Latest Ratios: P/E Ratio 27.1x · EV/EBITDA 14.8x · ROE 15.5%. (2001–2025 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 | $10.2B | $10.3B | $8.0B | $5.2B | $5.7B | $6.8B | $4.3B | $5.0B | $6.3B | $7.7B | $12.1B |
| Enterprise Value | $10.7B | $10.9B | $7.7B | $5.4B | $6.1B | $6.8B | $4.2B | $4.9B | $6.5B | $7.7B | $12.0B |
| P/E Ratio → | 27.07 | 26.06 | 18.95 | 14.99 | 14.80 | 22.05 | 17.43 | 15.11 | 17.92 | 23.79 | 41.50 |
| P/S Ratio | 2.34 | 2.38 | 2.09 | 1.31 | 1.42 | 1.95 | 1.30 | 1.36 | 1.70 | 2.18 | 3.66 |
| P/B Ratio | 3.94 | 3.79 | 3.37 | 2.57 | 2.97 | 3.30 | 2.03 | 2.60 | 3.65 | 4.60 | 7.26 |
| P/FCF | 19.05 | 19.38 | 14.43 | 10.14 | 21.86 | 18.51 | 9.62 | 11.30 | 20.24 | 30.76 | 45.99 |
| P/OCF | 16.89 | 17.18 | 12.93 | 8.97 | 17.96 | 16.53 | 8.57 | 10.09 | 17.74 | 24.21 | 34.86 |
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 | — | 2.51 | 2.01 | 1.36 | 1.51 | 1.97 | 1.28 | 1.33 | 1.76 | 2.20 | 3.64 |
| EV / EBITDA | 14.78 | 15.02 | 12.01 | 9.50 | 10.01 | 12.92 | 9.32 | 8.87 | 12.00 | 12.79 | 22.30 |
| EV / EBIT | 18.09 | 20.90 | 13.48 | 10.86 | 11.90 | 16.22 | 11.22 | 10.62 | 14.07 | 14.62 | 23.70 |
| EV / FCF | — | 20.47 | 13.94 | 10.52 | 23.30 | 18.69 | 9.43 | 11.06 | 20.98 | 30.94 | 45.77 |
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 | 47.8% | 47.8% | 46.4% | 43.3% | 41.8% | 42.6% | 42.2% | 40.3% | 40.4% | 42.3% | 43.6% |
| Operating Margin | 13.7% | 13.7% | 14.4% | 12.0% | 12.7% | 12.4% | 10.6% | 12.6% | 12.5% | 15.0% | 14.4% |
| Net Profit Margin | 9.1% | 9.1% | 11.0% | 8.8% | 9.6% | 8.8% | 7.5% | 9.0% | 9.5% | 9.2% | 8.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.5% | 15.5% | 19.2% | 17.6% | 19.4% | 14.7% | 12.3% | 18.2% | 20.7% | 19.3% | 19.3% |
| ROA | 9.3% | 9.3% | 11.7% | 10.1% | 10.9% | 8.7% | 7.5% | 10.7% | 11.9% | 11.0% | 10.8% |
| ROIC | 16.4% | 16.4% | 19.2% | 15.8% | 17.4% | 15.4% | 13.8% | 18.5% | 18.9% | 23.9% | 27.9% |
| ROCE | 16.9% | 16.9% | 18.6% | 17.0% | 18.1% | 14.9% | 13.0% | 19.0% | 20.0% | 23.1% | 22.7% |
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 | 0.37 | 0.37 | 0.24 | 0.29 | 0.31 | 0.27 | 0.22 | 0.19 | 0.21 | 0.21 | 0.21 |
| Debt / EBITDA | 1.38 | 1.38 | 0.89 | 1.04 | 0.99 | 1.06 | 1.04 | 0.65 | 0.66 | 0.59 | 0.66 |
| Net Debt / Equity | — | 0.21 | -0.11 | 0.10 | 0.20 | 0.03 | -0.04 | -0.05 | 0.13 | 0.03 | -0.03 |
| Net Debt / EBITDA | 0.80 | 0.80 | -0.42 | 0.34 | 0.62 | 0.12 | -0.19 | -0.19 | 0.42 | 0.08 | -0.11 |
| Debt / FCF | — | 1.09 | -0.49 | 0.38 | 1.44 | 0.18 | -0.19 | -0.24 | 0.74 | 0.18 | -0.22 |
| Interest Coverage | 12.29 | 12.29 | 22.68 | 17.75 | 18.83 | 17.37 | 14.33 | 12.64 | 13.00 | 15.45 | 15.20 |
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 | 1.95 | 1.95 | 2.72 | 2.34 | 1.99 | 2.23 | 2.33 | 2.42 | 1.77 | 2.07 | 1.97 |
| Quick Ratio | 1.33 | 1.33 | 2.16 | 1.72 | 1.33 | 1.66 | 1.81 | 1.85 | 1.17 | 1.53 | 1.53 |
| Cash Ratio | 0.50 | 0.50 | 1.23 | 0.67 | 0.30 | 0.71 | 0.91 | 0.77 | 0.19 | 0.52 | 0.61 |
| Asset Turnover | — | 0.91 | 1.01 | 1.16 | 1.15 | 0.97 | 0.95 | 1.16 | 1.23 | 1.21 | 1.12 |
| Inventory Turnover | 4.30 | 4.30 | 5.31 | 6.08 | 4.80 | 4.98 | 6.01 | 6.43 | 5.33 | 6.16 | 6.28 |
| Days Sales Outstanding | — | 49.88 | 53.50 | 51.28 | 60.67 | 60.30 | 54.90 | 55.75 | 63.27 | 59.70 | 63.52 |
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 | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% | 0.5% | 0.4% | 0.3% | 0.3% | 0.2% |
| Payout Ratio | 5.2% | 5.2% | 4.3% | 4.9% | 4.7% | 6.2% | 8.4% | 6.3% | 6.1% | 7.1% | 7.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 3.8% | 5.3% | 6.7% | 6.8% | 4.5% | 5.7% | 6.6% | 5.6% | 4.2% | 2.4% |
| FCF Yield | 5.2% | 5.2% | 6.9% | 9.9% | 4.6% | 5.4% | 10.4% | 8.8% | 4.9% | 3.3% | 2.2% |
| Buyback Yield | 1.2% | 1.1% | 1.1% | 5.1% | 9.1% | 6.4% | 1.6% | 1.6% | 4.8% | 4.7% | 0.0% |
| Total Shareholder Yield | 1.4% | 1.3% | 1.3% | 5.5% | 9.4% | 6.7% | 2.1% | 2.1% | 5.1% | 5.0% | 0.2% |
