Latest Ratios: P/E Ratio -5.7x · EV/EBITDA 246.2x · ROE -21.1%. (2003–2025 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 | $19.9B | $14.6B | $14.9B | $13.1B | $13.5B | $16.4B | $11.3B | $10.4B | $14.1B | $22.7B | $19.9B |
| Enterprise Value | $33.3B | $27.9B | $28.4B | $30.5B | $31.8B | $39.0B | $36.6B | $22.8B | $27.5B | $37.1B | $34.3B |
| P/E Ratio → | -5.71 | — | — | 239.07 | 6.51 | — | — | 670.00 | 40.10 | 32.55 | 41.47 |
| P/S Ratio | 1.39 | 1.02 | 1.01 | 0.85 | 0.83 | 0.91 | 0.94 | 0.90 | 1.23 | 1.91 | 1.79 |
| P/B Ratio | 1.36 | 0.99 | 0.80 | 0.64 | 0.64 | 0.80 | 0.49 | 0.87 | 1.16 | 1.71 | 1.79 |
| P/FCF | 10.29 | 7.52 | 7.52 | 5.62 | 5.40 | 6.52 | 20.46 | 7.43 | 6.74 | 12.69 | 11.99 |
| P/OCF | 8.61 | 6.29 | 6.45 | 4.67 | 4.52 | 5.42 | 9.15 | 5.76 | 6.01 | 11.00 | 9.70 |
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 | — | 1.95 | 1.93 | 1.97 | 1.96 | 2.18 | 3.06 | 1.99 | 2.41 | 3.11 | 3.10 |
| EV / EBITDA | 246.23 | 206.57 | 9.79 | 8.68 | 6.85 | 8.72 | 18.24 | 8.35 | 9.12 | 11.43 | 15.45 |
| EV / EBIT | — | — | — | 39.24 | 9.34 | — | — | 33.99 | 32.73 | 25.79 | 59.55 |
| EV / FCF | — | 14.42 | 14.38 | 13.10 | 12.68 | 15.56 | 66.44 | 16.33 | 13.17 | 20.73 | 20.72 |
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 | 35.1% | 35.1% | 38.2% | 41.7% | 40.0% | 31.2% | 31.8% | 33.9% | 35.0% | 40.2% | 42.4% |
| Operating Margin | -18.6% | -18.6% | 0.1% | 5.0% | 9.9% | -0.2% | -1.8% | 6.2% | 7.9% | 12.1% | 6.3% |
| Net Profit Margin | -24.6% | -24.6% | -4.3% | 0.4% | 12.8% | -7.1% | -5.6% | 0.1% | 3.1% | 5.8% | 4.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -21.1% | -21.1% | -3.2% | 0.3% | 10.0% | -5.8% | -3.8% | 0.1% | 2.8% | 5.7% | 4.6% |
| ROA | -8.9% | -8.9% | -1.4% | 0.1% | 4.0% | -2.2% | -1.4% | 0.1% | 1.0% | 2.0% | 1.7% |
| ROIC | -6.6% | -6.6% | 0.0% | 1.5% | 2.9% | -0.1% | -0.4% | 2.1% | 2.5% | 4.0% | 2.5% |
| ROCE | -8.1% | -8.1% | 0.0% | 1.8% | 3.7% | -0.1% | -0.5% | 2.7% | 3.1% | 4.9% | 2.9% |
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 | 1.00 | 1.00 | 0.77 | 0.90 | 0.93 | 1.14 | 1.14 | 1.09 | 1.14 | 1.10 | 1.39 |
| Debt / EBITDA | 108.74 | 108.74 | 4.93 | 5.24 | 4.21 | 5.22 | 13.05 | 4.73 | 4.58 | 4.52 | 6.96 |
| Net Debt / Equity | — | 0.91 | 0.73 | 0.85 | 0.87 | 1.11 | 1.10 | 1.05 | 1.10 | 1.08 | 1.30 |
| Net Debt / EBITDA | 98.77 | 98.77 | 4.67 | 4.96 | 3.93 | 5.07 | 12.62 | 4.55 | 4.45 | 4.43 | 6.51 |
| Debt / FCF | — | 6.89 | 6.86 | 7.47 | 7.28 | 9.04 | 45.98 | 8.91 | 6.43 | 8.03 | 8.74 |
| Interest Coverage | -6.78 | -6.78 | -0.13 | 1.35 | 5.75 | -0.04 | -0.45 | 1.30 | 1.55 | 2.69 | 1.27 |
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 | 1.30 | 1.30 | 1.65 | 1.67 | 1.58 | 1.10 | 1.22 | 1.21 | 1.39 | 1.13 | 1.49 |
| Quick Ratio | 0.74 | 0.74 | 0.98 | 1.22 | 1.05 | 0.70 | 0.70 | 0.73 | 0.83 | 0.73 | 1.01 |
| Cash Ratio | 0.21 | 0.21 | 0.19 | 0.15 | 0.22 | 0.09 | 0.10 | 0.10 | 0.10 | 0.06 | 0.21 |
| Asset Turnover | — | 0.38 | 0.36 | 0.32 | 0.33 | 0.33 | 0.19 | 0.37 | 0.35 | 0.33 | 0.32 |
| Inventory Turnover | 2.32 | 2.32 | 2.37 | 2.59 | 2.77 | 3.09 | 1.49 | 2.85 | 2.88 | 2.80 | 2.60 |
| Days Sales Outstanding | — | 85.43 | 87.22 | 95.60 | 92.98 | 87.06 | 148.00 | 97.08 | 77.14 | 97.26 | 99.36 |
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 | 2.8% | 3.9% | 3.9% | 4.4% | 4.3% | 2.4% | — | — | — | — | — |
| Payout Ratio | — | — | — | 1052.3% | 28.0% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 0.4% | 15.4% | — | — | 0.1% | 2.5% | 3.1% | 2.4% |
| FCF Yield | 9.7% | 13.3% | 13.3% | 17.8% | 18.5% | 15.3% | 4.9% | 13.5% | 14.8% | 7.9% | 8.3% |
| Buyback Yield | 2.5% | 3.4% | 1.7% | 1.9% | 0.0% | 0.1% | 0.0% | 0.0% | 3.1% | 2.2% | 0.1% |
| Total Shareholder Yield | 5.3% | 7.3% | 5.6% | 6.3% | 4.3% | 2.5% | 0.0% | 0.0% | 3.1% | 2.2% | 0.1% |
| Shares Outstanding | — | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $601M | $517M | $517M | $537M | $521M |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying VTRS stock.
