Latest Ratios: P/E Ratio -3.3x · EV/EBITDA 8.8x · ROE N/A. (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 | $5.9B | $7.7B | $5.2B | $1.8B | $5.3B | $13.4B | $10.5B | $14.2B | $16.1B | $10.5B | $12.9B |
| Enterprise Value | $22.6B | $24.4B | $22.5B | $20.9B | $26.0B | $44.2B | $43.7B | $48.9B | $51.7B | $47.7B | $32.3B |
| P/E Ratio → | -3.29 | — | — | — | — | 6.57 | — | — | — | 7.55 | 20.50 |
| P/S Ratio | 0.48 | 0.62 | 0.40 | 0.12 | 0.30 | 0.68 | 0.51 | 0.66 | 0.69 | 0.59 | 0.74 |
| P/B Ratio | — | — | 11.30 | 4.31 | 0.51 | 1.13 | 0.94 | 1.05 | 0.81 | 0.45 | 0.96 |
| P/FCF | 15.97 | 20.83 | 4.76 | — | 0.52 | 3.72 | 3.76 | 4.64 | 4.19 | — | 7.90 |
| P/OCF | 1.25 | 1.63 | 1.21 | 0.83 | 1.11 | 2.06 | 1.61 | 2.12 | 2.30 | 2.70 | 2.79 |
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 | — | 1.97 | 1.71 | 1.43 | 1.49 | 2.25 | 2.11 | 2.28 | 2.21 | 2.70 | 1.85 |
| EV / EBITDA | 8.82 | 9.53 | 6.58 | — | 7.80 | 5.10 | 7.71 | 23.26 | 9.09 | 8.02 | 5.17 |
| EV / EBIT | — | — | 19.68 | — | 76.28 | 10.68 | 49.36 | — | 84.24 | 23.58 | 13.83 |
| EV / FCF | — | 65.85 | 20.39 | — | 2.55 | 12.28 | 15.65 | 16.03 | 13.41 | — | 19.87 |
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 | 46.5% | 46.5% | 48.9% | 50.9% | 55.0% | 56.9% | 56.9% | 57.4% | 53.7% | 53.5% | 55.5% |
| Operating Margin | -1.5% | -1.5% | 3.5% | -65.8% | 0.5% | 21.8% | 4.6% | -12.7% | 2.4% | 11.4% | 13.3% |
| Net Profit Margin | -14.0% | -14.0% | -0.4% | -70.7% | -8.9% | 10.3% | -5.9% | -24.6% | -7.4% | 7.9% | 3.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -12.5% | -190.9% | -13.9% | 17.7% | -10.0% | -31.6% | -8.0% | 7.5% | 4.6% |
| ROA | -5.1% | -5.1% | -0.2% | -25.9% | -3.0% | 3.5% | -2.0% | -7.8% | -2.4% | 2.3% | 1.3% |
| ROIC | -0.8% | -0.8% | 1.9% | -28.4% | 0.2% | 7.4% | 1.6% | -3.9% | 0.7% | 3.2% | 5.2% |
| ROCE | -0.6% | -0.6% | 1.5% | -26.9% | 0.2% | 8.3% | 1.7% | -4.5% | 0.8% | 3.6% | 5.5% |
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 | — | — | 41.20 | 51.07 | 2.12 | 2.63 | 3.01 | 2.71 | 1.82 | 1.61 | 1.47 |
| Debt / EBITDA | 6.90 | 6.90 | 5.60 | — | 6.60 | 3.60 | 5.93 | 17.33 | 6.34 | 6.35 | 3.15 |
| Net Debt / Equity | — | — | 37.13 | 45.71 | 2.00 | 2.60 | 2.98 | 2.58 | 1.79 | 1.59 | 1.45 |
| Net Debt / EBITDA | 6.51 | 6.51 | 5.04 | — | 6.22 | 3.56 | 5.86 | 16.53 | 6.25 | 6.25 | 3.12 |
| Debt / FCF | — | 45.02 | 15.63 | — | 2.03 | 8.56 | 11.88 | 11.39 | 9.22 | — | 11.96 |
| Interest Coverage | -1.12 | -1.12 | 0.83 | -7.84 | 0.26 | 2.72 | 0.53 | -1.36 | 0.28 | 1.36 | 1.77 |
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 | 1.80 | 1.80 | 1.21 | 1.35 | 1.07 | 1.61 | 0.44 | 0.62 | 0.70 | 0.86 | 0.97 |
| Quick Ratio | 1.76 | 1.76 | 1.17 | 1.29 | 1.02 | 1.60 | 0.42 | 0.60 | 0.68 | 0.84 | 0.94 |
| Cash Ratio | 0.23 | 0.23 | 0.52 | 0.63 | 0.26 | 0.05 | 0.06 | 0.23 | 0.09 | 0.11 | 0.04 |
| Asset Turnover | — | 0.36 | 0.39 | 0.43 | 0.38 | 0.34 | 0.35 | 0.33 | 0.33 | 0.23 | 0.37 |
| Inventory Turnover | 40.23 | 40.23 | 45.91 | 34.18 | 33.34 | 88.42 | 85.09 | 86.99 | 90.52 | 64.09 | 58.01 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | 0.0% | 0.0% | 0.1% | 0.6% | 14.8% | 8.1% | 10.5% | 7.8% | 14.3% | 13.9% | 9.1% |
| Payout Ratio | — | — | — | — | — | 53.5% | — | — | — | 104.6% | 186.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 15.2% | — | — | — | 13.2% | 4.9% |
| FCF Yield | 6.3% | 4.8% | 21.0% | — | 194.2% | 26.9% | 26.6% | 21.6% | 23.9% | — | 12.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 3.8% | 7.5% | 0.0% | 0.0% | 0.0% | 0.2% | 0.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.1% | 0.6% | 18.6% | 15.6% | 10.5% | 7.8% | 14.3% | 14.0% | 9.2% |
| Shares Outstanding | — | $995M | $988M | $983M | $1.0B | $1.1B | $1.1B | $1.1B | $1.1B | $629M | $541M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying LUMN stock.