| Shares Outstanding | — | $32M | $31M | $32M | $35M | $37M | $40M | $40M | $41M | $43M | $44M |
Cyclical non-residential construction exposure
According to current market data, AYI trades at a forward P/E of 18.55, which appears to discount the company as a cyclical industrial manufacturer rather than a high-growth technology provider, despite the ongoing strategic pivot toward the higher-margin Intelligent Spaces Group segment and recurring software revenue streams.
The current valuation multiple suggests that investors remain skeptical regarding the sustainability of the company's margin expansion and the long-term growth trajectory of its ISG segment. When compared to broader industrial peers, the discount may reflect a market preference for companies with more diversified power distribution exposure, potentially overlooking the value of Acuity's entrenched North American spec-share.
Based on reported financial figures, ROIC has fluctuated between 3.0% and 5.6% over the last ten quarters, indicating that while the company maintains a disciplined capital allocation strategy, it has yet to achieve the consistent compounding returns on invested capital typically associated with high-growth software-enabled industrial businesses.
The modest ROIC levels suggest that the company's heavy investment in physical infrastructure and past acquisitions continues to weigh on overall capital efficiency. Investors should monitor whether the transition toward software-heavy offerings can eventually drive a structural improvement in returns, as the current levels appear to be heavily influenced by the capital-intensive nature of the lighting business.
As reported in recent quarterly filings, the cash conversion cycle has remained volatile, ranging from 55 to 73 days, which suggests that Acuity's working capital efficiency is highly sensitive to project-based demand fluctuations and the timing of inventory stocking patterns across its North American distribution network.
The fluctuation in the cash conversion cycle highlights the inherent difficulty in managing inventory for a project-based business model where lead times are dictated by construction schedules. While the company maintains a strong liquidity position, the variability in DSO and DIO warrants further investigation into whether distributor incentives are being used to manage quarterly revenue recognition.
The trailing P/E ratio of 28.93 is frequently misapplied to Acuity Brands, as it obscures the company's ongoing transition from a commodity lighting manufacturer to a building technology provider, failing to account for the higher-margin, recurring revenue potential inherent in the Intelligent Spaces Group's software-enabled ecosystem.
Relying solely on trailing P/E ignores the cyclical nature of the ABL segment and the potential for margin expansion as the ISG segment scales. Analysts should instead focus on EV/EBITDA or segment-specific valuation metrics that better capture the underlying earning power of the software and controls business, which is currently masked by the broader industrial manufacturing profile.
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Quick answers to the most common questions about buying AYI stock.
Acuity Brands, Inc.'s current P/E ratio is 27.1x. The historical average is 20.3x. This places it at the 83th percentile of its historical range.
Acuity Brands, Inc.'s current EV/EBITDA is 14.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.0x.
Acuity Brands, Inc.'s return on equity (ROE) is 15.5%. The historical average is 16.3%.
Based on historical data, Acuity Brands, Inc. is trading at a P/E of 27.1x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Acuity Brands, Inc.'s current dividend yield is 0.19% with a payout ratio of 5.2%.
Acuity Brands, Inc. has 47.8% gross margin and 13.7% operating margin. Operating margin between 10-20% is typical for established companies.
Acuity Brands, Inc.'s Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.