Latest Ratios: P/E Ratio -16.9x · EV/EBITDA 16.4x · ROE -19.2%. (1995–2025 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 | $4.1B | $3.4B | $2.5B | $2.8B | $3.0B | $4.4B | $3.2B | $3.6B | $4.4B | $3.9B | $2.2B |
| Enterprise Value | $4.0B | $3.2B | $2.8B | $3.2B | $3.3B | $4.5B | $3.7B | $4.0B | $4.6B | $3.9B | $2.3B |
| P/E Ratio → | -16.87 | — | 39.92 | 161.69 | — | — | — | — | — | — | — |
| P/S Ratio | 2.97 | 2.42 | 2.02 | 2.43 | 2.91 | 4.28 | 3.44 | 3.36 | 4.01 | 3.83 | 1.81 |
| P/B Ratio | 3.41 | 2.79 | 1.91 | 2.20 | 2.46 | 3.42 | 2.90 | 2.64 | 2.95 | 2.14 | 1.29 |
| P/FCF | 23.81 | 19.36 | 18.59 | 70.24 | 68.47 | 57.44 | — | — | 53.77 | 67.76 | 41.49 |
| P/OCF | 16.22 | 13.19 | 13.81 | 37.44 | 42.51 | 43.17 | — | — | 36.81 | 42.45 | 24.38 |
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 | — | 2.30 | 2.21 | 2.76 | 3.27 | 4.35 | 3.93 | 3.67 | 4.12 | 3.88 | 1.88 |
| EV / EBITDA | 16.41 | 13.22 | 15.40 | — | — | 67.04 | — | — | — | 23.68 | 63.46 |
| EV / EBIT | 19.87 | — | 18.33 | — | — | — | — | 82.09 | — | 30.47 | 63.70 |
| EV / FCF | — | 18.42 | 20.42 | 79.60 | 76.90 | 58.46 | — | — | 55.24 | 68.68 | 43.06 |
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 | 67.7% | 67.7% | 69.5% | 66.9% | 69.2% | 68.2% | 63.7% | 66.8% | 66.4% | 64.4% | 58.0% |
| Operating Margin | 14.4% | 14.4% | 10.3% | -5.9% | -7.5% | -0.1% | -29.3% | -15.8% | -22.4% | 9.5% | -2.3% |
| Net Profit Margin | -17.5% | -17.5% | 5.0% | 1.5% | -8.4% | -13.1% | -37.3% | -14.5% | -17.1% | -2.5% | -5.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -19.2% | -19.2% | 4.9% | 1.4% | -6.9% | -11.3% | -28.0% | -10.9% | -11.4% | -1.4% | -3.6% |
| ROA | -9.5% | -9.5% | 2.6% | 0.7% | -3.8% | -5.9% | -14.5% | -6.4% | -7.5% | -1.0% | -2.6% |
| ROIC | 11.5% | 11.5% | 6.0% | -3.2% | -3.9% | -0.0% | -12.5% | -7.7% | -10.7% | 3.9% | -1.1% |
| ROCE | 10.2% | 10.2% | 6.1% | -3.3% | -4.4% | -0.0% | -13.7% | -8.7% | -12.0% | 4.6% | -1.3% |
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 | 0.39 | 0.39 | 0.51 | 0.50 | 0.48 | 0.22 | 0.64 | 0.29 | 0.11 | 0.08 | 0.07 |
| Debt / EBITDA | 1.96 | 1.96 | 3.76 | — | — | 4.27 | — | — | — | 0.88 | 3.42 |
| Net Debt / Equity | — | -0.14 | 0.19 | 0.29 | 0.30 | 0.06 | 0.41 | 0.24 | 0.08 | 0.03 | 0.05 |
| Net Debt / EBITDA | -0.67 | -0.67 | 1.38 | — | — | 1.17 | — | — | — | 0.32 | 2.31 |
| Debt / FCF | — | -0.94 | 1.82 | 9.36 | 8.44 | 1.02 | — | — | 1.47 | 0.92 | 1.57 |
| Interest Coverage | -3.48 | -3.48 | 2.40 | -0.38 | -0.56 | -1.48 | -1.49 | 3.21 | -24.19 | 16.54 | 3.37 |
Net cash position: cash ($636M) exceeds total debt ($473M)
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 | 1.36 | 1.36 | 2.87 | 2.95 | 2.98 | 0.97 | 2.29 | 1.07 | 1.07 | 2.14 | 1.96 |
| Quick Ratio | 1.16 | 1.16 | 2.50 | 2.51 | 2.54 | 0.82 | 1.92 | 0.75 | 0.76 | 1.79 | 1.38 |
| Cash Ratio | 0.79 | 0.79 | 1.09 | 0.80 | 0.72 | 0.30 | 0.82 | 0.12 | 0.10 | 0.23 | 0.13 |
| Asset Turnover | — | 0.53 | 0.50 | 0.47 | 0.45 | 0.47 | 0.39 | 0.45 | 0.43 | 0.40 | 0.52 |
| Inventory Turnover | 2.72 | 2.72 | 2.59 | 2.59 | 2.43 | 3.11 | 2.94 | 2.20 | 2.43 | 2.50 | 2.78 |
| Days Sales Outstanding | — | 56.80 | 65.14 | 68.05 | 76.74 | 78.61 | 72.34 | 86.98 | 84.44 | 103.20 | 64.12 |
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 | — | — | 2.5% | 0.6% | — | — | — | — | — | — | — |
| FCF Yield | 4.2% | 5.2% | 5.4% | 1.4% | 1.5% | 1.7% | — | — | 1.9% | 1.5% | 2.4% |
| Buyback Yield | 0.1% | 0.1% | 0.3% | 0.3% | 0.3% | 0.3% | 0.2% | 0.2% | 1.4% | 0.1% | 2.5% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.3% | 0.3% | 0.3% | 0.3% | 0.2% | 0.2% | 1.4% | 0.1% | 2.5% |
| Shares Outstanding | — | $55M | $55M | $54M | $54M | $51M | $49M | $48M | $48M | $49M | $49M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying LIVN stock.
