Latest Ratios: P/E Ratio -3.7x · EV/EBITDA N/A · ROE -28.9%. (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 | $911M | $656M | $1.1B | $887M | $736M | $694M | $597M | $636M | $519M | $765M | $552M |
| Enterprise Value | $1.7B | $1.4B | $1.9B | $945M | $768M | $760M | $715M | $762M | $701M | $987M | $796M |
| P/E Ratio → | -3.65 | — | 32.29 | 10.74 | 8.33 | 12.19 | 15.56 | — | 19.76 | 40.65 | — |
| P/S Ratio | 0.50 | 0.36 | 0.83 | 0.78 | 0.60 | 0.65 | 0.70 | 0.71 | 0.58 | 0.88 | 0.59 |
| P/B Ratio | 1.26 | 0.90 | 1.05 | 1.63 | 1.58 | 1.65 | 1.68 | 1.93 | 1.32 | 1.88 | 1.50 |
| P/FCF | 8.91 | 6.42 | 20.59 | 8.09 | 11.35 | 12.72 | 7.96 | 8.89 | 6.64 | 17.38 | 11.23 |
| P/OCF | 5.52 | 3.98 | 11.99 | 6.03 | 7.51 | 8.83 | 5.93 | 6.60 | 4.96 | 9.73 | 6.39 |
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 | — | 0.78 | 1.46 | 0.84 | 0.63 | 0.71 | 0.84 | 0.85 | 0.79 | 1.14 | 0.86 |
| EV / EBITDA | — | — | 16.15 | 6.15 | 5.08 | 6.10 | 6.98 | 7.76 | 7.94 | 10.74 | 8.90 |
| EV / EBIT | — | — | 29.68 | 8.98 | 6.84 | 9.20 | 12.88 | — | 19.01 | 28.11 | 25.79 |
| EV / FCF | — | 14.02 | 35.96 | 8.61 | 11.85 | 13.93 | 9.53 | 10.66 | 8.97 | 22.43 | 16.19 |
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 | 27.2% | 27.2% | 23.9% | 24.5% | 22.0% | 22.4% | 22.6% | 22.3% | 21.7% | 22.4% | 23.4% |
| Operating Margin | -10.6% | -10.6% | 4.3% | 9.8% | 9.1% | 7.6% | 6.5% | 5.4% | 4.1% | 4.0% | 3.9% |
| Net Profit Margin | -13.6% | -13.6% | 2.6% | 7.3% | 7.2% | 5.3% | 4.5% | -5.2% | 3.0% | 2.2% | -0.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -28.9% | -28.9% | 4.2% | 16.3% | 20.0% | 14.7% | 11.2% | -12.9% | 6.6% | 4.8% | -0.5% |
| ROA | -11.7% | -11.7% | 2.1% | 10.6% | 12.3% | 8.1% | 5.8% | -6.7% | 3.5% | 2.4% | -0.3% |
| ROIC | -8.8% | -8.8% | 3.4% | 15.1% | 17.0% | 12.8% | 8.9% | 7.1% | 4.5% | 4.2% | 5.2% |
| ROCE | -10.4% | -10.4% | 4.0% | 17.3% | 19.5% | 14.6% | 10.1% | 8.3% | 5.6% | 5.2% | 6.3% |
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 | 1.18 | 1.18 | 0.88 | 0.21 | 0.19 | 0.25 | 0.48 | 0.48 | 0.53 | 0.59 | 0.73 |
| Debt / EBITDA | — | — | 7.75 | 0.76 | 0.58 | 0.85 | 1.66 | 1.60 | 2.39 | 2.61 | 3.01 |
| Net Debt / Equity | — | 1.07 | 0.79 | 0.11 | 0.07 | 0.16 | 0.33 | 0.38 | 0.46 | 0.55 | 0.66 |
| Net Debt / EBITDA | — | — | 6.91 | 0.38 | 0.22 | 0.53 | 1.15 | 1.29 | 2.06 | 2.42 | 2.73 |
| Debt / FCF | — | 7.61 | 15.37 | 0.53 | 0.50 | 1.22 | 1.57 | 1.77 | 2.32 | 5.05 | 4.96 |
| Interest Coverage | -3.35 | -3.35 | 3.04 | 12.93 | 43.89 | 32.66 | 10.59 | -2.73 | 3.32 | 3.66 | 0.85 |
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 | 2.04 | 2.04 | 2.24 | 2.03 | 2.01 | 1.58 | 1.59 | 1.73 | 1.85 | 1.80 | 1.79 |
| Quick Ratio | 1.14 | 1.14 | 1.23 | 1.30 | 1.14 | 0.99 | 1.12 | 1.12 | 1.18 | 0.98 | 1.05 |
