Latest Ratios: P/E Ratio 7.2x · EV/EBITDA 7.0x · ROE 6.9%. (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 | $1.9B | $2.0B | $1.5B | $2.9B | $3.8B | $8.9B | $6.8B | $6.8B | $11.0B | $10.7B | $7.0B |
| Enterprise Value | $8.4B | $8.5B | $8.5B | $10.1B | $11.2B | $14.1B | $11.3B | $12.2B | $13.6B | $13.9B | $10.5B |
| P/E Ratio → | 7.19 | 7.37 | 13.62 | 9.23 | — | 9.49 | — | 9.78 | 13.75 | 12.40 | 12.54 |
| P/S Ratio | 0.12 | 0.13 | 0.09 | 0.17 | 0.21 | 0.46 | 0.43 | 0.34 | 0.54 | 0.53 | 0.35 |
| P/B Ratio | 0.48 | 0.50 | 0.39 | 0.75 | 1.00 | 1.91 | 1.31 | 1.24 | 1.99 | 1.97 | 1.35 |
| P/FCF | 1.73 | 1.82 | 8.13 | 4.96 | — | 5.34 | 6.76 | 8.42 | 7.20 | 10.46 | 5.06 |
| P/OCF | 1.30 | 1.36 | 2.28 | 2.51 | 13.40 | 3.92 | 5.07 | 4.08 | 5.22 | 6.31 | 3.25 |
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 | — | 0.55 | 0.52 | 0.58 | 0.62 | 0.73 | 0.71 | 0.61 | 0.67 | 0.69 | 0.53 |
| EV / EBITDA | 6.96 | 7.04 | 6.79 | 6.91 | 10.62 | 5.60 | 18.39 | 6.03 | 5.84 | 5.76 | 4.96 |
| EV / EBIT | 16.52 | 13.65 | 19.64 | 14.12 | 45.50 | 9.53 | — | 10.97 | 10.45 | 9.79 | 8.89 |
| EV / FCF | — | 7.72 | 46.73 | 17.13 | — | 8.46 | 11.21 | 15.16 | 8.87 | 13.61 | 7.62 |
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 | 40.6% | 40.6% | 40.4% | 39.9% | 36.7% | 41.1% | 35.1% | 39.2% | 39.7% | 39.4% | 39.3% |
| Operating Margin | 3.3% | 3.3% | 3.1% | 4.1% | 1.4% | 8.6% | -1.6% | 5.5% | 6.7% | 7.1% | 6.0% |
| Net Profit Margin | 1.8% | 1.8% | 0.7% | 1.8% | -0.1% | 4.8% | -1.0% | 3.5% | 4.0% | 4.3% | 2.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.9% | 6.9% | 2.8% | 8.3% | -0.5% | 19.0% | -3.1% | 12.6% | 14.6% | 16.2% | 10.4% |
| ROA | 2.0% | 2.0% | 0.8% | 2.2% | -0.1% | 6.2% | -1.1% | 5.1% | 6.2% | 6.4% | 4.1% |
| ROIC | 3.6% | 3.6% | 3.5% | 4.8% | 1.8% | 12.9% | -1.9% | 8.7% | 12.2% | 12.2% | 9.7% |
| ROCE | 4.8% | 4.8% | 4.7% | 6.3% | 2.1% | 14.0% | -2.2% | 10.2% | 13.3% | 13.3% | 11.0% |
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 | 1.64 | 1.64 | 1.88 | 1.89 | 2.01 | 1.46 | 1.30 | 1.12 | 0.63 | 0.83 | 0.89 |
| Debt / EBITDA | 5.48 | 5.48 | 5.72 | 5.03 | 7.18 | 2.69 | 11.01 | 3.04 | 1.50 | 1.88 | 2.17 |
| Net Debt / Equity | — | 1.61 | 1.85 | 1.85 | 1.97 | 1.12 | 0.86 | 0.99 | 0.46 | 0.59 | 0.68 |
| Net Debt / EBITDA | 5.38 | 5.38 | 5.61 | 4.91 | 7.03 | 2.06 | 7.30 | 2.68 | 1.10 | 1.33 | 1.67 |
| Debt / FCF | — | 5.90 | 38.60 | 12.17 | — | 3.12 | 4.45 | 6.73 | 1.68 | 3.15 | 2.56 |
| Interest Coverage | 2.17 | 2.17 | 1.36 | 2.08 | 0.81 | 5.69 | -0.92 | 5.35 | 5.07 | 4.74 | 3.84 |
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 | 1.46 | 1.46 | 1.08 | 1.31 | 1.20 | 1.53 | 1.93 | 1.68 | 1.77 | 1.99 | 1.76 |
| Quick Ratio | 0.37 | 0.37 | 0.14 | 0.20 | 0.18 | 0.60 | 1.07 | 0.40 | 0.50 | 0.68 | 0.49 |
| Cash Ratio | 0.27 | 0.27 | 0.04 | 0.07 | 0.05 | 0.48 | 0.75 | 0.26 | 0.34 | 0.48 | 0.36 |
| Asset Turnover | — | 1.16 | 1.20 | 1.25 | 1.26 | 1.29 | 1.04 | 1.37 | 1.62 | 1.50 | 1.45 |
| Inventory Turnover | 3.36 | 3.36 | 3.28 | 3.65 | 3.59 | 3.73 | 4.00 | 3.43 | 3.51 | 3.44 | 3.15 |
| Days Sales Outstanding | — | 2.94 | 3.58 | 3.49 | 4.24 | 3.57 | 18.05 | 0.27 | 0.52 | 1.13 | 0.50 |
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 | 2.9% | 2.8% | 15.0% | 7.5% | 6.3% | 1.7% | 1.6% | 6.3% | 3.6% | 3.5% | 5.1% |
| Payout Ratio | 20.6% | 20.6% | 203.7% | 69.4% | — | 15.7% | — | 61.2% | 49.9% | 42.8% | 64.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 13.9% | 13.6% | 7.3% | 10.8% | — | 10.5% | — | 10.2% | 7.3% | 8.1% | 8.0% |
| FCF Yield | 57.7% | 55.0% | 12.3% | 20.2% | — | 18.7% | 14.8% | 11.9% | 13.9% | 9.6% | 19.8% |
| Buyback Yield | 0.0% | 0.0% | 0.7% | 0.5% | 18.0% | 15.5% | 0.4% | 7.4% | 3.9% | 3.0% | 8.2% |
| Total Shareholder Yield | 2.9% | 2.8% | 15.7% | 8.1% | 24.3% | 17.2% | 2.0% | 13.7% | 7.5% | 6.5% | 13.4% |
| Shares Outstanding | — | $115M | $112M | $111M | $120M | $148M | $154M | $158M | $165M | $168M | $179M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying KSS stock.
