Latest Ratios: P/E Ratio 159.9x · EV/EBITDA 26.5x · ROE 2.7%. (2001–2025 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 | $6.5B | $4.5B | $3.6B | $3.3B | $2.3B | $2.3B | $1.5B | $1.4B | $1.3B | $2.0B | $1.5B |
| Enterprise Value | $7.0B | $5.1B | $4.1B | $3.6B | $2.7B | $3.1B | $1.8B | $1.9B | $1.6B | $2.5B | $2.1B |
| P/E Ratio → | 159.93 | 112.11 | 49.99 | 149.28 | 11.06 | 12.90 | 8.41 | 36.15 | 50.93 | 3.78 | — |
| P/S Ratio | 5.64 | 3.93 | 3.47 | 3.11 | 2.07 | 2.72 | 1.94 | 1.15 | 0.82 | 1.56 | 1.23 |
| P/B Ratio | 4.15 | 2.91 | 2.55 | 2.31 | 1.61 | 1.73 | 1.37 | 1.52 | 1.46 | 2.26 | 4.06 |
| P/FCF | 40.54 | 28.25 | 27.99 | 18.93 | 23.27 | 18.03 | 41.62 | 7.48 | 7.83 | 1072.90 | 59.15 |
| P/OCF | 32.07 | 22.35 | 22.34 | 15.84 | 17.83 | 16.13 | 30.60 | 6.70 | 5.55 | 43.75 | 22.56 |
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 | — | 4.42 | 3.91 | 3.38 | 2.49 | 3.67 | 2.28 | 1.58 | 1.04 | 1.88 | 1.76 |
| EV / EBITDA | 26.50 | 19.10 | 16.89 | 20.89 | 15.61 | 23.89 | 21.24 | 15.33 | 8.95 | 14.96 | 39.90 |
| EV / EBIT | 43.36 | 55.13 | 30.28 | 43.27 | 42.83 | 37.55 | — | 79.85 | 36.50 | 3.93 | — |
| EV / FCF | — | 31.72 | 31.52 | 20.58 | 28.04 | 24.31 | 48.93 | 10.26 | 9.92 | 1298.80 | 84.98 |
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 | 42.6% | 42.6% | 42.4% | 40.3% | 38.5% | 39.0% | 35.7% | 33.5% | 31.3% | 33.9% | 33.2% |
| Operating Margin | 14.1% | 14.1% | 13.6% | 7.3% | 6.6% | 7.8% | 3.6% | 4.7% | 7.7% | 7.7% | -0.4% |
| Net Profit Margin | 3.5% | 3.5% | 7.0% | 2.1% | 18.7% | 21.2% | 22.2% | 3.2% | 1.6% | 41.2% | -3.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.7% | 2.7% | 5.1% | 1.6% | 15.0% | 14.5% | 17.4% | 4.3% | 2.8% | 85.6% | -9.8% |
| ROA | 1.6% | 1.6% | 2.9% | 0.9% | 7.3% | 7.0% | 8.6% | 2.0% | 1.4% | 31.5% | -2.6% |
| ROIC | 6.1% | 6.1% | 5.9% | 3.2% | 2.7% | 2.8% | 1.5% | 3.2% | 7.0% | 6.5% | -0.3% |
| ROCE | 6.8% | 6.8% | 6.2% | 3.2% | 2.9% | 2.9% | 1.6% | 3.6% | 7.7% | 7.1% | -0.4% |
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 | 0.43 | 0.43 | 0.49 | 0.46 | 0.57 | 0.86 | 0.44 | 0.70 | 0.54 | 0.69 | 2.08 |
| Debt / EBITDA | 2.53 | 2.53 | 2.86 | 3.83 | 4.56 | 8.79 | 5.85 | 5.13 | 2.61 | 3.75 | 14.26 |
| Net Debt / Equity | — | 0.36 | 0.32 | 0.20 | 0.33 | 0.60 | 0.24 | 0.57 | 0.39 | 0.48 | 1.77 |
| Net Debt / EBITDA | 2.09 | 2.09 | 1.89 | 1.68 | 2.66 | 6.17 | 3.17 | 4.16 | 1.89 | 2.60 | 12.13 |
| Debt / FCF | — | 3.48 | 3.53 | 1.65 | 4.77 | 6.28 | 7.31 | 2.78 | 2.09 | 225.89 | 25.84 |
| Interest Coverage | 2.69 | 2.69 | 3.31 | 1.84 | 1.79 | 5.07 | -0.42 | 1.22 | 1.53 | 12.35 | -0.23 |
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 | 2.32 | 2.32 | 2.59 | 3.31 | 3.23 | 2.08 | 2.87 | 2.39 | 2.55 | 3.06 | 1.73 |
| Quick Ratio | 1.50 | 1.50 | 1.89 | 2.59 | 2.52 | 1.73 | 2.18 | 1.89 | 1.74 | 2.30 | 1.15 |
| Cash Ratio | 0.61 | 0.61 | 1.19 | 1.88 | 1.58 | 0.88 | 1.14 | 0.39 | 0.45 | 0.71 | 0.37 |
| Asset Turnover | — | 0.43 | 0.42 | 0.42 | 0.42 | 0.28 | 0.38 | 0.59 | 0.89 | 0.69 | 0.77 |
