Latest Ratios: P/E Ratio -20.8x · EV/EBITDA 20.0x · ROE -3.2%. (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 | $1.2B | $1.3B | $2.6B | $3.3B | $3.2B | $7.6B | $3.4B | $2.7B | $2.5B | $2.1B | $932M |
| Enterprise Value | $1000M | $1.1B | $2.3B | $2.7B | $2.6B | $7.5B | $3.2B | $2.4B | $2.5B | $2.0B | $847M |
| P/E Ratio → | -20.80 | — | — | — | — | — | 52.57 | 264.50 | 21.36 | 34.11 | — |
| P/S Ratio | 1.97 | 2.22 | 4.49 | 5.00 | 5.78 | 14.83 | 8.79 | 3.43 | 3.93 | 4.06 | 1.66 |
| P/B Ratio | 0.67 | 0.76 | 1.46 | 1.31 | 0.95 | 5.75 | 2.81 | 2.35 | 3.46 | 3.52 | 1.68 |
| P/FCF | 30.49 | 34.39 | 208.55 | — | — | 78.52 | — | 39.98 | 40.62 | 25.69 | 34.92 |
| P/OCF | 16.19 | 18.26 | 51.78 | 569.98 | — | 50.85 | 90.22 | 29.49 | 33.60 | 22.24 | 23.58 |
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 | — | 1.94 | 4.07 | 4.07 | 4.68 | 14.58 | 8.24 | 3.11 | 3.93 | 3.86 | 1.51 |
| EV / EBITDA | 20.02 | 23.02 | 38.44 | 799.40 | 87.64 | 123.83 | 84.35 | 22.17 | 34.92 | 44.93 | 17.83 |
| EV / EBIT | — | — | — | — | — | — | — | 76.67 | 82.81 | 136.54 | 206.10 |
| EV / FCF | — | 29.99 | 189.10 | — | — | 77.15 | — | 36.25 | 40.59 | 24.47 | 31.74 |
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 | 45.5% | 45.5% | 44.4% | 35.1% | 41.5% | 41.8% | 37.3% | 37.4% | 35.9% | 35.2% | 33.4% |
| Operating Margin | -1.9% | -1.9% | -5.2% | -12.4% | -4.3% | 0.7% | -7.1% | 7.1% | 5.5% | 3.4% | 3.5% |
| Net Profit Margin | -9.4% | -9.4% | -28.8% | -2.1% | -77.2% | 21.6% | 16.7% | 3.7% | 18.5% | 11.9% | -12.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.2% | -3.2% | -7.7% | -0.5% | -18.3% | 8.7% | 5.5% | 3.1% | 17.6% | 10.8% | -11.7% |
| ROA | -2.7% | -2.7% | -6.6% | -0.4% | -15.5% | 6.6% | 4.2% | 2.2% | 12.5% | 8.6% | -9.6% |
| ROIC | -0.5% | -0.5% | -1.3% | -2.6% | -0.9% | 0.2% | -2.2% | 5.2% | 4.2% | 2.8% | 2.9% |
| ROCE | -0.6% | -0.6% | -1.3% | -2.7% | -1.0% | 0.3% | -2.1% | 5.1% | 4.4% | 3.1% | 3.2% |
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 | 0.06 | 0.06 | 0.04 | 0.02 | 0.01 | 0.07 | 0.07 | 0.04 | 0.27 | — | — |
| Debt / EBITDA | 2.23 | 2.23 | 1.16 | 17.85 | 1.66 | 1.57 | 2.17 | 0.47 | 2.76 | — | — |
| Net Debt / Equity | — | -0.10 | -0.14 | -0.24 | -0.18 | -0.10 | -0.18 | -0.22 | -0.00 | -0.17 | -0.15 |
| Net Debt / EBITDA | -3.38 | -3.38 | -3.95 | -182.66 | -20.52 | -2.19 | -5.62 | -2.29 | -0.02 | -2.24 | -1.79 |
| Debt / FCF | — | -4.40 | -19.45 | — | — | -1.37 | — | -3.74 | -0.03 | -1.22 | -3.19 |
| Interest Coverage | — | — | — | — | -1.17 | -23.04 | -12.69 | 1.42 | 3.15 | 36.59 | 26.18 |
Net cash position: cash ($280M) exceeds total debt ($111M)
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 | 2.98 | 2.98 | 4.07 | 6.73 | 10.67 | 2.25 | 3.08 | 2.37 | 3.42 | 2.40 | 2.50 |
| Quick Ratio | 2.66 | 2.66 | 3.50 | 6.12 | 10.30 | 2.08 | 2.53 | 2.01 | 2.83 | 1.67 | 1.73 |
| Cash Ratio | 1.43 | 1.43 | 2.26 | 4.83 | 6.81 | 0.66 | 1.40 | 1.23 | 1.48 | 0.69 | 0.71 |
| Asset Turnover | — | 0.29 | 0.27 | 0.23 | 0.15 | 0.28 | 0.25 | 0.51 | 0.58 | 0.69 | 0.82 |
| Inventory Turnover | 4.32 | 4.32 | 2.77 | 3.37 | 3.80 | 4.95 | 2.12 | 4.92 | 4.17 | 3.21 | 4.03 |
| Days Sales Outstanding | — | 116.30 | 109.93 | 85.91 | 107.60 | 85.18 | 89.05 | 77.41 | 72.35 | 64.67 | 69.29 |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 0.2% | 0.4% | 0.9% | 1.1% | 1.1% | 1.3% | 2.9% |
| Payout Ratio | — | — | — | — | — | 26.8% | 45.5% | 100.3% | 24.3% | 44.6% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 1.9% | 0.4% | 4.7% | 2.9% | — |
| FCF Yield | 3.3% | 2.9% | 0.5% | — | — | 1.3% | — | 2.5% | 2.5% | 3.9% | 2.9% |
| Buyback Yield | 0.0% | 0.0% | 25.7% | 25.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 25.7% | 25.2% | 0.2% | 0.4% | 0.9% | 1.1% | 1.1% | 1.3% | 2.9% |
