Latest Ratios: P/E Ratio 66.1x · EV/EBITDA 40.1x · ROE 1.9%. (2003–2025 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 | $38.9B | $44.8B | $29.5B | $42.2B | $40.2B | $52.3B | $74.5B | $44.1B | $55.4B | $81.9B | $57.1B |
| Enterprise Value | $49.6B | $117.3B | $84.0B | $101.6B | $78.4B | $107.0B | $121.3B | $84.2B | $92.7B | $114.3B | $90.5B |
| P/E Ratio → | 66.08 | 11.11 | 1.28 | 2.16 | 5.77 | 5.30 | 3.32 | 19.75 | 2.01 | 4.48 | 4.92 |
| P/S Ratio | 2.05 | 0.35 | 0.22 | 0.31 | 0.32 | 0.42 | 0.70 | 0.41 | 0.54 | 0.97 | 0.81 |
| P/B Ratio | 0.92 | 0.15 | 0.10 | 0.16 | 0.17 | 0.23 | 0.39 | 0.26 | 0.32 | 0.63 | 0.58 |
| P/FCF | — | — | 2.25 | 1.67 | 2.26 | 5.89 | 3.95 | 4.72 | 4.07 | 4.32 | 4.86 |
| P/OCF | — | — | 1.39 | 1.15 | 1.53 | 2.60 | 3.08 | 1.55 | 1.54 | 2.49 | 2.57 |
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 | — | 0.91 | 0.63 | 0.75 | 0.63 | 0.86 | 1.13 | 0.78 | 0.91 | 1.35 | 1.28 |
| EV / EBITDA | 40.14 | 13.98 | 2.34 | 2.76 | 2.56 | 3.97 | 3.73 | 3.31 | 2.91 | 4.17 | 4.93 |
| EV / EBIT | — | 11.63 | 2.67 | 3.57 | 6.02 | 7.54 | 4.63 | 32.13 | 3.17 | 4.99 | 5.78 |
| EV / FCF | — | — | 6.41 | 4.01 | 4.41 | 12.05 | 6.43 | 9.02 | 6.81 | 6.04 | 7.70 |
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 | 43.9% | 43.9% | 50.3% | 51.7% | 48.3% | 48.3% | 48.5% | 41.5% | 49.4% | 49.2% | 50.0% |
| Operating Margin | -4.5% | -4.5% | 16.0% | 16.2% | 12.9% | 8.4% | 13.4% | 5.9% | 15.2% | 18.5% | 14.2% |
| Net Profit Margin | 4.3% | 4.3% | 17.8% | 15.1% | 6.1% | 8.2% | 21.0% | 1.9% | 27.0% | 21.6% | 16.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.9% | 1.9% | 8.7% | 8.1% | 3.3% | 4.9% | 12.3% | 1.2% | 18.0% | 16.0% | 12.8% |
| ROA | 1.3% | 1.3% | 5.7% | 5.1% | 2.0% | 2.9% | 7.1% | 0.7% | 10.0% | 8.4% | 7.1% |
| ROIC | -1.2% | -1.2% | 4.8% | 5.5% | 4.3% | 3.1% | 4.8% | 2.2% | 6.2% | 8.0% | 6.3% |
| ROCE | -1.6% | -1.6% | 6.3% | 6.8% | 5.2% | 3.7% | 5.6% | 2.6% | 7.6% | 10.3% | 7.8% |
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 | 0.34 | 0.34 | 0.28 | 0.32 | 0.38 | 0.41 | 0.43 | 0.43 | 0.37 | 0.33 | 0.45 |
| Debt / EBITDA | 11.57 | 11.57 | 2.21 | 2.30 | 2.98 | 3.39 | 2.54 | 2.89 | 2.03 | 1.59 | 2.41 |
| Net Debt / Equity | — | 0.25 | 0.19 | 0.23 | 0.16 | 0.24 | 0.24 | 0.23 | 0.21 | 0.25 | 0.34 |
| Net Debt / EBITDA | 8.64 | 8.64 | 1.52 | 1.61 | 1.25 | 2.03 | 1.44 | 1.57 | 1.17 | 1.18 | 1.82 |
| Debt / FCF | — | — | 4.16 | 2.34 | 2.15 | 6.15 | 2.48 | 4.29 | 2.74 | 1.72 | 2.84 |
| Interest Coverage | 26.04 | 26.04 | 11.14 | 8.76 | 4.47 | 4.15 | 8.44 | 0.89 | 15.51 | 14.18 | 13.53 |
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 | 1.76 | 1.76 | 2.09 | 3.01 | 2.67 | 2.86 | 2.68 | 2.89 | 2.73 | 1.84 | 2.16 |
| Quick Ratio | 1.76 | 1.76 | 2.01 | 2.99 | 2.66 | 2.84 | 2.67 | 2.89 | 2.73 | 1.84 | 2.16 |
| Cash Ratio | 1.34 | 1.34 | 1.57 | 2.54 | 2.19 | 2.42 | 2.37 | 2.55 | 2.45 | 1.45 | 1.95 |
| Asset Turnover | — | 0.29 | 0.31 | 0.33 | 0.32 | 0.33 | 0.32 | 0.36 | 0.34 | 0.34 | 0.39 |
| Inventory Turnover | — | — | 11.04 | 46.58 | 52.11 | 43.54 | 89.25 | — | — | — | — |
| Days Sales Outstanding | — | 38.83 | 39.15 | 45.07 | 62.38 | 43.48 | 39.51 | 37.81 | 31.34 | 21.74 | 25.17 |
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 | — | — | — | — | — | — | — | — | — | 43.9% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | 196.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.5% | 9.0% | 78.2% | 46.3% | 17.3% | 18.9% | 30.2% | 5.1% | 49.8% | 22.3% | 20.3% |
| FCF Yield | — | — | 44.4% | 60.0% | 44.3% | 17.0% | 25.3% | 21.2% | 24.6% | 23.1% | 20.6% |
| Buyback Yield | 2.0% | 12.0% | 21.4% | 11.3% | 4.8% | 14.5% | 17.5% | 11.2% | 6.0% | 2.1% | 0.0% |
