Latest Ratios: P/E Ratio 37.3x · EV/EBITDA 16.9x · ROE 9.2%. (1998–2025 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 | $16.6B | $12.8B | $14.8B | $18.4B | $13.5B | $19.4B | $17.3B | $14.2B | $10.3B | $11.2B | $11.8B |
| Enterprise Value | $22.6B | $18.8B | $18.9B | $22.4B | $16.2B | $21.7B | $19.8B | $16.5B | $10.9B | $11.6B | $12.1B |
| P/E Ratio → | 37.25 | 28.42 | 29.25 | 33.62 | 25.86 | 29.78 | 31.15 | 29.79 | 34.70 | 50.42 | 36.64 |
| P/S Ratio | 3.95 | 3.05 | 3.70 | 4.82 | 3.74 | 5.61 | 5.42 | 4.91 | 3.81 | 4.51 | 5.00 |
| P/B Ratio | 3.38 | 2.58 | 3.03 | 4.00 | 3.10 | 4.28 | 4.08 | 3.89 | 3.24 | 3.39 | 3.64 |
| P/FCF | 23.78 | 18.34 | 17.70 | 29.74 | 16.57 | 22.58 | 35.90 | 28.65 | 17.15 | 29.09 | 21.15 |
| P/OCF | 10.95 | 8.45 | 9.72 | 13.64 | 10.61 | 13.82 | 14.28 | 13.43 | 10.25 | 14.02 | 13.48 |
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 | — | 4.47 | 4.73 | 5.89 | 4.47 | 6.28 | 6.18 | 5.70 | 4.00 | 4.65 | 5.14 |
| EV / EBITDA | 16.91 | 14.07 | 15.98 | 18.57 | 12.73 | 16.29 | 17.39 | 16.67 | 13.62 | 16.87 | 15.07 |
| EV / EBIT | 35.98 | 29.70 | 30.74 | 33.48 | 24.15 | 27.14 | 28.85 | 28.35 | 28.11 | 34.78 | 24.88 |
| EV / FCF | — | 26.89 | 22.64 | 36.28 | 19.79 | 25.28 | 40.92 | 33.24 | 18.02 | 29.99 | 21.72 |
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 | 54.7% | 54.7% | 59.4% | 60.4% | 61.7% | 63.3% | 64.6% | 65.9% | 64.9% | 64.8% | 65.5% |
| Operating Margin | 14.9% | 14.9% | 13.4% | 16.7% | 18.7% | 22.6% | 20.6% | 19.0% | 13.4% | 12.6% | 19.9% |
| Net Profit Margin | 10.7% | 10.7% | 12.7% | 14.4% | 14.5% | 18.8% | 17.4% | 16.5% | 11.0% | 8.9% | 13.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.2% | 9.2% | 10.7% | 12.2% | 11.8% | 14.8% | 14.1% | 14.0% | 9.2% | 6.8% | 10.1% |
| ROA | 4.1% | 4.1% | 5.0% | 6.0% | 6.4% | 8.2% | 7.5% | 7.7% | 5.9% | 5.0% | 7.5% |
| ROIC | 4.7% | 4.7% | 4.5% | 6.1% | 7.3% | 8.7% | 7.8% | 8.5% | 7.4% | 6.5% | 10.0% |
| ROCE | 6.7% | 6.7% | 6.2% | 7.7% | 9.1% | 10.9% | 9.9% | 10.4% | 8.6% | 7.7% | 11.9% |
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 | 1.39 | 1.39 | 0.95 | 0.99 | 0.73 | 0.63 | 0.65 | 0.73 | 0.49 | 0.20 | 0.20 |
| Debt / EBITDA | 5.17 | 5.17 | 3.92 | 3.75 | 2.50 | 2.14 | 2.44 | 2.70 | 1.96 | 0.97 | 0.80 |
| Net Debt / Equity | — | 1.20 | 0.84 | 0.88 | 0.60 | 0.51 | 0.57 | 0.62 | 0.16 | 0.11 | 0.10 |
| Net Debt / EBITDA | 4.47 | 4.47 | 3.48 | 3.35 | 2.07 | 1.74 | 2.13 | 2.30 | 0.66 | 0.51 | 0.39 |
| Debt / FCF | — | 8.55 | 4.94 | 6.54 | 3.22 | 2.70 | 5.02 | 4.59 | 0.87 | 0.91 | 0.57 |
| Interest Coverage | 20.58 | 20.58 | 22.65 | 37.85 | 60.30 | 11.07 | 9.91 | 11.79 | 8.94 | 17.68 | 26.02 |
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 | 2.29 | 2.29 | 1.23 | 2.16 | 2.41 | 2.43 | 2.54 | 3.22 | 2.09 | 2.90 | 3.50 |
| Quick Ratio | 2.29 | 2.29 | 1.23 | 2.16 | 2.41 | 2.43 | 2.54 | 3.22 | 2.09 | 2.90 | 3.50 |
| Cash Ratio | 1.23 | 1.23 | 0.76 | 1.03 | 1.35 | 1.36 | 1.45 | 2.22 | 1.56 | 1.53 | 2.23 |
| Asset Turnover | — | 0.37 | 0.38 | 0.39 | 0.44 | 0.43 | 0.41 | 0.41 | 0.50 | 0.54 | 0.54 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 68.84 | 66.55 | 69.35 | 68.55 | 71.28 | 75.33 | 69.62 | 64.53 | 67.67 | 57.30 |
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% | 3.5% | 3.4% | 3.0% | 3.9% | 3.4% | 3.2% | 3.4% | 2.9% | 2.0% | 2.7% |
| FCF Yield | 4.2% | 5.5% | 5.6% | 3.4% | 6.0% | 4.4% | 2.8% | 3.5% | 5.8% | 3.4% | 4.7% |
| Buyback Yield | 4.8% | 6.2% | 3.8% | 3.6% | 4.5% | 2.7% | 1.1% | 2.4% | 7.3% | 3.2% | 3.2% |
| Total Shareholder Yield | 4.8% | 6.2% | 3.8% | 3.6% | 4.5% | 2.7% | 1.1% | 2.4% | 7.3% | 3.2% | 3.2% |
| Shares Outstanding | — | $147M | $154M | $155M | $160M | $166M | $165M | $165M | $169M | $173M | $176M |
Infrastructure capital intensity
