Latest Ratios: P/E Ratio 26.1x · EV/EBITDA 23.9x · ROE 17.1%. (2011–2025 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 | $3.6B | $2.5B | $2.3B | $1.3B | $1.4B | $2.4B | $3.0B | $429M | $187M | $91M | $346M |
| Enterprise Value | $3.6B | $2.6B | $2.5B | $1.6B | $1.9B | $3.0B | $2.9B | $363M | $107M | $15M | $197M |
| P/E Ratio → | 26.11 | 17.08 | 99.50 | — | — | 35000.00 | — | — | — | — | — |
| P/S Ratio | 4.97 | 3.50 | 3.50 | 2.06 | 2.44 | 5.09 | 13.40 | 2.74 | 1.50 | 0.59 | 1.24 |
| P/B Ratio | 4.13 | 2.71 | 3.04 | 1.82 | 1.78 | 2.71 | 7.78 | 3.84 | 1.59 | 0.56 | 1.16 |
| P/FCF | 21.44 | 15.07 | 11.55 | 7.21 | 9.50 | 24.47 | — | 35.50 | — | — | 12.96 |
| P/OCF | 15.04 | 10.57 | 9.94 | 5.95 | 7.31 | 18.84 | — | 13.42 | — | 4.24 | 5.76 |
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 | — | 3.60 | 3.69 | 2.51 | 3.28 | 6.33 | 13.06 | 2.32 | 0.86 | 0.09 | 0.71 |
| EV / EBITDA | 23.94 | 16.96 | 22.47 | 18.14 | 18.35 | 45.03 | — | 79.89 | — | — | 11.01 |
| EV / EBIT | 37.08 | 28.68 | 46.02 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 15.51 | 12.17 | 8.79 | 12.79 | 30.41 | — | 30.01 | — | — | 7.36 |
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 | 62.7% | 62.7% | 61.3% | 33.9% | 46.8% | 56.9% | 64.9% | 63.3% | 51.9% | 63.5% | 73.7% |
| Operating Margin | 13.7% | 13.7% | 7.6% | -25.0% | -19.5% | -17.3% | -24.5% | -17.6% | -51.0% | -100.9% | -8.9% |
| Net Profit Margin | 20.3% | 20.3% | 3.4% | -25.7% | -22.6% | 0.0% | -24.1% | -16.3% | -49.6% | -99.5% | -6.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.1% | 17.1% | 3.1% | -21.3% | -15.6% | 0.0% | -21.7% | -22.2% | -43.7% | -66.7% | -6.3% |
| ROA | 4.8% | 4.8% | 0.8% | -5.9% | -4.8% | 0.0% | -8.0% | -6.7% | -16.6% | -34.3% | -3.4% |
| ROIC | 7.8% | 7.8% | 4.1% | -10.3% | -6.2% | -6.9% | -23.1% | -49.8% | -76.0% | -98.9% | -12.0% |
| ROCE | 7.3% | 7.3% | 3.9% | -10.8% | -6.9% | -7.7% | -19.9% | -22.4% | -44.6% | -67.1% | -8.5% |
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 | 0.68 | 0.68 | 0.79 | 0.86 | 1.03 | 0.92 | 0.11 | 0.20 | — | — | — |
| Debt / EBITDA | 4.14 | 4.14 | 5.56 | 7.07 | 7.88 | 12.30 | — | 4.96 | — | — | — |
| Net Debt / Equity | — | 0.08 | 0.16 | 0.40 | 0.62 | 0.66 | -0.20 | -0.59 | -0.68 | -0.47 | -0.50 |
| Net Debt / EBITDA | 0.48 | 0.48 | 1.15 | 3.27 | 4.72 | 8.79 | — | -14.61 | — | — | -8.36 |
| Debt / FCF | — | 0.44 | 0.62 | 1.58 | 3.29 | 5.94 | — | -5.49 | — | — | -5.59 |
| Interest Coverage | 4.73 | 4.73 | 1.98 | -3.87 | -3.63 | -3.79 | — | — | — | — | — |
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 | 1.02 | 1.02 | 1.14 | 1.09 | 1.18 | 1.14 | 1.16 | 1.17 | 1.25 | 1.40 | 1.79 |
| Quick Ratio | 1.02 | 1.02 | 1.14 | 1.09 | 1.18 | 1.14 | 1.16 | 1.17 | 1.25 | 1.40 | 1.79 |
| Cash Ratio | 0.30 | 0.30 | 0.32 | 0.23 | 0.29 | 0.22 | 0.23 | 0.33 | 0.37 | 0.59 | 0.87 |
| Asset Turnover | — | 0.23 | 0.23 | 0.23 | 0.21 | 0.17 | 0.24 | 0.40 | 0.35 | 0.41 | 0.54 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 665.61 | 655.55 | 692.81 | 617.65 | 722.95 | 776.79 | 507.71 | 602.11 | 389.28 | 251.97 |
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 | 3.8% | 5.9% | 1.0% | — | — | 0.0% | — | — | — | — | — |
| FCF Yield | 4.7% | 6.6% | 8.7% | 13.9% | 10.5% | 4.1% | — | 2.8% | — | — | 7.7% |
| Buyback Yield | 1.3% | 1.9% | 0.6% | 0.0% | 1.1% | 0.3% | 0.3% | 0.0% | 0.9% | 0.0% | 1.8% |
| Total Shareholder Yield | 1.3% | 1.9% | 0.6% | 0.0% | 1.1% | 0.3% | 0.3% | 0.0% | 0.9% | 0.0% | 1.8% |
| Shares Outstanding | — | $154M | $147M | $137M | $133M | $136M | $97M | $53M | $50M | $49M | $47M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying MGNI stock.
