Latest Ratios: P/E Ratio 17.1x · EV/EBITDA 4.3x · ROE 30.3%. (2008–2025 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 | $477M | $313M | $332M | $262M | $214M | $212M | $193M | $234M | $636M | $1.2B | $1.3B |
| Enterprise Value | $858M | $694M | $767M | $835M | $903M | $964M | $1.1B | $1.4B | $1.5B | $2.1B | $2.5B |
| P/E Ratio → | 17.13 | 11.61 | — | — | 22.67 | 5.63 | — | — | 77.00 | 10.92 | 29.87 |
| P/S Ratio | 0.20 | 0.13 | 0.12 | 0.09 | 0.07 | 0.07 | 0.07 | 0.06 | 0.15 | 0.28 | 0.31 |
| P/B Ratio | 3.59 | 2.43 | 6.65 | 2.20 | 1.24 | 1.55 | 2.28 | 0.96 | 1.38 | 2.24 | 3.03 |
| P/FCF | 9.41 | 6.17 | 5.96 | 3.42 | 2.27 | 2.45 | 1.50 | 5.25 | 3.87 | 4.54 | 5.43 |
| P/OCF | 4.97 | 3.26 | 2.94 | 1.78 | 1.39 | 1.55 | 1.02 | 1.50 | 2.44 | 3.40 | 3.80 |
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 | — | 0.29 | 0.29 | 0.28 | 0.28 | 0.33 | 0.39 | 0.36 | 0.36 | 0.50 | 0.57 |
| EV / EBITDA | 4.34 | 3.51 | 3.34 | 3.67 | 3.73 | 3.90 | 4.35 | 4.23 | 3.70 | 4.62 | 5.07 |
| EV / EBIT | 7.22 | 8.36 | 41.47 | 38.29 | 12.59 | 8.86 | — | 149.52 | 15.09 | 12.76 | 18.06 |
| EV / FCF | — | 13.68 | 13.77 | 10.87 | 9.57 | 11.14 | 8.89 | 31.58 | 9.17 | 8.02 | 10.01 |
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 | 18.4% | 18.4% | 18.0% | 15.2% | 14.3% | 14.1% | 14.2% | 13.4% | 13.2% | 15.7% | 15.4% |
| Operating Margin | 4.9% | 4.9% | 4.8% | 3.3% | 3.1% | 3.0% | 2.8% | 3.1% | 4.6% | 5.2% | 4.8% |
| Net Profit Margin | 1.1% | 1.1% | -1.9% | -1.9% | 0.3% | 1.3% | -4.4% | -1.4% | 0.2% | 2.6% | 1.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 30.3% | 30.3% | -60.1% | -37.9% | 6.0% | 34.1% | -78.0% | -15.7% | 1.7% | 22.2% | 10.4% |
| ROA | 2.1% | 2.1% | -3.6% | -3.5% | 0.5% | 2.0% | -5.9% | -2.3% | 0.3% | 4.3% | 1.7% |
| ROIC | 17.9% | 17.9% | 16.2% | 9.5% | 8.6% | 7.0% | 5.0% | 6.7% | 10.5% | 10.8% | 9.4% |
| ROCE | 19.3% | 19.3% | 19.3% | 12.2% | 10.9% | 8.3% | 5.8% | 7.6% | 11.6% | 12.3% | 10.9% |
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 | 3.45 | 3.45 | 9.31 | 5.23 | 4.13 | 6.81 | 11.92 | 5.12 | 2.04 | 1.85 | 2.57 |
| Debt / EBITDA | 2.25 | 2.25 | 2.02 | 2.75 | 2.95 | 3.77 | 3.83 | 3.76 | 2.31 | 2.15 | 2.34 |
| Net Debt / Equity | — | 2.96 | 8.73 | 4.79 | 3.98 | 5.49 | 11.27 | 4.80 | 1.89 | 1.72 | 2.55 |
| Net Debt / EBITDA | 1.93 | 1.93 | 1.90 | 2.51 | 2.85 | 3.04 | 3.62 | 3.53 | 2.14 | 2.01 | 2.32 |
| Debt / FCF | — | 7.51 | 7.82 | 7.45 | 7.30 | 8.69 | 7.40 | 26.34 | 5.30 | 3.49 | 4.57 |
| Interest Coverage | 1.64 | 1.64 | 0.29 | 0.31 | 1.48 | 1.83 | -0.45 | 0.10 | 1.36 | 2.28 | 1.77 |
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 | 0.86 | 0.86 | 0.76 | 0.74 | 0.89 | 0.85 | 0.99 | 1.12 | 1.11 | 1.22 | 1.17 |
| Quick Ratio | 0.63 | 0.63 | 0.53 | 0.52 | 0.56 | 0.61 | 0.75 | 0.86 | 0.76 | 0.89 | 0.82 |
| Cash Ratio | 0.10 | 0.10 | 0.04 | 0.07 | 0.03 | 0.19 | 0.08 | 0.10 | 0.08 | 0.09 | 0.01 |
| Asset Turnover | — | 1.93 | 2.06 | 1.96 | 1.89 | 1.57 | 1.52 | 1.62 | 1.70 | 1.68 | 1.68 |
| Inventory Turnover | 13.76 | 13.76 | 13.49 | 14.02 | 10.57 | 11.25 | 14.77 | 16.14 | 11.42 | 14.13 | 13.80 |
| Days Sales Outstanding | — | 44.47 | 37.32 | 39.02 | 42.28 | 44.63 | 49.72 | 42.43 | 43.31 | 48.81 | 47.51 |
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 | 3.1% | 4.6% | 2.8% | 0.0% | 0.7% | 0.7% | 4.9% | 24.5% | 9.9% | 5.3% | 4.6% |
| Payout Ratio | 53.3% | 53.3% | — | — | 15.1% | 3.7% | — | — | 740.0% | 58.3% | 136.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.8% | 8.6% | — | — | 4.4% | 17.8% | — | — | 1.3% | 9.2% | 3.3% |
| FCF Yield | 10.6% | 16.2% | 16.8% | 29.3% | 44.0% | 40.8% | 66.8% | 19.1% | 25.8% | 22.0% | 18.4% |
| Buyback Yield | 1.7% | 2.6% | 0.6% | 4.8% | 4.7% | 0.0% | 0.5% | 2.8% | 5.8% | 0.3% | 0.7% |
| Total Shareholder Yield | 4.8% | 7.2% | 3.5% | 4.8% | 5.3% | 0.7% | 5.4% | 27.3% | 15.7% | 5.7% | 5.2% |
| Shares Outstanding | — | $50M | $48M | $48M | $53M | $53M | $51M | $50M | $52M | $52M | $50M |
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying QUAD stock.
