Latest Ratios: P/E Ratio 19.8x · EV/EBITDA 14.2x · ROE 40.2%. (2012–2025 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 | $4.3B | $5.4B | $5.7B | $3.8B | $2.7B | $4.3B | $2.8B | $1.8B | $1.7B | $1.8B | $822M |
| Enterprise Value | $4.1B | $5.2B | $5.5B | $3.9B | $2.7B | $3.9B | $2.8B | $1.8B | $1.5B | $1.6B | $521M |
| P/E Ratio → | 19.79 | 23.38 | 41.51 | — | 17.93 | 11.71 | 15.85 | 16.89 | 12.37 | 62.18 | 21.46 |
| P/S Ratio | 2.84 | 3.59 | 4.74 | 4.50 | 2.74 | 2.78 | 3.01 | 2.37 | 1.97 | 2.67 | 1.34 |
| P/B Ratio | 6.78 | 8.01 | 11.81 | 10.61 | 5.88 | 8.94 | 6.39 | 4.50 | 4.69 | 5.31 | 3.27 |
| P/FCF | 7.98 | 10.09 | 13.63 | 27.12 | 99.80 | 4.65 | 7.31 | 8.74 | 4.54 | 8.03 | 3.60 |
| P/OCF | 7.48 | 9.45 | 13.24 | 24.26 | 81.78 | 4.57 | 6.62 | 8.47 | 4.46 | 7.84 | 3.55 |
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 | — | 3.43 | 4.58 | 4.53 | 2.72 | 2.56 | 3.00 | 2.41 | 1.70 | 2.39 | 0.85 |
| EV / EBITDA | 14.24 | 18.22 | 29.83 | — | 11.98 | 7.85 | 10.48 | 15.08 | 6.51 | 9.76 | 3.17 |
| EV / EBIT | 14.86 | 15.89 | 31.63 | — | 12.42 | 7.96 | 10.66 | 15.73 | 6.64 | 9.97 | 3.24 |
| EV / FCF | — | 9.64 | 13.17 | 27.33 | 99.28 | 4.29 | 7.29 | 8.88 | 3.92 | 7.20 | 2.28 |
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 | 99.2% | 99.2% | 30.5% | 16.4% | 37.3% | 40.7% | 40.5% | 34.6% | 42.0% | 41.4% | 41.2% |
| Operating Margin | 18.1% | 18.1% | 14.5% | -4.7% | 21.9% | 32.2% | 28.2% | 15.3% | 25.6% | 24.0% | 26.3% |
| Net Profit Margin | 15.4% | 15.4% | 11.4% | -2.9% | 15.3% | 23.7% | 19.0% | 14.1% | 15.9% | 4.3% | 6.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 40.2% | 40.2% | 32.3% | -6.0% | 32.1% | 79.2% | 42.7% | 27.5% | 39.3% | 9.9% | 15.1% |
| ROA | 14.6% | 14.6% | 10.6% | -2.1% | 10.8% | 26.5% | 15.8% | 10.6% | 17.4% | 4.5% | 6.7% |
| ROIC | 24.9% | 24.9% | 20.3% | -4.9% | 24.5% | 56.7% | 32.3% | 17.4% | 44.5% | 38.6% | 45.8% |
| ROCE | 22.0% | 22.0% | 27.0% | -6.6% | 32.7% | 75.6% | 43.1% | 23.6% | 62.0% | 53.5% | 61.1% |
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 | 0.47 | 0.60 | 0.42 | 0.40 | 0.44 | 0.50 | 0.07 | 0.07 | 0.07 |
| Debt / EBITDA | 0.93 | 0.93 | 1.22 | — | 0.86 | 0.38 | 0.73 | 1.65 | 0.11 | 0.14 | 0.11 |
| Net Debt / Equity | — | -0.35 | -0.39 | 0.08 | -0.03 | -0.69 | -0.01 | 0.08 | -0.64 | -0.55 | -1.20 |
| Net Debt / EBITDA | -0.84 | -0.84 | -1.03 | — | -0.06 | -0.65 | -0.02 | 0.25 | -1.02 | -1.13 | -1.83 |
| Debt / FCF | — | -0.45 | -0.46 | 0.21 | -0.52 | -0.36 | -0.02 | 0.15 | -0.62 | -0.83 | -1.32 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($509M) exceeds total debt ($267M)
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 | 21.47 | 21.47 | 0.72 | 0.42 | 0.47 | 0.67 | 0.55 | 0.47 | 0.62 | 0.80 | 1.04 |
| Quick Ratio | 21.47 | 21.47 | 0.72 | 0.42 | 0.47 | 0.67 | 0.55 | 0.47 | 0.62 | 0.80 | 1.04 |
| Cash Ratio | 17.61 | 17.61 | 0.61 | 0.31 | 0.37 | 0.59 | 0.36 | 0.35 | 0.49 | 0.62 | 0.94 |
| Asset Turnover | — | 0.84 | 0.87 | 0.72 | 0.81 | 0.99 | 0.79 | 0.70 | 0.97 | 0.98 | 1.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 4.5% | 3.8% | 0.1% | 4.7% | 6.5% | 11.2% | 10.0% | 11.8% | 18.0% | 14.0% | 18.8% |
| Payout Ratio | 89.6% | 89.6% | 2.3% | — | 116.2% | 131.4% | 158.2% | 199.0% | 223.1% | 869.7% | 403.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.1% | 4.3% | 2.4% | — | 5.6% | 8.5% | 6.3% | 5.9% | 8.1% | 1.6% | 4.7% |
| FCF Yield | 12.5% | 9.9% | 7.3% | 3.7% | 1.0% | 21.5% | 13.7% | 11.4% | 22.0% | 12.5% | 27.8% |
| Buyback Yield | 1.7% | 1.4% | 0.2% | 1.2% | 5.5% | 2.4% | 1.6% | 2.9% | 1.9% | 0.7% | 0.4% |
| Total Shareholder Yield | 6.3% | 5.2% | 0.2% | 6.0% | 11.9% | 13.7% | 11.5% | 14.7% | 19.9% | 14.7% | 19.2% |
| Shares Outstanding | — | $79M | $77M | $69M | $70M | $68M | $61M | $56M | $51M | $38M | $24M |
Includes 30+ ratios · 14 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MC stock.
