Latest Ratios: P/E Ratio 23.7x · EV/EBITDA 12.8x · ROE 15.5%. (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 | $8.1B | $10.8B | $8.9B | $8.9B | $5.4B | $6.3B | $3.6B | $3.2B | $2.5B | $3.2B | $2.7B |
| Enterprise Value | $10.0B | $13.5B | $10.8B | $10.3B | $7.2B | $8.0B | $4.7B | $4.5B | $3.2B | $3.7B | $3.5B |
| P/E Ratio → | 23.75 | 22.47 | 24.75 | 26.91 | 21.69 | 31.25 | 21.22 | 16.26 | 52.05 | 32.88 | 20.70 |
| P/S Ratio | 1.40 | 1.32 | 1.19 | 1.38 | 0.94 | 1.37 | 0.98 | 0.85 | 0.58 | 0.62 | 0.63 |
| P/B Ratio | 3.51 | 3.32 | 3.04 | 3.64 | 2.34 | 3.14 | 1.88 | 1.68 | 1.30 | 1.68 | 1.37 |
| P/FCF | 14.39 | 13.62 | 17.75 | 20.08 | 23.33 | 18.12 | 6.38 | 8.05 | 64.80 | 16.23 | 12.33 |
| P/OCF | 13.19 | 12.48 | 14.84 | 16.37 | 17.58 | 15.81 | 6.02 | 6.98 | 14.42 | 12.12 | 9.49 |
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 | — | 1.66 | 1.44 | 1.58 | 1.26 | 1.76 | 1.26 | 1.22 | 0.76 | 0.72 | 0.82 |
| EV / EBITDA | 12.84 | 12.28 | 11.83 | 13.17 | 10.61 | 14.89 | 10.47 | 10.41 | 8.59 | 10.43 | 10.32 |
| EV / EBIT | 18.87 | 18.41 | 18.46 | 20.12 | 18.14 | 26.29 | 22.62 | 17.82 | 12.55 | 12.63 | 16.17 |
| EV / FCF | — | 17.08 | 21.35 | 23.12 | 31.21 | 23.20 | 8.19 | 11.56 | 84.29 | 18.77 | 16.01 |
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 | 39.0% | 39.0% | 42.6% | 42.4% | 42.6% | 42.9% | 36.0% | 36.6% | 42.4% | 35.6% | 39.0% |
| Operating Margin | 9.2% | 9.2% | 7.9% | 7.7% | 6.9% | 6.9% | 7.2% | 6.7% | 6.1% | 4.5% | 5.0% |
| Net Profit Margin | 5.9% | 5.9% | 4.8% | 4.9% | 4.4% | 4.4% | 3.6% | 4.0% | 1.1% | 1.9% | 3.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.5% | 15.5% | 13.4% | 13.4% | 11.5% | 10.2% | 7.1% | 7.9% | 2.5% | 5.0% | 7.9% |
| ROA | 6.4% | 6.4% | 5.7% | 5.5% | 4.5% | 4.2% | 3.0% | 3.5% | 1.2% | 2.4% | 3.9% |
| ROIC | 10.5% | 10.5% | 10.4% | 9.4% | 7.5% | 7.1% | 6.4% | 6.3% | 7.8% | 6.6% | 7.3% |
| ROCE | 14.0% | 14.0% | 13.0% | 11.8% | 9.4% | 8.5% | 7.6% | 7.4% | 8.9% | 7.7% | 8.7% |
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 | 0.97 | 0.97 | 0.69 | 0.69 | 0.86 | 0.98 | 0.68 | 0.84 | 0.49 | 0.39 | 0.52 |
| Debt / EBITDA | 2.85 | 2.85 | 2.25 | 2.18 | 2.90 | 3.62 | 2.95 | 3.64 | 2.48 | 2.09 | 2.99 |
| Net Debt / Equity | — | 0.84 | 0.62 | 0.55 | 0.79 | 0.88 | 0.53 | 0.73 | 0.39 | 0.26 | 0.41 |
| Net Debt / EBITDA | 2.49 | 2.49 | 1.99 | 1.73 | 2.68 | 3.26 | 2.31 | 3.16 | 1.99 | 1.41 | 2.37 |
| Debt / FCF | — | 3.46 | 3.60 | 3.04 | 7.89 | 5.08 | 1.81 | 3.51 | 19.49 | 2.54 | 3.68 |
| Interest Coverage | 6.28 | 6.28 | 4.95 | 4.97 | 5.67 | 7.16 | 4.53 | 4.30 | 8.99 | 10.09 | 6.90 |
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 | 1.23 | 1.23 | 1.29 | 1.41 | 1.37 | 1.41 | 1.59 | 1.57 | 1.90 | 1.39 | 1.48 |
| Quick Ratio | 1.23 | 1.23 | 1.29 | 1.41 | 1.34 | 1.37 | 1.54 | 1.53 | 1.84 | 1.34 | 1.41 |
| Cash Ratio | 0.18 | 0.18 | 0.13 | 0.23 | 0.11 | 0.16 | 0.29 | 0.22 | 0.22 | 0.22 | 0.22 |
| Asset Turnover | — | 1.02 | 1.08 | 1.12 | 1.00 | 0.88 | 0.85 | 0.82 | 1.07 | 1.32 | 1.00 |
| Inventory Turnover | — | — | — | — | 67.08 | 57.06 | 54.15 | 55.00 | 43.46 | 53.25 | 36.90 |
| Days Sales Outstanding | — | 103.38 | 108.46 | 104.14 | 111.27 | 111.75 | 117.39 | 127.03 | 116.76 | 91.78 | 102.49 |
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 | 0.9% | 0.9% | 1.1% | 1.0% | 1.5% | 1.2% | 1.9% | 2.0% | 2.5% | 1.7% | 1.7% |
| Payout Ratio | 21.1% | 21.1% | 26.0% | 26.8% | 31.7% | 36.0% | 50.6% | 42.9% | 129.3% | 57.2% | 35.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 4.5% | 4.0% | 3.7% | 4.6% | 3.2% | 4.7% | 6.1% | 1.9% | 3.0% | 4.8% |
| FCF Yield | 6.9% | 7.3% | 5.6% | 5.0% | 4.3% | 5.5% | 15.7% | 12.4% | 1.5% | 6.2% | 8.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 1.2% | 0.8% | 2.2% | 1.3% | 3.0% | 0.5% | 0.7% |
| Total Shareholder Yield | 0.9% | 0.9% | 1.1% | 1.1% | 2.7% | 2.0% | 4.1% | 3.3% | 5.5% | 2.2% | 2.4% |
| Shares Outstanding | — | $114M | $114M | $111M | $112M | $112M | $112M | $112M | $114M | $114M | $107M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying STN stock.
