Latest Ratios: P/E Ratio 21.3x · EV/EBITDA 7.3x · ROE 19.3%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.0B | $985M | $908M | $891M | $702M | $1.2B | $839M | $773M | $622M | $360M |
| Enterprise Value | $1.4B | $1.3B | $1.2B | $1.2B | $1.0B | $1.4B | $1.1B | $997M | $872M | $538M |
| P/E Ratio → | 21.28 | 19.02 | 26.05 | 19.38 | 9.51 | 39.45 | — | — | 58.82 | — |
| P/S Ratio | 0.78 | 0.74 | 0.74 | 0.76 | 0.72 | 1.68 | 2.65 | 1.80 | 1.86 | 1.45 |
| P/B Ratio | 4.03 | 3.60 | 3.50 | 4.49 | 3.93 | 7.78 | 6.56 | — | 1.41 | 0.83 |
| P/FCF | 16.78 | 15.91 | 16.61 | 17.55 | 11.59 | 15.21 | — | 31.21 | — | — |
| P/OCF | 6.89 | 6.53 | 7.49 | 6.73 | 6.50 | 11.13 | — | 16.97 | 4417.78 | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.99 | 0.99 | 1.00 | 1.05 | 1.87 | 3.32 | 2.33 | 2.60 | 2.17 |
| EV / EBITDA | 7.35 | 7.06 | 7.76 | 7.04 | 7.10 | 11.76 | 55.57 | 17.28 | 14.45 | 13.00 |
| EV / EBIT | 12.63 | 12.13 | 13.63 | 11.86 | 8.77 | 23.19 | — | 422.99 | 35.06 | 28.54 |
| EV / FCF | — | 21.28 | 22.35 | 23.09 | 16.83 | 16.97 | — | 40.27 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.8% | 31.8% | 30.2% | 30.2% | 30.8% | 32.8% | 33.3% | 34.2% | 35.1% | 36.8% |
| Operating Margin | 8.2% | 8.2% | 7.4% | 9.2% | 10.0% | 9.6% | -7.8% | 3.1% | 7.4% | 7.3% |
| Net Profit Margin | 3.9% | 3.9% | 2.9% | 3.9% | 7.6% | 4.3% | -0.1% | -8.6% | 3.2% | -0.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.3% | 19.3% | 15.4% | 24.2% | 44.0% | 22.0% | -1.0% | -18.5% | 2.5% | -0.1% |
| ROA | 4.7% | 4.7% | 3.6% | 5.1% | 10.0% | 5.2% | -0.1% | -7.6% | 2.4% | -0.1% |
| ROIC | 13.8% | 13.8% | 12.9% | 16.5% | 18.2% | 16.4% | -7.1% | 2.6% | 3.1% | 2.2% |
| ROCE | 11.3% | 11.3% | 10.5% | 13.6% | 14.7% | 12.9% | -4.9% | 2.9% | 5.5% | 4.0% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.30 | 2.30 | 2.30 | 2.73 | 3.04 | 2.16 | 2.70 | — | 0.57 | 0.41 |
| Debt / EBITDA | 3.37 | 3.37 | 3.78 | 3.26 | 3.77 | 2.92 | 18.30 | 6.06 | 4.16 | 4.31 |
| Net Debt / Equity | — | 1.22 | 1.21 | 1.42 | 1.78 | 0.90 | 1.65 | — | 0.57 | 0.41 |
| Net Debt / EBITDA | 1.78 | 1.78 | 1.99 | 1.69 | 2.21 | 1.22 | 11.18 | 3.89 | 4.15 | 4.30 |
| Debt / FCF | — | 5.37 | 5.75 | 5.53 | 5.24 | 1.76 | — | 9.06 | — | — |
| Interest Coverage | 2.93 | 2.93 | 2.50 | 2.98 | 5.38 | 4.67 | -0.26 | 0.18 | 2.58 | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.61 | 2.61 | 2.76 | 2.85 | 3.33 | 3.45 | 2.90 | 2.76 | 404.05 | 3.22 |
| Quick Ratio | 2.55 | 2.55 | 2.69 | 2.78 | 3.25 | 3.45 | 2.90 | 2.76 | 404.05 | 3.22 |
| Cash Ratio | 2.26 | 2.26 | 2.38 | 2.39 | 2.85 | 3.21 | 2.57 | 2.48 | 365.30 | 2.36 |
| Asset Turnover | — | 1.18 | 1.17 | 1.28 | 1.12 | 1.19 | 0.53 | 0.84 | 0.73 | 0.55 |
| Inventory Turnover | 110.33 | 110.33 | 105.82 | 106.39 | 96.66 | — | — | — | — | — |
| Days Sales Outstanding | — | 6.39 | 3.13 | 4.20 | 4.20 | 2.54 | 3.85 | 3.33 | 2.29 | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 5.3% | 3.8% | 5.2% | 10.5% | 2.5% | — | — | 1.7% | — |
| FCF Yield | 6.0% | 6.3% | 6.0% | 5.7% | 8.6% | 6.6% | — | 3.2% | — | — |
| Buyback Yield | 3.8% | 4.0% | 2.8% | 3.4% | 11.2% | 0.7% | 0.0% | 0.0% | 0.5% | 0.0% |
| Total Shareholder Yield | 3.8% | 4.0% | 2.8% | 3.4% | 11.2% | 0.7% | 0.0% | 0.0% | 0.5% | 0.0% |
| Shares Outstanding | — | $86M | $85M | $87M | $91M | $95M | $83M | $62M | $62M | $37M |
Regulatory and Legislative Concentration
Based on recent financial data, Accel's forward P/E of 18.71 suggests that investors are pricing in moderate growth expectations, though the EV/EBITDA multiple of 7.58 indicates a valuation discount compared to broader gaming peers, likely reflecting the inherent risks of its highly concentrated, route-based business model.