| Total Shareholder Yield | 2.0% | 12.0% | 21.4% | 11.3% | 4.8% | 14.5% | 17.5% | 11.2% | 6.0% | 46.0% | 0.0% |
| Shares Outstanding | — | $343M | $350M | $355M | $351M | $352M | $345M | $349M | $349M | $350M | $348M |
Capital Intensive AI Pivot
According to recent market data, Baidu trades at a P/E of 60.17, yet the forward P/E of 1.97 suggests that investors are heavily discounting the company's future earnings potential, likely due to the significant uncertainty surrounding the commercialization of its AI and autonomous driving initiatives.
The stark divergence between trailing and forward multiples indicates that the market is pricing in a massive, albeit speculative, earnings recovery that may not materialize given current macroeconomic headwinds. Investors should monitor whether this valuation compression reflects a permanent loss of competitive advantage in the search market or merely a temporary mispricing of the company's long-term AI optionality.
Based on reported financial statements, Baidu's ROIC has trended toward zero, falling from 1.5% in 2023Q3 to 0.0% in 2025Q4, which highlights a concerning inability to generate meaningful returns on the massive capital investments currently being funneled into its AI infrastructure and cloud expansion projects.
This decay in capital efficiency suggests that the company's aggressive R&D spending is not yet translating into incremental economic profit. The trend warrants further investigation into whether these investments are truly value-creating or if they represent a defensive necessity that is eroding the company's historical ability to compound capital effectively.
As reported in recent filings, Baidu's Days Sales Outstanding (DSO) has surged from 43 days in 2023Q3 to 262 days by 2025Q4, indicating a significant deterioration in the company's ability to collect on its receivables and suggesting potential stress within its core advertising customer base.
The dramatic lengthening of the collection cycle implies that Baidu may be offering more lenient credit terms to maintain market share in a tightening economic environment. This shift in working capital management appears to be a leading indicator of broader operational friction that could further constrain cash flow if the trend toward extended payment cycles continues.
While analysts frequently rely on P/E ratios to gauge Baidu's valuation, this metric is fundamentally misapplied here because it fails to account for the massive, non-cash R&D and impairment charges that currently distort the company's net income and obscure the underlying cash-generating power of the search business.
Investors should instead prioritize EV/Sales or adjusted EBITDA metrics to better capture the operational reality of the core search and cloud segments. Relying on P/E in this context risks misinterpreting the company's current investment phase as a permanent decline in profitability, rather than a strategic, albeit costly, pivot toward AI-driven growth.
Includes 30+ ratios · 23 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 BIDU stock.
Baidu, Inc.'s current P/E ratio is 66.1x. The historical average is 8.2x. This places it at the 100th percentile of its historical range.
Baidu, Inc.'s current EV/EBITDA is 40.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.8x.
Baidu, Inc.'s return on equity (ROE) is 1.9%. The historical average is 26.9%.
Based on historical data, Baidu, Inc. is trading at a P/E of 66.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Baidu, Inc. has 43.9% gross margin and -4.5% operating margin.
Baidu, Inc.'s Debt/EBITDA ratio is 11.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.