Latest Ratios: P/E Ratio 8.1x · EV/EBITDA 5.3x · ROE 6.3%. (1996–2025 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 | $895M | $2.1B | $3.8B | $4.7B | $4.2B | $6.6B | $4.5B | $3.8B | $2.9B | $3.4B | $2.4B |
| Enterprise Value | $2.0B | $3.2B | $4.7B | $5.6B | $5.2B | $7.2B | $5.3B | $4.8B | $4.0B | $4.0B | $3.0B |
| P/E Ratio → | 8.06 | 18.53 | 21.76 | 21.37 | 15.58 | 28.50 | 22.22 | 21.70 | 18.35 | 21.64 | 24.40 |
| P/S Ratio | 0.22 | 0.53 | 0.93 | 1.05 | 0.91 | 1.65 | 1.27 | 1.11 | 0.85 | 1.30 | 0.97 |
| P/B Ratio | 0.51 | 1.16 | 2.14 | 2.48 | 2.20 | 3.54 | 2.81 | 2.75 | 2.45 | 3.45 | 2.73 |
| P/FCF | 3.11 | 7.29 | 10.44 | 11.23 | 15.46 | 41.52 | 11.35 | 13.51 | 11.18 | 19.86 | 14.03 |
| P/OCF | 2.73 | 6.41 | 9.52 | 10.25 | 13.58 | 34.08 | 10.48 | 12.10 | 10.07 | 17.41 | 12.09 |
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 | — | 0.80 | 1.15 | 1.26 | 1.14 | 1.79 | 1.51 | 1.41 | 1.16 | 1.51 | 1.22 |
| EV / EBITDA | 5.30 | 8.55 | 11.74 | 12.09 | 10.44 | 16.28 | 14.26 | 13.14 | 11.13 | 13.97 | 11.85 |
| EV / EBIT | 7.64 | 13.75 | 15.45 | 15.42 | 12.78 | 20.43 | 18.82 | 18.77 | 15.19 | 17.61 | 15.74 |
| EV / FCF | — | 10.99 | 12.90 | 13.46 | 19.35 | 45.09 | 13.49 | 17.21 | 15.28 | 22.99 | 17.66 |
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 | 27.2% | 27.2% | 28.9% | 28.8% | 29.9% | 28.5% | 27.0% | 28.4% | 30.1% | 32.4% | 32.6% |
| Operating Margin | 6.5% | 6.5% | 7.4% | 8.2% | 8.9% | 8.8% | 8.0% | 8.1% | 7.7% | 8.6% | 7.8% |
| Net Profit Margin | 2.9% | 2.9% | 4.3% | 4.9% | 5.9% | 10.2% | 5.7% | 5.1% | 4.6% | 6.0% | 4.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.3% | 6.3% | 9.6% | 11.6% | 14.2% | 23.7% | 13.5% | 13.7% | 14.5% | 17.0% | 11.8% |
| ROA | 3.2% | 3.2% | 5.0% | 6.2% | 7.6% | 12.1% | 6.4% | 6.2% | 7.0% | 8.9% | 5.5% |
| ROIC | 6.9% | 6.9% | 8.3% | 9.5% | 11.4% | 10.8% | 8.7% | 8.9% | 10.3% | 11.2% | 9.5% |
| ROCE | 7.2% | 7.2% | 9.8% | 11.6% | 13.2% | 11.9% | 10.3% | 11.1% | 12.9% | 13.9% | 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 | 0.65 | 0.65 | 0.62 | 0.58 | 0.59 | 0.59 | 0.70 | 0.82 | 0.93 | 0.58 | 0.74 |
| Debt / EBITDA | 3.16 | 3.16 | 2.74 | 2.38 | 2.24 | 2.49 | 3.00 | 3.09 | 3.10 | 2.03 | 2.54 |
| Net Debt / Equity | — | 0.59 | 0.50 | 0.49 | 0.55 | 0.30 | 0.53 | 0.75 | 0.90 | 0.54 | 0.71 |
| Net Debt / EBITDA | 2.88 | 2.88 | 2.23 | 2.00 | 2.10 | 1.29 | 2.26 | 2.83 | 2.98 | 1.90 | 2.43 |
| Debt / FCF | — | 3.70 | 2.45 | 2.23 | 3.89 | 3.57 | 2.14 | 3.70 | 4.09 | 3.13 | 3.63 |
| Interest Coverage | 3.40 | 3.40 | 4.73 | 5.48 | 8.92 | 9.36 | 7.08 | 4.86 | 4.65 | 8.13 | 5.87 |
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 | — | — | 2.50 | 2.47 | 2.22 | 2.90 | 2.39 | 2.32 | 2.23 | 3.00 | 2.69 |
| Quick Ratio | — | — | 2.50 | 2.47 | 2.22 | 2.90 | 2.39 | 2.32 | 2.19 | 2.88 | 2.65 |
| Cash Ratio | — | — | 0.56 | 0.45 | 0.16 | 1.17 | 0.66 | 0.28 | 0.14 | 0.22 | 0.17 |
| Asset Turnover | — | 1.08 | 1.20 | 1.26 | 1.28 | 1.14 | 1.07 | 1.16 | 1.26 | 1.45 | 1.39 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 207.59 | 95.52 | 259.87 |
| Days Sales Outstanding | — | — | 61.91 | 60.81 | 71.19 | 68.22 | 62.83 | 70.80 | 67.51 | 61.33 | 59.95 |
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 | 12.4% | 5.4% | 4.6% | 4.7% | 6.4% | 3.5% | 4.5% | 4.6% | 5.4% | 4.6% | 4.1% |
| FCF Yield | 32.2% | 13.7% | 9.6% | 8.9% | 6.5% | 2.4% | 8.8% | 7.4% | 8.9% | 5.0% | 7.1% |
| Buyback Yield | 19.0% | 8.1% | 8.6% | 5.8% | 6.7% | 2.7% | 0.6% | 0.5% | 0.2% | 1.8% | 1.7% |
| Total Shareholder Yield | 19.0% | 8.1% | 8.6% | 5.8% | 6.7% | 2.7% | 0.6% | 0.5% | 0.2% | 1.8% | 1.7% |
| Shares Outstanding | — | $44M | $46M | $49M | $51M | $54M | $53M | $53M | $53M | $53M | $54M |
Cyclical IT Spending Headwinds
