Latest Ratios: P/E Ratio 35.3x · EV/EBITDA 7.9x · ROE 3.9%. (2004–2025 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 | $24.6B | $20.3B | $21.0B | $10.8B | $9.2B | $11.5B | $10.9B | $10.2B | $8.9B | $15.0B | $12.0B |
| Enterprise Value | $37.5B | $33.2B | $33.7B | $13.9B | $12.1B | $14.4B | $13.3B | $13.7B | $12.0B | $14.3B | $15.0B |
| P/E Ratio → | 35.32 | 29.08 | 68.18 | 14.47 | 9.25 | 16.37 | 16.30 | 21.45 | — | 35.91 | 25.77 |
| P/S Ratio | 0.79 | 0.65 | 1.03 | 0.99 | 0.73 | 1.10 | 1.28 | 1.13 | 0.87 | 1.46 | 1.40 |
| P/B Ratio | 1.35 | 1.11 | 1.21 | 1.75 | 1.84 | 2.63 | 2.89 | 3.41 | 2.70 | 4.70 | 4.57 |
| P/FCF | 24.12 | 19.92 | 1232.44 | 17.14 | 18.24 | 24.64 | 12.12 | 17.17 | 16.23 | 43.81 | 38.91 |
| P/OCF | 8.53 | 7.05 | 14.13 | 6.92 | 6.40 | 9.86 | 7.13 | 7.84 | 7.54 | 16.81 | 15.59 |
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 | — | 1.07 | 1.65 | 1.27 | 0.96 | 1.38 | 1.56 | 1.52 | 1.17 | 1.40 | 1.75 |
| EV / EBITDA | 7.86 | 6.96 | 14.12 | 7.88 | 6.12 | 9.07 | 9.88 | 10.35 | 7.19 | 9.99 | 11.75 |
| EV / EBIT | 16.87 | 14.94 | 25.33 | 10.97 | 7.55 | 13.31 | 14.63 | 13.12 | — | 15.47 | 16.95 |
| EV / FCF | — | 32.53 | 1981.86 | 22.10 | 24.12 | 30.83 | 14.77 | 23.05 | 21.84 | 41.95 | 48.43 |
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 | 19.4% | 19.4% | 19.9% | 25.3% | 24.2% | 22.4% | 33.7% | 33.2% | 33.1% | 29.8% | 30.3% |
| Operating Margin | 7.1% | 7.1% | 4.8% | 11.3% | 11.5% | 10.5% | 10.4% | 9.8% | 11.6% | 9.3% | 10.0% |
| Net Profit Margin | 2.2% | 2.2% | 1.5% | 6.8% | 7.7% | 6.7% | 6.4% | 5.3% | -6.3% | 4.1% | 5.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.9% | 3.9% | 2.6% | 13.4% | 20.6% | 17.2% | 16.1% | 15.1% | -19.9% | 14.3% | 18.0% |
| ROA | 1.6% | 1.6% | 1.1% | 5.6% | 8.0% | 6.4% | 5.4% | 4.6% | -6.0% | 4.1% | 5.0% |
| ROIC | 5.4% | 5.4% | 3.7% | 10.8% | 14.3% | 12.3% | 10.6% | 10.3% | 14.5% | 12.5% | 11.5% |
| ROCE | 6.0% | 6.0% | 4.1% | 12.1% | 15.9% | 13.0% | 11.3% | 11.0% | 14.7% | 12.7% | 11.7% |
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 | 0.75 | 0.75 | 0.78 | 0.67 | 0.75 | 0.85 | 0.87 | 1.23 | 1.07 | 1.05 | 1.29 |
| Debt / EBITDA | 2.89 | 2.89 | 5.70 | 2.34 | 1.89 | 2.36 | 2.43 | 2.78 | 2.13 | 2.34 | 2.67 |
| Net Debt / Equity | — | 0.70 | 0.73 | 0.51 | 0.59 | 0.66 | 0.63 | 1.17 | 0.93 | -0.20 | 1.12 |
| Net Debt / EBITDA | 2.70 | 2.70 | 5.34 | 1.77 | 1.49 | 1.82 | 1.77 | 2.64 | 1.85 | -0.44 | 2.31 |
| Debt / FCF | — | 12.61 | 749.41 | 4.97 | 5.88 | 6.19 | 2.65 | 5.88 | 5.61 | -1.86 | 9.51 |
| Interest Coverage | 2.65 | 2.65 | 2.62 | 8.21 | 10.97 | 8.60 | 7.64 | 6.24 | -1.51 | 3.92 | 4.52 |
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 | 1.48 | 1.48 | 1.37 | 1.52 | 1.48 | 1.44 | 1.46 | 1.21 | 1.39 | 1.17 | 1.42 |
| Quick Ratio | 0.95 | 0.95 | 0.89 | 1.12 | 1.07 | 1.07 | 1.11 | 0.84 | 0.99 | 0.84 | 1.01 |
| Cash Ratio | 0.13 | 0.13 | 0.12 | 0.33 | 0.26 | 0.30 | 0.40 | 0.09 | 0.19 | 0.21 | 0.23 |
| Asset Turnover | — | 0.69 | 0.47 | 0.78 | 1.01 | 0.90 | 0.83 | 0.91 | 0.94 | 0.95 | 0.92 |
| Inventory Turnover | 6.81 | 6.81 | 4.60 | 6.81 | 7.56 | 7.78 | 7.32 | 7.38 | 6.98 | 7.08 | 7.21 |
| Days Sales Outstanding | — | 49.96 | 73.75 | 60.18 | 55.01 | 62.20 | 57.21 | 56.56 | 51.47 | 48.58 | 55.60 |
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 | 3.1% | 3.8% | 3.1% | 3.6% | 3.8% | 3.1% | 2.9% | 2.6% | 2.7% | 1.5% | 1.5% |
| Payout Ratio | 109.6% | 109.6% | 211.1% | 52.3% | 36.1% | 50.7% | 58.7% | 56.0% | — | 55.0% | 37.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.8% | 3.4% | 1.5% | 6.9% | 10.8% | 6.1% | 6.1% | 4.7% | — | 2.8% | 3.9% |
| FCF Yield | 4.1% | 5.0% | 0.1% | 5.8% | 5.5% | 4.1% | 8.2% | 5.8% | 6.2% | 2.3% | 2.6% |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.3% | 0.8% | 0.2% | 0.2% | 0.3% | 0.1% | 0.1% | 0.1% |
| Total Shareholder Yield | 3.1% | 3.8% | 3.2% | 3.9% | 4.6% | 3.3% | 3.1% | 2.9% | 2.9% | 1.6% | 1.5% |
| Shares Outstanding | — | $526M | $389M | $260M | $261M | $260M | $251M | $238M | $236M | $237M | $237M |
Merger integration execution risk
As reported in financial statements, Smurfit Westrock trades at a forward P/E of 20.16, a valuation that appears to reflect significant investor skepticism regarding the company's ability to successfully integrate its massive, newly combined global footprint and achieve the projected synergies relative to its packaging peers.
