Latest Ratios: P/E Ratio 625.9x · EV/EBITDA 26.9x · ROE -9.8%. (1996–2025 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 | $1.9B | $1.5B | $2.9B | $4.5B | $4.4B | $4.6B | $3.2B | $3.5B | $3.9B | $2.4B | $1.5B |
| Enterprise Value | $1.7B | $1.3B | $2.3B | $4.2B | $4.1B | $4.5B | $3.0B | $3.4B | $3.7B | $2.1B | $1.3B |
| P/E Ratio → | 625.88 | — | 32.43 | 26.22 | 24.48 | 37.14 | 23.00 | 23.01 | 28.55 | 28.53 | 22.89 |
| P/S Ratio | 0.28 | 0.22 | 0.45 | 0.69 | 0.74 | 0.93 | 0.74 | 0.80 | 1.01 | 0.72 | 0.50 |
| P/B Ratio | 41.16 | 31.99 | 30.36 | 47.81 | 53.97 | — | 71.62 | 851.16 | 49.85 | 35.66 | 24.47 |
| P/FCF | 6.84 | — | 6.11 | 28.38 | 13.82 | 20.25 | 12.73 | 23.33 | 25.96 | 13.82 | 15.01 |
| P/OCF | — | — | 5.66 | 22.64 | 12.62 | 17.68 | 9.13 | 16.92 | 20.99 | 11.57 | 11.16 |
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 | — | 0.19 | 0.36 | 0.65 | 0.69 | 0.90 | 0.71 | 0.80 | 0.96 | 0.64 | 0.44 |
| EV / EBITDA | 26.90 | 36.12 | 14.54 | 16.14 | 14.02 | 21.04 | 13.46 | 15.94 | 18.28 | 14.28 | 10.57 |
| EV / EBIT | — | 63.22 | 15.20 | 16.78 | 15.71 | 25.36 | 15.41 | 17.40 | 19.73 | 15.86 | 12.08 |
| EV / FCF | — | — | 4.86 | 26.70 | 12.85 | 19.62 | 12.25 | 23.06 | 24.74 | 12.36 | 13.17 |
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 | 13.2% | 13.2% | 16.0% | 16.0% | 17.0% | 16.5% | 18.8% | 17.0% | 17.8% | 17.4% | 16.7% |
| Operating Margin | -0.1% | -0.1% | 1.8% | 3.4% | 4.2% | 3.5% | 4.5% | 4.3% | 4.7% | 3.9% | 3.6% |
| Net Profit Margin | -0.1% | -0.1% | 1.4% | 2.6% | 3.0% | 2.5% | 3.2% | 3.5% | 3.5% | 2.6% | 2.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.8% | -9.8% | 95.3% | 195.1% | 451.2% | 585.9% | 573.5% | 369.6% | 188.1% | 133.1% | 56.6% |
| ROA | -0.3% | -0.3% | 3.9% | 8.2% | 9.5% | 7.4% | 9.3% | 11.7% | 12.0% | 8.6% | 7.8% |
| ROIC | — | — | — | — | — | — | — | — | — | — | — |
| ROCE | -1.6% | -1.6% | 17.3% | 32.0% | 38.2% | 26.6% | 32.3% | 39.5% | 47.3% | 40.4% | 35.2% |
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 | 9.46 | 9.46 | 4.48 | 4.54 | 5.23 | — | 9.83 | 80.48 | 1.86 | 1.57 | 1.72 |
| Debt / EBITDA | 12.43 | 12.43 | 2.70 | 1.63 | 1.46 | 2.05 | 1.92 | 1.52 | 0.72 | 0.70 | 0.85 |
| Net Debt / Equity | — | -4.50 | -6.23 | -2.83 | -3.79 | — | -2.75 | -9.58 | -2.35 | -3.77 | -3.00 |
| Net Debt / EBITDA | -5.91 | -5.91 | -3.75 | -1.02 | -1.06 | -0.67 | -0.54 | -0.18 | -0.90 | -1.69 | -1.48 |
| Debt / FCF | — | — | -1.25 | -1.68 | -0.97 | -0.63 | -0.49 | -0.26 | -1.22 | -1.46 | -1.84 |
| Interest Coverage | 0.83 | 0.83 | 5.50 | 9.33 | 18.27 | 23.57 | 24.61 | 25.80 | 40.07 | 41.50 | 44.90 |
Net cash position: cash ($642M) exceeds total debt ($435M)
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 | 1.06 | 1.06 | 1.08 | 1.11 | 1.12 | 1.10 | 1.19 | 1.12 | 1.12 | 1.07 | 1.07 |
| Quick Ratio | 1.06 | 1.06 | 1.08 | 1.11 | 1.12 | 1.10 | 1.19 | 1.05 | 1.06 | 1.00 | 0.97 |
| Cash Ratio | 0.41 | 0.41 | 0.55 | 0.49 | 0.57 | 0.54 | 0.65 | 0.46 | 0.50 | 0.49 | 0.48 |
| Asset Turnover | — | 3.09 | 2.53 | 3.06 | 2.91 | 2.84 | 2.71 | 3.09 | 3.21 | 3.10 | 3.24 |
| Inventory Turnover | — | — | — | — | — | — | — | 59.98 | 62.14 | 52.53 | 42.47 |
| Days Sales Outstanding | — | 45.81 | 45.98 | 39.05 | 38.28 | 38.59 | 33.44 | 39.71 | 38.19 | 38.02 | 34.15 |
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 | 4.8% | 6.1% | 3.0% | 1.9% | 1.7% | 3.1% | 2.0% | 1.4% | 0.9% | 2.8% | 1.4% |
| Payout Ratio | — | — | 97.8% | 49.3% | 42.7% | 116.2% | 44.8% | 32.2% | 24.7% | 77.9% | 31.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.2% | — | 3.1% | 3.8% | 4.1% | 2.7% | 4.3% | 4.3% | 3.5% | 3.5% | 4.4% |
| FCF Yield | 14.6% | — | 16.4% | 3.5% | 7.2% | 4.9% | 7.9% | 4.3% | 3.9% | 7.2% | 6.7% |
| Buyback Yield | 1.0% | 1.3% | 2.1% | 2.9% | 1.7% | 1.5% | 3.1% | 5.8% | 2.9% | 1.6% | 11.9% |
| Total Shareholder Yield | 5.8% | 7.4% | 5.2% | 4.8% | 3.4% | 4.6% | 5.1% | 7.2% | 3.8% | 4.4% | 13.3% |
| Shares Outstanding | — | $38M | $38M | $38M | $39M | $39M | $39M | $40M | $41M | $41M | $42M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NSP stock.
