Latest Ratios: P/E Ratio 7.6x · EV/EBITDA 5.3x · ROE 12.1%. (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 | $5.1B | $5.2B | $5.1B | $5.7B | $4.8B | $6.0B | $4.0B | $3.9B | $2.9B | $6.1B | $5.5B |
| Enterprise Value | $5.6B | $5.6B | $3.2B | $4.8B | $4.9B | $5.2B | $2.8B | $3.1B | $3.1B | $6.1B | $5.1B |
| P/E Ratio → | 7.62 | 7.46 | 7.25 | 8.49 | 8.82 | 10.41 | 13.84 | 9.25 | 7.05 | 14.46 | 20.38 |
| P/S Ratio | 2.97 | 2.98 | 3.06 | 3.66 | 3.85 | 5.46 | 4.11 | 4.00 | 2.96 | 6.55 | 7.93 |
| P/B Ratio | 0.86 | 0.84 | 0.89 | 1.11 | 1.03 | 1.25 | 0.95 | 0.95 | 0.78 | 1.76 | 1.97 |
| P/FCF | 7.01 | 7.05 | 6.87 | 6.71 | 6.58 | 12.20 | 8.06 | 12.08 | 4.75 | 17.64 | 27.98 |
| P/OCF | 6.13 | 6.16 | 6.08 | 6.49 | 6.32 | 11.42 | 7.33 | 9.27 | 4.17 | 15.85 | 22.76 |
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 | — | 3.25 | 1.92 | 3.10 | 3.88 | 4.71 | 2.80 | 3.20 | 3.13 | 6.54 | 7.33 |
| EV / EBITDA | 5.28 | 5.30 | 3.12 | 5.21 | 6.28 | 6.54 | 6.57 | 5.18 | 5.27 | 9.91 | 11.32 |
| EV / EBIT | 5.99 | 6.02 | 3.41 | 5.59 | 6.76 | 6.92 | 7.33 | 5.58 | 5.61 | 10.39 | 11.87 |
| EV / FCF | — | 7.68 | 4.30 | 5.69 | 6.63 | 10.53 | 5.49 | 9.65 | 5.03 | 17.62 | 25.86 |
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 | 90.0% | 90.0% | 89.4% | 89.4% | 93.4% | 107.1% | 79.3% | 97.3% | 93.5% | 97.0% | 96.6% |
| Operating Margin | 54.1% | 54.1% | 56.2% | 55.5% | 57.4% | 68.1% | 38.2% | 57.3% | 55.9% | 62.4% | 61.1% |
| Net Profit Margin | 41.4% | 41.4% | 43.2% | 44.2% | 44.9% | 52.4% | 29.6% | 43.3% | 42.1% | 45.4% | 38.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.1% | 12.1% | 13.2% | 14.1% | 11.8% | 12.7% | 6.9% | 10.7% | 11.5% | 13.5% | 12.7% |
| ROA | 1.8% | 1.8% | 2.0% | 2.2% | 2.1% | 2.2% | 1.2% | 1.9% | 1.9% | 2.1% | 1.9% |
| ROIC | 10.6% | 10.6% | 10.7% | 10.7% | 9.1% | 9.9% | 5.5% | 9.3% | 10.2% | 12.2% | 12.5% |
| ROCE | 4.2% | 4.2% | 13.3% | 13.6% | 12.0% | 13.0% | 7.3% | 12.5% | 14.1% | 17.0% | 17.1% |
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 | 0.08 | 0.08 | 0.15 | 0.25 | 0.23 | 0.25 | 0.26 | 0.17 | 0.12 | 0.13 | 0.16 |
| Debt / EBITDA | 0.44 | 0.44 | 0.87 | 1.37 | 1.38 | 1.54 | 2.63 | 1.16 | 0.78 | 0.71 | 1.00 |
| Net Debt / Equity | — | 0.08 | -0.33 | -0.17 | 0.01 | -0.17 | -0.30 | -0.19 | 0.04 | -0.00 | -0.15 |
| Net Debt / EBITDA | 0.44 | 0.44 | -1.86 | -0.94 | 0.05 | -1.04 | -3.07 | -1.30 | 0.29 | -0.01 | -0.93 |
| Debt / FCF | — | 0.63 | -2.57 | -1.03 | 0.06 | -1.67 | -2.57 | -2.42 | 0.27 | -0.02 | -2.13 |
| Interest Coverage | 0.87 | 0.87 | 0.83 | 1.26 | 5.83 | 9.23 | 1.96 | 2.03 | 2.65 | 5.09 | 7.02 |
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 | 0.80 | 0.80 | 0.11 | 0.20 | 0.21 | 0.30 | 0.27 | 0.21 | 0.18 | 0.18 | 0.15 |
| Quick Ratio | 0.80 | 0.80 | 0.11 | 0.20 | 0.21 | 0.30 | 0.27 | 0.21 | 0.18 | 0.18 | 0.15 |
| Cash Ratio | — | — | 0.09 | 0.08 | 0.05 | 0.10 | 0.11 | 0.08 | 0.02 | 0.02 | 0.06 |
| Asset Turnover | — | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | 3.7% | 3.8% | 3.5% | 2.8% | 3.1% | 2.4% | 3.4% | 3.1% | 3.5% | 1.5% | 1.1% |
| Payout Ratio | 27.5% | 27.5% | 25.0% | 23.6% | 27.0% | 25.3% | 47.7% | 28.4% | 24.5% | 21.0% | 23.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 13.1% | 13.4% | 13.8% | 11.8% | 11.3% | 9.6% | 7.2% | 10.8% | 14.2% | 6.9% | 4.9% |
| FCF Yield | 14.3% | 14.2% | 14.6% | 14.9% | 15.2% | 8.2% | 12.4% | 8.3% | 21.0% | 5.7% | 3.6% |
| Buyback Yield | 2.8% | 2.8% | 0.2% | 2.8% | 7.4% | 3.2% | 0.0% | 0.0% | 0.1% | 0.0% | 0.1% |
| Total Shareholder Yield | 6.6% | 6.6% | 3.7% | 5.6% | 10.5% | 5.7% | 3.5% | 3.1% | 3.6% | 1.5% | 1.2% |
| Shares Outstanding | — | $112M | $114M | $115M | $121M | $130M | $129M | $129M | $129M | $126M | $105M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying OZK stock.