Magnite, Inc.'s current P/E ratio is 26.1x. The historical average is 58.3x. This places it at the 50th percentile of its historical range.
Magnite, Inc.'s current EV/EBITDA is 23.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 29.5x.
Magnite, Inc.'s return on equity (ROE) is 17.1%. The historical average is -24.0%.
Based on historical data, Magnite, Inc. is trading at a P/E of 26.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Magnite, Inc. has 62.7% gross margin and 13.7% operating margin. Operating margin between 10-20% is typical for established companies.
Magnite, Inc.'s Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Take rate compression risk
Metrics are mathematically derived from official filings.
Margin Expansion Masks Earnings Volatility
Gross margin improved to 67.8% in 2026Q2 from 62.5% a year earlier, per financial statements, while operating margin expanded to 16.2%, suggesting mix shift toward CTV is enhancing profitability.
The sequential improvement in gross margin from 63.2% in 2026Q1 to 67.8% in 2026Q2 aligns with the reported 36% CTV revenue growth, indicating that higher-margin CTV revenue is becoming a larger share of the mix. However, net margin swung from 2.7% in 2026Q1 to 10.0% in 2026Q2, reflecting non-operating items and tax effects that obscure underlying earning power. Investors should focus on revenue ex-TAC and adjusted EBITDA margin, which at 37% per recent guidance, better captures the economics of the platform.
ROIC Recovery Signals Improving Capital Efficiency
ROIC improved to 2.1% in 2026Q2 from 0.5% in 2026Q1, as reported in financial statements, though it remains below the cost of capital, indicating the company is still in early stages of value creation.
The trend in ROIC over the past ten quarters shows a clear cyclical pattern, with troughs in Q1 (e.g., -1.0% in 2024Q1) and peaks in Q4 (e.g., 4.0% in 2025Q4), reflecting the seasonality of advertising spend. The improvement in 2026Q2 is driven by both margin expansion and asset turnover, though asset turnover remains low at 0.06x due to the intangible-heavy balance sheet from acquisitions. The gap between ROIC and the cost of capital suggests that while the company is generating positive returns, it has not yet reached a level that would justify a premium valuation.
Working Capital Swings Distort Efficiency Metrics
DSO averaged over 600 days in recent quarters, per financial statements, while DPO exceeded 2,000 days, indicating that the company's working capital metrics are heavily influenced by the timing of large ad-tech payments.
The extremely high DSO and DPO figures are not indicative of operational inefficiency but rather reflect the nature of the ad-tech business, where revenue is recognized on a gross basis and collections from publishers and payments to suppliers can span extended periods. The cash conversion cycle is not calculable due to missing DIO data, but the working capital swings seen in the cash flow statement (e.g., -$156.4M in 2026Q1 to +$133.8M in 2026Q2) highlight the lumpiness of cash flows. Investors should monitor the trend in revenue ex-TAC to assess whether the company is efficiently converting gross billings into net revenue.
Deleveraging Path Improves Interest Coverage
Debt-to-EBITDA fell to 12.58x in 2026Q2 from 43.31x in 2025Q1, per reported figures, while interest coverage improved to 4.36x, indicating reduced refinancing risk and greater financial flexibility.
The substantial reduction in leverage, with total debt down to $417.0M from $625.7M in 2024Q1, has eased the burden on the income statement, as evidenced by the improvement in interest coverage from 1.53x in 2026Q1 to 4.36x in 2026Q2. However, the D/EBITDA ratio remains elevated relative to peers like PubMatic (0.17x), reflecting Magnite's acquisition-driven strategy. The company's ability to generate strong cash flow in Q4 (FCF margin of 48.4% in 2025Q4) suggests it can continue to deleverage, but the reliance on convertible debt and the potential for rising interest rates warrant monitoring.
Thin Liquidity Buffer Persists
Current ratio held near 1.0 across the last ten quarters, per financial statements, with cash of $332.6M in 2026Q2, providing a modest buffer against short-term obligations.
The current ratio of 1.03 in 2026Q2 indicates that current assets barely cover current liabilities, which is typical for ad-tech companies with high working capital turnover. The quick ratio is identical to the current ratio, suggesting that inventory is not a significant component of the asset base. While the cash position provides some cushion, the company's reliance on operating cash flow to service debt and fund buybacks means that a severe downturn in advertising spend could strain liquidity. The seasonal pattern of cash flow, with Q1 typically negative, underscores the need for adequate reserves.
Misapplied EV/EBITDA in Ad-Tech
EV/EBITDA of 23.87x, as reported, is often compared to SaaS peers, but this ignores the gross vs. net revenue distinction and the impact of stock-based compensation, which distorts the metric.
The most commonly misapplied ratio for Magnite is EV/EBITDA, because the company's revenue is reported on a gross basis, including traffic acquisition costs, which inflates the denominator and makes the multiple appear lower than it is on a net basis. Additionally, EBITDA does not deduct stock-based compensation, which was over 20% of revenue in 2026Q2, per recent filings, overstating cash earnings. A more appropriate valuation metric would be EV/Revenue ex-TAC or EV/Adjusted EBITDA, which better reflects the company's true earning power and cash generation. Investors should also consider the impact of amortization from acquisitions, which is a non-cash charge but represents the cost of past M&A.