Latest Ratios: P/E Ratio 11.8x · EV/EBITDA 9.0x · ROE 7.1%. (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 | $8.9B | $7.1B | $7.7B | $21.3B | $23.3B | $26.3B | $28.2B | $33.0B | $26.0B | $25.3B | $22.1B |
| Enterprise Value | $18.5B | $16.8B | $17.9B | $32.5B | $33.1B | $35.4B | $37.1B | $41.2B | $32.9B | $32.0B | $27.7B |
| P/E Ratio → | 11.79 | 8.89 | — | 16.88 | 18.84 | 19.84 | 212.33 | 35.75 | 21.96 | 38.29 | 29.67 |
| P/S Ratio | 1.04 | 0.83 | 0.89 | 2.38 | 2.59 | 3.03 | 3.51 | 4.23 | 4.51 | 4.67 | 4.40 |
| P/B Ratio | 0.82 | 0.62 | 0.70 | 1.62 | — | — | — | — | — | — | — |
| P/FCF | 7.17 | 5.73 | 7.61 | 18.04 | 15.03 | 16.34 | 16.91 | 19.95 | 17.08 | 16.15 | 14.60 |
| P/OCF | 4.71 | 3.76 | 4.43 | 11.63 | 11.79 | 13.17 | 13.98 | 16.36 | 13.85 | 13.65 | 12.85 |
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 | — | 1.96 | 2.06 | 3.62 | 3.67 | 4.07 | 4.62 | 5.29 | 5.70 | 5.90 | 5.53 |
| EV / EBITDA | 9.00 | 8.13 | — | 12.75 | 12.62 | 13.61 | 26.13 | 19.50 | 16.21 | 16.50 | 16.30 |
| EV / EBIT | 12.61 | 11.06 | — | 16.72 | 16.31 | 18.22 | 45.03 | 25.99 | 18.56 | 19.87 | 19.49 |
| EV / FCF | — | 13.46 | 17.69 | 27.52 | 21.33 | 21.96 | 22.25 | 24.94 | 21.56 | 20.41 | 18.32 |
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 | 47.0% | 47.0% | 48.3% | 49.0% | 50.2% | 50.6% | 51.0% | 50.6% | 51.8% | 52.1% | 50.0% |
| Operating Margin | 17.2% | 17.2% | -17.4% | 21.7% | 22.6% | 23.2% | 10.7% | 21.1% | 29.9% | 30.2% | 28.5% |
| Net Profit Margin | 9.4% | 9.4% | -19.1% | 14.1% | 13.5% | 15.1% | 1.6% | 11.7% | 20.4% | 11.9% | 14.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.1% | 7.1% | -13.8% | 25.8% | — | — | — | — | — | — | — |
| ROA | 2.9% | 2.9% | -5.8% | 6.3% | 12.0% | 12.8% | 1.2% | 9.5% | 14.3% | 7.9% | 9.3% |
| ROIC | 5.2% | 5.2% | -5.0% | 9.5% | 23.8% | 23.2% | 9.1% | 19.7% | 25.5% | 24.6% | 21.5% |
| ROCE | 6.1% | 6.1% | -6.0% | 11.7% | 28.4% | 27.9% | 11.4% | 24.9% | 31.8% | 30.3% | 26.3% |
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 | 0.84 | 0.84 | 0.94 | 0.88 | — | — | — | — | — | — | — |
| Debt / EBITDA | 4.71 | 4.71 | — | 4.51 | 3.75 | 3.56 | 6.31 | 3.95 | 3.40 | 3.48 | 3.44 |
| Net Debt / Equity | — | 0.83 | 0.92 | 0.85 | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 4.67 | 4.67 | — | 4.39 | 3.73 | 3.48 | 6.26 | 3.90 | 3.37 | 3.44 | 3.31 |
| Debt / FCF | — | 7.72 | 10.08 | 9.49 | 6.30 | 5.62 | 5.33 | 4.98 | 4.48 | 4.26 | 3.72 |
| Interest Coverage | 3.30 | 3.30 | -2.76 | 4.59 | 4.80 | 4.68 | 2.09 | 4.07 | 5.06 | 4.65 | 4.30 |
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 | 0.30 | 0.30 | 0.42 | 0.34 | 0.35 | 0.40 | 0.31 | 0.30 | 0.17 | 0.17 | 0.24 |
| Quick Ratio | 0.30 | 0.30 | 0.42 | 0.34 | 0.35 | 0.40 | 0.30 | 0.30 | 0.16 | 0.16 | 0.23 |
| Cash Ratio | 0.03 | 0.03 | 0.06 | 0.08 | 0.02 | 0.06 | 0.02 | 0.03 | 0.02 | 0.02 | 0.08 |
| Asset Turnover | — | 0.31 | 0.32 | 0.30 | 0.90 | 0.85 | 0.78 | 0.70 | 0.71 | 0.65 | 0.63 |
| Inventory Turnover | — | — | — | — | — | — | 394.10 | 350.36 | 126.32 | 128.72 | 123.07 |
| Days Sales Outstanding | — | 32.46 | 28.36 | 28.90 | 26.55 | 30.30 | 30.51 | 31.38 | 14.74 | 16.26 | 16.23 |
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 | 3.9% | 5.1% | 1.9% | 0.3% | 5.7% | 1.0% | 0.8% | 0.7% | 0.8% | 0.8% | 0.2% |
| Payout Ratio | 45.3% | 45.3% | — | 5.2% | 110.4% | 20.4% | 180.9% | 24.7% | 17.1% | 29.3% | 6.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.5% | 11.3% | — | 5.9% | 5.3% | 5.0% | 0.5% | 2.8% | 4.6% | 2.6% | 3.4% |
| FCF Yield | 13.9% | 17.4% | 13.1% | 5.5% | 6.7% | 6.1% | 5.9% | 5.0% | 5.9% | 6.2% | 6.9% |
| Buyback Yield | 1.5% | 1.9% | 0.1% | 1.3% | 2.8% | 5.8% | 5.5% | 6.5% | 5.0% | 5.6% | 7.6% |
| Total Shareholder Yield | 5.4% | 7.0% | 1.9% | 1.6% | 8.5% | 6.8% | 6.4% | 7.2% | 5.8% | 6.3% | 7.8% |
| Shares Outstanding | — | $357M | $338M | $389M | $399M | $414M | $443M | $462M | $456M | $472M | $496M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SIRI stock.