Bank OZK's current P/E ratio is 7.6x. The historical average is 14.2x. This places it at the 10th percentile of its historical range.
Bank OZK's current EV/EBITDA is 5.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
Bank OZK's return on equity (ROE) is 12.1%. The historical average is 15.6%.
Based on historical data, Bank OZK is trading at a P/E of 7.6x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bank OZK's current dividend yield is 3.73% with a payout ratio of 27.5%.
Bank OZK has 90.0% gross margin and 54.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Bank OZK's Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Deposit cost pressure and CRE concentration
Discount to Tangible Book Masks Franchise Value
Trading at 0.90x P/B and 7.99x P/E TTM, OZK's valuation implies skepticism about its specialized lending model. According to recent market data, the discount to tangible book suggests the market prices OZK as a commodity balance sheet rather than a premium franchise.
The P/B of 0.90x sits below the peer median of approximately 1.4x, indicating the market assigns a discount despite OZK's historically superior ROE. This gap may reflect concerns about CRE concentration and deposit cost pressures, but it also suggests potential upside if the market re-rates the bank as a specialized lender. The forward P/E of 8.49x implies modest earnings growth expectations, which aligns with the decelerating revenue trend but may understate the resilience of the RESG model.
ROE Compression Reflects Margin and Leverage Drag
ROE declined from 3.4% in 2024Q1 to 2.7% in 2026Q2, driven by NIM compression and stable leverage. As reported in financial statements, the DuPont decomposition shows asset yields are not keeping pace with deposit costs, eroding profitability despite a low efficiency ratio.
The 20 basis point decline in NIM from 1.1% to 0.9% over the period is the primary driver of ROE erosion, as equity-to-assets remained steady at 0.15. The efficiency ratio improved to 25.4% in 2026Q2, but this reflects cost discipline rather than revenue growth, indicating operating leverage is turning negative. Fee income remains a minor contributor at 5.6% of revenue, underscoring the bank's reliance on net interest income and its sensitivity to margin trends.
NIM Compression Signals Funding Cost Pressure
Net interest margin slipped to 0.9% in 2026Q2 from 1.1% in 2024Q2, a 20 basis point decline. Based on reported quarterly data, deposit repricing is outpacing asset yields, squeezing the bank's core earnings engine despite a low efficiency ratio.
The efficiency ratio improved to 25.4% in 2026Q2, but this is a function of cost control rather than revenue expansion, as NII declined 1.2% YoY. The rising cost of interest-bearing deposits, highlighted in recent context flags, suggests deposit betas are higher than asset yields, which may continue to pressure NIM if loan demand softens. The bank's low-cost deposit base in the Southeast provides some cushion, but the trend warrants monitoring for further compression.
Capital Buffer Stable, Dividend Sustainable
Equity-to-assets held steady at 0.15 in 2026Q2, with equity growing to $6.3B, providing a solid buffer for organic growth and dividends. According to recent SEC filings, the bank's capital position appears adequate to absorb potential credit losses while maintaining shareholder returns.
The stable capital ratio, combined with a low debt-to-equity of 0.08%, suggests OZK has ample capacity to fund loan growth without external capital. Dividend payments rose to $55.5M in 2026Q2, up from $47.1M in 2024Q1, and appear sustainable given operating cash flow of 1.2x net income. However, the rising provision for credit losses, up 29.5% YoY, could pressure capital if credit deterioration accelerates, though current reserve levels appear adequate.
Provisions Rise as Credit Risks Build
Loan loss provisions increased to $45.6M in 2026Q2 from $35.2M in 2025Q2, a 29.5% rise, while actual charge-offs remain minimal. As reported in financial statements, this suggests the bank is building reserves ahead of potential deterioration in its construction portfolio.
The increase in provisions, coupled with a shift in the RESG portfolio toward life sciences and medical office buildings, indicates management is preparing for potential credit stress. The weighted average LTV in the RESG portfolio provides a significant equity cushion, but the concentration in gateway cities like San Francisco and New York introduces localized risk. Investors should monitor whether provisions continue to outpace charge-offs, which would signal a cautious outlook.
P/E Misleads on Earnings Quality
The P/E ratio of 7.99x TTM is commonly misapplied to OZK, as it fails to capture the volatility from CECL provisions and non-interest income timing. According to reported figures, headline earnings may overstate core profitability, warranting a focus on P/TBV and ROTCE instead.
CECL accounting requires front-loading reserves for long-term construction projects, which can distort quarterly earnings and make P/E appear artificially low or high. Additionally, the timing of loan syndications and catch-up interest payments on non-accrual loans can inflate earnings in certain periods. Analysts should use P/TBV, which at 0.90x reflects the tangible book value, and adjust for provision timing to assess true earnings power.