Latest Ratios: P/E Ratio 22.9x · EV/EBITDA 10.8x · ROE 9.7%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.3B | $1.8B | $2.4B | $2.8B | $3.0B | $5.5B | — | — |
| Enterprise Value | $3.3B | $2.8B | $4.2B | $4.6B | $4.7B | $7.1B | — | — |
| P/E Ratio → | 22.90 | 17.94 | 34.71 | 36.00 | 27.15 | — | — | — |
| P/S Ratio | 2.22 | 1.76 | 2.41 | 3.06 | 3.45 | 7.21 | — | — |
| P/B Ratio | 2.08 | 1.63 | 2.41 | 3.10 | 3.77 | 8.32 | — | — |
| P/FCF | 77.01 | 60.93 | — | — | 80.44 | 114.84 | — | — |
| P/OCF | 8.17 | 6.46 | 9.66 | 13.86 | 13.19 | 31.53 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.65 | 4.23 | 4.94 | 5.33 | 9.38 | — | — |
| EV / EBITDA | 10.82 | 9.21 | 23.93 | 18.47 | 18.73 | 154.46 | — | — |
| EV / EBIT | 15.27 | 13.98 | 23.08 | 25.72 | 24.92 | — | — | — |
| EV / FCF | — | 92.11 | — | — | 124.24 | 149.46 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.9% | 62.9% | 70.8% | 60.8% | 33.1% | 65.0% | 66.3% | 61.3% |
| Operating Margin | 20.4% | 20.4% | 18.0% | 19.2% | 21.4% | -0.6% | 24.9% | 11.9% |
| Net Profit Margin | 9.8% | 9.8% | 7.1% | 8.6% | 12.9% | -2.9% | 10.5% | 0.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 9.7% | 9.7% | 7.3% | 9.3% | 15.5% | -6.5% | 362.8% | — |
| ROA | 3.3% | 3.3% | 2.3% | 2.7% | 4.2% | -1.0% | 3.6% | 0.1% |
| ROIC | 6.6% | 6.6% | 4.9% | 5.2% | 5.9% | -0.2% | 8.1% | 5.8% |
| ROCE | 7.3% | 7.3% | 6.4% | 6.5% | 7.3% | -0.2% | 9.1% | 6.8% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.86 | 0.86 | 1.87 | 1.93 | 2.14 | 2.54 | 108.02 | — |
| Debt / EBITDA | 3.21 | 3.21 | 10.64 | 7.12 | 6.86 | 36.20 | 9.55 | 9.05 |
| Net Debt / Equity | — | 0.83 | 1.81 | 1.91 | 2.05 | 2.51 | 100.94 | — |
| Net Debt / EBITDA | 3.12 | 3.12 | 10.26 | 7.04 | 6.60 | 35.78 | 8.92 | 8.99 |
| Debt / FCF | — | 31.18 | — | — | 43.80 | 34.62 | 38.99 | — |
| Interest Coverage | 3.39 | 3.39 | 2.29 | 2.37 | 4.47 | -0.20 | 2.21 | 0.97 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.32 | 0.32 | 0.53 | 0.36 | 0.69 | 0.45 | 1.10 | 0.39 |
| Quick Ratio | 0.29 | 0.29 | 0.50 | 0.31 | 0.59 | 0.40 | 1.03 | 0.27 |
| Cash Ratio | 0.15 | 0.15 | 0.36 | 0.11 | 0.42 | 0.15 | 0.96 | 0.08 |
| Asset Turnover | — | 0.33 | 0.32 | 0.32 | 0.30 | 0.31 | 0.27 | 0.53 |
| Inventory Turnover | 71.20 | 71.20 | 50.75 | 40.63 | 40.23 | 41.86 | 23.18 | 24.19 |
| Days Sales Outstanding | — | 5.60 | 5.25 | 8.28 | 7.96 | 11.50 | 3.59 | 7.45 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 21166.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.4% | 5.6% | 2.9% | 2.8% | 3.7% | — | — | — |
| FCF Yield | 1.3% | 1.6% | — | — | 1.2% | 0.9% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.8% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.8% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $332M | $330M | $328M | $328M | $300M | $296M | $296M |
Subscription saturation and leverage
According to current market data, MCW trades at a forward P/E of 14.98, which suggests investors are pricing in a premium for its subscription-based model compared to traditional cyclical automotive service providers that lack the same level of predictable, high-frequency recurring cash flow streams.
The current valuation multiples appear to imply a growth expectation that hinges on the successful execution of the Greenfield expansion strategy. Investors should monitor whether the PEG ratio of 2.50 remains sustainable if the pace of new site openings fails to offset the potential for subscription fatigue in core Sunbelt markets.
Based on reported figures, MCW's ROIC has remained in a narrow range between 0.9% and 2.1% over the last ten quarters, indicating that the company is struggling to generate meaningful returns on its heavy investment in physical conveyorized tunnel infrastructure and site acquisitions.
The low ROIC suggests that the capital-intensive nature of the business model may be diluting the benefits of the high-margin subscription revenue. This trend warrants further investigation into whether the shift toward Greenfield development will eventually improve capital efficiency or if the high cost of entry will continue to suppress long-term compounding potential.
As reported in financial statements, MCW maintains a negative cash conversion cycle, which reached -5 days in 2026Q1, demonstrating that the company effectively collects subscription revenue from customers well before it is required to settle its own operational payables with suppliers.
This negative CCC is a structural advantage of the subscription model, providing a consistent source of internal liquidity that helps offset the high capital expenditure requirements. However, investors should monitor if this efficiency remains stable as the company scales its footprint and potentially faces increased bargaining power from larger chemical or equipment vendors.
According to recent SEC filings, MCW has successfully reduced its debt-to-equity ratio from 1.93 in 2023Q4 to 0.82 in 2026Q1, signaling a deliberate effort to improve balance sheet health while continuing to fund its aggressive site development pipeline across key regional markets.
While the reduction in traditional debt is a positive development, the company's reliance on sale-leaseback transactions may mask the true extent of its long-term financial obligations. Analysts should consider rent-adjusted leverage metrics to ensure that the apparent improvement in the debt-to-equity ratio is not simply a shift of liabilities into off-balance-sheet lease commitments.
The P/E ratio is frequently misapplied to MCW because it fails to account for the significant non-cash depreciation and amortization charges inherent in a business model that relies on heavy investment in physical tunnel assets and frequent sale-leaseback accounting adjustments.
Investors should instead focus on EV/EBITDA or rent-adjusted cash flow metrics to better understand the company's true earning power. Relying solely on P/E may obscure the impact of capital intensity and the potential for margin compression caused by rising utility and labor costs in the current economic environment.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying MCW stock.
Mister Car Wash, Inc.'s current P/E ratio is 22.9x. The historical average is 28.9x. This places it at the 25th percentile of its historical range.
Mister Car Wash, Inc.'s current EV/EBITDA is 10.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.6x.
Mister Car Wash, Inc.'s return on equity (ROE) is 9.7%. The historical average is 66.3%.
Based on historical data, Mister Car Wash, Inc. is trading at a P/E of 22.9x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Mister Car Wash, Inc. has 62.9% gross margin and 20.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Mister Car Wash, Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.