Latest Ratios: P/E Ratio 31.4x · EV/EBITDA 14.6x · ROE 10.4%. (1998–2025 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 | $8.9B | $8.7B | $12.2B | $11.7B | $5.6B | $9.0B | $4.8B | $2.5B | $1.5B | $1.8B | $1.1B |
| Enterprise Value | $9.3B | $9.1B | $12.5B | $11.6B | $5.6B | $9.1B | $5.0B | $2.7B | $1.6B | $2.0B | $1.2B |
| P/E Ratio → | 31.44 | 34.30 | 33.73 | 33.05 | 15.65 | 35.55 | 34.77 | 21.66 | 13.99 | 20.27 | 23.61 |
| P/S Ratio | 2.50 | 2.70 | 3.81 | 4.07 | 2.00 | 3.93 | 2.64 | 1.38 | 0.89 | 1.31 | 0.91 |
| P/B Ratio | 3.45 | 3.39 | 5.28 | 6.04 | 3.54 | 7.38 | 5.00 | 3.02 | 2.11 | 3.17 | 2.35 |
| P/FCF | 31.75 | 319.97 | — | 84.95 | 52.97 | 92.94 | 61.64 | — | 44.79 | — | 42.93 |
| P/OCF | 14.88 | 14.70 | 20.93 | 20.29 | 11.82 | 23.53 | 15.55 | 9.02 | 5.72 | 11.69 | 7.78 |
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 | — | 2.83 | 3.90 | 4.02 | 1.99 | 3.96 | 2.73 | 1.51 | 0.96 | 1.41 | 0.96 |
| EV / EBITDA | 14.64 | 15.22 | 18.08 | 18.10 | 8.86 | 18.99 | 15.78 | 9.95 | 6.53 | 10.86 | 7.76 |
| EV / EBIT | 26.27 | 25.84 | 25.82 | 24.68 | 11.81 | 26.95 | 27.38 | 17.63 | 11.24 | 20.82 | 15.21 |
| EV / FCF | — | 334.55 | — | 83.80 | 52.65 | 93.50 | 63.70 | — | 48.47 | — | 45.66 |
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 | 16.0% | 16.0% | 20.1% | 20.8% | 21.2% | 19.7% | 15.6% | 14.0% | 13.9% | 12.5% | 12.8% |
| Operating Margin | 10.9% | 10.9% | 15.0% | 16.0% | 16.9% | 14.6% | 9.9% | 8.5% | 8.5% | 6.7% | 6.3% |
| Net Profit Margin | 7.9% | 7.9% | 11.3% | 12.3% | 12.8% | 11.1% | 7.6% | 6.4% | 6.3% | 6.5% | 3.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.4% | 10.4% | 17.0% | 20.2% | 25.5% | 23.2% | 15.6% | 15.1% | 16.4% | 17.1% | 10.5% |
| ROA | 7.7% | 7.7% | 12.6% | 14.9% | 17.8% | 14.9% | 9.3% | 8.9% | 10.0% | 10.3% | 6.3% |
| ROIC | 9.4% | 9.4% | 16.4% | 20.7% | 25.0% | 21.0% | 12.4% | 12.2% | 13.9% | 11.2% | 11.3% |
| ROCE | 11.5% | 11.5% | 18.7% | 22.1% | 27.5% | 24.0% | 14.7% | 14.5% | 16.4% | 13.0% | 12.7% |
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 | 0.16 | 0.16 | 0.14 | 0.07 | 0.10 | 0.13 | 0.19 | 0.30 | 0.18 | 0.23 | 0.15 |
| Debt / EBITDA | 0.70 | 0.70 | 0.47 | 0.22 | 0.25 | 0.34 | 0.59 | 0.89 | 0.50 | 0.73 | 0.48 |
| Net Debt / Equity | — | 0.15 | 0.13 | -0.08 | -0.02 | 0.04 | 0.17 | 0.30 | 0.17 | 0.22 | 0.15 |
| Net Debt / EBITDA | 0.66 | 0.66 | 0.44 | -0.25 | -0.05 | 0.11 | 0.51 | 0.89 | 0.50 | 0.71 | 0.47 |
| Debt / FCF | — | 14.57 | — | -1.14 | -0.31 | 0.56 | 2.07 | — | 3.68 | — | 2.74 |
| Interest Coverage | 21.52 | 21.52 | 54.30 | 184.92 | 180.26 | 104.60 | 35.05 | 22.93 | 26.07 | 18.77 | 18.05 |
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 | 1.64 | 1.64 | 1.57 | 2.01 | 1.94 | 1.30 | 0.99 | 0.96 | 1.02 | 1.22 | 1.15 |
| Quick Ratio | 1.64 | 1.64 | 1.57 | 2.01 | 1.94 | 1.30 | 0.99 | 0.96 | 1.02 | 1.22 | 1.15 |
| Cash Ratio | 0.07 | 0.07 | 0.07 | 0.92 | 0.68 | 0.33 | 0.09 | 0.00 | 0.01 | 0.03 | 0.01 |
| Asset Turnover | — | 0.93 | 1.01 | 1.12 | 1.28 | 1.24 | 1.18 | 1.26 | 1.46 | 1.45 | 1.56 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 41.16 | 41.75 | 39.62 | 41.02 | 44.14 | 43.46 | 41.76 | 40.48 | 45.20 | 41.47 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 2.9% | 3.0% | 3.0% | 6.4% | 2.8% | 2.9% | 4.6% | 7.1% | 4.9% | 4.2% |
| FCF Yield | 3.1% | 0.3% | — | 1.2% | 1.9% | 1.1% | 1.6% | — | 2.2% | — | 2.3% |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Shares Outstanding | — | $27M | $27M | $27M | $27M | $27M | $27M | $26M | $26M | $26M | $26M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying SAIA stock.