Quad/Graphics, Inc.'s current P/E ratio is 17.1x. The historical average is 30.2x. This places it at the 44th percentile of its historical range.
Quad/Graphics, Inc.'s current EV/EBITDA is 4.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.2x.
Quad/Graphics, Inc.'s return on equity (ROE) is 30.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -9.0%.
Based on historical data, Quad/Graphics, Inc. is trading at a P/E of 17.1x. This is at the 44th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Quad/Graphics, Inc.'s current dividend yield is 3.12% with a payout ratio of 53.3%.
Quad/Graphics, Inc. has 18.4% gross margin and 4.9% operating margin.
Quad/Graphics, Inc.'s Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Extreme leverage and volatile earnings
Metrics are mathematically derived from official filings.
Deep Value or Value Trap?
Quad/Graphics trades at a forward P/E of 7.93 and an EV/EBITDA of 4.64, multiples that appear to price in significant distress or a cyclical trough, especially when compared to the peer group's wider range.
The current valuation multiples suggest the market is pricing in minimal future earnings growth or significant risk to the business model. The forward P/E of 7.93 is substantially below the trailing P/E of 19.24, indicating an expectation of a sharp earnings recovery that may not materialize given the company's historical volatility. This discount appears severe even for a cyclical industrial, warranting investigation into whether the market is correctly pricing the company's ability to sustain its recent, anomalous 2026Q2 gross margin.
Margin Anomaly Obscures Core Weakness
The reported 55.0% gross margin in 2026Q2 is a dramatic outlier from the company's historical 16-20% range, yet operating margin remained a thin 1.4%, suggesting the core business model struggles to convert revenue into meaningful profit.
The extreme divergence between the 2026Q2 gross margin and the subsequent operating margin indicates that overhead costs are consuming nearly all gross profit, pointing to a lack of operating leverage. This pattern, combined with the net margin of just 0.4%, suggests that even in a quarter with seemingly exceptional top-line performance, the company's true earning power remains constrained. Investors should monitor whether this margin profile is sustainable or a one-time event.
Capital Returns Fail to Cover Cost
Return on Invested Capital (ROIC) has averaged approximately 3.5% over the past ten quarters, a level that appears insufficient to cover the company's cost of capital and suggests long-term value erosion.
The ROIC trend, which peaked at 5.2% in 2024Q4 and has since declined to 1.8% in 2026Q2, indicates the company is not generating adequate returns on the capital deployed. This persistent underperformance, especially when contrasted with the negative retained earnings balance, implies that historical investments have not created shareholder value. The low ROIC is a critical concern given the company's high leverage, as it suggests the business may not be generating enough cash to service its debt obligations organically.
Leverage Remains Extreme Despite Paydown
Despite reducing total debt from $652.0M to $469.2M over ten quarters, the debt-to-equity ratio remains exceptionally high at 3.76, indicating the balance sheet is still fundamentally vulnerable to operational or refinancing shocks.
The leverage profile is highly concerning, as the D/E ratio of 3.76 is paired with a thin equity base of just $124.7M. While the interest coverage ratio has improved to 1.67 in 2026Q2 from negative levels in 2024, it remains low and leaves little margin for error. This high leverage, combined with volatile cash flows, suggests the company's financial flexibility is severely constrained and any operational misstep could quickly escalate into a liquidity crisis.
Chronically Tight Cash Position
The company operates with a perpetually low cash balance of just $7.4M against $1.1B in total liabilities, indicating a business model that is highly dependent on continuous cash generation and access to credit facilities.
The current ratio of 0.87 and quick ratio of 0.60 in 2026Q2 suggest the company cannot cover its short-term obligations with liquid assets alone. This tight liquidity position, which has persisted for several quarters, implies a reliance on external financing or the constant monetization of working capital. Given the extreme volatility in operating cash flow, this liquidity profile appears fragile and warrants close monitoring of the company's credit line availability and covenant compliance.
The Misleading Power of EV/EBITDA
The EV/EBITDA multiple of 4.64 is the ratio most commonly misapplied to this business model, as it obscures the company's extreme leverage and volatile, low-margin earnings profile.
For a highly leveraged, capital-intensive business with volatile cash flows, EV/EBITDA can be dangerously misleading. It ignores the significant interest burden, which is a critical factor for this company given its D/E of 3.76, and it capitalizes earnings at a multiple that may not reflect the true risk of the cash flows. A more appropriate metric would be a price-to-free-cash-flow ratio, which better captures the company's ability to generate cash after all obligations, or a debt-adjusted valuation metric that accounts for the balance sheet risk.