 4.7% | 8.8% | 10.0% | 3.8% | 0.8% | 14.1% | 9.7% | 8.6% | 4.6% | 0.3% |
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 | 0.02 | 0.02 | 0.03 | 0.05 | 0.02 | 0.02 | 0.04 | 0.05 | 0.05 | 0.08 | 0.10 |
| Debt / EBITDA | 0.25 | 0.25 | 0.21 | 0.36 | 0.18 | 0.31 | 0.19 | 0.36 | 0.36 | 0.71 | 1.55 |
| Net Debt / Equity | — | -0.32 | -0.36 | -0.32 | -0.34 | -0.31 | -0.32 | -0.24 | -0.23 | -0.16 | -0.09 |
| Net Debt / EBITDA | -3.60 | -3.60 | -2.69 | -2.15 | -3.84 | -5.90 | -1.66 | -1.68 | -1.59 | -1.50 | -1.34 |
| Debt / FCF | — | -17.18 | -4.42 | -4.20 | — | -7.80 | -2.08 | -2.29 | -2.58 | -2.10 | -2.87 |
| Interest Coverage | 5.18 | 5.18 | 14.29 | 12.86 | 3.97 | 0.22 | 15.01 | 5.91 | 4.16 | 1.52 | 0.14 |
Net cash position: cash ($169M) exceeds total debt ($11M)
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 | 1.84 | 1.84 | 2.52 | 1.90 | 1.71 | 1.84 | 1.61 | 1.85 | 1.75 | 1.68 | 1.63 |
| Quick Ratio | 1.62 | 1.62 | 2.14 | 1.60 | 1.45 | 1.58 | 1.40 | 1.62 | 1.60 | 1.48 | 1.49 |
| Cash Ratio | 0.88 | 0.88 | 1.18 | 0.82 | 0.69 | 0.77 | 0.60 | 0.62 | 0.48 | 0.36 | 0.27 |
| Asset Turnover | — | 0.61 | 0.71 | 0.62 | 0.62 | 0.58 | 0.40 | 0.67 | 0.67 | 0.73 | 0.73 |
| Inventory Turnover | 7.01 | 7.01 | 4.94 | 4.18 | 4.63 | 5.05 | 3.99 | 6.16 | 8.16 | 6.94 | 9.50 |
| Days Sales Outstanding | — | 94.04 | 89.07 | 100.21 | 115.07 | 110.65 | 164.90 | 98.95 | 130.06 | 140.50 | 116.70 |
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 | — | — | — | — | — | 8.8% | 5.5% | 5.6% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | 57.0% | 68.0% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.4% | 2.6% | 7.2% | 6.7% | — | — | 9.7% | 8.2% | 3.6% | 1.6% | — |
| FCF Yield | 1.2% | 1.2% | 7.1% | 6.1% | — | 2.5% | 10.6% | 6.1% | 4.2% | 4.0% | 2.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.8% | 5.5% | 5.7% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $60M | $57M | $57M | $57M | $56M | $56M | $56M | $56M | $55M | $52M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying GILT stock.
Gilat Satellite Networks Ltd.'s current P/E ratio is 29.4x. The historical average is 24.0x. This places it at the 75th percentile of its historical range.
Gilat Satellite Networks Ltd.'s current EV/EBITDA is 13.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.5x.
Gilat Satellite Networks Ltd.'s return on equity (ROE) is 5.2%. The historical average is 2.6%.
Based on historical data, Gilat Satellite Networks Ltd. is trading at a P/E of 29.4x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Gilat Satellite Networks Ltd. has 29.5% gross margin and 4.5% operating margin.
Gilat Satellite Networks Ltd.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Margin compression amid rapid growth
Valuation Reflects Growth, Ignores Margin Risk
Gilat's forward P/E of 16.16 and EV/EBITDA of 8.16 appear to price in a significant earnings recovery, but the current TTM P/E of 29.24 suggests the market is already discounting the margin compression evident in recent quarters.
The valuation multiples imply the market expects a reversion to historical profitability levels, as the forward P/E is nearly half the trailing figure. However, this optimism may be misplaced if the current gross margin of 29.5% represents a new, structurally lower baseline due to competitive pricing or a less favorable product mix. The P/B ratio of 1.20 is modest, but it is inflated by a large cash position and goodwill from the DataPath acquisition, which may not be generating commensurate returns.
Growth Erodes Margin Structure
Despite 47.9% TTM revenue growth, Gilat's operating margin has collapsed to 3.2% in 2026Q2 from a peak of 16.3% in 2024Q4, indicating that incremental revenue is being absorbed by rising costs rather than driving operating leverage.
The severe compression in gross margin from 39.7% to 30.4% over the past year suggests the company is winning business at the expense of profitability, possibly through lower-margin terrestrial projects or competitive hardware pricing. The net margin of 6.6% in 2026Q2, while positive, is heavily reliant on non-operating items, as the operating margin of 3.2% reveals the core business is generating minimal profit from its expanded revenue base.
Capital Returns Decaying Despite Cash Hoard
Gilat's ROIC has fallen to 0.7% in 2026Q2 from a high of 5.0% in 2024Q4, a stark deterioration that suggests the company's substantial cash reserves and recent acquisition are not yet generating efficient returns on invested capital.
The declining ROIC trend, coupled with a near-zero ROE of 1.5%, indicates that the company's growth is not translating into value creation for shareholders. The capital base has expanded significantly due to the DataPath acquisition and cash accumulation, but the operating profit generated from this larger base has not kept pace, pointing to potential integration challenges or a misallocation of capital toward lower-return projects.
Working Capital Cycle Lengthens, Draining Cash
Gilat's cash conversion cycle has expanded to 121 days in 2026Q2 from 86 days in 2025Q4, driven by a sharp increase in days sales outstanding to 105 days, which is consuming cash and contributing to negative free cash flow despite profitable operations.
The lengthening CCC, particularly the surge in DSO, suggests deteriorating collection efficiency or a shift toward customers with longer payment terms, possibly in the government or large-scale infrastructure segments. This working capital build is a primary driver of the negative FCF margin of -3.3% in 2026Q2, indicating that the company's growth is being funded by its balance sheet rather than generated by its operations.
Minimal Debt Masks Operational Cash Burn
With a debt-to-equity ratio of just 0.02, Gilat's balance sheet is virtually unlevered, providing a significant buffer against interest rate risk, but this strength obscures the operational cash burn evident in recent quarters.
The negligible leverage is a strategic advantage, as seen in the absence of interest coverage data, but it also means the company is not using debt to enhance returns. The primary risk is not financial distress but operational, as the negative free cash flow and working capital drain are eroding the cash reserves that underpin the fortress balance sheet. The D/E ratio is a misleading indicator of health in this context, as the real constraint is operational cash generation.
The P/E Multiple's Dangerous Illusion
The most commonly misapplied ratio for Gilat is the P/E multiple, which appears attractive at 16.16 forward but obscures the fact that current earnings are not representative of sustainable, cash-generative profitability.
Investors focusing on the forward P/E may be lured by the apparent earnings growth, but this metric is highly sensitive to the volatile and currently depressed operating margins. The P/E ratio fails to account for the significant working capital investment required to fund growth, as evidenced by the negative FCF. A more appropriate metric would be EV/FCF or a focus on operating cash flow conversion, which would highlight that the company's growth is currently consuming cash rather than generating it, making the earnings-based valuation potentially misleading.