Latest Ratios: P/E Ratio 35.4x · EV/EBITDA 26.1x · ROE N/A. (1997–2025 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 | $30.2B | $28.7B | $26.1B | $26.7B | $32.8B | $39.8B | $27.6B | $19.8B | $14.6B | $16.4B | $11.3B |
| Enterprise Value | $32.4B | $31.0B | $28.2B | $28.8B | $34.9B | $41.5B | $28.8B | $20.9B | $15.4B | $17.2B | $12.0B |
| P/E Ratio → | 35.39 | 33.06 | 30.09 | 33.79 | 37.63 | 51.78 | 45.75 | 35.30 | 28.45 | 43.51 | 29.43 |
| P/S Ratio | 7.49 | 7.14 | 6.74 | 7.03 | 8.38 | 10.71 | 8.94 | 6.58 | 4.97 | 6.00 | 4.51 |
| P/B Ratio | — | — | — | — | 1324.49 | 232.25 | 97.57 | 47.08 | 24.71 | 29.88 | 26.01 |
| P/FCF | 35.53 | 33.86 | 30.18 | 30.97 | 44.51 | 49.69 | 43.62 | 39.15 | 34.53 | 42.05 | 35.44 |
| P/OCF | 31.55 | 30.06 | 26.94 | 27.59 | 38.23 | 43.81 | 38.06 | 32.83 | 25.81 | 31.67 | 25.53 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.70 | 7.27 | 7.60 | 8.90 | 11.17 | 9.34 | 6.95 | 5.26 | 6.31 | 4.80 |
| EV / EBITDA | 26.07 | 24.93 | 22.52 | 23.96 | 28.14 | 37.65 | 32.65 | 25.57 | 20.11 | 25.05 | 19.78 |
| EV / EBIT | 29.00 | 27.96 | 25.59 | 27.10 | 30.85 | 41.86 | 36.61 | 28.89 | 22.51 | 28.23 | 22.68 |
| EV / FCF | — | 36.54 | 32.58 | 33.44 | 47.26 | 51.81 | 45.59 | 41.29 | 36.56 | 44.18 | 37.75 |
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 | 57.5% | 57.5% | 58.2% | 57.3% | 57.2% | 56.7% | 56.5% | 56.2% | 55.8% | 56.3% | 55.5% |
| Operating Margin | 27.8% | 27.8% | 29.1% | 28.5% | 28.7% | 26.8% | 25.4% | 24.2% | 23.3% | 22.4% | 21.5% |
| Net Profit Margin | 21.6% | 21.6% | 22.3% | 20.8% | 22.3% | 20.7% | 19.5% | 18.6% | 17.5% | 13.8% | 15.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | 889.3% | 338.7% | 171.4% | 111.0% | 90.1% | 76.6% | 75.7% |
| ROA | 25.0% | 25.0% | 26.2% | 23.0% | 25.6% | 25.0% | 21.5% | 20.8% | 19.8% | 15.9% | 18.6% |
| ROIC | 40.0% | 40.0% | 43.1% | 40.1% | 42.9% | 43.9% | 38.9% | 37.0% | 36.3% | 35.9% | 36.1% |
| ROCE | 48.8% | 48.8% | 53.1% | 47.8% | 49.8% | 47.9% | 39.1% | 37.2% | 36.5% | 35.5% | 36.2% |
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 | — | — | — | — | 85.94 | 10.51 | 4.72 | 3.07 | 1.75 | 1.79 | 2.06 |
| Debt / EBITDA | 1.88 | 1.88 | 1.70 | 1.83 | 1.72 | 1.63 | 1.51 | 1.58 | 1.35 | 1.43 | 1.47 |
| Net Debt / Equity | — | — | — | — | 82.07 | 9.93 | 4.39 | 2.57 | 1.45 | 1.52 | 1.69 |
| Net Debt / EBITDA | 1.83 | 1.83 | 1.66 | 1.77 | 1.64 | 1.54 | 1.40 | 1.33 | 1.12 | 1.21 | 1.21 |
| Debt / FCF | — | 2.68 | 2.40 | 2.47 | 2.76 | 2.12 | 1.96 | 2.14 | 2.03 | 2.14 | 2.30 |
| Interest Coverage | 16.19 | 16.19 | 14.75 | 13.73 | 20.41 | 22.94 | 20.39 | 19.33 | 19.87 | 18.57 | 18.95 |
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 | 1.14 | 1.14 | 1.02 | 1.04 | 1.20 | 1.11 | 1.26 | 1.47 | 1.42 | 1.46 | 1.53 |
| Quick Ratio | 0.81 | 0.81 | 0.73 | 0.71 | 0.81 | 0.75 | 0.90 | 1.11 | 1.06 | 1.09 | 1.15 |
| Cash Ratio | 0.06 | 0.06 | 0.05 | 0.06 | 0.08 | 0.09 | 0.11 | 0.28 | 0.24 | 0.22 | 0.27 |
| Asset Turnover | — | 1.08 | 1.20 | 1.13 | 1.12 | 1.12 | 1.10 | 1.08 | 1.12 | 1.07 | 1.16 |
| Inventory Turnover | 4.42 | 4.42 | 4.73 | 4.20 | 3.80 | 3.88 | 4.51 | 4.80 | 4.83 | 4.67 | 5.02 |
| Days Sales Outstanding | — | 70.55 | 64.77 | 63.97 | 66.05 | 63.55 | 70.25 | 68.70 | 66.59 | 70.80 | 66.21 |
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 | 2.8% | 3.0% | 3.3% | 3.0% | 2.7% | 1.9% | 2.2% | 2.8% | 3.5% | 2.3% | 3.4% |
| FCF Yield | 2.8% | 3.0% | 3.3% | 3.2% | 2.2% | 2.0% | 2.3% | 2.6% | 2.9% | 2.4% | 2.8% |
| Buyback Yield | 2.7% | 2.8% | 3.3% | 3.4% | 3.3% | 2.5% | 2.8% | 3.9% | 3.3% | 2.4% | 4.4% |
| Total Shareholder Yield | 2.7% | 2.8% | 3.3% | 3.4% | 3.3% | 2.5% | 2.8% | 3.9% | 3.3% | 2.4% | 4.4% |
| Shares Outstanding | — | $21M | $21M | $22M | $23M | $23M | $24M | $25M | $26M | $26M | $27M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying MTD stock.
