Latest Ratios: P/E Ratio 11.4x · EV/EBITDA 6.6x · ROE 10.4%. (1999–2025 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 | $100.0B | $118.3B | $120.7B | $125.0B | $121.3B | $125.5B | $121.8B | $125.5B | $108.3B | $108.1B | $104.1B |
| Enterprise Value | $114.5B | $131.0B | $131.2B | $134.9B | $129.7B | $137.8B | $131.6B | $141.7B | $126.0B | $113.4B | $112.4B |
| P/E Ratio → | 11.44 | 15.14 | 22.02 | 23.13 | 15.23 | 20.12 | 9.90 | 44.04 | 25.09 | 12.80 | 22.10 |
| P/S Ratio | 1.88 | 2.53 | 2.73 | 3.00 | 2.99 | 3.20 | 3.26 | 3.33 | 3.03 | 2.98 | 3.00 |
| P/B Ratio | 1.25 | 1.65 | 1.55 | 1.68 | 1.61 | 1.82 | 1.93 | 2.12 | 1.83 | 1.86 | 1.80 |
| P/FCF | 8.66 | 11.66 | 20.51 | 14.46 | 14.57 | 14.80 | 22.84 | 21.17 | 30.33 | 19.93 | 18.08 |
| P/OCF | 7.24 | 9.75 | 13.29 | 12.18 | 11.52 | 11.93 | 16.35 | 16.20 | 19.52 | 14.65 | 13.28 |
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 | — | 2.80 | 2.96 | 3.24 | 3.20 | 3.52 | 3.52 | 3.77 | 3.53 | 3.13 | 3.24 |
| EV / EBITDA | 6.58 | 8.57 | 12.10 | 11.85 | 9.78 | 12.01 | 7.40 | 13.50 | 14.07 | 11.95 | 11.43 |
| EV / EBIT | 10.48 | 19.25 | 17.61 | 19.39 | 12.47 | 16.83 | 9.26 | 44.04 | 25.71 | 19.05 | 17.03 |
| EV / FCF | — | 12.91 | 22.29 | 15.62 | 15.58 | 16.25 | 24.66 | 23.90 | 35.29 | 20.91 | 19.52 |
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 | 72.1% | 72.1% | 70.2% | 69.7% | 70.7% | 68.7% | 67.5% | 68.2% | 67.9% | 67.9% | 69.2% |
| Operating Margin | 20.5% | 20.5% | 16.4% | 16.7% | 25.1% | 20.7% | 37.8% | 8.1% | 13.1% | 16.0% | 18.8% |
| Net Profit Margin | 16.7% | 16.7% | 12.6% | 13.0% | 20.6% | 15.9% | 32.9% | 7.3% | 12.1% | 23.2% | 13.6% |
| 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% | 7.3% | 7.2% | 11.6% | 9.4% | 20.1% | 4.7% | 7.3% | 14.5% | 8.1% |
| ROA | 6.0% | 6.0% | 4.3% | 4.3% | 6.8% | 5.3% | 10.8% | 2.5% | 4.1% | 8.2% | 4.5% |
| ROIC | 8.3% | 8.3% | 6.3% | 6.2% | 9.2% | 7.9% | 14.3% | 3.0% | 5.0% | 6.7% | 7.4% |
| ROCE | 9.5% | 9.5% | 7.0% | 6.8% | 10.1% | 8.4% | 15.1% | 3.3% | 5.2% | 6.7% | 7.5% |
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 | 0.28 | 0.28 | 0.23 | 0.25 | 0.28 | 0.32 | 0.37 | 0.44 | 0.42 | 0.27 | 0.32 |
| Debt / EBITDA | 1.33 | 1.33 | 1.65 | 1.64 | 1.60 | 1.95 | 1.33 | 2.47 | 2.75 | 1.64 | 1.89 |
| Net Debt / Equity | — | 0.18 | 0.13 | 0.13 | 0.11 | 0.18 | 0.15 | 0.27 | 0.30 | 0.09 | 0.14 |
| Net Debt / EBITDA | 0.83 | 0.83 | 0.97 | 0.88 | 0.64 | 1.07 | 0.55 | 1.54 | 1.98 | 0.56 | 0.84 |
| Debt / FCF | — | 1.25 | 1.78 | 1.16 | 1.02 | 1.45 | 1.83 | 2.73 | 4.96 | 0.97 | 1.44 |
| Interest Coverage | 10.86 | 10.86 | 11.96 | 13.57 | 27.03 | 21.69 | 32.99 | 6.00 | 10.07 | 17.85 | 16.52 |
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 | 1.09 | 1.09 | 1.46 | 1.27 | 1.42 | 1.44 | 1.75 | 1.40 | 1.41 | 1.70 | 1.62 |
| Quick Ratio | 0.73 | 0.73 | 1.14 | 0.87 | 1.05 | 1.03 | 1.32 | 1.01 | 0.98 | 1.26 | 1.20 |
| Cash Ratio | 0.30 | 0.30 | 0.27 | 0.36 | 0.53 | 0.47 | 0.72 | 0.48 | 0.40 | 0.67 | 0.63 |
| Asset Turnover | — | 0.37 | 0.33 | 0.33 | 0.32 | 0.33 | 0.33 | 0.33 | 0.32 | 0.36 | 0.33 |
| Inventory Turnover | 1.28 | 1.28 | 1.40 | 1.31 | 1.33 | 1.41 | 1.46 | 1.50 | 1.53 | 1.70 | 1.55 |
| Days Sales Outstanding | — | 86.30 | 87.60 | 96.82 | 96.70 | 91.19 | 97.22 | 97.80 | 95.61 | 87.42 | 95.21 |
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 | 6.0% | 4.6% | 3.9% | 3.6% | 3.4% | 3.2% | 3.2% | 3.1% | 3.5% | 3.4% | 3.6% |
| Payout Ratio | 68.9% | 68.9% | 84.6% | 82.5% | 49.8% | 64.4% | 32.0% | 139.2% | 87.6% | 44.1% | 79.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.7% | 6.6% | 4.5% | 4.3% | 6.6% | 5.0% | 10.1% | 2.3% | 4.0% | 7.8% | 4.5% |
| FCF Yield | 11.5% | 8.6% | 4.9% | 6.9% | 6.9% | 6.8% | 4.4% | 4.7% | 3.3% | 5.0% | 5.5% |
| Buyback Yield | 6.5% | 4.8% | 0.3% | 0.5% | 0.4% | 0.3% | 0.7% | 0.0% | 1.0% | 2.0% | 2.8% |
| Total Shareholder Yield | 12.5% | 9.4% | 4.1% | 4.0% | 3.8% | 3.5% | 3.9% | 3.1% | 4.5% | 5.4% | 6.4% |
| Shares Outstanding | — | $2.4B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $2.6B |
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying SNY stock.
