Latest Ratios: P/E Ratio 18.8x · EV/EBITDA 7.2x · ROE 30.6%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $1.9B | $3.9B | $3.7B | $7.1B | $7.7B | — | — | — |
| Enterprise Value | $11.8B | $10.1B | $12.2B | $11.9B | $15.5B | $16.3B | — | — | — |
| P/E Ratio → | 18.82 | 9.96 | 4.48 | 3.61 | 7.78 | 5.71 | — | — | — |
| P/S Ratio | 0.57 | 0.30 | 0.60 | 0.59 | 1.15 | 1.22 | — | — | — |
| P/B Ratio | 4.70 | 2.49 | 8.19 | — | — | — | — | — | — |
| P/FCF | 6.61 | 3.48 | 6.58 | 6.87 | 16.54 | 3.92 | — | — | — |
| P/OCF | 5.08 | 2.67 | 4.12 | 4.63 | 8.31 | 3.14 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.62 | 1.91 | 1.91 | 2.52 | 2.59 | — | — | — |
| EV / EBITDA | 7.19 | 6.16 | 6.94 | 7.63 | 8.10 | 7.75 | — | — | — |
| EV / EBIT | 9.17 | 10.87 | 9.21 | 9.94 | 10.06 | 9.15 | — | — | — |
| EV / FCF | — | 18.77 | 20.80 | 22.18 | 36.04 | 8.30 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.1% | 54.1% | 58.0% | 59.8% | 62.8% | 62.2% | 67.6% | 70.8% | 52.0% |
| Operating Margin | 20.7% | 20.7% | 23.2% | 21.2% | 27.6% | 30.4% | 43.6% | 49.5% | 27.7% |
| Net Profit Margin | 3.0% | 3.0% | 13.5% | 16.3% | 14.9% | 21.4% | 33.1% | 41.4% | 22.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 30.6% | 30.6% | 429.9% | — | — | 67.9% | 34.5% | 48.1% | 33.9% |
| ROA | 1.4% | 1.4% | 6.9% | 8.9% | 8.5% | 13.0% | 20.9% | 30.6% | 20.5% |
| ROIC | 10.8% | 10.8% | 13.1% | 12.7% | 17.5% | 22.8% | 34.4% | 43.9% | 32.5% |
| ROCE | 12.3% | 12.3% | 15.2% | 15.1% | 20.6% | 24.7% | 34.2% | 42.4% | 30.2% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 11.70 | 11.70 | 19.14 | — | — | — | 0.01 | 0.03 | 0.02 |
| Debt / EBITDA | 5.37 | 5.37 | 5.13 | 5.71 | 4.75 | 4.44 | 0.01 | 0.04 | 0.03 |
| Net Debt / Equity | — | 10.94 | 17.71 | — | — | — | 0.00 | -0.02 | -0.01 |
| Net Debt / EBITDA | 5.02 | 5.02 | 4.74 | 5.27 | 4.38 | 4.09 | 0.01 | -0.03 | -0.02 |
| Debt / FCF | — | 15.29 | 14.22 | 15.31 | 19.50 | 4.38 | 0.01 | -0.05 | -0.03 |
| Interest Coverage | 1.84 | 1.84 | 2.55 | 2.28 | 3.66 | 6.93 | 474.50 | 593.50 | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.82 | 1.82 | 1.60 | 1.54 | 1.56 | 1.45 | 1.33 | 2.95 | 2.40 |
| Quick Ratio | 1.82 | 1.82 | 1.11 | 1.09 | 1.17 | 1.10 | 0.99 | 2.15 | 1.76 |
| Cash Ratio | 0.24 | 0.24 | 0.25 | 0.24 | 0.28 | 0.28 | 0.00 | 0.24 | 0.16 |
| Asset Turnover | — | 0.48 | 0.49 | 0.52 | 0.56 | 0.59 | 0.65 | 0.74 | 0.93 |
| Inventory Turnover | — | — | 2.03 | 1.91 | 2.29 | 2.60 | 2.32 | 2.12 | 4.72 |
| Days Sales Outstanding | — | 84.14 | 84.99 | 108.22 | 94.94 | 87.54 | 78.51 | 73.83 | 59.47 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.5% | 4.7% | 7.7% | 8.0% | 4.1% | 1.9% | — | — | — |
| Payout Ratio | 47.1% | 47.1% | 34.4% | 28.7% | 31.6% | 10.7% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.3% | 10.0% | 22.3% | 27.7% | 12.9% | 17.5% | — | — | — |
| FCF Yield | 15.1% | 28.8% | 15.2% | 14.6% | 6.0% | 25.5% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.6% | 0.5% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 2.5% | 4.7% | 8.3% | 8.4% | 4.1% | 1.9% | — | — | — |
| Shares Outstanding | — | $261M | $259M | $256M | $255M | $254M | $254M | $253M | $253M |
High Debt Service Burden
According to current market data, OGN trades at a forward P/E of 3.97, which, when compared to the broader healthcare sector, suggests that investors are heavily discounting the equity to account for the company's significant debt-to-equity ratio of 9.49 as of 2026Q1.