| Cash Ratio | 0.27 | 0.27 | 0.36 | 0.43 | 0.39 | 0.25 | 0.40 | 0.28 | 0.28 | 0.16 | 0.22 |
| Asset Turnover | — | 0.93 | 0.55 | 1.36 | 1.69 | 1.49 | 1.23 | 1.39 | 1.20 | 1.12 | 1.19 |
| Inventory Turnover | 5.27 | 5.27 | 3.53 | 8.71 | 7.88 | 8.99 | 10.77 | 10.34 | 10.05 | 7.68 | 8.43 |
| Days Sales Outstanding | — | 40.79 | 58.16 | 34.10 | 28.69 | 36.87 | 37.84 | 33.87 | 34.46 | 33.45 | 32.88 |
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 | 1.6% | 2.3% | 1.1% | 1.2% | 1.4% | 1.6% | 1.8% | 1.7% | 1.4% | 0.7% | 1.0% |
| Payout Ratio | — | — | 36.2% | 12.9% | 12.0% | 18.9% | 27.4% | — | 26.7% | 29.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 3.1% | 9.3% | 12.0% | 8.2% | 6.4% | — | 5.1% | 2.5% | — |
| FCF Yield | 11.2% | 15.6% | 4.9% | 12.4% | 8.8% | 7.9% | 12.6% | 11.2% | 15.1% | 5.8% | 8.9% |
| Buyback Yield | 3.6% | 4.9% | 0.0% | 0.6% | 0.9% | 1.6% | 1.2% | 1.5% | 6.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.2% | 7.2% | 1.1% | 1.8% | 2.3% | 3.2% | 3.0% | 3.2% | 7.5% | 0.7% | 1.0% |
| Shares Outstanding | — | $46M | $37M | $33M | $33M | $33M | $33M | $33M | $35M | $35M | $34M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NX stock.
Quanex Building Products Corporation's current P/E ratio is -3.7x. The historical average is 16.1x.
Quanex Building Products Corporation's return on equity (ROE) is -28.9%. The historical average is 6.5%.
Based on historical data, Quanex Building Products Corporation is trading at a P/E of -3.7x. Compare with industry peers and growth rates for a complete picture.
Quanex Building Products Corporation's current dividend yield is 1.63%.
Quanex Building Products Corporation has 27.2% gross margin and -10.6% operating margin.
Key Metrics
Top Statement Risk
Leverage integration execution
Metrics are mathematically derived from official filings.
Valuation Disconnect from Accounting Losses
The current forward P/E of 12.5x appears attractive relative to peers like Apogee's 15.0x, but the trailing P/E of -3.97 is distorted by a massive non-cash impairment, making the forward multiple the more meaningful gauge of market expectations.
Quanex trades at a forward P/E of 12.49x, a discount to Apogee's 15.03x, suggesting the market is pricing in a recovery from the integration-related volatility rather than rewarding current earnings. The P/S ratio of 0.54 is notably low for an industrial company, which may indicate the market is skeptical of the sustainability of the gross margin recovery to 23.6% in Q3 2026, especially given the historical volatility seen since the Tyman acquisition. The P/FCF of 9.69x, however, is more supportive, aligning with the improving cash generation trend and suggesting the stock is valued more on its cash flow ability than its reported net income.
