Latest Ratios: P/E Ratio 8.2x · EV/EBITDA 3.3x · ROE 20.0%. (2010–2025 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 | $1.0B | $2.0B | $2.7B | $3.5B | $2.0B | $2.8B | $2.4B | $2.7B | $3.1B | $3.7B | $2.9B |
| Enterprise Value | $813M | $1.8B | $2.6B | $3.3B | $1.8B | $2.5B | $2.0B | $2.8B | $2.8B | $3.1B | $2.7B |
| P/E Ratio → | 8.15 | 13.57 | 20.59 | 35.07 | 54.68 | 72.48 | — | 66.98 | 56.44 | 23.98 | — |
| P/S Ratio | 0.69 | 1.35 | 1.94 | 2.61 | 1.68 | 2.76 | 2.73 | 2.68 | 3.29 | 4.32 | 4.13 |
| P/B Ratio | 1.67 | 2.78 | 3.67 | 4.65 | 2.83 | 3.79 | 2.79 | 3.60 | 2.89 | 3.33 | 3.65 |
| P/FCF | 3.11 | 6.12 | 11.00 | 12.47 | 12.52 | 15.45 | 17.21 | 16.24 | 26.94 | 26.62 | 32.87 |
| P/OCF | 2.70 | 5.33 | 9.56 | 11.38 | 10.44 | 13.40 | 13.50 | 13.26 | 19.38 | 21.82 | 23.19 |
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 | — | 1.22 | 1.81 | 2.44 | 1.53 | 2.46 | 2.28 | 2.74 | 2.94 | 3.67 | 3.75 |
| EV / EBITDA | 3.31 | 7.28 | 12.39 | 21.82 | 11.80 | 20.05 | 168.38 | 32.73 | 40.33 | 14.09 | 87.95 |
| EV / EBIT | 4.39 | 8.76 | 13.98 | 31.00 | 27.36 | 80.44 | — | 78.22 | 107.01 | 191.81 | — |
| EV / FCF | — | 5.53 | 10.30 | 11.66 | 11.39 | 13.76 | 14.36 | 16.61 | 24.05 | 22.63 | 29.83 |
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 | 90.3% | 90.3% | 91.2% | 91.5% | 91.1% | 92.4% | 93.4% | 93.8% | 93.9% | 91.7% | 91.5% |
| Operating Margin | 12.6% | 12.6% | 10.7% | 5.9% | 4.9% | 3.1% | -4.4% | 3.5% | 2.7% | 21.2% | -0.7% |
| Net Profit Margin | 9.9% | 9.9% | 9.4% | 7.4% | 3.0% | 3.8% | -2.2% | 4.0% | 5.9% | 18.1% | -0.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.0% | 20.0% | 17.8% | 13.6% | 5.0% | 4.9% | -2.4% | 4.5% | 5.1% | 16.0% | -0.6% |
| ROA | 15.0% | 15.0% | 13.3% | 9.8% | 3.5% | 3.6% | -1.7% | 3.6% | 4.6% | 14.5% | -0.6% |
| ROIC | 25.5% | 25.5% | 20.7% | 11.3% | 9.0% | 5.3% | -4.6% | 3.4% | 3.0% | 24.8% | -0.7% |
| ROCE | 22.9% | 22.9% | 18.1% | 9.5% | 6.8% | 3.3% | -4.0% | 3.5% | 2.3% | 18.4% | -0.7% |
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 | 0.03 | 0.03 | 0.06 | 0.12 | 0.18 | 0.22 | 0.23 | 0.31 | — | — | — |
| Debt / EBITDA | 0.10 | 0.10 | 0.21 | 0.58 | 0.82 | 1.33 | 16.94 | 2.74 | — | — | — |
| Net Debt / Equity | — | -0.27 | -0.23 | -0.30 | -0.25 | -0.41 | -0.46 | 0.08 | -0.31 | -0.50 | -0.34 |
| Net Debt / EBITDA | -0.78 | -0.78 | -0.84 | -1.52 | -1.16 | -2.46 | -33.50 | 0.73 | -4.84 | -2.48 | -8.96 |
| Debt / FCF | — | -0.59 | -0.70 | -0.81 | -1.12 | -1.69 | -2.86 | 0.37 | -2.89 | -3.99 | -3.04 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($216M) exceeds total debt ($25M)
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 | 2.99 | 2.99 | 3.34 | 3.55 | 3.26 | 3.93 | 4.98 | 3.98 | 13.25 | 10.60 | 9.29 |
| Quick Ratio | 2.99 | 2.99 | 3.34 | 3.55 | 3.26 | 3.93 | 4.98 | 3.98 | 13.25 | 10.60 | 9.29 |
| Cash Ratio | 1.89 | 1.89 | 2.12 | 2.54 | 2.25 | 2.99 | 4.24 | 3.07 | 11.65 | 9.53 | 7.94 |
| Asset Turnover | — | 1.53 | 1.44 | 1.32 | 1.17 | 0.98 | 0.76 | 0.95 | 0.80 | 0.70 | 0.81 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 38.18 | 40.15 | 39.90 | 49.92 | 48.19 | 36.96 | 38.45 | 33.80 | 32.83 | 35.18 |
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 | 12.3% | 7.4% | 4.9% | 2.9% | 1.8% | 1.4% | — | 1.5% | 1.8% | 4.2% | — |
| FCF Yield | 32.2% | 16.3% | 9.1% | 8.0% | 8.0% | 6.5% | 5.8% | 6.2% | 3.7% | 3.8% | 3.0% |
| Buyback Yield | 29.1% | 14.8% | 9.2% | 5.7% | 10.0% | 9.2% | 1.0% | 17.7% | 6.0% | 0.3% | 0.0% |
| Total Shareholder Yield | 29.1% | 14.8% | 9.2% | 5.7% | 10.0% | 9.2% | 1.0% | 17.7% | 6.0% | 0.3% | 0.0% |
| Shares Outstanding | — | $65M | $71M | $74M | $73M | $79M | $73M | $78M | $89M | $87M | $77M |
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying YELP stock.