Sanofi's current P/E ratio is 11.4x. The historical average is 24.3x. This places it at the 4th percentile of its historical range.
Sanofi's current EV/EBITDA is 6.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
Sanofi's return on equity (ROE) is 10.4%. The historical average is 12.7%.
Based on historical data, Sanofi is trading at a P/E of 11.4x. This is at the 4th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sanofi's current dividend yield is 6.03% with a payout ratio of 68.9%.
Sanofi has 72.1% gross margin and 20.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Sanofi's Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Earnings Volatility from Non-Operating Items
Deep Value Discount to Biopharma Peers
Sanofi trades at a significant discount to its innovative biopharma peers, with a forward P/E of 10.73 and EV/EBITDA of 7.02, suggesting the market is applying a conglomerate discount and pricing in limited growth beyond its core assets.
The valuation multiples are well below peers like Novartis (Fwd P/E 21.39) and AstraZeneca (Fwd P/E 12.44), indicating the market is not fully pricing in the potential from Dupixent's expansion or the margin uplift from the planned consumer health separation. The 5.7% dividend yield, the highest among major European pharma, further underscores a value-oriented pricing that may not reflect the company's strategic pivot toward a pure-play innovative model.
Gross Margin Strength vs. Net Margin Drag
Sanofi's gross margin has expanded to 75.5% in 2026Q2, yet net margin remains volatile at 2.8%, indicating that non-operational items and the cost structure of its diversified segments are significantly eroding the translation of top-line profitability into bottom-line earnings.
The high gross margin reflects the premium pricing of specialty drugs like Dupixent, but the wide gap to net margin suggests substantial SG&A, R&D, and potentially non-recurring charges are consuming the gross profit. This pattern is consistent with the prior finding of earnings volatility from non-operational items, where reported net income is a poor proxy for the underlying cash-generating power of the business.
Low and Volatile Returns on Invested Capital
Sanofi's ROIC has been volatile and low, ranging from -0.9% to 3.5% over the past ten quarters, which appears inconsistent with its high gross margins and suggests that significant capital is tied up in non-core assets or that returns are being suppressed by accounting charges.
The low ROIC is particularly striking given the company's strong market position in immunology and vaccines. This disconnect may be driven by the large goodwill balance, which constitutes over 30% of total assets, and the capital-intensive nature of its vaccine manufacturing infrastructure. The trend indicates that the company is not currently generating outsized returns on its invested capital, which contrasts with the high-return profiles of pure-play biotech peers.
Conservative Leverage Amid Strategic Shift
Sanofi maintains a very conservative balance sheet with a debt-to-equity ratio of 0.34 and interest coverage of 3.92x in 2026Q2, providing substantial financial flexibility to fund its R&D pipeline and execute the consumer health separation without refinancing risk.
The low leverage is a strategic asset, especially as the company navigates the capital-intensive separation of its consumer business and invests in late-stage clinical trials. However, the interest coverage ratio has declined from a peak of 18.40x in 2025Q4, which may reflect changes in debt levels or earnings volatility rather than a fundamental deterioration in debt serviceability. This conservative posture contrasts sharply with more leveraged peers like GSK.
Tightening Liquidity Position
Sanofi's current ratio has fallen to 0.99 in 2026Q2 from 1.46 a year prior, and the quick ratio is a mere 0.23, indicating a significant reliance on inventory to meet short-term obligations and a potential vulnerability if operational cash flows were to be disrupted.
The low quick ratio is a red flag, as it suggests that without selling its substantial inventory, the company has minimal liquid assets to cover current liabilities. This tightness appears to be a result of strategic cash deployment, including large dividend payments, rather than operational distress. However, investors should monitor this trend, as a sustained sub-1.0 current ratio could limit flexibility during periods of market stress or unexpected cash needs.
The Misleading Net Margin
The single most commonly misapplied ratio for Sanofi is its net margin, which is highly volatile due to non-cash charges and accounting adjustments, making it an unreliable indicator of the company's true operational profitability and cash generation.
As evidenced by the swing from a 36.7% net margin in 2025Q2 to -6.6% in 2025Q4, this metric is distorted by items unrelated to core operations. Analysts should instead focus on the gross margin and operating cash flow margin, which better reflect the underlying economics of selling high-value specialty drugs and vaccines. The net margin's volatility obscures the stable, high-margin nature of Sanofi's key products and can lead to incorrect conclusions about the business's fundamental health.