Saia, Inc.'s current P/E ratio is 31.4x. The historical average is 26.9x. This places it at the 71th percentile of its historical range.
Saia, Inc.'s current EV/EBITDA is 14.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.3x.
Saia, Inc.'s return on equity (ROE) is 10.4%. The historical average is 8.6%.
Based on historical data, Saia, Inc. is trading at a P/E of 31.4x. This is at the 71th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Saia, Inc. has 16.0% gross margin and 10.9% operating margin. Operating margin between 10-20% is typical for established companies.
Saia, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Operating ratio compression risk
Metrics are mathematically derived from official filings.
Premium Multiples Pricing a Margin Catch-Up
Based on reported figures, Saia trades at 35.2x trailing earnings and 15.5x EV/EBITDA, a premium to TFII's 7.1x EV/EBITDA that implies investors are pricing in convergence toward Old Dominion's superior operating margins rather than current earnings power.
The 2.74 PEG ratio suggests the market is paying a meaningful premium for growth that has not yet fully shown up in reported earnings, given that quarterly revenue growth has been low single digits over the past year. Compared with ODFL at 35.3x P/E and 20.6x EV/EBITDA, Saia's multiples appear reasonable only if its operating ratio closes part of the gap with the market leader. Investors should monitor whether forward EV/EBITDA of 12.6x reflects a credible earnings recovery or an optimistic reading of an unproven density build.
Margin Recovery Remains Below Peak Levels
According to the reported income statements, Saia's operating margin recovered to 12.4% in 2026Q3 from 8.1% in 2025Q4, but remains well below the 16.7% peak in 2024Q2 and roughly half of ODFL's 24.8% peer margin.
The gross margin decline from 21.4% to 17.0% over ten quarters indicates that cost pressure has outpaced pricing gains during the network expansion. The recent operating margin rebound suggests operating leverage is turning positive again, though a single quarter is insufficient to confirm a durable trend. Net margin of 9.3% versus ODFL's 18.6% points to a structural gap that may be partly temporary given Saia's ongoing terminal ramp-up.
Returns Compressed Below Historical Compounding Levels
Based on Saia's reported figures, ROIC has fallen from 4.4% in 2024Q2 to 3.2% in 2026Q3 and ROE from 4.9% to 3.3%, while peer ODFL sustains an ROIC of 23.6%, signaling a substantial efficiency gap.
Returns on capital are depressed in absolute terms, which likely reflects the heavy investment in terminals and equipment that has not yet generated full revenue density. The decline in ROIC during a period of rising net PP&E suggests capital is being deployed faster than it is earning returns. Investors should watch whether ROIC recovers as new service centers mature, since the current level leaves little margin for error if volumes soften.
Low Leverage Provides Cyclical Cushion
As reported in financial statements, Saia's debt-to-equity ratio stands at 0.09 and interest coverage at 60.7x in 2026Q3, comfortably below the peer average, though both have moved materially across the ten-quarter window.
Debt-to-equity has ranged between roughly 0.06 and 0.18, indicating that the balance sheet has remained conservatively financed throughout the expansion. The very high interest coverage suggests debt service is not a near-term constraint under current conditions. Still, the low cash balance relative to the current ratio warrants monitoring, since limited liquidity could become a constraint if demand weakens.
Asset Turnover Misread as Efficiency Gain
Based on reported quarterly data, Saia's asset turnover of 0.26 is often read as a sign of capital efficiency, but for a capital-intensive LTL carrier it primarily reflects terminal and fleet investment rather than productive utilization.
Asset turnover is frequently misapplied to LTL businesses because a dense terminal network inflates the asset base before shipment volume fully arrives, depressing the ratio during expansion phases. A rising turnover may therefore reflect improved density rather than better capital efficiency alone. Operating ratio and revenue per hundredweight, adjusted for fuel surcharges, provide a more accurate read of earning power for this business model.