Kohl's Corporation's current P/E ratio is 7.2x. The historical average is 21.5x.
Kohl's Corporation's current EV/EBITDA is 7.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.9x.
Kohl's Corporation's return on equity (ROE) is 6.9%. The historical average is 14.1%.
Based on historical data, Kohl's Corporation is trading at a P/E of 7.2x. Compare with industry peers and growth rates for a complete picture.
Kohl's Corporation's current dividend yield is 2.86% with a payout ratio of 20.6%.
Kohl's Corporation has 40.6% gross margin and 3.3% operating margin.
Kohl's Corporation's Debt/EBITDA ratio is 5.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Sustained negative revenue growth
Metrics are mathematically derived from official filings.
Deep Value Discount Amidst Operational Decline
Kohl's trades at a significant discount to peers with a P/E of 8.20 and P/B of 0.55, suggesting the market is pricing in substantial operational risk and limited growth prospects, as reported in recent financial statements.
The company's valuation multiples are compressed relative to both its own history and the peer group, with a forward P/E of 13.90 implying a recovery that may not materialize given the persistent -4.3% revenue decline. The P/B ratio below 1.0 indicates the market values the company at less than its stated book value, which may reflect skepticism about the quality of its assets or the sustainability of its equity base. This deep discount appears to be a direct reflection of the strained profitability and high leverage profile, rather than a simple value opportunity.
Margin Volatility Masks Underlying Weakness
Kohl's operating margin has swung from 7.4% to negative territory over the last ten quarters, with the recent 4.3% net margin appearing to be driven by cost control rather than sustainable top-line growth, according to the company's reported figures.
The extreme volatility in gross margin, ranging from 35.7% to 43.3%, suggests inconsistent pricing power and inventory management, while the narrow operating margin indicates that SG&A expenses are largely fixed and consume the vast majority of gross profit. The recent improvement in net margin to 4.3% in 2026Q2 appears to be a result of temporary cost containment measures, as revenue continues to contract. This pattern suggests the company's true earning power is significantly lower than the most recent quarter implies, and profitability remains highly sensitive to even minor shifts in consumer demand.
Capital Returns Remain Below Cost of Capital
Kohl's ROIC has averaged just 0.9% over the last ten quarters, consistently failing to generate returns above its likely cost of capital, which indicates a persistent destruction of shareholder value based on the reported financial data.
The ROIC trend shows no meaningful improvement, with the most recent quarter at 2.0% still well below the levels achieved by more efficient peers like Dillard's (33.2%) and Buckle (37.6%). This chronic underperformance suggests the company's capital allocation is not generating adequate returns, likely due to a combination of low asset turnover and compressed margins. The ROE of 3.7% in the latest quarter, while positive, is heavily influenced by the high leverage and does not reflect efficient use of equity capital.
Leverage Masked by Lease Accounting
While the reported debt-to-equity ratio of 1.54 appears manageable, the true leverage burden is significantly higher when accounting for off-balance-sheet operating leases, which would materially increase the company's debt profile according to standard retail industry adjustments.
The interest coverage ratio of 4.14 in 2026Q2 appears adequate, but this metric is based on reported earnings that may not reflect the full economic cost of the company's operations. The D/EBITDA ratio of 14.79 is elevated and suggests the company's debt load is substantial relative to its cash flow generation. Given the persistent revenue declines and thin margins, the company's ability to service this debt, particularly if operating lease liabilities were fully recognized, warrants careful monitoring.
Seasonal Liquidity Swings Raise Concerns
Kohl's liquidity position shows extreme volatility, with the current ratio swinging from 1.05 to 1.49 over the last ten quarters, suggesting the company's ability to meet short-term obligations is highly dependent on seasonal working capital cycles, as shown in the financial data.
The quick ratio, which excludes inventory, has been as low as 0.12, indicating that the company's liquidity is heavily dependent on its ability to convert inventory into cash. The recent improvement to 0.41 is positive but still reflects a tight liquidity position. This volatility suggests that under a severe demand downturn, the company could face significant pressure to meet its short-term obligations without relying on external financing or asset sales.
The Misleading P/E Multiple
The P/E ratio of 8.20 is the most commonly misapplied metric to Kohl's, as it obscures the company's true leverage burden and the non-recurring nature of recent earnings improvements driven by cost cuts rather than sustainable growth.
Investors often focus on the low P/E as a sign of value, but this metric fails to account for the significant off-balance-sheet lease liabilities that would materially increase the company's enterprise value and reduce its earnings power. Furthermore, the recent earnings beat was largely driven by cost containment and margin management, which may not be sustainable without a reversal in the negative revenue trend. A more appropriate metric would be EV/EBITDA, which better captures the company's true capital structure and operating performance.