| Shares Outstanding | — | $46M | $53M | $66M | $75M | $74M | $74M | $72M | $71M | $70M | $69M |
Biotech R&D spending volatility
According to recent market data, Azenta trades at a forward P/E of 56.83, a multiple that appears disconnected from its negative TTM earnings and suggests investors are pricing in significant future margin expansion rather than current operational performance.
The high forward multiple implies that the market expects a rapid transition to profitability, likely driven by the Ascend transformation program. However, given the lack of a clear PEG ratio and the volatility in historical earnings, this valuation appears to rely heavily on the assumption that the company can successfully leverage its infrastructure to achieve scale.
Based on reported financial statements, Azenta's ROIC has struggled to remain positive, hovering near -0.8% as of 2026Q2, which indicates that the company is currently failing to generate returns on its invested capital that exceed its cost of capital.
The persistent negative ROIC suggests that the capital deployed into its biorepository and genomic service infrastructure is not yet yielding the expected returns. Investors should monitor whether the company's focus on operational efficiency can reverse this trend or if the high fixed-cost base will continue to drag on capital productivity.
As evidenced by the cash conversion cycle reaching 147 days in 2026Q2, Azenta's working capital management appears inefficient compared to historical norms, reflecting significant delays in converting inventory and receivables into cash within its complex service-based business model.
The elevated DSO and DIO figures suggest that the company may be facing challenges in managing its customer collections and inventory turnover effectively. This inefficiency ties up liquidity and may be contributing to the volatility observed in the company's free cash flow margins.
According to recent SEC filings, Azenta maintains a current ratio of 2.83, which provides a substantial liquidity buffer that protects the firm against the inherent lumpiness of its capital-intensive product sales and potential downturns in biotech R&D spending.
While the liquidity position has moderated from its 2024 peaks, it remains robust enough to support ongoing operations and potential strategic investments. This strong balance sheet is a critical defensive feature, allowing the company to navigate periods of negative operating cash flow without the need for external financing.
The P/E ratio is frequently misapplied to Azenta, as the company's current negative net margins and significant non-operating charges render traditional earnings-based valuation metrics largely meaningless for assessing the underlying health of its infrastructure-heavy business model.
Investors should instead focus on EV/Sales or EV/EBITDA, which better capture the value of the company's recurring service revenue and infrastructure assets. Relying on P/E risks misinterpreting the company's transition phase as a permanent state of failure, ignoring the potential for long-term value creation in its sample management ecosystem.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AZTA stock.
Azenta, Inc.'s current P/E ratio is -20.8x. The historical average is 25.4x.
Azenta, Inc.'s current EV/EBITDA is 20.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 29.3x.
Azenta, Inc.'s return on equity (ROE) is -3.2%. The historical average is -8.9%.
Based on historical data, Azenta, Inc. is trading at a P/E of -20.8x. Compare with industry peers and growth rates for a complete picture.
Azenta, Inc. has 45.5% gross margin and -1.9% operating margin.
Azenta, Inc.'s Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.