Insperity, Inc.'s current P/E ratio is 625.9x. The historical average is 29.9x. This places it at the 100th percentile of its historical range.
Insperity, Inc.'s current EV/EBITDA is 26.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.3x.
Insperity, Inc.'s return on equity (ROE) is -9.8%. The historical average is 63.3%.
Based on historical data, Insperity, Inc. is trading at a P/E of 625.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Insperity, Inc.'s current dividend yield is 4.75%.
Insperity, Inc. has 13.2% gross margin and -0.1% operating margin.
Insperity, Inc.'s Debt/EBITDA ratio is 12.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Margin compression with thin equity
Metrics are mathematically derived from official filings.
Earnings-Based Multiples Distorted by Trough
Based on reported figures, NSP's trailing P/E of -276.78 reflects near-zero earnings, while its forward P/E of 23.88 and forward EV/EBITDA of 9.92 suggest the market is pricing in a margin recovery rather than current profitability, making trailing multiples not meaningful here.
The gap between the negative trailing P/E and the forward P/E of 23.88 indicates the market is capitalizing expected normalization of operating margins, which the reported TTM operating margin of -0.1% does not yet support. Against peers, PAYX trades at 23.94x and ADP at 27.70x on earnings, so NSP's forward multiple sits in a similar range despite materially weaker returns on equity. This may suggest investors are granting a recovery premium, and the outcome depends on whether benefit cost trends stabilize as management has indicated.
Gross Margin Trapped by Pass-Through Accounting
As reported in the income statement, NSP's gross margin ranged between 10.3% and 16.6% over ten quarters, while operating margin oscillated from 3.6% to -2.8%, indicating that the gross revenue base compresses true earning power.
Because worksite employee payroll and benefit costs are included in revenue, the 12.5% latest gross margin understates the service fee economics and makes percentage-based comparisons to software peers misleading. The operating margin swing from 3.6% in Q1 2025 to -2.8% in Q4 2025 suggests that administrative and benefit costs are not scaling with fee income. Investors may find gross profit per worksite employee a more informative earning power measure than reported margins.
Returns Oscillating Around Zero Without Compounding
Based on reported quarterly figures, NSP's ROE swung between -49.6% and 58.4% over ten quarters, with ROIC at -29.1% in Q3 2025, indicating returns are driven by volatile earnings and equity base changes rather than sustained capital efficiency.
The extreme ROE range is largely a function of an equity base that has compressed toward $44.0M, so small earnings changes produce outsized percentage moves. Negative ROIC readings suggest invested capital is not generating a return in loss quarters, which is inconsistent with a compounding model. The data does not support a conclusion that returns are structurally improving, and further quarters of positive earnings would be needed to validate a recovery.
Debt Service Strained by Equity Erosion
According to reported balance sheet data, NSP's debt-to-equity ratio climbed from 2.99 to 10.80 across the ten quarters while interest coverage turned volatile, with negative readings in recent periods, pointing to weakening debt service comfort.
The rise in D/E appears driven primarily by equity compression rather than new borrowing, with total debt near $475.0M against equity of roughly $44.0M. Negative interest coverage in multiple quarters suggests operating earnings are not reliably covering interest expense, which may warrant closer monitoring of refinancing terms. Investors should watch whether the equity base stabilizes before leverage becomes a binding constraint.
Thin Current Ratio Backed by Client-Linked Cash
Based on reported figures, NSP's current ratio held between 1.06 and 1.17 across ten quarters, with $599.0M of cash at Q3 2026 providing a buffer that may be partly restricted to client payroll and tax obligations rather than freely available.
A current ratio near 1.1 leaves limited margin for error, and the cash buffer may not be fully available for corporate use given its link to payroll float. Under severe stress, a sudden reversal in working capital could compress usable liquidity faster than the headline ratio implies. This warrants further investigation into the split between corporate and client-restricted cash.
Gross Margin Overstates Peer Gap Risk
Based on reported figures, the most commonly misapplied metric for NSP is gross margin compared with software peers, since pass-through payroll and benefit costs in revenue structurally depress the percentage without reflecting service economics.
Applying software-style margin benchmarks to a gross-reporting PEO may lead analysts to conclude the business is structurally inferior, when much of the revenue is pass-through cost. A more appropriate lens is net revenue or gross profit per worksite employee, which isolates the fee economics. This adjustment may change the perceived peer gap, though it does not resolve the current negative operating margin, which still warrants monitoring.