Latest Ratios: P/E Ratio 37.0x · EV/EBITDA 24.1x · 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 | $46.2B | $40.5B | $54.1B | $47.5B | $36.4B | $81.0B | $104.9B | $29.2B | $22.8B | $13.2B | $4.7B |
| Enterprise Value | $43.9B | $38.2B | $49.7B | $45.4B | $35.0B | $82.1B | $105.3B | $28.5B | $23.1B | $12.8B | $4.2B |
| P/E Ratio → | 37.00 | 31.00 | 18.68 | 4864.78 | — | 489.42 | 494.64 | 77.23 | — | — | — |
| P/S Ratio | 1.91 | 1.68 | 2.24 | 2.17 | 2.08 | 4.59 | 11.05 | 6.19 | 6.90 | 5.94 | 2.72 |
| P/B Ratio | 2.18 | 1.83 | 2.55 | 2.54 | 2.11 | 24.46 | 39.13 | 17.00 | 20.31 | 16.73 | 8.08 |
| P/FCF | 19.07 | 16.72 | 34.82 | — | 7150.38 | 149.11 | — | 109.97 | 97.97 | 129.43 | — |
| P/OCF | 17.93 | 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 | 24.12 | 20.98 | 39.22 | 43.60 | — | 121.43 | 325.55 | 110.16 | 197.00 | 255.81 | — |
| EV / EBIT | 25.68 | 20.98 | 29.50 | — | — | 430.85 | 385.75 | 71.32 | — | — | — |
| 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% | 33.5% | 34.2% | 24.4% | 28.0% | 38.7% | 37.9% | 36.5% | 32.1% |
| Operating Margin | 7.1% | 7.1% | 3.7% | 2.9% | -3.6% | 2.6% | 1.8% | 3.3% | 1.7% | 0.6% | -7.0% |
| 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 | 7.0% | 7.0% | 4.0% | 2.9% | -4.6% | 9.3% | 6.2% | 9.2% | 4.5% | 3.4% | -104.7% |
| ROCE | 6.0% | 6.0% | 3.4% | 2.7% | -4.0% | 6.4% | 3.9% | 6.0% | 3.2% | 1.4% | -20.0% |
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 | 4.93 | 4.93 | 6.24 | 5.83 | — | 8.16 | 10.80 | 4.15 | 7.68 | 7.16 | — |
| 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 | -1.30 | -1.30 | -3.42 | -2.01 | — | 1.59 | 1.04 | -2.51 | 2.70 | -6.75 | — |
| Debt / FCF | — | -0.98 | -2.79 | — | -273.54 | 1.97 | — | -2.45 | 1.36 | -3.33 | — |
| Interest Coverage | 14.06 | 14.06 | 181.31 | — | -0.75 | 5.75 | 4.79 | 18.58 | -1.01 | -6.22 | — |
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 | 132.47 | 118.11 | 173.29 | 111.85 | 60.64 | 71.52 | 83.77 | 84.54 |
| 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 | 2.7% | 3.2% | 5.4% | 0.0% | — | 0.2% | 0.2% | 1.3% | — | — | — |
| FCF Yield | 5.2% | 6.0% | 2.9% | — | 0.0% | 0.7% | — | 0.9% | 1.0% | 0.8% | — |
| Buyback Yield | 5.0% | 5.7% | 2.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.0% | 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 |
Regulatory and Competitive Saturation
According to current market data, Block trades at a forward P/E of 19.95, which appears to discount the company's historical growth premiums as investors weigh the sustainability of its ecosystem expansion against the reality of decelerating top-line momentum and persistent competitive pressures from vertical-specific software providers.
The current valuation multiple suggests that the market is shifting its focus from pure growth to the 'Rule of 40' framework, yet the forward EV/EBITDA of 9.30 indicates skepticism regarding the company's ability to achieve meaningful margin expansion. Investors should monitor whether this valuation floor holds as the company attempts to transition from a high-growth fintech disruptor to a more disciplined, profit-oriented infrastructure player.
Based on reported figures, Block's ROIC has remained largely stagnant, hovering between 1.2% and 2.7% over the last ten quarters, which suggests that the company's aggressive capital allocation strategy has yet to generate returns that meaningfully exceed its cost of capital in a consistent manner.
The persistent gap between invested capital and returns highlights the dilutive impact of large-scale acquisitions like Afterpay, which continue to weigh on the company's overall capital efficiency. Unless management can demonstrate a clear path to improving these returns through higher-margin software services, the current ROIC trend may continue to signal a struggle to compound value effectively.
As reported in recent financial statements, Block's cash conversion cycle has fluctuated significantly, reaching 125 days in 2026Q1, which indicates that the company's working capital efficiency is increasingly sensitive to the timing of payments and the evolving nature of its diverse product segments.
The rise in DSO to 124 days suggests that the company may be extending more flexible terms to its merchant base, potentially as a competitive response to retain market share. This trend warrants further investigation, as it may imply a shift in credit risk exposure that could impact liquidity if the economic environment for small businesses deteriorates.
Based on an analysis of the company's financial structure, the P/S ratio is a fundamentally misapplied metric for Block because the gross-reporting of Bitcoin transactions artificially inflates the top line, thereby masking the true underlying scale and profitability of the core merchant and consumer financial services.
Analysts should prioritize Gross Profit multiples over traditional revenue-based valuation, as the latter fails to account for the low-margin nature of crypto-related volumes. Relying on P/S may lead to an inaccurate assessment of the company's competitive positioning and its actual ability to generate sustainable cash flows from its core ecosystem.
Includes 30+ ratios · 13 years · Updated daily
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Block, Inc.'s current P/E ratio is 37.0x. The historical average is 42.3x. This places it at the 67th percentile of its historical range.
Block, Inc.'s current EV/EBITDA is 24.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 34.6x.
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 37.0x. 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 7.1% operating margin.
Block, Inc.'s Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.