Latest Ratios: P/E Ratio 20.1x · EV/EBITDA 14.9x · ROE 17.3%. (1998–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.2B | $3.8B | $3.9B | $2.4B | $2.0B | $1.5B | $1.9B | $1.4B | $2.1B | $1.4B | $1.5B |
| Enterprise Value | $3.9B | $4.4B | $4.4B | $2.8B | $2.3B | $1.9B | $2.1B | $1.7B | $2.4B | $1.7B | $1.7B |
| P/E Ratio → | 20.11 | 24.44 | 25.82 | 18.63 | 22.07 | 13.25 | 25.22 | 18.43 | 32.55 | — | 70.23 |
| P/S Ratio | 1.79 | 2.12 | 2.25 | 1.55 | 1.58 | 1.29 | 1.63 | 1.19 | 1.78 | 1.32 | 1.54 |
| P/B Ratio | 4.07 | 4.54 | 4.06 | 2.76 | 2.79 | 2.39 | 2.92 | 2.43 | 3.82 | 2.94 | 2.60 |
| P/FCF | 12.13 | 15.40 | 68.86 | — | 32.38 | 45.82 | 17.06 | 14.65 | 23.72 | 16.44 | 36.50 |
| P/OCF | 11.73 | 13.70 | 39.58 | — | 21.36 | 23.93 | 13.44 | 10.75 | 17.70 | 10.80 | 23.57 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.48 | 2.59 | 1.85 | 1.83 | 1.57 | 1.82 | 1.43 | 2.00 | 1.58 | 1.72 |
| EV / EBITDA | 14.86 | 16.90 | 17.00 | 12.30 | 13.47 | 11.57 | 13.12 | 10.78 | 16.13 | 13.66 | 16.32 |
| EV / EBIT | 17.71 | 20.19 | 20.52 | 15.04 | 17.31 | 14.35 | 18.11 | 15.90 | 21.89 | 30.58 | 46.82 |
| EV / FCF | — | 18.02 | 79.13 | — | 37.43 | 55.70 | 19.07 | 17.60 | 26.53 | 19.63 | 40.88 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.2% | 33.2% | 34.3% | 34.5% | 33.7% | 35.9% | 36.6% | 36.1% | 36.4% | 36.0% | 33.7% |
| Operating Margin | 12.3% | 12.3% | 12.7% | 12.3% | 10.6% | 10.3% | 10.1% | 9.0% | 7.6% | 5.1% | 3.5% |
| Net Profit Margin | 8.7% | 8.7% | 8.7% | 8.3% | 7.2% | 9.7% | 6.5% | 6.5% | 5.5% | -2.7% | 2.2% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.3% | 17.3% | 16.5% | 16.1% | 13.5% | 18.0% | 12.2% | 13.4% | 12.4% | -5.5% | 3.8% |
| ROA | 6.5% | 6.5% | 7.2% | 7.3% | 6.1% | 8.2% | 5.6% | 5.9% | 5.1% | -2.3% | 1.9% |
| ROIC | 10.9% | 10.9% | 11.5% | 12.0% | 10.1% | 10.0% | 10.1% | 9.5% | 8.6% | 5.5% | 3.8% |
| ROCE | 12.4% | 12.4% | 16.3% | 18.0% | 14.9% | 13.0% | 11.7% | 11.5% | 10.6% | 6.6% | 4.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.20 | 1.20 | 0.72 | 0.64 | 0.54 | 0.62 | 0.47 | 0.62 | 0.63 | 0.74 | 0.61 |
| Debt / EBITDA | 3.83 | 3.83 | 2.61 | 2.39 | 2.26 | 2.45 | 1.89 | 2.30 | 2.37 | 2.90 | 3.42 |
| Net Debt / Equity | — | 0.77 | 0.61 | 0.53 | 0.44 | 0.52 | 0.34 | 0.49 | 0.45 | 0.57 | 0.31 |
| Net Debt / EBITDA | 2.45 | 2.45 | 2.21 | 1.98 | 1.82 | 2.05 | 1.38 | 1.81 | 1.71 | 2.22 | 1.75 |
| Debt / FCF | — | 2.61 | 10.27 | — | 5.06 | 9.88 | 2.01 | 2.95 | 2.81 | 3.19 | 4.38 |
| Interest Coverage | 8.35 | 8.35 | 6.39 | 6.79 | 6.75 | 14.43 | 6.90 | 5.59 | 4.99 | 2.91 | 3.68 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.15 | 3.15 | 2.04 | 1.49 | 1.47 | 1.22 | 2.06 | 1.87 | 1.68 | 1.47 | 1.89 |
| Quick Ratio | 2.34 | 2.34 | 1.46 | 1.00 | 0.88 | 0.67 | 1.20 | 1.14 | 0.96 | 0.76 | 1.17 |
| Cash Ratio | 0.70 | 0.70 | 0.15 | 0.12 | 0.13 | 0.10 | 0.23 | 0.23 | 0.25 | 0.19 | 0.49 |
| Asset Turnover | — | 0.71 | 0.76 | 0.79 | 0.82 | 0.82 | 0.83 | 0.92 | 0.93 | 0.87 | 0.78 |
| Inventory Turnover | 2.87 | 2.87 | 2.77 | 2.53 | 2.51 | 2.27 | 2.47 | 3.09 | 2.75 | 2.22 | 2.57 |
| Days Sales Outstanding | — | 156.27 | 178.49 | 153.75 | 108.73 | 95.00 | 95.80 | 84.47 | 73.62 | 70.62 | 78.45 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 4.1% | 3.9% | 5.4% | 4.5% | 7.5% | 4.0% | 5.4% | 3.1% | — | 1.4% |
| FCF Yield | 8.2% | 6.5% | 1.5% | — | 3.1% | 2.2% | 5.9% | 6.8% | 4.2% | 6.1% | 2.7% |
| Buyback Yield | 8.4% | 7.2% | 2.1% | 0.0% | 1.7% | 7.3% | 2.0% | 3.7% | 1.0% | 4.4% | 3.3% |
| Total Shareholder Yield | 8.4% | 7.2% | 2.1% | 0.0% | 1.7% | 7.3% | 2.0% | 3.7% | 1.0% | 4.4% | 3.3% |
| Shares Outstanding | — | $17M | $17M | $17M | $17M | $18M | $18M | $19M | $19M | $19M | $20M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying OSIS stock.