The current valuation appears to balance the company's consistent revenue expansion against the structural margin limitations imposed by state-mandated revenue sharing. Investors should monitor whether the market's discount is a permanent reflection of regulatory sensitivity or a temporary mispricing of the company's ability to scale its logistics-heavy model into new, less mature markets.
According to reported figures, Accel's ROIC has fluctuated between 2.9% and 6.4% over the last ten quarters, suggesting that the company's aggressive M&A strategy has yet to yield a consistent, compounding return on invested capital that significantly exceeds its cost of capital in the current environment.
The volatility in ROIC appears driven by the integration of acquired routes and the ongoing capital intensity required to maintain terminal fleets. This trend warrants further investigation into whether recent acquisitions are truly accretive or if the company is overpaying for market share in a way that dilutes long-term shareholder value.
As reported in financial statements, Accel's asset turnover has remained remarkably stable near 0.32, indicating that the company's revenue generation is tightly tethered to its physical terminal footprint, which requires consistent, high-frequency maintenance and route management to sustain its current operational efficiency levels.
The negative cash conversion cycle observed in recent quarters suggests that Accel effectively leverages its position to collect revenue before settling obligations with host venues. This operational leverage is a key component of the business model, though it remains vulnerable to any disruption in the physical collection process or changes in payment terms with partners.
Based on the latest quarterly filings, Accel has significantly improved its leverage profile, with the debt-to-equity ratio dropping from 2.73 in 2023Q4 to 0.11 in 2026Q1, a shift that suggests a deliberate move to fortify the balance sheet against potential legislative or economic headwinds.
This rapid reduction in debt appears to provide the company with substantial dry powder for future opportunistic acquisitions or share repurchases. However, investors should monitor whether this low leverage is a permanent strategic shift or a temporary pause in the company's historical reliance on debt to fund its growth-by-acquisition strategy.
The most commonly misapplied metric for Accel is the traditional P/E ratio, which obscures the company's true economic reality by failing to account for the significant non-cash amortization of route administration contracts that arise from its aggressive, acquisition-heavy growth strategy in the distributed gaming sector.
Analysts should instead focus on adjusted EBITDA or free cash flow metrics that strip out these non-cash charges to better reflect the company's underlying cash-generating power. Relying solely on GAAP earnings may lead to an inaccurate assessment of the company's ability to fund its operations and sustain its competitive moat.
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Quick answers to the most common questions about buying ACEL stock.
Accel Entertainment, Inc.'s current P/E ratio is 21.3x. The historical average is 28.7x. This places it at the 50th percentile of its historical range.
Accel Entertainment, Inc.'s current EV/EBITDA is 7.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.7x.
Accel Entertainment, Inc.'s return on equity (ROE) is 19.3%. The historical average is 12.0%.
Based on historical data, Accel Entertainment, Inc. is trading at a P/E of 21.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Accel Entertainment, Inc. has 31.8% gross margin and 8.2% operating margin.
Accel Entertainment, Inc.'s Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.