Latest Ratios: P/E Ratio 19.0x · EV/EBITDA 11.2x · ROE 16.1%. (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 | $16.7B | $14.6B | $17.0B | $18.2B | $16.4B | $31.9B | $31.1B | $22.0B | $16.2B | $13.5B | $12.1B |
| Enterprise Value | $22.5B | $20.4B | $22.1B | $26.1B | $25.2B | $39.5B | $37.8B | $28.3B | $22.2B | $20.0B | $19.1B |
| P/E Ratio → | 18.99 | 16.05 | 4.24 | 25.79 | 22.73 | 36.33 | 53.25 | 38.96 | 35.64 | 33.79 | 53.61 |
| P/S Ratio | 1.27 | 1.11 | 1.44 | 1.52 | 1.07 | 2.29 | 2.65 | 1.92 | 1.39 | 1.23 | 1.34 |
| P/B Ratio | 3.19 | 2.70 | 2.87 | 4.75 | 4.64 | 8.66 | 9.32 | 7.29 | 4.55 | 3.34 | 3.42 |
| P/FCF | 21.17 | 18.55 | — | 22.29 | — | 938.96 | 97.53 | 23.15 | 21.60 | 14.65 | — |
| P/OCF | 13.22 | 11.58 | 147.75 | 9.79 | 57.83 | 18.14 | 21.73 | 14.21 | 10.34 | 9.14 | 62.46 |
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 | — | 1.55 | 1.87 | 2.17 | 1.65 | 2.84 | 3.22 | 2.47 | 1.91 | 1.82 | 2.10 |
| EV / EBITDA | 11.17 | 10.15 | 13.72 | 14.02 | 14.97 | 20.45 | 19.18 | 16.82 | 13.67 | 10.47 | 16.65 |
| EV / EBIT | 16.17 | 13.90 | 26.36 | 24.31 | 20.86 | 30.97 | 39.67 | 30.15 | 23.43 | 24.58 | 43.11 |
| EV / FCF | — | 25.91 | — | 31.92 | — | 1162.31 | 118.63 | 29.74 | 29.61 | 21.73 | — |
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 | 14.9% | 14.9% | 15.6% | 14.3% | 11.5% | 14.6% | 16.0% | 14.5% | 13.5% | 13.9% | 14.9% |
| Operating Margin | 10.6% | 10.6% | 8.4% | 9.8% | 6.6% | 8.8% | 11.1% | 8.7% | 7.9% | 10.8% | 7.6% |
| Net Profit Margin | 6.9% | 6.9% | 34.0% | 5.9% | 4.7% | 6.3% | 5.0% | 4.9% | 3.9% | 3.4% | 2.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.1% | 16.1% | 82.1% | 19.2% | 19.9% | 25.0% | 18.4% | 17.2% | 11.9% | 9.9% | 11.0% |
| ROA | 4.9% | 4.9% | 21.7% | 3.6% | 3.6% | 4.6% | 3.3% | 3.3% | 2.7% | 2.2% | 2.0% |
| ROIC | 9.4% | 9.4% | 6.5% | 7.3% | 6.4% | 8.7% | 10.1% | 8.0% | 6.9% | 8.4% | 6.3% |
| ROCE | 10.4% | 10.4% | 7.7% | 9.0% | 7.6% | 8.9% | 10.2% | 8.3% | 7.2% | 9.0% | 6.7% |
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 | 1.29 | 1.29 | 1.01 | 2.23 | 2.67 | 2.21 | 2.43 | 2.67 | 1.89 | 1.72 | 2.13 |
| Debt / EBITDA | 3.49 | 3.49 | 3.73 | 4.60 | 5.58 | 4.22 | 4.10 | 4.80 | 4.14 | 3.64 | 6.58 |
| Net Debt / Equity | — | 1.07 | 0.86 | 2.05 | 2.51 | 2.06 | 2.02 | 2.07 | 1.69 | 1.61 | 1.96 |
| Net Debt / EBITDA | 2.88 | 2.88 | 3.18 | 4.23 | 5.25 | 3.93 | 3.41 | 3.73 | 3.70 | 3.41 | 6.06 |
| Debt / FCF | — | 7.36 | — | 9.63 | — | 223.35 | 21.09 | 6.59 | 8.01 | 7.07 | — |
| Interest Coverage | 4.68 | 4.68 | 2.86 | 2.33 | 3.86 | 4.73 | 3.47 | 2.96 | 3.15 | 2.86 | 1.93 |
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 | 1.11 | 1.11 | 1.00 | 0.79 | 0.78 | 0.88 | 1.05 | 0.88 | 0.96 | 0.92 | 1.23 |
| Quick Ratio | 0.75 | 0.75 | 0.69 | 0.54 | 0.47 | 0.58 | 0.75 | 0.65 | 0.65 | 0.54 | 0.75 |
| Cash Ratio | 0.22 | 0.22 | 0.18 | 0.11 | 0.08 | 0.09 | 0.31 | 0.32 | 0.18 | 0.11 | 0.20 |
| Asset Turnover | — | 0.67 | 0.67 | 0.62 | 0.77 | 0.71 | 0.64 | 0.66 | 0.70 | 0.64 | 0.56 |
| Inventory Turnover | 5.57 | 5.57 | 6.74 | 6.73 | 6.21 | 6.63 | 7.30 | 7.69 | 7.92 | 6.20 | 5.46 |
| Days Sales Outstanding | — | 72.27 | 67.01 | 62.47 | 61.92 | 67.07 | 53.95 | 51.97 | 56.54 | 54.25 | 60.05 |
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 | 1.3% | 1.5% | 1.4% | 1.4% | 1.6% | 0.7% | 0.6% | 0.8% | 0.8% | 1.0% | 0.7% |
| Payout Ratio | 24.1% | 24.1% | 6.1% | 35.6% | 35.3% | 26.1% | 33.8% | 32.2% | 30.2% | 34.5% | 31.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.3% | 6.2% | 23.6% | 3.9% | 4.4% | 2.8% | 1.9% | 2.6% | 2.8% | 3.0% | 1.9% |
| FCF Yield | 4.7% | 5.4% | — | 4.5% | — | 0.1% | 1.0% | 4.3% | 4.6% | 6.8% | — |
| Buyback Yield | 7.9% | 9.0% | 10.1% | 0.0% | 3.8% | 2.4% | 0.2% | 4.4% | 4.6% | 0.8% | 0.9% |
| Total Shareholder Yield | 9.2% | 10.5% | 11.5% | 1.4% | 5.3% | 3.1% | 0.8% | 5.2% | 5.4% | 1.7% | 1.6% |
| Shares Outstanding | — | $276M | $308M | $317M | $320M | $332M | $334M | $340M | $352M | $357M | $323M |
Fixed cost absorption volatility