Based on current market data, ASGN trades at a forward P/E of 5.80, which suggests that investors are pricing the firm as a distressed cyclical entity rather than a secular IT services provider, significantly trailing the valuation multiples observed in broader technology and professional services peer groups.
The current valuation multiples, including an EV/EBITDA of 5.30, appear to reflect deep skepticism regarding the company's ability to return to organic growth. This pricing suggests the market is heavily discounting the potential for the Federal segment to act as a defensive buffer, instead focusing on the immediate revenue contraction.
As reported in recent financial statements, ASGN's ROIC has trended downward to 1.7% in 2025Q4, indicating that the firm is struggling to generate returns on invested capital that exceed its cost of capital, a trend that warrants further investigation into the efficacy of recent acquisition-led growth strategies.
The persistent decay in ROIC suggests that the company's aggressive acquisition strategy may be diluting overall capital efficiency. Investors should monitor whether management can improve asset utilization or if the current capital base remains bloated by underperforming intangible assets acquired in previous cycles.
According to quarterly filings, ASGN's asset turnover has remained stagnant at approximately 0.27, which, when compared to historical performance, suggests that the company is failing to optimize its asset base to drive revenue growth in the current, more challenging macroeconomic environment for IT services.
The lack of improvement in asset turnover indicates that the firm's infrastructure is not scaling effectively with its revenue base. This inefficiency may be exacerbated by the high administrative overhead required to manage a distributed workforce, limiting the company's ability to improve margins during periods of top-line pressure.
Based on reported figures, ASGN's interest coverage ratio has declined to 1.78x in 2025Q4, signaling that the firm's ability to service its $1.2B debt load is becoming increasingly constrained as operating income fails to keep pace with the costs of its existing capital structure.
The tightening interest coverage ratio suggests that the company's financial flexibility is diminishing, which may limit its capacity to pursue further accretive acquisitions. Investors should monitor this trend closely, as any further decline in operating margins could place additional strain on the firm's ability to meet debt obligations.
The most commonly misapplied metric for ASGN is the P/E ratio, which obscures the company's true earning power by failing to account for the significant non-cash amortization of intangible assets resulting from its aggressive acquisition strategy, thereby understating the firm's underlying free cash flow generation capacity.
Analysts should prioritize EV/EBITDA or P/FCF over P/E to better capture the economic reality of the business, as GAAP earnings are heavily distorted by acquisition-related accounting. Relying on standard P/E multiples may lead to an inaccurate assessment of the firm's valuation relative to its actual cash-generating potential.
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Quick answers to the most common questions about buying ASGN stock.
ASGN Incorporated's current P/E ratio is 8.1x. The historical average is 25.0x.
ASGN Incorporated's current EV/EBITDA is 5.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.1x.
ASGN Incorporated's return on equity (ROE) is 6.3%. The historical average is 8.9%.
Based on historical data, ASGN Incorporated is trading at a P/E of 8.1x. Compare with industry peers and growth rates for a complete picture.
ASGN Incorporated has 27.2% gross margin and 6.5% operating margin.
ASGN Incorporated's Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.