The current P/E multiple suggests the market is pricing in a recovery in operating margins, yet the valuation remains compressed compared to historical norms for the Smurfit Kappa legacy business. Investors should monitor whether the current 7.86x EV/EBITDA multiple represents a structural complexity discount or a genuine mispricing of the entity's long-term earnings power.
Based on the company's reported figures, ROIC has compressed to 0.8% in 2026Q1, a sharp decline from the 2.4% observed in 2024Q1, indicating that the massive influx of capital and assets from the merger has yet to generate commensurate returns on the expanded invested capital base.
The decay in ROIC suggests that the company is currently struggling to optimize its enlarged asset base, with the integration of WestRock's US mills likely dragging down the higher-margin returns historically seen in the European operations. This trend warrants further investigation into whether the current capital allocation strategy is prioritizing scale over the efficient deployment of resources.
According to recent SEC filings, the cash conversion cycle has extended to 54 days in 2026Q1, up from 21 days in 2023Q4, reflecting a significant deterioration in working capital efficiency as the company navigates the complexities of merging disparate supply chain and inventory management systems across two continents.
The increase in the cash conversion cycle suggests that the company is holding more inventory and experiencing slower collection times, which may indicate friction in the newly integrated customer service and logistics networks. This trend is particularly concerning given the capital-intensive nature of the business, as it ties up liquidity that could otherwise be used for debt reduction or shareholder returns.
As evidenced by the 2026Q1 data, the quick ratio has declined to 0.95 from 1.12 in 2023Q4, suggesting that the company's immediate ability to cover short-term obligations is becoming more dependent on inventory turnover, which remains volatile during this period of significant operational transition.
While a current ratio of 1.44 provides a baseline level of comfort, the downward trend in the quick ratio indicates that the company's liquidity position is becoming increasingly sensitive to potential disruptions in the packaging market. Investors should monitor whether this tightening liquidity will constrain the company's flexibility to manage unforeseen input cost spikes or further integration-related expenses.
The P/E ratio is frequently misapplied to Smurfit Westrock, as it fails to account for the massive non-cash depreciation and amortization charges resulting from the merger's purchase price allocation, which artificially depress net income and distort the company's true underlying cash-generating capability during this transition.
Analysts should instead focus on EV/EBITDA or free cash flow metrics to better understand the operational performance of the combined entity, as these measures are less sensitive to the accounting noise inherent in large-scale M&A. Relying on P/E in the current environment may lead to an overly pessimistic assessment of the company's fundamental health and its ability to generate value for shareholders.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying SW stock.
Smurfit Westrock Plc's current P/E ratio is 35.3x. The historical average is 24.8x. This places it at the 80th percentile of its historical range.
Smurfit Westrock Plc's current EV/EBITDA is 7.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.6x.
Smurfit Westrock Plc's return on equity (ROE) is 3.9%. The historical average is 3.7%.
Based on historical data, Smurfit Westrock Plc is trading at a P/E of 35.3x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Smurfit Westrock Plc's current dividend yield is 3.10% with a payout ratio of 109.6%.
Smurfit Westrock Plc has 19.4% gross margin and 7.1% operating margin.
Smurfit Westrock Plc's Debt/EBITDA ratio is 2.9x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.