Viatris Inc.'s current P/E ratio is -5.7x. The historical average is 28.9x.
Viatris Inc.'s current EV/EBITDA is 246.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.9x.
Viatris Inc.'s return on equity (ROE) is -21.1%. The historical average is 3.2%.
Based on historical data, Viatris Inc. is trading at a P/E of -5.7x. Compare with industry peers and growth rates for a complete picture.
Viatris Inc.'s current dividend yield is 2.80%.
Viatris Inc. has 35.1% gross margin and -18.6% operating margin.
Viatris Inc.'s Debt/EBITDA ratio is 108.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
China VBP and regulatory overhang
Metrics are mathematically derived from official filings.
Margin Volatility Masks Underlying Cash Generation
Gross margin swung from 41.1% in 2024Q1 to 30.6% in 2025Q4, per reported figures, while operating margin turned negative in six of ten quarters, indicating structural pricing pressure.
The latest quarter's gross margin of 38.8% suggests a partial recovery, but the wide oscillation points to mix shifts and one-time charges rather than stable earning power. Operating margin barely broke even at 0.2% in 2026Q2, implying that fixed costs are not being leveraged effectively as revenue contracts. Investors should focus on adjusted EBITDA margin, which likely better reflects the cash-generating core, given the recurring non-cash impairments distorting GAAP profitability.
Return on Capital Trapped Near Zero
ROIC has hovered between -7.0% and 0.6% over the past ten quarters, per reported data, with the latest at 0.0%, indicating the company is not compounding returns on invested capital.
The negative ROIC in several quarters, including -7.0% in 2025Q1, reflects impairment charges that have eroded the capital base, but even excluding those, returns remain minimal. The asset base has shrunk from $47.3B to $35.0B, yet efficiency gains have not translated into higher returns, suggesting that divestitures have removed high-return segments. This implies that the remaining portfolio may be value-destructive unless management can improve margins or asset turnover.
Working Capital Cycle Stretched by Slow Collections
DSO has remained elevated near 90 days, while DPO has declined from 62 to 48 days, per reported figures, pushing the cash conversion cycle to 197 days in 2026Q2.
The lengthening CCC from 186 days in 2024Q2 to 197 days indicates that cash is being tied up longer in receivables and inventory, while suppliers are being paid faster. This trend is concerning because it reduces free cash flow flexibility, especially as revenue declines. The high DIO of 155 days suggests inventory management challenges, possibly linked to the Indore facility disruption, which warrants monitoring for further deterioration.
Debt Burden Heavy Despite Paydown
D/E has crept up to 0.96 from 0.91, per reported data, while interest coverage turned negative in several quarters, including -1.87 in 2025Q4, indicating debt service is becoming less comfortable.
Although total debt declined from $18.2B to $13.6B, equity fell faster due to impairments and negative retained earnings, leaving leverage essentially flat. The D/EBITDA ratio of 22.6 in 2026Q2 is extremely high, though this is distorted by depressed EBITDA; forward EV/EBITDA of 10.52 suggests the market expects improvement. The negative interest coverage in multiple quarters implies that operating income is insufficient to cover interest expenses, raising refinancing risk if rates stay elevated.
Liquidity Buffer Thins as Cash Dwindles
Cash dropped from $1.8B to $886.5M in 2026Q2, per reported figures, while the current ratio held at 1.58, indicating a thinner cushion against operational shocks.
The quick ratio of 0.96 suggests that excluding inventory, current assets barely cover current liabilities, leaving limited room for error. The reliance on inventory to meet short-term obligations is risky given the high DIO and potential supply disruptions. Under a severe stress scenario, such as a China VBP expansion or further regulatory penalties, the company may need to tap credit lines or reduce dividends, which could pressure the stock.
Misapplied P/E Obscures Cash Generation
The trailing P/E of -5.42 is meaningless given negative GAAP earnings, per reported data, while forward P/E of 6.64 and P/FCF of 9.77 better reflect the cash-generating core.
Analysts often use P/E for Viatris, but the massive non-cash impairments and amortization make GAAP earnings unreliable. The P/FCF multiple of 9.77, based on robust free cash flow averaging $445M per quarter, suggests the market is pricing in a melting ice cube thesis that may be overly pessimistic. Investors should use EV/EBITDA on an adjusted basis, which at 10.52 forward, indicates reasonable valuation if cash flows persist, but the risk of China VBP and regulatory overhang remains a key downside.