LivaNova PLC's current P/E ratio is -16.9x. The historical average is 100.8x.
LivaNova PLC's current EV/EBITDA is 16.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.6x.
LivaNova PLC's return on equity (ROE) is -19.2%. The historical average is -18.7%.
Based on historical data, LivaNova PLC is trading at a P/E of -16.9x. Compare with industry peers and growth rates for a complete picture.
LivaNova PLC has 67.7% gross margin and 14.4% operating margin. Operating margin between 10-20% is typical for established companies.
LivaNova PLC's Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
OSPREY trial delays
Metrics are mathematically derived from official filings.
Margin Expansion Masks Earnings Volatility
Gross margin reached 70.1% in 2026Q2, the highest in ten quarters, while operating margin improved to 12.7%, per reported financials, indicating strong pricing power and cost discipline.
The sequential improvement in gross margin from 67.6% in 2026Q1 to 70.1% in 2026Q2 suggests favorable product mix and operational leverage, likely driven by higher-margin Neuromodulation sales. However, net margin swung from -103.3% in 2025Q1 to 27.8% in 2026Q2, reflecting one-time items; investors should focus on operating margin as the cleaner measure of core profitability, which has remained in the 11-15% range over the past year.
ROIC Recovery Still Below Cost of Capital
ROIC improved to 3.4% in 2026Q2 from 0.8% in 2024Q1, per balance sheet data, but remains below the cost of capital, suggesting value creation is still nascent.
The upward trend in ROIC from 0.8% in 2024Q1 to 3.4% in 2026Q2 indicates improving capital efficiency, driven by margin expansion and a 48% reduction in total debt since 2025Q1. However, with ROE at 8.6% in 2026Q2, the company is still not generating returns that clearly exceed its cost of equity, implying that the market's forward P/E of 18.6 already prices in continued improvement.
Working Capital Drag Persists Despite DSO Improvement
DSO fell to 59 days in 2026Q2 from 72 days in 2024Q1, but CCC remains elevated at 111 days, per reported figures, indicating ongoing inventory and payables inefficiencies.
The reduction in DSO suggests improved receivables collection, but DIO has remained stubbornly high at 132 days, reflecting the capital-intensive nature of medical device manufacturing. DPO of 79 days provides some offset, yet the CCC of 111 days is still above the 2024Q1 level of 147 days, indicating that working capital is not yet a source of cash. Asset turnover is low at 0.15, consistent with a high-margin, asset-heavy business model.
Deleveraging Improves Coverage but EBITDA Volatility Remains
D/E fell to 0.27 in 2026Q2 from 0.66 in 2025Q1, and interest coverage rose to 3.57, per balance sheet data, indicating a more comfortable debt service position.
The 48% reduction in total debt since 2025Q1 has strengthened the balance sheet, with D/EBITDA dropping to 13.69 in 2026Q2 from 23.03 in 2024Q1, though the metric remains high due to depressed EBITDA. Interest coverage of 3.57 is adequate but sensitive to earnings swings, as seen in 2025Q1 when coverage was negative. The deleveraging trend appears deliberate, but investors should monitor whether EBITDA growth can sustain the improved ratios.
Liquidity Buffer Adequate but Inventory Heavy
Current ratio improved to 1.45 in 2026Q2 from 1.29 a year earlier, with quick ratio at 1.21, per reported figures, indicating a reasonable short-term cushion.
The current ratio has strengthened from 1.29 in 2025Q2 to 1.45 in 2026Q2, and cash stands at $516.6M, providing a buffer against operational shocks. However, the quick ratio of 1.21 suggests that inventory, which is substantial given DIO of 132 days, is a significant component of current assets. Under a severe demand shock, inventory liquidation could be slow, but the current cash position and improving operating cash flow mitigate near-term liquidity risk.
EV/EBITDA Misleads Due to Earnings Volatility
EV/EBITDA of 17.71 appears reasonable, but forward EV/EBITDA of 111.70, per valuation data, highlights the metric's distortion from depressed EBITDA and one-time charges.
The trailing EV/EBITDA of 17.71 is inflated by low EBITDA, while the forward multiple of 111.70 is nonsensical, reflecting the market's expectation of a sharp EBITDA recovery. This ratio is commonly misapplied to LivaNova because EBITDA is heavily impacted by litigation charges and restructuring costs, which are not truly recurring. A more appropriate metric is EV/EBIT or EV/Revenue, with P/S of 3.20 providing a more stable comparison to peers like Novocure (P/S ~5.76) and Glaukos (P/S ~16.27).