| Inventory Turnover | 4.26 | 4.26 | 4.35 | 4.44 | 4.45 | 3.77 | 3.70 | 5.10 | 4.52 | 4.24 | 4.52 |
| Days Sales Outstanding | — | 42.81 | 40.34 | 40.21 | 45.53 | 62.98 | 87.97 | 57.37 | 39.00 | 104.49 | 63.95 |
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 | 0.4% | 0.6% | 0.7% | 0.7% | 1.0% | 1.0% | 1.4% | 1.5% | 1.6% | 0.9% | 1.2% |
| Payout Ratio | 64.7% | 64.7% | 34.7% | 109.5% | 11.4% | 12.6% | 12.2% | 54.6% | 82.5% | 3.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.6% | 0.9% | 2.0% | 0.7% | 9.0% | 7.7% | 11.9% | 2.8% | 2.0% | 26.5% | — |
| FCF Yield | 2.5% | 3.5% | 3.6% | 5.3% | 4.3% | 5.5% | 2.4% | 13.4% | 12.8% | 0.1% | 1.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 1.1% | 4.0% | 0.6% | 2.1% |
| Total Shareholder Yield | 0.4% | 0.6% | 0.7% | 0.7% | 1.0% | 1.0% | 1.7% | 2.6% | 5.6% | 1.5% | 3.3% |
| Shares Outstanding | — | $21M | $21M | $21M | $21M | $21M | $21M | $21M | $21M | $22M | $22M |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying NPO stock.
EnPro Industries, Inc.'s current P/E ratio is 159.9x. The historical average is 34.9x. This places it at the 100th percentile of its historical range.
EnPro Industries, Inc.'s current EV/EBITDA is 26.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.6x.
EnPro Industries, Inc.'s return on equity (ROE) is 2.7%. The historical average is 8.4%.
Based on historical data, EnPro Industries, Inc. is trading at a P/E of 159.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
EnPro Industries, Inc.'s current dividend yield is 0.41% with a payout ratio of 64.7%.
EnPro Industries, Inc. has 42.6% gross margin and 14.1% operating margin. Operating margin between 10-20% is typical for established companies.
EnPro Industries, Inc.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Semiconductor cyclicality and net margin compression
Metrics are mathematically derived from official filings.
Premium Multiple Hinges on Mix Shift
NPO trades at 175.99x trailing P/E and 28.95x EV/EBITDA, far above industrial peers, implying the market expects sustained high-margin growth from the AST segment, per recent filings.
The trailing P/E of 175.99x is distorted by the 2025Q4 net loss, but the forward P/E of 35.06x still commands a substantial premium over Nordson's 36.43x and Chart's 636.06x (which is also distorted). This premium appears justified only if the semiconductor services mix continues to expand, as the current EV/EBITDA of 28.95x is nearly 1.3x that of NDSN's 22.09x. Investors should monitor whether the market is pricing in a permanent re-rating toward tech-service peers like Ultra Clean, or if the multiple will compress as semiconductor capex normalizes.
Gross Margin Strength Masks Net Drag
Gross margin improved to 44.0% in 2026Q2 from 41.2% in 2024Q1, but net margin of 8.0% remains far below operating margin of 17.0%, indicating significant non-operating charges, as reported in financial statements.
