Latest Ratios: P/E Ratio 36.3x · EV/EBITDA 12.6x · ROE 6.0%. (2013–2025 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 | $45.4B | $40.5B | $54.1B | $47.5B | $36.4B | $81.0B | $104.9B | $29.2B | $22.8B | $13.2B | $4.7B |
| Enterprise Value | $43.0B | $38.2B | $49.7B | $45.4B | $35.0B | $82.1B | $105.3B | $28.5B | $23.1B | $12.8B | $4.2B |
| P/E Ratio → | 36.32 | 31.00 | 18.68 | 4864.78 | — | 489.42 | 494.64 | 77.23 | — | — | — |
| P/S Ratio | 1.88 | 1.68 | 2.24 | 2.17 | 2.08 | 4.59 | 11.05 | 6.19 | 6.90 | 5.94 | 2.72 |
| P/B Ratio | 2.14 | 1.83 | 2.55 | 2.54 | 2.11 | 24.46 | 39.13 | 17.00 | 20.31 | 16.73 | 8.08 |
| P/FCF | 18.72 | 16.72 | 34.82 | — | 7150.38 | 149.11 | — | 109.97 | 97.97 | 129.43 | — |
| P/OCF | 17.60 | 15.72 | 31.68 | 470.43 | 206.83 | 95.59 | 606.20 | 89.00 | 77.12 | 102.98 | 201.26 |
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 | — | 1.58 | 2.06 | 2.07 | 2.00 | 4.65 | 11.08 | 6.05 | 7.00 | 5.79 | 2.46 |
| EV / EBITDA | 12.60 | 11.18 | 24.12 | 57.44 | 111.70 | 277.54 | 1609.77 | 279.08 | 947.71 | — | — |
| EV / EBIT | 14.13 | 20.98 | 36.41 | — | — | 195.41 | 385.75 | 71.32 | — | 1000.15 | — |
| EV / FCF | — | 15.74 | 32.02 | — | 6876.85 | 151.08 | — | 107.53 | 99.33 | 126.10 | — |
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 | 42.8% | 42.8% | 36.9% | 34.2% | 34.2% | 25.0% | 28.8% | 40.1% | 39.5% | 37.9% | 33.7% |
| Operating Margin | 12.6% | 12.6% | 7.0% | 1.7% | -0.2% | 0.9% | -0.2% | 0.6% | -1.1% | -2.4% | -10.0% |
| Net Profit Margin | 5.4% | 5.4% | 12.0% | 0.0% | -3.1% | 0.9% | 2.2% | 8.0% | -1.2% | -2.8% | -10.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.0% | 6.0% | 14.5% | 0.1% | -5.3% | 5.5% | 9.7% | 26.5% | -4.0% | -9.2% | -31.7% |
| ROA | 3.4% | 3.4% | 8.3% | 0.0% | -2.4% | 1.4% | 3.0% | 9.6% | -1.4% | -3.7% | -16.3% |
| ROIC | 12.4% | 12.4% | 7.6% | 1.8% | -0.2% | 3.3% | -0.7% | 1.6% | -2.9% | -14.2% | -149.7% |
| ROCE | 10.6% | 10.6% | 6.4% | 1.6% | -0.2% | 2.3% | -0.4% | 1.0% | -2.1% | -5.9% | -28.5% |
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 | 0.40 | 0.40 | 0.37 | 0.32 | 0.37 | 1.66 | 1.30 | 0.63 | 0.80 | 0.46 | — |
| Debt / EBITDA | 2.63 | 2.63 | 3.84 | 7.68 | 20.22 | 18.64 | 53.42 | 10.52 | 36.95 | — | — |
| Net Debt / Equity | — | -0.11 | -0.20 | -0.11 | -0.08 | 0.32 | 0.13 | -0.38 | 0.28 | -0.43 | -0.78 |
| Net Debt / EBITDA | -0.69 | -0.69 | -2.10 | -2.65 | -4.44 | 3.63 | 5.13 | -6.35 | 13.00 | — | — |
| Debt / FCF | — | -0.98 | -2.79 | — | -273.54 | 1.97 | — | -2.45 | 1.36 | -3.33 | — |
| Interest Coverage | 14.06 | 14.06 | 146.90 | — | -14.60 | 12.69 | 4.79 | 18.58 | -1.01 | 1.27 | — |
Net cash position: cash ($11.3B) exceeds total debt ($9.0B)
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 | 2.20 | 2.20 | 2.33 | 2.01 | 1.85 | 1.94 | 1.88 | 1.90 | 2.07 | 1.83 | 1.73 |
| Quick Ratio | 2.19 | 2.19 | 2.31 | 1.99 | 1.84 | 1.92 | 1.87 | 1.87 | 2.05 | 1.81 | 1.71 |
| Cash Ratio | 1.15 | 1.15 | 1.49 | 1.06 | 1.04 | 1.50 | 0.93 | 1.31 | 1.10 | 0.89 | 0.89 |
| Asset Turnover | — | 0.61 | 0.66 | 0.66 | 0.56 | 1.27 | 0.96 | 1.04 | 1.01 | 1.01 | 1.41 |
| Inventory Turnover | 87.38 | 87.38 | 145.08 | 130.89 | 118.11 | 171.84 | 110.65 | 59.22 | 69.67 | 81.95 | 82.53 |
| Days Sales Outstanding | — | 134.01 | 85.79 | 119.81 | 110.85 | 43.39 | 41.00 | 53.42 | 42.87 | 103.71 | 69.91 |
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 | 2.8% | 3.2% | 5.4% | 0.0% | — | 0.2% | 0.2% | 1.3% | — | — | — |
| FCF Yield | 5.3% | 6.0% | 2.9% | — | 0.0% | 0.7% | — | 0.9% | 1.0% | 0.8% | — |
| Buyback Yield | 5.1% | 5.7% | 2.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.1% | 5.7% | 2.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $623M | $636M | $614M | $579M | $502M | $482M | $466M | $406M | $379M | $342M |
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying XYZ stock.
