Latest Ratios: P/E Ratio 29.1x · EV/EBITDA 16.4x · ROE 22.9%. (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 | $294.8B | $274.1B | $203.2B | $210.0B | $212.5B | $165.3B | $132.6B | $131.4B | $93.0B | $81.8B | $68.2B |
| Enterprise Value | $318.8B | $298.1B | $227.8B | $232.8B | $235.5B | $189.7B | $145.2B | $144.3B | $107.3B | $96.3B | $80.0B |
| P/E Ratio → | 29.08 | 26.83 | 57.78 | 35.29 | 64.56 | 1448.13 | 41.39 | 98.06 | 43.18 | 27.24 | 19.52 |
| P/S Ratio | 5.02 | 4.67 | 3.76 | 4.58 | 4.79 | 4.42 | 4.98 | 5.39 | 4.21 | 3.64 | 2.96 |
| P/B Ratio | 6.10 | 5.63 | 4.97 | 5.36 | 5.73 | 4.21 | 8.48 | 9.00 | 6.62 | 4.92 | 4.09 |
| P/FCF | 25.06 | 23.30 | 27.93 | 31.98 | 29.36 | 43.93 | 60.47 | 258.16 | 74.58 | 41.78 | 37.25 |
| P/OCF | 20.23 | 18.81 | 17.13 | 20.30 | 21.67 | 27.72 | 27.63 | 44.26 | 35.52 | 22.86 | 16.45 |
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 | — | 5.08 | 4.21 | 5.08 | 5.31 | 5.07 | 5.45 | 5.92 | 4.86 | 4.29 | 3.48 |
| EV / EBITDA | 16.37 | 15.31 | 15.12 | 17.73 | 26.13 | 36.77 | 18.01 | 21.58 | 15.03 | 14.34 | 11.02 |
| EV / EBIT | 23.20 | 21.15 | 21.96 | 27.43 | 61.47 | 187.61 | 27.98 | 48.90 | 31.94 | 26.84 | 16.26 |
| EV / FCF | — | 25.34 | 31.31 | 35.45 | 32.54 | 50.41 | 66.19 | 283.42 | 86.03 | 49.17 | 43.69 |
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 | 81.9% | 81.9% | 81.1% | 82.0% | 72.1% | 66.8% | 80.1% | 79.8% | 77.7% | 80.8% | 82.1% |
| Operating Margin | 23.4% | 23.4% | 18.5% | 17.9% | 8.5% | 2.8% | 19.4% | 12.0% | 15.3% | 16.4% | 21.3% |
| Net Profit Margin | 17.5% | 17.5% | 13.0% | 13.0% | 7.4% | 0.3% | 12.0% | 5.5% | 9.8% | 13.4% | 15.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.9% | 22.9% | 17.6% | 15.6% | 8.6% | 0.4% | 21.1% | 9.3% | 14.0% | 18.0% | 19.9% |
| ROA | 9.4% | 9.4% | 6.9% | 6.0% | 3.3% | 0.1% | 5.0% | 2.2% | 3.5% | 4.8% | 5.7% |
| ROIC | 14.9% | 14.9% | 11.8% | 10.1% | 4.6% | 1.7% | 13.9% | 7.9% | 8.5% | 9.3% | 13.2% |
| ROCE | 17.2% | 17.2% | 13.6% | 11.6% | 4.9% | 1.6% | 11.5% | 6.7% | 7.4% | 7.8% | 10.6% |
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 | 0.61 | 0.61 | 0.74 | 0.73 | 0.79 | 0.78 | 1.30 | 1.25 | 1.36 | 1.07 | 1.01 |
| Debt / EBITDA | 1.53 | 1.53 | 2.00 | 2.18 | 3.23 | 5.95 | 2.53 | 2.73 | 2.68 | 2.65 | 2.32 |
| Net Debt / Equity | — | 0.49 | 0.60 | 0.58 | 0.62 | 0.62 | 0.80 | 0.88 | 1.02 | 0.87 | 0.71 |
| Net Debt / EBITDA | 1.23 | 1.23 | 1.63 | 1.74 | 2.55 | 4.72 | 1.56 | 1.92 | 2.00 | 2.16 | 1.62 |
| Debt / FCF | — | 2.04 | 3.39 | 3.47 | 3.17 | 6.47 | 5.72 | 25.26 | 11.45 | 7.40 | 6.44 |
| Interest Coverage | 8.32 | 8.32 | 6.17 | 5.34 | 2.88 | 0.79 | 4.08 | 2.10 | 2.46 | 2.64 | 3.60 |
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 | 0.94 | 0.94 | 0.93 | 0.82 | 0.86 | 1.16 | 0.96 | 0.86 | 0.96 | 0.80 | 0.87 |
| Quick Ratio | 0.72 | 0.72 | 0.74 | 0.64 | 0.68 | 0.76 | 0.76 | 0.68 | 0.78 | 0.62 | 0.72 |
| Cash Ratio | 0.19 | 0.19 | 0.20 | 0.19 | 0.24 | 0.28 | 0.39 | 0.34 | 0.35 | 0.28 | 0.39 |
| Asset Turnover | — | 0.51 | 0.52 | 0.45 | 0.46 | 0.36 | 0.40 | 0.40 | 0.36 | 0.35 | 0.37 |
| Inventory Turnover | 1.62 | 1.62 | 1.93 | 1.52 | 2.64 | 1.38 | 1.32 | 1.54 | 1.71 | 1.42 | 1.77 |
| Days Sales Outstanding | — | 94.31 | 75.84 | 66.98 | 75.65 | 79.33 | 77.49 | 73.29 | 49.49 | 45.53 | 40.99 |
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 | 1.7% | 1.9% | 2.3% | 2.1% | 2.1% | 2.3% | 2.7% | 2.7% | 3.7% | 4.3% | 5.2% |
| Payout Ratio | 49.6% | 49.6% | 65.8% | 75.2% | 132.7% | 3442.9% | 111.8% | 269.1% | 161.7% | 117.3% | 101.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.4% | 3.7% | 1.7% | 2.8% | 1.5% | 0.1% | 2.4% | 1.0% | 2.3% | 3.7% | 5.1% |
| FCF Yield | 4.0% | 4.3% | 3.6% | 3.1% | 3.4% | 2.3% | 1.7% | 0.4% | 1.3% | 2.4% | 2.7% |
| Buyback Yield | 0.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.0% | 2.1% | 2.3% | 2.1% | 2.1% | 2.3% | 2.7% | 2.7% | 3.7% | 4.3% | 5.2% |
| Shares Outstanding | — | $1.6B | $1.6B | $1.6B | $1.6B | $1.4B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B |
Regulatory and Geopolitical Exposure