The 300 basis point gross margin expansion reflects a favorable mix shift toward high-value AST services and pricing power, yet the persistent gap between operating and net margins—averaging over 700 basis points—suggests elevated interest expense, amortization of intangibles from M&A, or one-time items. The 2025Q4 net loss of -10.8% margin despite positive operating income highlights the volatility from non-cash charges. Adjusted EBITDA or FCF are more reliable indicators of true earning power, as the GAAP net margin understates the cash-generating potential of the business.
ROIC Trapped by Acquisition Goodwill
ROIC has hovered between 1.1% and 2.1% over the past ten quarters, with 2026Q2 at 2.1%, reflecting a goodwill-heavy balance sheet from acquisitions that dilutes returns, per recent balance sheet data.
Despite strong operating margins, ROIC remains in the low single digits because the capital base has expanded rapidly through M&A—goodwill now exceeds 40% of total assets. The incremental returns from acquisitions like LeanTeq and NxEdge have yet to lift ROIC above the cost of capital, suggesting that the market's premium valuation relies on future organic growth to improve capital efficiency. If the AST segment's margins continue to expand, ROIC could rise, but investors should monitor whether acquisition-driven growth eventually translates into higher returns on invested capital.
Working Capital Drag Eases Slightly
Cash conversion cycle improved to 83 days in 2026Q2 from 92 days in 2024Q1, driven by lower DIO (79 vs 87) and stable DSO, indicating better inventory management, as per quarterly data.
The 9-day reduction in CCC is modest but positive, with DIO falling from 87 to 79 days while DSO remained flat around 45 days. DPO has increased slightly to 40 days, suggesting NPO is taking longer to pay suppliers, which may reflect improved bargaining power. However, the absolute CCC of 83 days remains high for an industrial, indicating significant working capital tied up in inventory and receivables. The improvement is encouraging but not yet transformative; further efficiency gains could free up cash for debt reduction or acquisitions.
Conservative Leverage Provides Dry Powder
Debt-to-equity fell to 0.37 in 2026Q2 from 0.49 in 2024Q1, while interest coverage improved to 4.78x, indicating a fortress balance sheet that supports future M&A, based on reported figures.
NPO's leverage is exceptionally low for an industrial, with D/E of 0.37 and D/EBITDA of 6.94x, though the latter is elevated due to trailing EBITDA being depressed by the 2025Q4 loss. Interest coverage of 4.78x is comfortable and has improved from 2.39x in 2024Q1, reflecting both lower debt and higher operating income. This conservative capital structure gives management ample capacity to fund additional acquisitions in the AST space without straining the balance sheet, but investors should watch for potential overpayment risk as the company continues its portfolio transformation.
Liquidity Buffer Remains Solid
Current ratio of 2.28 and quick ratio of 1.43 in 2026Q2 indicate ample short-term liquidity, though cash has declined to $77M from $164M due to acquisition spending, per recent balance sheet data.
The current ratio has remained above 2.0 throughout the period, and the quick ratio of 1.43 suggests that even without selling inventory, NPO can cover its current liabilities. The decline in cash from $163.9M to $77.0M reflects deployment into acquisitions, but the low debt levels and strong operating cash flow provide a cushion. Under a severe semiconductor downturn, the high fixed-cost base could pressure cash flow, but the current liquidity position appears sufficient to weather a cyclical trough without distress.
P/E Misleads on Cyclical Earnings
The trailing P/E of 175.99x is distorted by a one-time loss in 2025Q4, making it a misleading gauge of value; EV/EBITDA or P/FCF better capture NPO's cash generation, as per reported figures.
The most commonly misapplied ratio for NPO is the trailing P/E, which is rendered meaningless by the 2025Q4 net loss and the significant gap between operating and net income due to non-cash charges. Investors should instead use EV/EBITDA (28.95x) or P/FCF (44.61x) to assess valuation, as these metrics better reflect the underlying cash-generating power of the business. The forward P/E of 35.06x is more informative but still relies on normalized earnings that may not materialize if semiconductor demand slows. A sum-of-the-parts analysis, valuing the AST segment on a tech-service multiple and Sealing on an industrial multiple, would provide a clearer picture than a single P/E.