Gross Margin Volatility Obscures Earning Power
Gross margin has swung wildly from 18.2% to 29.0% over the past year, and the Q3 2026 operating margin of 9.7% is still below the pre-acquisition level of 8.4% in Q3 2024, indicating the integrated entity has yet to prove stable, normalized profitability.
The gross margin's dramatic plunge and partial recovery suggest that pricing power and cost synergies are not yet firmly established, with the Q3 2026 margin of 23.6% still lagging the 28-29% peaks of early 2025. Operating margin, while positive at 9.7%, is highly sensitive to these swings, and the net margin of 5.3% is depressed by the non-cash charges that dominate the trailing twelve-month picture. This pattern implies that true, sustainable earning power is currently masked by integration costs and one-time items, making the operating margin a more reliable, though still volatile, indicator of core performance.
Capital Returns Still Recovering from Impairment
ROIC of 2.4% in Q3 2026 represents a stabilization from the -12.0% low in Q3 2025, but it remains well below the pre-acquisition return of 2.8% in Q3 2024, suggesting the expanded capital base from the Tyman deal is not yet generating commensurate returns.
The ROIC trajectory highlights the capital dilution effect of the acquisition, with the post-Q3 2025 numbers reflecting a much larger invested capital base. The recovery to 2.4% is driven by the return to positive operating margins, but the low level indicates that the company is in a phase of rebuilding returns rather than compounding value. ROE tells a similar story, recovering to 3.6% from -32.1%, but this remains far below Apogee's peer-leading 13.4%, pointing to a significant gap in capital efficiency that must be closed through integration execution.
Debt Burden Eases but Remains Elevated
Interest coverage has improved sharply to 4.06x in Q3 2026 from a negative -18.99x in Q3 2025, yet the D/E ratio of 1.13 remains over five times its pre-acquisition level, indicating the balance sheet is significantly more leveraged and less flexible than before.
The dramatic improvement in interest coverage, from a point where earnings couldn't cover interest to a 4x cushion, is a direct result of the profitability recovery and is a positive sign for debt servicing ability. However, the leverage profile has been permanently altered; the D/E of 1.13 and the D/EBITDA of 11.58 reflect a much heavier debt load relative to the earning power of the enlarged entity. This suggests that covenant compliance and refinancing will require sustained operational performance, and the company has limited room for error should margins deteriorate again.
Working Capital Cycle Lengthens Post-Acquisition
The Cash Conversion Cycle (CCC) has expanded to 76 days in Q3 2026 from 47 days in Q3 2024, primarily driven by a 23-day increase in Days Inventory Outstanding (DIO), which may indicate inventory integration challenges or less efficient inventory management in the larger entity.
The lengthening CCC is a key operational signal, as it ties up more cash in the working capital cycle and reduces cash conversion efficiency. The 20-day increase in DIO to 67 days is particularly noteworthy and could reflect a buildup of safety stock, integration-related production issues, or slower-moving inventory lines from the acquired business. While Days Sales Outstanding (DSO) has also increased, the DIO trend is the more concerning driver, as it directly impacts inventory carrying costs and the risk of obsolescence, warranting close monitoring as the integration progresses.
The Trailing P/E Misleads on Earning Power
The trailing P/E ratio of -3.97 is the most commonly misapplied metric for Quanex, as it is rendered meaningless by the $276 million non-cash impairment charge in Q3 2025, which drastically understates the company's current ability to generate earnings from operations.
Investors relying on the trailing P/E will draw incorrect conclusions about valuation and earnings trajectory because the ratio incorporates a massive, non-recurring loss that does not reflect the operational cash generation or the current profit run-rate. The forward P/E of 12.49x and the P/FCF of 9.69x are far more relevant indicators of market expectations and valuation. For a company undergoing major integration, analysts should instead focus on adjusted operating margins and operating cash flow metrics to gauge sustainable earning power, rather than the distorted bottom-line GAAP figure.