Latest Ratios: P/E Ratio -62.9x · EV/EBITDA 5.1x · ROE -0.2%. (2013–2025 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 | $2.8B | $3.0B | $1.7B | $1.5B | $1.3B | $2.3B | $1.9B | $2.0B | $2.5B | $1.2B | $772M |
| Enterprise Value | $39.4B | $43.2B | $38.3B | $43.4B | $48.8B | $32.6B | $25.7B | $26.1B | $11.4B | $3.4B | $1.3B |
| P/E Ratio → | -62.92 | — | — | 3.18 | 3.60 | 1.07 | 3.33 | 4.49 | 34.23 | — | 257.33 |
| P/S Ratio | 0.07 | 0.11 | 0.04 | 0.03 | 0.02 | 0.05 | 0.05 | 0.05 | 0.07 | 0.05 | 0.10 |
| P/B Ratio | 0.14 | 0.20 | 0.10 | 0.08 | 0.07 | 0.18 | 0.17 | 0.18 | 0.22 | 0.20 | 0.19 |
| P/FCF | 3.85 | 2.60 | 2.40 | — | — | 9.52 | 0.69 | 1.99 | 3.17 | 24.72 | 9.08 |
| P/OCF | 0.89 | 0.94 | 0.56 | 0.72 | 1.26 | 1.37 | 0.46 | 0.88 | 1.88 | 4.26 | 3.37 |
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 | 0.94 | 0.82 | 0.85 | 0.70 | 0.68 | 0.61 | 0.31 | 0.15 | 0.16 |
| EV / EBITDA | 5.13 | 5.91 | 4.99 | 13.02 | 7.95 | 6.93 | 6.13 | 6.75 | 12.97 | 6.33 | 3.54 |
| EV / EBIT | 8.81 | 11.86 | 8.57 | 12.37 | 16.73 | 13.45 | 12.64 | 12.64 | 6.74 | 14.38 | — |
| EV / FCF | — | 36.90 | 52.88 | — | — | 134.16 | 9.19 | 26.68 | 14.37 | 67.90 | 14.98 |
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 | 19.3% | 19.3% | 14.1% | 4.0% | 7.4% | 7.4% | 8.0% | 6.7% | 8.2% | 4.1% | 7.2% |
| Operating Margin | 15.1% | 15.1% | 11.0% | 1.0% | 5.1% | 5.2% | 5.4% | 4.8% | 0.5% | 0.7% | 1.0% |
| Net Profit Margin | -0.1% | -0.1% | 0.0% | 0.9% | 0.1% | 0.6% | -0.2% | 0.1% | 0.2% | -0.3% | 0.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.2% | -0.2% | 0.1% | 2.6% | 0.4% | 2.1% | -0.8% | 0.4% | 0.8% | -1.1% | 0.1% |
| ROA | -0.0% | -0.0% | 0.0% | 0.6% | 0.1% | 0.4% | -0.2% | 0.1% | 0.3% | -0.5% | 0.0% |
| ROIC | 5.8% | 5.8% | 5.9% | 0.7% | 4.0% | 4.6% | 4.3% | 5.6% | 0.9% | 1.8% | 1.2% |
| ROCE | 6.8% | 6.8% | 6.8% | 0.8% | 4.7% | 5.2% | 4.9% | 7.0% | 1.2% | 1.9% | 1.4% |
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 | 2.86 | 2.86 | 2.30 | 2.46 | 2.75 | 2.55 | 2.42 | 2.38 | 0.95 | 0.54 | 0.38 |
| Debt / EBITDA | 5.97 | 5.97 | 5.19 | 13.59 | 8.24 | 7.03 | 6.52 | 6.81 | 12.32 | 6.09 | 4.31 |
| Net Debt / Equity | — | 2.63 | 2.11 | 2.27 | 2.58 | 2.33 | 2.10 | 2.19 | 0.78 | 0.36 | 0.12 |
| Net Debt / EBITDA | 5.49 | 5.49 | 4.77 | 12.56 | 7.74 | 6.43 | 5.67 | 6.25 | 10.11 | 4.03 | 1.39 |
| Debt / FCF | — | 34.30 | 50.48 | — | — | 124.64 | 8.50 | 24.69 | 11.20 | 43.18 | 5.89 |
| Interest Coverage | 1.14 | 1.14 | 1.51 | 0.96 | — | — | 1.31 | 1.59 | — | 1.17 | -2.15 |
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 | 1.83 | 1.83 | 1.26 | 1.04 | 1.10 | 1.11 | 1.19 | 1.16 | 1.13 | 1.39 | 1.49 |
| Quick Ratio | 1.53 | 1.53 | 1.06 | 0.77 | 0.76 | 0.75 | 0.85 | 0.80 | 0.78 | 1.11 | 1.23 |
| Cash Ratio | 1.03 | 1.03 | 0.33 | 0.28 | 0.27 | 0.32 | 0.42 | 0.28 | 0.21 | 0.34 | 0.42 |
| Asset Turnover | — | 0.37 | 0.54 | 0.65 | 0.64 | 0.73 | 0.69 | 0.83 | 1.36 | 1.44 | 0.97 |
| Inventory Turnover | 4.92 | 4.92 | 14.44 | 13.25 | 9.40 | 8.66 | 8.28 | 10.05 | 10.88 | 13.87 | 11.42 |
| Days Sales Outstanding | — | 100.74 | 36.01 | 39.71 | 42.33 | 40.34 | 43.65 | 41.34 | 42.51 | 55.41 | 78.27 |
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 | 2.2% | 1.7% | 3.0% | 1.4% | 3.9% | 1.6% | 1.9% | 1.8% | 1.3% | 1.2% | 2.2% |
| Payout Ratio | — | — | 342.7% | 4.4% | 79.4% | 14.3% | — | 83.3% | 43.2% | — | 566.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 31.4% | 27.8% | 93.0% | 30.0% | 22.3% | 2.9% | — | 0.4% |
| FCF Yield | 26.0% | 38.4% | 41.6% | — | — | 10.5% | 144.9% | 50.3% | 31.6% | 4.0% | 11.0% |
| Buyback Yield | 1.8% | 0.0% | 2.8% | 0.3% | 6.1% | 3.6% | 2.9% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.0% | 1.7% | 5.8% | 1.7% | 10.0% | 5.2% | 4.8% | 1.8% | 1.3% | 1.2% | 2.2% |
| Shares Outstanding | — | $87M | $74M | $75M | $75M | $78M | $80M | $74M | $129M | $56M | $50M |
Consolidated Debt Refinancing Risk
As reported in recent financial statements, BBU trades at a P/S ratio of 0.07 and a P/B of 0.14, suggesting that the market applies a significant conglomerate discount that may fail to account for the intrinsic value of its diverse, cash-generative industrial and infrastructure service subsidiaries.
