Latest Ratios: P/E Ratio 14.7x · EV/EBITDA 10.7x · ROE 12.0%. (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 | $5.6B | $4.4B | $4.5B | $4.2B | $3.0B | $2.1B | $1.6B | $1.2B | $926M | $1.4B | $857M |
| Enterprise Value | $6.9B | $5.7B | $6.0B | $5.8B | $4.2B | $3.2B | $2.5B | $2.8B | $2.5B | $2.7B | $2.1B |
| P/E Ratio → | 14.69 | 16.50 | 14.73 | 12.12 | 7.63 | 8.89 | 13.80 | 8.17 | 6.66 | 8.15 | 21.16 |
| P/S Ratio | 0.75 | 0.59 | 0.57 | 0.53 | 0.42 | 0.42 | 0.33 | 0.20 | 0.17 | 0.30 | 0.20 |
| P/B Ratio | 1.74 | 1.96 | 2.07 | 2.23 | 1.69 | 1.46 | 1.25 | 1.00 | 0.87 | 1.35 | 0.99 |
| P/FCF | 9.77 | 7.60 | 24.04 | — | 58.19 | 8.42 | 2.53 | 9.07 | — | — | 2.64 |
| P/OCF | 5.75 | 4.47 | 7.24 | 14.24 | 10.15 | 5.09 | 2.08 | 2.75 | 4.30 | 9.17 | 1.64 |
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 | — | 0.77 | 0.77 | 0.74 | 0.59 | 0.61 | 0.53 | 0.47 | 0.45 | 0.58 | 0.50 |
| EV / EBITDA | 10.74 | 8.81 | 8.50 | 7.96 | 5.99 | 6.59 | 7.51 | 7.02 | 6.41 | 8.97 | 8.91 |
| EV / EBIT | 17.64 | 14.45 | 12.75 | 11.32 | 8.38 | 10.25 | 15.45 | 12.71 | 12.18 | 18.48 | 24.35 |
| EV / FCF | — | 9.93 | 32.11 | — | 82.23 | 12.35 | 3.98 | 21.53 | — | — | 6.55 |
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 | 18.7% | 18.7% | 19.6% | 20.1% | 20.9% | 21.3% | 18.5% | 17.7% | 17.8% | 17.6% | 17.0% |
| Operating Margin | 5.3% | 5.3% | 6.0% | 6.5% | 7.1% | 6.0% | 3.3% | 3.7% | 3.7% | 3.2% | 1.9% |
| Net Profit Margin | 3.5% | 3.5% | 3.9% | 4.4% | 5.5% | 4.7% | 2.4% | 2.4% | 2.5% | 3.7% | 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 | 12.0% | 12.0% | 15.0% | 19.0% | 24.2% | 17.7% | 9.5% | 12.7% | 13.2% | 18.1% | 4.8% |
| ROA | 5.8% | 5.8% | 6.8% | 8.5% | 11.3% | 7.9% | 3.6% | 4.3% | 4.6% | 6.3% | 1.5% |
| ROIC | 8.2% | 8.2% | 9.8% | 11.8% | 13.9% | 10.0% | 4.7% | 6.0% | 6.1% | 4.9% | 2.7% |
| ROCE | 13.3% | 13.3% | 16.5% | 20.2% | 22.4% | 15.2% | 8.0% | 12.0% | 11.8% | 8.9% | 5.0% |
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 | 0.70 | 0.70 | 0.80 | 0.96 | 0.81 | 0.79 | 0.96 | 1.53 | 1.59 | 1.42 | 1.56 |
| Debt / EBITDA | 2.40 | 2.40 | 2.46 | 2.47 | 2.04 | 2.41 | 3.67 | 4.53 | 4.36 | 4.80 | 5.66 |
| Net Debt / Equity | — | 0.60 | 0.70 | 0.86 | 0.70 | 0.68 | 0.72 | 1.37 | 1.46 | 1.30 | 1.47 |
| Net Debt / EBITDA | 2.07 | 2.07 | 2.14 | 2.22 | 1.75 | 2.10 | 2.73 | 4.06 | 4.02 | 4.40 | 5.32 |
| Debt / FCF | — | 2.33 | 8.07 | — | 24.04 | 3.94 | 1.45 | 12.46 | — | — | 3.91 |
| Interest Coverage | 8.18 | 8.18 | 6.52 | 9.61 | 25.48 | 126.74 | 16.60 | 7.10 | 9.70 | 11.27 | 5.85 |