According to current market data, AstraZeneca trades at a forward P/E of 18.32, which suggests investors are pricing in a growth premium relative to peers like Pfizer, likely driven by the company's robust late-stage oncology pipeline and the successful integration of its rare disease franchise.
The current valuation multiple appears to reflect a market expectation of sustained earnings expansion, though the PEG ratio of 1.32 indicates that this growth is not necessarily cheap relative to historical norms. Investors should monitor whether the company's shift into the competitive GLP-1 space justifies these multiples or if the market is overestimating the terminal value of its current oncology assets.
Based on reported figures, AstraZeneca's ROIC has remained in the low single digits, specifically 4.3% in 2026Q1, which indicates that the heavy capital investment required for large-scale acquisitions like Alexion continues to weigh on the company's ability to generate superior returns on its invested capital base.
While the company is successfully expanding its revenue, the return on capital remains modest compared to high-performing peers like Merck or Novartis. This suggests that the long-term value creation of recent M&A activity warrants further investigation, as the current ROIC levels may not yet fully reflect the potential synergies of the combined portfolio.
As reported in financial statements, the company's cash conversion cycle remains deeply negative, with a 2026Q1 reading of -496 days, primarily driven by exceptionally high days payable outstanding which suggests significant leverage over suppliers in the pharmaceutical manufacturing ecosystem.
The extreme negative CCC is a structural feature of the business model, but the volatility in DIO and DSO suggests that inventory management and collection cycles are subject to lumpy revenue recognition. Analysts should be cautious, as this efficiency metric may mask underlying operational friction in the supply chain or delays in product launches.
Based on recent SEC filings, AstraZeneca has successfully reduced its debt-to-equity ratio from 0.92 in 2024Q1 to 0.72 in 2026Q1, which indicates a disciplined approach to balance sheet management following the significant debt issuance required for its strategic expansion into rare disease therapies.
The improvement in interest coverage to 10.96x in 2026Q1 suggests that the company is becoming more comfortable servicing its debt obligations despite the high-rate environment. This trend appears to provide the firm with greater financial flexibility to pursue future R&D or potential bolt-on acquisitions without overextending its credit profile.
The P/E ratio is frequently misapplied to AstraZeneca because it fails to account for the significant non-cash amortization charges related to the Alexion acquisition, which artificially depress reported net income and make the company appear more expensive than its cash-generative reality suggests.
Investors should prioritize EV/EBITDA or P/FCF metrics to better understand the underlying earning power of the business, as these ratios strip away the accounting noise of intangible asset write-downs. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation relative to its peers, potentially obscuring the true value of its recurring revenue streams.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AZN stock.
AstraZeneca PLC's current P/E ratio is 29.1x. The historical average is 24.9x. This places it at the 69th percentile of its historical range.
AstraZeneca PLC's current EV/EBITDA is 16.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.1x.
AstraZeneca PLC's return on equity (ROE) is 22.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 24.1%.
Based on historical data, AstraZeneca PLC is trading at a P/E of 29.1x. This is at the 69th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AstraZeneca PLC's current dividend yield is 1.71% with a payout ratio of 49.6%.
AstraZeneca PLC has 81.9% gross margin and 23.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
AstraZeneca PLC's Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.