The negative TTM P/E ratio is a byproduct of non-cash accounting charges rather than operational failure, making it a poor metric for assessing the firm's true earning power. Investors should instead focus on the P/FCF of 3.85, which indicates that the market is pricing the equity at a steep discount relative to the actual cash flows generated by the underlying portfolio.
Based on reported figures, BBU's ROIC has remained in a narrow range between 0.9% and 2.3% over the last ten quarters, indicating that the firm's ability to compound capital is currently hampered by the heavy asset intensity of its consolidated industrial manufacturing and infrastructure service holdings.
The low ROIC relative to peers like Blackstone or Apollo suggests that BBU's permanent capital model requires significant ongoing reinvestment to maintain its competitive position. This trend warrants further investigation into whether management can improve returns through operational turnarounds or if the current portfolio mix structurally limits the potential for higher capital efficiency.
According to recent SEC filings, BBU's cash conversion cycle has fluctuated significantly, reaching 12 days in 2025Q4 from a high of 80 days in 2025Q3, reflecting the inherent difficulty in managing working capital across a diverse, global portfolio of large-scale industrial and infrastructure service assets.
The sharp reduction in the CCC appears to be driven by aggressive management of accounts payable and inventory, which may provide temporary liquidity relief but could signal pressure on supplier relationships. Analysts should monitor whether these efficiency gains are sustainable or if they represent a tactical response to the current high-interest-rate environment.
As evidenced by the D/EBITDA ratio of 22.13 in 2025Q4, BBU's reliance on non-recourse subsidiary-level financing creates a complex leverage profile that appears significantly more strained than the debt levels of traditional private equity peers, necessitating careful scrutiny of individual asset-level debt service capabilities.
While the non-recourse nature of this debt ring-fences the parent from direct liability, the high interest coverage ratio of 1.20 suggests that the margin for error is thin if subsidiary cash flows contract. Investors should monitor the refinancing risk at the portfolio level, as sustained high interest rates may pressure the firm's ability to maintain its current acquisition pace.
As highlighted in recent performance data, the most commonly misapplied metric for BBU is consolidated net income, which frequently obscures the firm's true economic performance due to non-cash depreciation and amortization charges resulting from purchase price accounting and the consolidation of non-controlling interests in its subsidiaries.
Using net income to evaluate BBU's profitability is fundamentally flawed because it fails to distinguish between the parent's economic interest and the total debt or revenue of controlled entities. Analysts should instead prioritize Company FFO or EBITDA-to-parent to gain a clearer understanding of the actual cash available for distribution and reinvestment.
Includes 30+ ratios · 13 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BBU stock.
Brookfield Business Partners L.P.'s current P/E ratio is -62.9x. The historical average is 8.3x.
Brookfield Business Partners L.P.'s current EV/EBITDA is 5.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.5x.
Brookfield Business Partners L.P.'s return on equity (ROE) is -0.2%. The historical average is 1.1%.
Based on historical data, Brookfield Business Partners L.P. is trading at a P/E of -62.9x. Compare with industry peers and growth rates for a complete picture.
Brookfield Business Partners L.P.'s current dividend yield is 2.20%.
Brookfield Business Partners L.P. has 19.3% gross margin and 15.1% operating margin. Operating margin between 10-20% is typical for established companies.
Brookfield Business Partners L.P.'s Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.