Latest Ratios: P/E Ratio -11.6x · EV/EBITDA 5.1x · ROE -9.7%. (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 | $1.5B | $2.3B | $1.7B | $2.5B | $2.6B | $1.9B | $1.9B | $1.9B | $2.8B | $3.7B | $2.8B |
| Enterprise Value | $5.7B | $6.5B | $6.1B | $6.6B | $6.6B | $6.0B | $6.5B | $6.9B | $7.6B | $8.4B | $7.7B |
| P/E Ratio → | -11.56 | — | — | — | 4.51 | 12.94 | 7.58 | — | 10.84 | 20.15 | 13.60 |
| P/S Ratio | 0.23 | 0.35 | 0.26 | 0.36 | 0.38 | 0.30 | 0.31 | 0.28 | 0.41 | 0.53 | 0.42 |
| P/B Ratio | 1.03 | 1.57 | 1.39 | 1.45 | 1.72 | 2.33 | 4.71 | 3.28 | 2.76 | 3.49 | 6.01 |
| P/FCF | 8.86 | 13.49 | — | 19.49 | — | 6.67 | 12.94 | — | 10.96 | 13.04 | 9.54 |
| P/OCF | 2.48 | 3.78 | 3.43 | 3.10 | 17.11 | 2.81 | 4.13 | 4.57 | 3.53 | 5.06 | 3.77 |
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 | — | 1.01 | 0.94 | 0.92 | 0.96 | 0.95 | 1.06 | 1.03 | 1.11 | 1.23 | 1.14 |
| EV / EBITDA | 5.11 | 5.80 | 6.08 | 5.07 | 6.33 | 6.10 | 5.96 | 6.20 | 6.63 | 8.70 | 7.43 |
| EV / EBIT | 9.05 | 22.28 | 16.41 | 16.05 | 6.30 | 11.00 | 10.47 | 137.20 | 14.17 | 15.55 | 12.21 |
| EV / FCF | — | 38.73 | — | 50.51 | — | 20.86 | 44.31 | — | 29.90 | 30.15 | 25.83 |
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 | 17.3% | 17.3% | 16.0% | 21.1% | 17.7% | 17.2% | 16.0% | 17.5% | 18.7% | 16.5% | 18.1% |
| Operating Margin | 9.9% | 9.9% | 8.0% | 11.4% | 8.5% | 8.5% | — | 9.9% | 10.3% | 7.7% | 9.0% |
| Net Profit Margin | -2.0% | -2.0% | -1.6% | -1.4% | 8.5% | 2.3% | 4.1% | -6.0% | 3.7% | 2.6% | 3.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.7% | -9.7% | -7.2% | -6.3% | 49.6% | 24.3% | 51.6% | -50.7% | 25.0% | 23.7% | 36.2% |
| ROA | -1.4% | -1.4% | -1.2% | -1.1% | 6.5% | 1.7% | 2.7% | -4.1% | 2.6% | 1.9% | 2.3% |
| ROIC | 8.4% | 8.4% | 6.8% | 10.8% | 8.4% | 8.2% | — | 8.7% | 9.1% | 7.1% | 8.1% |
| ROCE | 9.3% | 9.3% | 7.5% | 11.6% | 8.5% | 7.7% | — | 8.8% | 9.5% | 7.3% | 8.4% |
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 | 3.46 | 3.46 | 4.30 | 2.84 | 3.09 | 5.83 | 12.82 | 9.86 | 5.27 | 5.05 | 11.29 |
| Debt / EBITDA | 4.46 | 4.46 | 5.15 | 3.82 | 4.54 | 4.88 | 4.73 | 5.02 | 4.65 | 5.45 | 5.16 |
| Net Debt / Equity | — | 2.93 | 3.69 | 2.31 | 2.58 | 4.96 | 11.42 | 8.88 | 4.76 | 4.58 | 10.25 |
| Net Debt / EBITDA | 3.78 | 3.78 | 4.42 | 3.11 | 3.79 | 4.15 | 4.22 | 4.52 | 4.20 | 4.94 | 4.69 |
| Debt / FCF | — | 25.24 | — | 31.02 | — | 14.19 | 31.36 | — | 18.94 | 17.11 | 16.28 |
| Interest Coverage | 0.86 | 0.86 | 1.11 | 1.20 | 4.37 | 2.54 | 2.33 | 0.16 | 2.06 | 2.03 | 2.31 |
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 | 1.25 | 1.25 | 1.15 | 1.23 | 1.10 | 1.36 | 1.21 | 1.25 | 1.07 | 1.06 | 1.09 |
| Quick Ratio | 0.77 | 0.77 | 0.70 | 0.77 | 0.74 | 0.92 | 0.77 | 0.72 | 0.61 | 0.61 | 0.62 |
| Cash Ratio | 0.36 | 0.36 | 0.34 | 0.39 | 0.33 | 0.39 | 0.30 | 0.28 | 0.23 | 0.22 | 0.24 |
| Asset Turnover | — | 0.70 | 0.75 | 0.73 | 0.76 | 0.72 | 0.69 | 0.70 | 0.71 | 0.70 | 0.73 |
| Inventory Turnover | 5.31 | 5.31 | 5.70 | 5.24 | 6.65 | 6.45 | 6.09 | 5.29 | 5.50 | 5.54 | 5.58 |
| Days Sales Outstanding | — | 34.14 | 31.97 | 34.47 | 40.46 | 39.73 | 37.33 | 33.88 | 29.14 | 35.23 | 31.59 |
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% | 1.7% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | 3.2% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 22.1% | 7.7% | 13.2% | — | 9.2% | 5.0% | 7.4% |
| FCF Yield | 11.3% | 7.4% | — | 5.1% | — | 15.0% | 7.7% | — | 9.1% | 7.7% | 10.5% |
| Buyback Yield | 2.7% | 1.8% | 2.4% | 1.6% | 1.5% | 2.1% | 0.2% | 2.3% | 5.8% | 0.1% | 0.0% |
| Total Shareholder Yield | 2.7% | 1.8% | 2.4% | 1.6% | 1.5% | 2.1% | 0.6% | 3.9% | 5.8% | 0.1% | 0.0% |
| Shares Outstanding | — | $154M | $155M | $155M | $159M | $160M | $159M | $155M | $162M | $165M | $163M |
High leverage and impairments