Yelp Inc.'s current P/E ratio is 8.2x. The historical average is 50.9x.
Yelp Inc.'s current EV/EBITDA is 3.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 27.6x.
Yelp Inc.'s return on equity (ROE) is 20.0%. The historical average is -17.6%.
Based on historical data, Yelp Inc. is trading at a P/E of 8.2x. Compare with industry peers and growth rates for a complete picture.
Yelp Inc. has 90.3% gross margin and 12.6% operating margin. Operating margin between 10-20% is typical for established companies.
Yelp Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Revenue growth stagnation
Metrics are mathematically derived from official filings.
Deep Discount Masks Stagnation
YELP trades at 10.5x trailing earnings and 4.5x EV/EBITDA, a steep discount to Alphabet's 31.9x P/E, reflecting market skepticism about growth prospects, as per recent market data.
The market prices YELP as a no-growth asset, with a forward P/E of 12.5x implying minimal earnings expansion. The EV/EBITDA of 4.5x is below Angi's 3.1x but far below IAC's 15.2x, suggesting investors see limited upside. Given revenue growth of only 1.4% in 2026Q2, the low multiple appears justified unless margins expand materially.
Margin Compression Amidst High Gross Margins
Gross margin remains high at 88.9% in 2026Q2, but operating margin fell to 11.6% from 14.8% in 2024Q4, indicating cost pressures, as reported in financial statements.
The 300 basis point operating margin decline over six quarters suggests SG&A and R&D costs are growing faster than revenue, eroding operating leverage. Net margin of 8.4% in 2026Q2 is below the 11.7% in 2024Q4, but FCF margin of 28.3% shows cash generation remains robust. Investors should monitor whether margin stabilization occurs as revenue growth plateaus.
ROIC Stalls Below Double Digits
ROIC has hovered between 4% and 7% over the past ten quarters, with 2026Q2 at 5.3%, indicating limited capital efficiency, based on reported figures.
Despite a capital-light model, ROIC remains subdued, likely due to heavy SBC and acquisition-related goodwill. The 2026Q1 ROIC of 4.0% was the lowest in the period, recovering slightly to 5.3% in Q2. This suggests the company is not compounding returns at an attractive rate, and the recent goodwill surge may pressure future returns if acquisitions underperform.
Working Capital Efficiency Hides in Payables
DSO is stable at 38 days, but DPO data is sparse, with 2026Q2 showing no payables, suggesting potential timing shifts, as per quarterly filings.
Asset turnover is flat at 0.37, indicating no improvement in revenue generation per dollar of assets. The cash conversion cycle is not calculable due to missing DIO, but the negative working capital changes noted in cash flow analysis suggest Yelp benefits from favorable payment terms. The lack of DPO data in recent quarters warrants attention, as it may signal changes in supplier relationships.
Debt Spike Quickly Reversed
D/E spiked to 0.25 in 2026Q1 but fell to 0.04 in 2026Q2, with D/EBITDA at 0.29, indicating temporary financing, as reported in balance sheet data.
The debt increase to $154.9M in Q1 was likely for acquisition funding, but it was repaid by Q2, leaving leverage minimal. Interest coverage is not reported, but given the low debt levels, coverage appears comfortable. The rapid deleveraging suggests Yelp has access to credit but prefers to remain conservatively financed.
Liquidity Buffer Thins but Remains Adequate
Current ratio fell to 1.75 in 2026Q2 from 2.99 in 2025Q4, as cash dropped 56% to $94.1M, indicating a reduced cushion, according to recent balance sheet data.
The quick ratio equals the current ratio at 1.75, reflecting minimal inventory, typical for a services firm. The decline in cash is concerning given the aggressive buyback and M&A spending, but the current ratio remains above 1.5, suggesting adequate short-term solvency. However, if cash continues to deplete, liquidity could become strained.
Misapplied EV/EBITDA Ignores SBC
EV/EBITDA of 4.5x understates true cost structure because SBC exceeds net income, making P/FCF of 4.0x a more accurate valuation metric, as per reported figures.
Analysts often use EV/EBITDA for internet platforms, but Yelp's heavy SBC (over $56M in 2026Q2) is excluded from EBITDA, inflating the multiple's attractiveness. P/FCF of 4.0x better captures cash generation, but even that may overstate value if acquisition costs are not fully accounted. Investors should adjust for SBC and acquisition outflows to derive a normalized earnings power.