Sirius XM Holdings Inc.'s current P/E ratio is 11.8x. The historical average is 38.0x. This places it at the 14th percentile of its historical range.
Sirius XM Holdings Inc.'s current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
Sirius XM Holdings Inc.'s return on equity (ROE) is 7.1%. The historical average is -6.1%.
Based on historical data, Sirius XM Holdings Inc. is trading at a P/E of 11.8x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sirius XM Holdings Inc.'s current dividend yield is 3.85% with a payout ratio of 45.3%.
Sirius XM Holdings Inc. has 47.0% gross margin and 17.2% operating margin. Operating margin between 10-20% is typical for established companies.
Sirius XM Holdings Inc.'s Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Goodwill impairment and leverage
Metrics are mathematically derived from official filings.
Deep Value with Stagnant Growth
SIRI trades at 12.8x trailing earnings and 9.5x forward, with a PEG of 0.26, suggesting the market prices in minimal growth, consistent with flat revenue trends.
The forward P/E of 9.52 implies the market expects earnings growth, but given the stagnant top line, this may rely on margin expansion or buybacks. The EV/EBITDA of 9.37 is below the peer average, but the low PEG could be a value trap if subscriber churn persists. Investors should monitor whether the discount reflects structural decline or temporary pessimism.
Margin Resilience Amid Revenue Plateau
Gross margin held near 49.7% in 2026Q2, while operating margin recovered to 21.9%, but net margin of 11.1% reflects volatility from non-operating items.
The stability in gross margin suggests pricing power in content costs, but operating margin swings (from 10.3% to 23.1%) indicate that SG&A and other costs are not scaling predictably. The 2024Q3 net margin of -113.1% was driven by a large impairment, which distorts trailing profitability. Adjusted for such items, core earning power appears more stable, but the reliance on non-cash adjustments warrants caution.
Returns Recovering from Impairment Shock
ROIC improved from -15.2% in 2024Q3 to 2.1% in 2026Q2, but remains below the cost of capital, indicating value creation is still in question.
The sharp recovery in ROIC is largely due to the absence of the impairment, but the absolute level remains low, suggesting that the capital base (including goodwill) is not generating adequate returns. ROE of 2.0% is similarly subdued, reflecting thin margins relative to equity. The trend suggests the company is stabilizing, but not yet compounding returns at an attractive rate.
Working Capital Efficiency Masked by Low Turnover
Asset turnover has been flat at 0.08, while DSO improved to 29 days, but the cash conversion cycle remains negative due to high DPO, indicating supplier leverage.
The low asset turnover reflects the heavy goodwill on the balance sheet, which inflates assets without generating revenue. The negative CCC (as DPO exceeds DSO) suggests SIRI is using supplier financing effectively, but this may not be sustainable if payment terms are tightened. The stable DSO indicates consistent receivables management, but the overall efficiency is constrained by the capital structure.
Leverage Easing but Interest Coverage Thin
D/E fell from 0.99 to 0.83 over the past year, but interest coverage of 4.21x in 2026Q2 remains modest, reflecting high debt levels.
The reduction in leverage is positive, but the absolute debt load of $9.7B remains substantial relative to equity. Interest coverage of 4.21x provides a cushion, but it is sensitive to operating margin volatility, as seen in 2025Q4 when coverage dropped to 2.22x. The company appears to be managing debt service, but refinancing risk could emerge if rates rise or cash flows weaken.
Thin Liquidity Raises Stress Concerns
Current ratio of 0.46 and quick ratio of 0.46 in 2026Q2 indicate limited short-term assets to cover liabilities, though cash flow generation is strong.
The sub-0.5 current ratio suggests a potential liquidity strain if short-term obligations come due, but the company's consistent operating cash flow (averaging over $400M per quarter) provides a buffer. The low cash balance of $174M is concerning, but the ability to generate FCF may mitigate immediate stress. Investors should monitor whether the company can maintain its dividend and debt payments without tapping external sources.
Misapplied Metric: EV/EBITDA
EV/EBITDA is often used for SIRI, but it obscures the impact of heavy goodwill and capital intensity, making P/FCF a more relevant valuation metric.
EV/EBITDA of 9.37 appears reasonable, but it ignores the $12.4B goodwill that may be impaired, and the capital expenditures required to maintain the satellite network. P/FCF of 7.78 provides a clearer picture of cash generation, but even that can be volatile due to working capital swings. Investors should adjust for non-cash items and consider the sustainability of FCF margins, which have ranged from 2.6% to 27.4% over the past year.