Mettler-Toledo International Inc.'s current P/E ratio is 35.4x. The historical average is 28.2x. This places it at the 86th percentile of its historical range.
Mettler-Toledo International Inc.'s current EV/EBITDA is 26.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.5x.
Based on historical data, Mettler-Toledo International Inc. is trading at a P/E of 35.4x. This is at the 86th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Mettler-Toledo International Inc. has 57.5% gross margin and 27.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Mettler-Toledo International Inc.'s Debt/EBITDA ratio is 1.9x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
High valuation multiple
Metrics are mathematically derived from official filings.
Margin Expansion Defies Cost Pressures
Gross margin surged to 63.3% in 2026Q2 from 57.2% a year earlier, according to recent financial statements, reflecting pricing power and favorable mix. Operating margin expanded to 29.8%, indicating strong operating leverage.
The 610 basis point year-over-year gross margin improvement is remarkable for a precision instruments manufacturer, suggesting that the company is successfully passing through costs and benefiting from a shift toward higher-margin laboratory software and service revenue. Operating margin expansion to 29.8% from 27.0% indicates that SG&A growth is being well controlled relative to revenue, a trend that may be supported by the Stern Drive productivity initiatives. However, investors should monitor whether this margin trajectory is sustainable as the mix normalizes and as the company invests in emerging market expansion.
ROIC Recovery Signals Efficiency Gains
ROIC improved to 11.0% in 2026Q2 from 10.8% a year earlier, as reported in quarterly filings, while ROE reached 18.2%. These returns appear to be driven by margin expansion rather than asset turnover, which remains low at 0.28.
The modest improvement in ROIC, despite a significant gross margin jump, suggests that the company's capital base is growing, possibly due to investments in software and service infrastructure. The low asset turnover of 0.28 indicates an asset-heavy model relative to revenue, but the high margins compensate, resulting in respectable returns. The ROE of 18.2% is flattered by the thin equity base caused by aggressive buybacks, so investors should focus on ROIC as a cleaner measure of operational efficiency.
Working Capital Drag Intensifies
Cash conversion cycle lengthened to 107 days in 2026Q2 from 97 days a year earlier, according to recent SEC filings, driven by higher DIO of 99 days. DSO improved to 64 days, but inventory buildup appears to be absorbing cash.
The 10-day deterioration in CCC is primarily due to a 18-day increase in days inventory outstanding, which may indicate either deliberate stockpiling ahead of expected demand or a slowdown in inventory turnover. While DSO improved slightly, the extended DPO of 55 days suggests the company is taking longer to pay suppliers, which could strain relationships if prolonged. This working capital drag partially explains the volatility in quarterly free cash flow, and investors should monitor whether inventory levels normalize as growth accelerates.
Leverage Elevated but Serviceable
Debt-to-EBITDA stood at 6.22 in 2026Q2, down from 7.37 a year earlier, as per financial statements, while interest coverage improved to 17.78. Despite high nominal debt, EBITDA growth is gradually reducing leverage.
The improvement in D/EBITDA from 7.37 to 6.22 indicates that the company is deleveraging through earnings growth rather than debt repayment, which is a positive sign. Interest coverage of 17.78 is comfortable, suggesting that debt service is not an immediate concern. However, the absolute leverage remains high relative to peers like Waters (D/E 0.55), and the thin equity base (equity of just $12.8M) means that any earnings shock could quickly strain the balance sheet. The reliance on credit for buybacks adds a layer of risk if credit conditions tighten.
Thin Liquidity Buffer Persists
Current ratio improved to 1.12 in 2026Q2 from 0.92 a year earlier, as reported in quarterly filings, but quick ratio remains low at 0.78. Cash of $51.4M against current liabilities of $3.3B leaves little room for stress.
The improvement in the current ratio is modest and still leaves the company with a thin liquidity cushion, especially given the high inventory levels that may not be easily convertible to cash in a downturn. The quick ratio of 0.78 indicates that excluding inventory, current assets do not cover current liabilities, which could be problematic if access to credit tightens. While the company has demonstrated ability to generate strong operating cash flow, the low cash balance and reliance on credit for buybacks suggest that a sudden working capital need or a credit market disruption could force a reduction in capital returns.
P/E Misleads on True Value
The P/E ratio of 34.27 appears rich, but it is distorted by aggressive buybacks that boost EPS, according to recent SEC filings. A more accurate measure is EV/EBITDA at 25.30, which still implies a premium but reflects the company's debt-adjusted value.
The market often focuses on P/E, but for MTD, the massive share repurchase program artificially inflates EPS growth, making the P/E appear lower than the underlying economic value. EV/EBITDA, which accounts for debt and cash, provides a clearer picture of valuation relative to operating earnings. At 25.30, MTD trades at a premium to peers like Waters (22.96) and Agilent (23.23), suggesting the market is pricing in superior growth and margins. However, this premium leaves little room for error, and any disappointment in earnings could trigger a sharp multiple contraction. Investors should also consider P/FCF of 34.41, which highlights the high price paid for each dollar of free cash flow, a metric less susceptible to buyback distortion.