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 | 1.40 | 1.40 | 1.45 | 1.35 | 1.31 | 1.32 | 1.32 | 1.14 | 1.13 | 1.17 | 1.12 |
| Quick Ratio | 0.37 | 0.37 | 0.36 | 0.27 | 0.31 | 0.30 | 0.49 | 0.26 | 0.23 | 0.29 | 0.27 |
| Cash Ratio | 0.14 | 0.14 | 0.14 | 0.11 | 0.14 | 0.15 | 0.30 | 0.12 | 0.09 | 0.11 | 0.08 |
| Asset Turnover | — | 1.68 | 1.69 | 1.82 | 1.86 | 1.64 | 1.59 | 1.71 | 1.72 | 1.63 | 1.62 |
| Inventory Turnover | 3.94 | 3.94 | 3.51 | 3.51 | 3.93 | 3.95 | 4.50 | 3.61 | 3.38 | 3.76 | 4.16 |
| Days Sales Outstanding | — | 14.21 | 16.60 | 11.94 | 9.81 | 8.13 | 13.29 | 11.54 | 13.49 | 13.25 | 14.41 |
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 | 1.5% | 1.3% | 1.2% | 1.2% | 1.5% | 1.9% | 1.4% | 1.6% | 1.0% | — | — |
| Payout Ratio | 22.1% | 22.1% | 18.3% | 14.6% | 11.4% | 17.0% | 19.6% | 12.9% | 6.7% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.8% | 6.1% | 6.8% | 8.3% | 13.1% | 11.2% | 7.2% | 12.2% | 15.0% | 12.3% | 4.7% |
| FCF Yield | 10.2% | 13.2% | 4.2% | — | 1.7% | 11.9% | 39.5% | 11.0% | — | — | 37.8% |
| Buyback Yield | 3.5% | 4.5% | 0.4% | 5.0% | 3.1% | 1.6% | 1.6% | 5.0% | 13.0% | 2.4% | 5.1% |
| Total Shareholder Yield | 5.0% | 5.8% | 1.6% | 6.2% | 4.6% | 3.5% | 3.0% | 6.6% | 14.0% | 2.4% | 5.1% |
| Shares Outstanding | — | $81M | $82M | $84M | $86M | $58M | $57M | $56M | $60M | $62M | $60M |
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Quick answers to the most common questions about buying RUSHA stock.
Rush Enterprises, Inc.'s current P/E ratio is 14.7x. The historical average is 12.7x. This places it at the 74th percentile of its historical range.
Rush Enterprises, Inc.'s current EV/EBITDA is 10.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.6x.
Rush Enterprises, Inc.'s return on equity (ROE) is 12.0%. The historical average is 12.6%.
Based on historical data, Rush Enterprises, Inc. is trading at a P/E of 14.7x. This is at the 74th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Rush Enterprises, Inc.'s current dividend yield is 1.50% with a payout ratio of 22.1%.
Rush Enterprises, Inc. has 18.7% gross margin and 5.3% operating margin.
Rush Enterprises, Inc.'s Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Cyclical downturn persists
Metrics are mathematically derived from official filings.
Margin Resilience Amidst Volume Decline
Gross margin held near 19% despite eight quarters of revenue contraction, with operating margin compressing to 5.1% in 2026Q2 from 6.3% in 2024Q3, as per financial statements.
