Latest Ratios: P/E Ratio 32.5x · EV/EBITDA 20.7x · ROE 8.9%. (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 | $28.4B | $24.5B | $22.4B | $21.4B | $19.1B | $19.4B | $14.9B | $13.0B | $7.7B | $6.6B | $4.4B |
| Enterprise Value | $30.7B | $26.8B | $24.6B | $24.0B | $22.4B | $23.0B | $15.0B | $13.8B | $8.3B | $7.6B | $4.9B |
| P/E Ratio → | 32.45 | 27.40 | 27.39 | 24.14 | 24.19 | 43.47 | 36.98 | 32.30 | 22.96 | 28.94 | 22.91 |
| P/S Ratio | 4.64 | 4.01 | 3.96 | 3.79 | 3.49 | 4.19 | 4.81 | 4.11 | 2.64 | 2.53 | 2.03 |
| P/B Ratio | 2.76 | 2.33 | 2.35 | 2.32 | 2.33 | 2.54 | 4.60 | 4.79 | 3.44 | 3.38 | 2.81 |
| P/FCF | 26.45 | 22.83 | 20.25 | 29.64 | 48.39 | 26.77 | 27.13 | 33.01 | 21.28 | 20.80 | 19.03 |
| P/OCF | 23.84 | 20.58 | 18.83 | 25.57 | 39.19 | 23.47 | 24.00 | 26.96 | 17.14 | 17.55 | 13.77 |
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 | — | 4.38 | 4.34 | 4.25 | 4.10 | 4.98 | 4.85 | 4.35 | 2.85 | 2.91 | 2.27 |
| EV / EBITDA | 20.65 | 18.04 | 18.92 | 17.75 | 17.14 | 23.07 | 25.09 | 22.81 | 15.61 | 17.43 | 14.90 |
| EV / EBIT | 26.69 | 23.23 | 24.68 | 23.14 | 22.42 | 36.79 | 30.85 | 27.83 | 19.71 | 23.67 | 18.47 |
| EV / FCF | — | 24.96 | 22.18 | 33.24 | 56.72 | 31.78 | 27.33 | 34.96 | 22.96 | 23.97 | 21.30 |
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 | 39.2% | 39.2% | 42.9% | 43.3% | 42.7% | 39.9% | 38.3% | 39.3% | 38.3% | 37.6% | 38.2% |
| Operating Margin | 18.8% | 18.8% | 17.4% | 18.4% | 17.8% | 13.5% | 15.6% | 15.5% | 14.4% | 12.4% | 11.2% |
| Net Profit Margin | 14.6% | 14.6% | 14.4% | 15.7% | 14.4% | 9.7% | 13.0% | 12.7% | 11.5% | 8.7% | 8.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 8.7% | 10.2% | 10.0% | 8.2% | 13.5% | 16.3% | 16.0% | 13.0% | 13.2% |
| ROA | 6.1% | 6.1% | 5.7% | 6.1% | 5.5% | 4.6% | 8.3% | 9.6% | 8.7% | 6.9% | 7.0% |
| ROIC | 7.0% | 7.0% | 6.3% | 6.7% | 6.4% | 6.4% | 10.6% | 11.7% | 10.8% | 9.6% | 8.8% |
| ROCE | 8.7% | 8.7% | 7.7% | 8.1% | 7.5% | 7.2% | 11.8% | 14.2% | 13.0% | 11.5% | 10.5% |
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 | 0.25 | 0.25 | 0.29 | 0.35 | 0.48 | 0.54 | 0.24 | 0.36 | 0.34 | 0.55 | 0.40 |
| Debt / EBITDA | 1.78 | 1.78 | 2.15 | 2.40 | 3.01 | 4.12 | 1.31 | 1.61 | 1.41 | 2.47 | 1.88 |
| Net Debt / Equity | — | 0.22 | 0.22 | 0.28 | 0.40 | 0.48 | 0.03 | 0.28 | 0.27 | 0.51 | 0.33 |
| Net Debt / EBITDA | 1.54 | 1.54 | 1.65 | 1.92 | 2.52 | 3.64 | 0.18 | 1.28 | 1.14 | 2.31 | 1.58 |
| Debt / FCF | — | 2.13 | 1.93 | 3.60 | 8.33 | 5.01 | 0.19 | 1.96 | 1.68 | 3.17 | 2.26 |
| Interest Coverage | 19.36 | 19.36 | 17.20 | 13.40 | 11.17 | 6.88 | 31.70 | 23.56 | 16.45 | 9.67 | 11.40 |
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 | 2.33 | 1.69 | 1.85 | 1.62 | 2.26 | 1.72 | 1.55 | 1.87 | 1.68 |
| Quick Ratio | 1.08 | 1.08 | 1.61 | 1.17 | 1.27 | 1.12 | 1.81 | 1.21 | 1.04 | 1.13 | 1.06 |
| Cash Ratio | 0.19 | 0.19 | 0.52 | 0.37 | 0.42 | 0.32 | 0.88 | 0.26 | 0.20 | 0.13 | 0.20 |
| Asset Turnover | — | 0.40 | 0.40 | 0.39 | 0.38 | 0.32 | 0.61 | 0.69 | 0.76 | 0.68 | 0.78 |
| Inventory Turnover | 3.56 | 3.56 | 3.54 | 3.48 | 3.51 | 3.68 | 5.49 | 4.88 | 4.92 | 4.06 | 4.23 |
| Days Sales Outstanding | — | 81.59 | 78.10 | 77.86 | 77.46 | 85.73 | 73.81 | 76.25 | 70.67 | 67.02 | 65.14 |
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 | 3.1% | 3.6% | 3.7% | 4.1% | 4.1% | 2.3% | 2.7% | 3.1% | 4.4% | 3.5% | 4.4% |
| FCF Yield | 3.8% | 4.4% | 4.9% | 3.4% | 2.1% | 3.7% | 3.7% | 3.0% | 4.7% | 4.8% | 5.3% |
| Buyback Yield | 1.4% | 1.6% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.4% | 1.6% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $47M | $48M | $48M | $48M | $44M | $38M | $38M | $37M | $36M | $36M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying TDY stock.