OSI Systems, Inc.'s current P/E ratio is 20.1x. The historical average is 31.5x. This places it at the 24th percentile of its historical range.
OSI Systems, Inc.'s current EV/EBITDA is 14.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.1x.
OSI Systems, Inc.'s return on equity (ROE) is 17.3%. The historical average is 7.7%.
Based on historical data, OSI Systems, Inc. is trading at a P/E of 20.1x. This is at the 24th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
OSI Systems, Inc. has 33.2% gross margin and 12.3% operating margin. Operating margin between 10-20% is typical for established companies.
OSI Systems, Inc.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Volatile margins and leverage swings
Metrics are mathematically derived from official filings.
Premium Multiples Priced for Recovery
Based on the supplied valuation data, OSIS trades at 22.54x trailing P/E and 14.60x EV/EBITDA, a premium to the peer group's 12.35x to 25.30x P/E range that requires margin stability to justify.
The forward P/E of 18.85x and PEG of 1.36 suggest the market is pricing in earnings recovery rather than current run-rate profitability. Against peers such as LDOS at 11.92x and BAH at 12.35x, OSIS carries a valuation premium that depends on sustaining the 30 to 36 percent gross margin band seen across recent quarters. A P/FCF of 57.70 further indicates that free cash flow has not yet caught up with reported earnings, warranting investor caution.
Margin Compression Undermines Earning Power
As reported in the quarterly income statements, OSIS gross margin fell from 35.3% in 2025Q1 to 30.7% in 2027Q1, while net margin ranged between 5.2% and 11.4%, signalling uneven earning power.
The roughly 4.6 point gross margin contraction suggests pricing or product-mix pressure rather than a one-time cost event. Operating margin of 8.3% in the latest quarter compares with 14.5% at the 2025Q4 peak, implying that operating leverage has not been durable. Net margin, which is more affected by stock compensation and tax items, appears less reliable as a read on true earning power than operating margin.
Debt Swings Strain Coverage Comfort
Based on OSIS's reported figures, debt-to-equity moved from 0.64 to 1.28 over ten quarters, and interest coverage fell from 17.94x in 2026Q4 to 4.47x in 2026Q1, indicating debt service comfort that is inconsistent.
Leverage rose as total debt climbed toward $1.0B in 2027Q1, which may indicate that acquisition or buyback funding has leaned on borrowing. The D/EBITDA reading of 23.46 in the latest quarter suggests that EBITDA is currently depressed relative to debt, warranting further investigation of the earnings base. Coverage volatility suggests refinancing exposure could become more pronounced if operating income does not recover.
Long Cash Cycle Ties Up Working Capital
According to the reported ratios, OSIS's cash conversion cycle ranged from 176 to 276 days, with DSO in the 136 to 199 day range, implying receivables consume a large share of working capital.
A cash conversion cycle above 200 days in several quarters suggests that the business finances customers for an extended period, which may limit free cash generation. Asset turnover of 0.16 to 0.26 is low, consistent with a goodwill-heavy balance sheet rather than a capital-light operating model. Investors should monitor whether DSO normalizes, as persistent elevation would indicate structural collection challenges rather than timing.
Return on Capital Misreads Acquired Goodwill
Based on reported figures, ROIC of 1.6% to 5.2% appears depressed partly because goodwill of roughly $407.6M is included in invested capital, so the metric may understate operating returns.
ROIC is most commonly misapplied here because the denominator captures acquisition premiums that do not reflect ongoing capital needs. Excluding goodwill and acquired intangibles would present a higher, more operationally relevant return, though that adjustment obscures the price paid for growth. A more useful alternative is tracking return on tangible operating capital alongside acquisition returns over time.