Based on current market data, Akamai trades at a forward P/E of 16.91, which appears to reflect a conglomerate discount as investors struggle to reconcile the low-growth legacy delivery business with the higher-growth security and compute segments relative to pure-play infrastructure peers.
The valuation multiple suggests the market is pricing the company as a legacy infrastructure provider rather than a high-growth cloud platform. This discrepancy warrants further investigation into whether the market is failing to account for the potential margin expansion inherent in the security and compute pivot.
As reported in financial statements, Akamai's ROIC has trended downward from 1.6% in 2023Q4 to 0.8% in 2026Q1, indicating that the company's aggressive investment in global hardware infrastructure is currently failing to generate superior returns on invested capital compared to historical performance.
The decay in ROIC suggests that the capital-intensive nature of the compute and security build-out is outpacing the immediate earnings contribution from these new segments. Investors should monitor whether this trend reverses as the company achieves greater scale in its generalized compute offerings.
According to quarterly filings, Akamai's DSO has remained relatively consistent, hovering around 66 to 70 days, which suggests that the company maintains stable leverage over its customer base despite the ongoing transition toward subscription-based security and compute service models.
The stability in DSO indicates that the shift in revenue mix has not yet disrupted the company's ability to collect on its multi-year contracts. However, the lack of improvement in asset turnover, which remains at 0.09, highlights the persistent drag of the massive, fixed-asset hardware footprint.
Based on recent SEC filings, Akamai's debt-to-EBITDA ratio has fluctuated significantly, reaching 51.25 in 2026Q1, which suggests that while the absolute debt load remains manageable, the company's interest coverage is becoming increasingly sensitive to volatility in operating income.
While the debt-to-equity ratio of 1.20 remains within a healthy range for an industrial-tech firm, the sharp rise in the debt-to-EBITDA metric warrants caution. This trend may indicate that the company's earnings power is not currently keeping pace with the debt taken on to fund its strategic pivot.
The P/E ratio is frequently misapplied to Akamai's business model because it fails to account for the massive non-cash depreciation charges inherent in its global hardware-heavy infrastructure, which significantly obscures the company's true underlying cash-generating capacity.
Analysts should prioritize EV/EBITDA or P/FCF over P/E to better capture the operational reality of the business. Relying on P/E risks underestimating the company's ability to fund its own growth, as it ignores the substantial cash flow generated by the legacy delivery business.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying AKAM stock.
Akamai Technologies, Inc.'s current P/E ratio is 37.3x. The historical average is 39.7x. This places it at the 77th percentile of its historical range.
Akamai Technologies, Inc.'s current EV/EBITDA is 16.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.8x.
Akamai Technologies, Inc.'s return on equity (ROE) is 9.2%. The historical average is 0.9%.
Based on historical data, Akamai Technologies, Inc. is trading at a P/E of 37.3x. This is at the 77th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Akamai Technologies, Inc. has 54.7% gross margin and 14.9% operating margin. Operating margin between 10-20% is typical for established companies.
Akamai Technologies, Inc.'s Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.