Block, Inc.'s current P/E ratio is 36.3x. The historical average is 42.3x. This places it at the 67th percentile of its historical range.
Block, Inc.'s current EV/EBITDA is 12.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 30.9x.
Block, Inc.'s return on equity (ROE) is 6.0%. The historical average is -13.0%.
Based on historical data, Block, Inc. is trading at a P/E of 36.3x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Block, Inc. has 42.8% gross margin and 12.6% operating margin. Operating margin between 10-20% is typical for established companies.
Block, Inc.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Revenue growth stagnation and margin volatility
Metrics are mathematically derived from official filings.
Margin Expansion Masks Earnings Volatility
Gross margin improved from 35.2% in 2024Q1 to 47.8% in 2026Q2, a 12.6-point gain, but net margin swung from 32.3% to -5.1%, per reported financials.
The gross margin expansion suggests a favorable mix shift toward higher-margin services, yet operating margin remains erratic, ranging from 4.2% to 15.9% over the period. Net income volatility, including a $1.9B gain in 2024Q4 and a -$308.7M loss in 2026Q1, indicates that non-operating items distort underlying earning power. Investors should focus on gross margin and cash flow metrics rather than net income to gauge true profitability.
Return on Capital Remains Subdued
ROIC has hovered between 1.2% and 4.0% over the past ten quarters, with 2026Q2 at 1.7%, per financial statements, indicating limited capital efficiency.
Despite asset-light operations, ROIC is low, reflecting a large goodwill base of $12.0B that inflates invested capital without generating proportional returns. ROE also remains thin, averaging around 2% in recent quarters, suggesting that shareholder value creation is modest relative to equity. The improvement in gross margin has not yet translated into meaningful returns on capital, warranting close monitoring of capital allocation.
Working Capital Swings Distort Efficiency
CCC swung from -18 days in 2026Q2 to 125 days in 2026Q1, driven by DSO volatility (81 to 124 days), per reported data, highlighting unstable working capital management.
The negative CCC in 2026Q2 suggests Block is collecting payments before paying suppliers, a favorable position, but the extreme quarterly swings indicate that working capital is not managed consistently. DSO spikes in 2026Q1 and 2025Q4 may reflect timing of receivables, possibly from Bitcoin-related transactions, which can distort efficiency metrics. Asset turnover remains low at 0.17, consistent with a software model that carries significant intangibles.
Leverage Creeps Higher with Thin Coverage
D/EBITDA rose to 18.43 in 2026Q2 from 7.03 in 2025Q2, while interest coverage fell to 6.41, per reported figures, signaling tighter debt service capacity.
The sharp increase in D/EBITDA is partly due to depressed EBITDA in recent quarters, but it also reflects rising debt levels, with total debt at $6.6B against cash of $6.4B. Interest coverage, though positive, is volatile and dipped to -6.38 in 2026Q1, indicating that earnings may not consistently cover interest expenses. This suggests that Block's leverage is becoming less comfortable, and refinancing risk may increase if cash flows weaken.
Liquidity Ratios Healthy but Cash Buffer Thins
Current ratio improved to 2.21 in 2026Q2 from 1.64 in 2024Q1, but cash dropped to $6.4B, per balance sheet data, reducing the absolute liquidity cushion.
The current and quick ratios are nearly identical, indicating minimal inventory dependence, which is typical for a software company. However, the absolute cash position has declined, and with debt at $6.6B, net debt is slightly positive, which could strain liquidity under stress. The healthy ratios may overstate resilience given the volatility in operating cash flow, as seen in 2025Q4 when OCF dropped to $621M.
P/E Misleads Due to Earnings Distortions
Block's trailing P/E of 37.61 is distorted by volatile net income, while forward P/E of 19.75 and EV/EBITDA of 13.07 offer cleaner valuation signals, per market data.
The trailing P/E is unreliable because net income includes large non-operating gains and losses, such as the $1.9B gain in 2024Q4 and the -$308.7M loss in 2026Q1. Investors should instead use EV/EBITDA or P/FCF, which better capture operating performance; P/FCF at 19.39 is more meaningful given the company's strong cash generation. The low PEG of 1.02 suggests the stock is reasonably priced relative to expected growth, but that growth is decelerating, so the metric may be misleading.