According to current market data, Ball Corporation trades at a forward P/E of 15.43, which, when compared to the broader packaging sector, suggests that investors are pricing in a quality premium following the successful divestiture of the company's historically capital-intensive Aerospace segment.
The current P/E multiple appears to reflect market optimism regarding the company's pure-play packaging focus, yet the PEG ratio of 1.38 warrants caution regarding the implied growth trajectory. Investors should monitor whether this valuation premium is sustainable if volume growth in the core beverage segment fails to accelerate beyond historical mid-single-digit levels.
Based on reported financial statements, Ball's ROIC has struggled to exceed 2.6% in recent quarters, a figure that appears significantly lower than the company's historical performance and suggests that recent massive capital expenditures have yet to generate the expected incremental returns on invested capital.
The persistent gap between invested capital and returns indicates that the company's aggressive capacity expansion may be creating a drag on efficiency. This trend suggests that management must prioritize higher utilization rates over further footprint growth to improve the compounding of capital for shareholders.
As reported in recent quarterly filings, Ball's cash conversion cycle has exhibited extreme volatility, swinging from negative 9 days in 2025Q4 to 22 days in 2025Q2, which highlights the operational challenges inherent in managing inventory levels across a global, high-fixed-cost manufacturing network.
The fluctuation in DSO and DIO metrics suggests that Ball's ability to optimize its working capital is highly sensitive to shifts in customer demand and supply chain timing. This inconsistency may indicate that the company's leverage over its supply chain is less robust than its market-leading position would otherwise imply.
According to quarterly balance sheet data, Ball's debt-to-equity ratio has trended toward 1.39 as of 2026Q1, reflecting a strategic effort to utilize divestiture proceeds to normalize the capital structure after periods where leverage ratios were significantly higher due to aggressive capacity-related debt accumulation.
While the interest coverage ratio of 2.63 in 2026Q1 suggests a manageable debt service burden, the volatility in this metric over the last ten quarters indicates that earnings stability remains the primary risk to credit health. Investors should monitor whether the company can maintain this deleveraging trend without sacrificing necessary maintenance capital expenditure.
The market's reliance on the P/E ratio as a primary valuation metric for Ball Corporation is fundamentally flawed, as it obscures the significant impact of non-operating items and pass-through accounting that frequently distort the company's reported net income and earnings quality.
Analysts should instead prioritize EV/EBITDA or cash-flow-based metrics, as these better capture the underlying operational performance of the packaging business by stripping away the noise of commodity price fluctuations and divestiture-related gains. Relying on P/E risks misinterpreting one-time accounting events as sustainable operational improvements.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BALL stock.
Ball Corporation's current P/E ratio is 19.0x. The historical average is 25.4x. This places it at the 55th percentile of its historical range.
Ball Corporation's current EV/EBITDA is 11.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.0x.
Ball Corporation's return on equity (ROE) is 16.1%. The historical average is 22.2%.
Based on historical data, Ball Corporation is trading at a P/E of 19.0x. This is at the 55th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ball Corporation's current dividend yield is 1.27% with a payout ratio of 24.1%.
Ball Corporation has 14.9% gross margin and 10.6% operating margin. Operating margin between 10-20% is typical for established companies.
Ball Corporation's Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.