The stark divergence between the TTM P/E of 18.75 and the forward P/E of 3.97 implies that the market anticipates a significant earnings recovery or is pricing in a high-risk, low-growth scenario. This valuation profile suggests that OGN is viewed primarily as a financial deleveraging play rather than a growth-oriented pharmaceutical entity.
Based on reported financial figures, OGN's ROIC has remained suppressed in the low single digits, averaging approximately 2.3% to 3.8% over the last ten quarters, which indicates that the company is struggling to generate returns that exceed its likely cost of capital.
The persistent gap between ROIC and ROE, particularly in periods of high leverage, highlights how debt-heavy capital structures can artificially inflate equity returns while masking underlying operational inefficiencies. Investors should monitor whether management can improve asset utilization, as current returns appear insufficient to drive long-term shareholder value creation.
As reported in recent quarterly filings, OGN's cash conversion cycle has trended upward to 141 days in 2026Q1, a significant increase from the 109 days observed in 2023Q4, suggesting that the company is facing mounting challenges in managing its inventory and receivables effectively.
The rising DIO and DSO metrics indicate that capital is increasingly trapped in the supply chain, which exacerbates the company's liquidity constraints. This trend warrants further investigation into whether the lengthening cycle is a result of strategic inventory buildup or a deterioration in the quality of the company's customer base.
Based on the latest financial statements, OGN's debt-to-EBITDA ratio reached 24.41 in 2026Q1, a level that significantly exceeds industry norms and underscores the precarious nature of the company's balance sheet in a high-interest-rate environment.
The volatility in interest coverage, which dipped to negative levels in 2025Q4, suggests that the company's ability to service its debt is highly sensitive to operational fluctuations. This leverage profile limits management's capacity for strategic investment and leaves the company vulnerable to any further contraction in its core revenue segments.
The P/E ratio is frequently misapplied to OGN's business model, as it fails to account for the heavy non-cash amortization charges and interest expenses that distort net income, making EV/EBITDA a more reliable metric for assessing the company's true operational cash-generating power.
Relying on P/E ratios obscures the impact of the company's massive debt load and the resulting interest burden on the bottom line. Analysts should prioritize EV/EBITDA and free cash flow yields to better understand the company's ability to deleverage and sustain its dividend payments over the long term.
Includes 30+ ratios · 8 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying OGN stock.
Organon & Co.'s current P/E ratio is 18.8x. The historical average is 6.3x. This places it at the 100th percentile of its historical range.
Organon & Co.'s current EV/EBITDA is 7.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.3x.
Organon & Co.'s return on equity (ROE) is 30.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 107.5%.
Based on historical data, Organon & Co. is trading at a P/E of 18.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Organon & Co.'s current dividend yield is 2.49% with a payout ratio of 47.1%.
Organon & Co. has 54.1% gross margin and 20.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Organon & Co.'s Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.