Lumen Technologies, Inc.'s current P/E ratio is -3.3x. The historical average is 18.6x.
Lumen Technologies, Inc.'s current EV/EBITDA is 8.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.9x.
Based on historical data, Lumen Technologies, Inc. is trading at a P/E of -3.3x. Compare with industry peers and growth rates for a complete picture.
Lumen Technologies, Inc.'s current dividend yield is 0.02%.
Lumen Technologies, Inc. has 46.5% gross margin and -1.5% operating margin.
Lumen Technologies, Inc.'s Debt/EBITDA ratio is 6.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Debt overhang and revenue decline
Metrics are mathematically derived from official filings.
Distress Discount Masks Asset Value
LUMN trades at a P/E of -3.66 and a P/S of 0.53, reflecting negative earnings and a market capitalization of $6.40 per share, per current valuation metrics, indicating deep distress pricing.
The negative P/E is meaningless for valuation; instead, EV/EBITDA of 9.08 appears elevated relative to peers like ATUS (7.70) and WOW (6.68), suggesting the market may be pricing in some recovery or asset value. However, with revenue declining 9.3% YoY and no dividend, the equity is essentially a call option on a successful fiber transition, which remains unproven.
ROE Deeply Negative, No Allowed Return
LUMN's ROE was -4.0% in 2026Q2, per quarterly data, far below any regulatory allowed return, reflecting persistent net losses and negative equity, indicating no constructive regulatory outcome.
As a non-regulated telecom, LUMN has no authorized ROE, but the concept of earned return is critical: ROE has been negative for most quarters, with equity turning negative at -$1.5B. This implies the company is destroying shareholder value, and any recovery hinges on operational turnaround, not regulatory lag.
Margins Turn Negative on Legacy Decline
Operating margin swung to -3.1% in 2026Q2 from +4.6% in 2024Q4, per LUMN's income statements, as revenue fell 9.3% YoY, indicating cost recovery is failing to offset legacy erosion.
The negative operating margin suggests that fixed network costs are not being covered by declining revenue, and the $242M swing in operating income highlights the lack of operating leverage. With D&A consuming over 23% of revenue, the company's cost structure remains bloated relative to its shrinking top line, and margin recovery appears distant without significant cost transformation.
Leverage Elevated Despite Debt Reduction
Debt-to-capital stood at 1.12 in 2026Q2, per balance sheet data, with negative equity, while interest coverage was -0.61, indicating that operating income cannot cover interest expenses.
Although total debt fell to $13.5B, the negative equity base makes the debt-to-capital ratio exceed 1.0, signaling a precarious capital structure. The negative interest coverage in 2026Q2 (and in several prior quarters) suggests that LUMN is not generating enough operating income to service its debt, relying on cash reserves and restructuring to meet obligations. The recent TSA extends maturities but likely increases interest expense, further straining coverage.
Dividend Eliminated, No Coverage Needed
LUMN paid no dividends in 2026Q2, with the last payment of $1M in 2025Q4, per cash flow data, reflecting a suspension that eliminates payout concerns but signals financial distress.
The dividend suspension frees up cash for debt service and fiber investment, but it also removes a key return component for shareholders. With negative free cash flow in 2025Q4 and CapEx consuming 92.9% of OCF in 2026Q2, internal funding is insufficient, and the company must rely on external capital, which dilutes equity or increases leverage.
Peer Comparison Highlights Distress
LUMN's EV/EBITDA of 9.08 is higher than ATUS (7.70) and WOW (6.68), per peer data, despite negative margins, suggesting the market may be valuing its fiber assets more optimistically than peers.
Relative to peers like Frontier (FYBR) and Altice (ATUS), LUMN trades at a premium on EV/EBITDA, which is surprising given its negative ROE and declining revenue. This may reflect the perceived value of its Tier 1 fiber network and dark fiber assets, which could be attractive to hyperscalers. However, the premium is unjustified on current earnings, and the market appears to be pricing in a strategic asset sale or a successful turnaround that has yet to materialize.
Misapplied P/E Obscures Asset Value
The most misapplied ratio for LUMN is P/E, which is negative and meaningless; instead, EV/EBITDA and asset-based valuation should be used, per current metrics, to capture the fiber network's replacement value.
Comparing LUMN's P/E to industrial or even utility peers is inappropriate because the company is loss-making and in a transition. The negative P/E obscures the potential value of its physical infrastructure, which may be worth more than the market capitalization. Investors should focus on EV/EBITDA, which at 9.08 is elevated but may reflect the strategic value of dark fiber and conduit, and on the sum-of-the-parts value of its fiber assets versus legacy copper liabilities.