Teledyne Technologies Incorporated's current P/E ratio is 32.5x. The historical average is 23.4x. This places it at the 89th percentile of its historical range.
Teledyne Technologies Incorporated's current EV/EBITDA is 20.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
Teledyne Technologies Incorporated's return on equity (ROE) is 8.9%. The historical average is 18.5%.
Based on historical data, Teledyne Technologies Incorporated is trading at a P/E of 32.5x. This is at the 89th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Teledyne Technologies Incorporated has 39.2% gross margin and 18.8% operating margin. Operating margin between 10-20% is typical for established companies.
Teledyne Technologies Incorporated's Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Organic growth plateau risk
Metrics are mathematically derived from official filings.
Margin Expansion Masks Mix Volatility
Operating margin reached 20.0% in Q2 2026, up from 18.4% a year earlier, while gross margin swung from 29.4% to 44.4% in two quarters, per reported financials. This suggests improving operational efficiency despite mix-driven gross margin swings.
The 15-point swing in gross margin between Q4 2025 and Q2 2026 likely reflects product mix and acquisition-related costs rather than a structural change in pricing power. Operating margin's steady climb to 20.0% indicates that SG&A and R&D are scaling efficiently, as operating income grew 19.8% YoY on 9.8% revenue growth. Net margin of 15.1% understates economic profitability due to significant non-cash amortization from the FLIR acquisition, so investors should focus on adjusted figures or cash earnings.
ROIC Trapped by Heavy Goodwill
ROIC has hovered near 1.5-2.0% over the past ten quarters, despite strong operating margins, because goodwill of $8.7B inflates the capital base, as reported in financial statements. This suggests acquisition-driven growth has yet to generate returns above cost of capital.
ROIC of 2.0% in Q2 2026 is far below the company's cost of capital, but this metric is distorted by the massive goodwill from the FLIR acquisition, which represents 57% of total assets. Excluding goodwill, returns on tangible capital would be significantly higher, likely in the high teens. The trend is stable, with ROIC improving slightly from 1.5% in Q1 2024 to 2.0% in Q2 2026, indicating that integration synergies are gradually materializing, though the pace is slow.
Working Capital Drag Persists
Cash conversion cycle widened to 134 days in Q2 2026 from 132 days a year earlier, driven by DIO of 110 days and DSO of 74 days, per quarterly data. This suggests Teledyne's specialized inventory and government contracts tie up cash for extended periods.
The CCC has remained stubbornly above 130 days for the past two years, with DIO consistently above 100 days, reflecting the specialized nature of Teledyne's products and the need to hold strategic inventory. DSO of 74 days is elevated due to government contract payment terms, but DPO of 50 days indicates limited supplier leverage. While asset turnover is low at 0.11, this is typical for a hardware company with a large goodwill base; the real efficiency concern is the working capital drag, which consumes cash that could otherwise be deployed in M&A.
Deleveraging Strengthens Balance Sheet
Debt-to-equity fell to 0.19 in Q2 2026 from 0.35 in Q1 2024, while interest coverage improved to 24.6x from 18.8x, per SEC filings. This suggests Teledyne has ample capacity to fund future acquisitions without straining its balance sheet.
Total debt declined to $2.0B, and D/EBITDA improved to 4.84x from 10.39x in Q1 2024, indicating rapid deleveraging following the FLIR acquisition. Interest coverage of 24.6x is comfortable, and the low leverage gives management significant financial flexibility for its acquisition-led growth strategy. However, the reported D/E of 0.19 may understate total obligations if off-balance-sheet items or pension liabilities exist, though no such disclosures are present in the provided data.
Liquidity Buffer Adequate but Thin
Current ratio improved to 2.18 in Q2 2026 from 1.81 in Q1 2024, with quick ratio at 1.39, per reported figures. This suggests Teledyne can cover short-term obligations, though inventory dependence remains a risk if demand softens.
The current ratio of 2.18 provides a comfortable cushion, but the quick ratio of 1.39 indicates that inventory constitutes a significant portion of current assets. Given the specialized nature of Teledyne's products, inventory write-downs could occur if technical standards shift, but no such impairment has been reported. Cash of $340.1M is modest relative to the $2.0B in debt, but the strong free cash flow generation of $284.7M in Q2 2026 provides ample liquidity to meet obligations without relying on external financing.
ROIC Misleads on Acquisition Model
ROIC is the most misapplied ratio for Teledyne because goodwill from acquisitions inflates the capital base, understating true returns, as seen in the 2.0% reported ROIC versus strong cash generation. Investors should use ROIC excluding goodwill or focus on cash-on-cash returns.
Teledyne's acquisition-heavy model means that reported ROIC is depressed by the $8.7B goodwill on the balance sheet, which does not reflect the earning power of the acquired businesses. A more meaningful metric is return on tangible capital, which would likely be in the high teens, or the cash-on-cash return on acquisitions, which management has historically generated. The market may misprice TDY by comparing its ROIC to asset-light software peers, ignoring the fact that Teledyne's physical assets and proprietary technology create high barriers to entry that justify the goodwill.