Moelis & Company's current P/E ratio is 19.8x. The historical average is 24.2x. This places it at the 60th percentile of its historical range.
Moelis & Company's current EV/EBITDA is 14.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.2x.
Moelis & Company's return on equity (ROE) is 40.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 27.0%.
Based on historical data, Moelis & Company is trading at a P/E of 19.8x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Moelis & Company's current dividend yield is 4.53% with a payout ratio of 89.6%.
Moelis & Company has 99.2% gross margin and 18.1% operating margin. Operating margin between 10-20% is typical for established companies.
Moelis & Company's Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Compensation cost inflation
Metrics are mathematically derived from official filings.
Premium Multiple for Pure-Play Advisory
MC trades at 7.95x tangible book and 23.2x trailing earnings, a premium to peers like Evercore (5.5x P/B) and PJT (4.8x P/B), reflecting its conflict-free model and restructuring optionality, as per market data.
The P/B premium appears justified by MC's asset-light model and high return on tangible equity potential, though current ROTCE is depressed. The forward P/E of 21.4x implies the market expects margin recovery toward historical peaks. Investors should monitor whether the multiple sustains if compensation costs persist.
ROE Volatility Masks Operating Leverage
ROE swung from 3.4% in 2024Q2 to 20.4% in 2024Q4, then settled at 7.7% in 2026Q2, per quarterly data, highlighting the lumpy nature of advisory fees and the firm's high operating leverage.
The DuPont decomposition shows ROE is driven entirely by asset utilization (fee income) and leverage, with no NIM contribution. The 18.1% operating margin in 2026Q2 is well below the 25%+ seen in prior cycles, suggesting that incremental revenue is being absorbed by compensation. As deal volumes recover, fixed cost coverage should drive margin expansion, but the pace remains uncertain.
Efficiency Ratio Distorted by Revenue Timing
The efficiency ratio swung from 11.4% in 2024Q4 to 81.1% in 2026Q2, per reported figures, reflecting the lumpy recognition of success fees and the fixed nature of compensation costs.
MC's efficiency ratio is not comparable to traditional banks because it has no interest expense; the ratio is purely a function of comp-to-revenue. The 81.1% in 2026Q2 suggests that compensation costs are running ahead of revenue, a trend that warrants monitoring. If revenue momentum continues, the ratio should normalize, but the absence of guidance adds uncertainty.
Capital-Light Model with Strong Equity Buffer
Equity-to-assets rose to 0.46 in 2026Q2 from 0.34 in 2024Q3, per balance sheet data, reflecting retained earnings and a capital-light advisory model with no debt or deposit leverage.
MC's capital adequacy is not measured by regulatory ratios like CET1, but its equity buffer is robust for its business model. The firm's ability to return capital is high, as evidenced by a 3.9% dividend yield and ongoing buybacks. However, the lack of a loan book means capital is not deployed for credit risk, so the buffer primarily supports operational risk and talent retention.
No Credit Risk, but Provision Volatility
MC holds no loan portfolio, yet provision expenses swung from $4.4M in 2026Q2 to $210.4M in 2026Q1, per financial statements, likely tied to deal contingencies rather than credit losses.
Traditional asset quality metrics like NPLs are not applicable. The provision volatility appears to be accounting for deal-related contingencies, which may obscure true earnings quality. Investors should focus on cash generation and the timing of success fees rather than provision line items.
Premium Valuation vs. Advisory Peers
MC's P/B of 7.95x exceeds Evercore's 5.49x and PJT's 4.84x, per peer data, while its ROE of 7.7% lags Evercore's 45.8%, suggesting the market prices MC for a cyclical recovery.
The valuation gap implies that MC is expected to deliver stronger earnings growth than peers, likely due to its restructuring exposure and founder-led structure. However, the current ROE is below the peer average, indicating that the market is looking through the cycle. If the M&A recovery stalls, the premium could compress.
P/E Misleads Due to Provision Swings
The most misapplied ratio for MC is P/E, as provision volatility and stock-based compensation distort net income, per reported figures, making P/B and P/TBV more reliable valuation metrics.
P/E is unreliable for advisory firms because earnings are subject to large swings from deal timing and non-cash charges. For example, Q2 2026 EPS of $0.63 missed consensus despite record revenue, highlighting the disconnect. Investors should use P/B or P/TBV, which are less affected by short-term earnings volatility, and adjust for SBC to assess true cash generation.