Stantec Inc.'s current P/E ratio is 23.7x. The historical average is 27.1x. This places it at the 62th percentile of its historical range.
Stantec Inc.'s current EV/EBITDA is 12.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.5x.
Stantec Inc.'s return on equity (ROE) is 15.5%. The historical average is 12.7%.
Based on historical data, Stantec Inc. is trading at a P/E of 23.7x. This is at the 62th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Stantec Inc.'s current dividend yield is 0.89% with a payout ratio of 21.1%.
Stantec Inc. has 39.0% gross margin and 9.2% operating margin.
Stantec Inc.'s Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Fixed-price contract cost overruns
Margin Spike Raises Durability Questions
Gross margin surged to 54.5% in 2026Q2 from 39.6% in Q1, per the latest quarterly report, but prior quarters ranged 37-44%, suggesting the spike may be temporary.
The 54.5% gross margin in 2026Q2 appears anomalous versus the 37-44% range of prior quarters, per the income statement, raising doubts about its durability. Operating margin expanded to 14.4% from 8.4% sequentially, but this likely reflects project mix and timing rather than a structural shift. Investors should monitor whether the margin normalizes toward the 9-10% operating margin seen in recent quarters, as labor cost inflation and fixed-price contract risks persist.
ROIC Remains Modest Despite Growth
ROIC improved to 3.4% in 2026Q2 from 2.0% in 2024Q1, per reported figures, but remains low relative to peers like Tetra Tech's 17.4%, indicating capital efficiency is still subpar.
Despite revenue acceleration, ROIC of 3.4% in 2026Q2 is modest, reflecting the capital-intensive nature of acquisitions and goodwill-heavy asset base. The improvement from 2.0% in 2024Q1 is encouraging but still lags the peer group, suggesting that M&A-driven growth has not yet translated into superior returns on invested capital. ROE of 4.4% in 2026Q2, while up from 2.7% in 2024Q1, remains below the 15.5% reported for 2025, indicating that the recent quarter's profitability may not be sustainable.
Working Capital Drags Cash Conversion
DSO rose to 98 days in 2026Q2 from 101 days in 2024Q1, per the balance sheet, while CCC extended to 76 days, indicating slower cash collection and higher working capital absorption.
The cash conversion cycle of 76 days in 2026Q2, up from 54 days in 2025Q1, reflects a significant build in receivables and inventory, which consumed $123.2M in operating cash flow during the quarter. DSO of 98 days is elevated versus the 99-106 range of prior quarters, suggesting potential collection delays or project timing issues. Asset turnover of 0.22x in 2026Q2 is low, consistent with a project-based model, but the working capital drag highlights the lumpy nature of cash flows and the need to monitor DSO trends.
Leverage Creeps Higher on M&A
Debt-to-equity rose to 0.80 in 2026Q2 from 0.70 a year earlier, per the balance sheet, while D/EBITDA reached 7.80x, indicating increased leverage from acquisition financing.
The D/E of 0.80 in 2026Q2, up from 0.70 in 2025Q2, reflects the company's continued M&A activity, with total debt climbing to $2.7B. Interest coverage of 8.55x in 2026Q2 is comfortable, but D/EBITDA of 7.80x is elevated versus the 8-11x range of prior quarters, suggesting that EBITDA growth has not kept pace with debt. The balance sheet remains adequate, but investors should monitor whether leverage continues to rise and whether acquisition integration supports debt service.
Liquidity Strengthens with Cash Build
Current ratio improved to 1.50 in 2026Q2 from 1.29 in 2024Q4, per the balance sheet, while cash rose to $377.3M, indicating a stronger short-term liquidity position.
The current ratio of 1.50 in 2026Q2, up from 1.23 in 2025Q4, reflects a build in cash and receivables, providing a cushion for working capital needs. The quick ratio of 1.09 in 2026Q2, however, suggests that inventory (likely work-in-progress) is a meaningful component of current assets, which may be less liquid. Under stress, the company's reliance on project timing and client payments could pressure liquidity, but the current cash position and undrawn credit facilities likely provide adequate support.
Misapplied P/E Overlooks Cash Flow
The P/E of 24.54x appears rich, but forward P/E of 16.79x and P/FCF of 14.88x, per reported figures, suggest the market is pricing in earnings growth that may not materialize.
The trailing P/E of 24.54x is misleading for Stantec because GAAP net income is depressed by amortization of acquired intangibles and non-recurring items, making cash-flow-based metrics more reliable. The forward P/E of 16.79x implies significant earnings growth, but the company's ROIC of 3.4% and FCF margin of 5.5% in 2026Q2 suggest that growth may not translate into shareholder value. Investors should use EV/EBITDA (13.18x) or P/FCF (14.88x) to better capture the company's economic earnings, as the P/E understates the impact of acquisition-related charges.