The stability in gross margin, despite a -4.75% YoY revenue decline, suggests the higher-margin parts and service segment is cushioning the impact of lower-margin vehicle sales. However, operating margin compression from 6.3% to 5.1% indicates that SG&A costs have not flexed downward proportionally, reflecting limited cost flexibility in a downturn. This divergence between gross and operating margins implies that while the service mix provides a buffer, fixed cost absorption is weakening, and investors should monitor whether management can adjust the cost base if revenue continues to contract.
Return on Capital Decelerating
ROIC declined from 2.5% in 2024Q2 to 2.1% in 2026Q2, while ROE fell from 4.0% to 3.1%, as reported in quarterly data, indicating diminishing returns on invested capital.
The steady decline in ROIC and ROE over the past two years, despite a stable gross margin, suggests that the company's capital base has grown faster than operating income. This may reflect continued investment in service infrastructure and acquisitions, which have yet to generate proportional returns in a soft demand environment. The low absolute levels of ROIC (around 2%) are typical for asset-heavy dealerships, but the downward trend warrants attention; if the cycle does not recover, these returns could remain suppressed, limiting the company's ability to compound shareholder value.
Working Capital Efficiency Improving
Cash conversion cycle improved from 121 days in 2024Q1 to 94 days in 2026Q2, driven by lower DIO and higher DPO, according to quarterly data, indicating better working capital management.
The reduction in days inventory outstanding from 118 to 98 days suggests the company is managing its truck and parts inventory more tightly, likely in response to softer demand. Simultaneously, days payable outstanding increased from 11 to 18 days, indicating the company is taking longer to pay suppliers, which improves cash flow but may strain supplier relationships. The overall CCC improvement of 27 days is a positive sign of operational discipline, but the low quick ratio of 0.38 highlights that the company remains heavily reliant on inventory turnover to meet short-term obligations, a structural characteristic of dealerships.
Deleveraging Despite Downturn
Debt-to-equity fell from 1.04 in 2024Q1 to 0.63 in 2026Q2, with total debt down to $1.5B, as per balance sheet data, while interest coverage improved to 22.3x.
The significant reduction in leverage, even as revenue contracted, indicates a conservative capital allocation strategy, possibly funded by strong operating cash flow. Interest coverage has more than tripled from 6.2x to 22.3x, suggesting that debt service is becoming more comfortable. However, the reported D/E of 0.63 appears unusually low for a dealership, and the prior analysis flagged that floorplan financing may not be fully captured in the debt figures. If floorplan liabilities are understated, the true leverage could be higher, and the apparent improvement in coverage may be overstated. Investors should verify the treatment of floorplan debt before concluding that the balance sheet is as strong as it appears.
Liquidity Cushion Strengthens
Current ratio improved to 1.45 in 2026Q2 from 1.43 in 2024Q1, with cash rising to $264.9M, as reported in balance sheet data, indicating a solid liquidity position.
The current ratio has remained stable around 1.4, which is adequate for a dealership, but the quick ratio of 0.38 highlights a heavy reliance on inventory to meet short-term obligations. In a severe downturn, if used truck values decline sharply, the company could face inventory write-downs that erode this liquidity buffer. However, the increase in cash to $264.9M provides a cushion, and the strong interest coverage suggests the company can service debt even if earnings weaken. The liquidity position appears resilient, but the low quick ratio warrants monitoring, especially if the freight cycle remains soft.
Misapplied P/E in Cyclical Downturn
The trailing P/E of 24.09 appears elevated versus peers like LAD at 11.47, but this may mislead investors during a cyclical trough, as per valuation data.
The P/E ratio is often misapplied to cyclical companies like Rush Enterprises because it uses trailing earnings, which are depressed at the bottom of the cycle, making the multiple appear expensive. In contrast, forward P/E of 20.70 suggests the market expects earnings to recover, but the PEG of 2.33 implies that the stock is priced for growth that may not materialize if the downturn persists. A more appropriate metric for this business is EV/EBITDA, which at 11.54 is more comparable to peers and less distorted by depreciation and interest. Investors should focus on the company's ability to maintain its service-led margin structure through the cycle, rather than relying on P/E alone.