According to current market data, O-I Glass trades at a negative trailing P/E of -11.56, suggesting that investors are heavily discounting the firm's near-term earnings potential compared to the more stable valuation profiles observed in peers like Silgan Holdings or AptarGroup within the broader packaging sector.
The forward P/E of 8.14 implies a market expectation of a return to profitability, yet this valuation remains speculative given the persistent negative net margins. Investors should monitor whether this discount is a temporary reaction to cyclical destocking or a structural re-rating of the company's long-term earnings power.
Based on reported financial figures, O-I Glass has struggled to generate meaningful returns, with ROIC hovering at a meager 1.1% as of 2026Q1, which significantly lags the cost of capital and highlights the difficulty of compounding value in a high-fixed-cost, asset-heavy manufacturing environment.
The inability to consistently push ROIC above low single digits suggests that the company's massive investment in furnace infrastructure is not currently yielding adequate incremental returns. This trend warrants further investigation into whether the MAGMA technology can eventually drive the efficiency gains necessary to improve these returns.
As reported in recent quarterly filings, the cash conversion cycle has fluctuated between 23 and 42 days over the last ten quarters, indicating that O-I Glass faces ongoing challenges in optimizing its inventory and accounts payable management amidst shifting demand patterns in the beverage packaging market.
The variability in the CCC suggests that the company lacks the leverage to dictate terms to suppliers or customers consistently. This operational friction, combined with low asset turnover of 0.17, implies that the firm's capital is tied up in inventory for extended periods, further pressuring liquidity.
Based on the most recent quarterly data, the company's D/E ratio of 2.20 and interest coverage ratio of 1.15 suggest a precarious leverage position, particularly when compared to the more conservative capital structures maintained by diversified packaging peers like AptarGroup, which operate with significantly lower debt burdens.
The narrow interest coverage ratio indicates that even minor operational setbacks could jeopardize the company's ability to service its debt obligations. Investors should monitor the maturity ladder closely, as the current leverage profile leaves little room for error in a high-interest-rate environment.
The P/E ratio is frequently misapplied to O-I Glass because it fails to account for the massive non-cash depreciation and legacy asbestos-related charges that distort GAAP earnings, making the company appear more distressed than its underlying operational cash flow might otherwise suggest to a fundamental analyst.
Instead of relying on P/E, analysts should prioritize EV/EBITDA or P/FCF to better capture the company's ability to generate cash after accounting for the heavy maintenance CapEx required to keep furnaces operational. Using P/E in this context obscures the true cash-generating capacity of the business model.
Includes 30+ ratios · 30 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 OI stock.
O-I Glass, Inc.'s current P/E ratio is -11.6x. The historical average is 18.9x.
O-I Glass, Inc.'s current EV/EBITDA is 5.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.0x.
O-I Glass, Inc.'s return on equity (ROE) is -9.7%. The historical average is 6.2%.
Based on historical data, O-I Glass, Inc. is trading at a P/E of -11.6x. Compare with industry peers and growth rates for a complete picture.
O-I Glass, Inc. has 17.3% gross margin and 9.9% operating margin.
O-I Glass, Inc.'s Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.