Latest Ratios: P/E Ratio 21.5x · EV/EBITDA 12.6x · ROE 13.0%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $8.5B | $8.4B | $9.2B | — | — | — | — |
| Enterprise Value | $9.6B | $9.4B | $10.2B | — | — | — | — |
| P/E Ratio → | 21.54 | 24.20 | 48.32 | — | — | — | — |
| P/S Ratio | 3.53 | 4.02 | 5.12 | — | — | — | — |
| P/B Ratio | 2.76 | 3.10 | 3.52 | — | — | — | — |
| P/FCF | 25.69 | 29.28 | 26.06 | — | — | — | — |
| P/OCF | 19.85 | 22.61 | 21.57 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.49 | 5.67 | — | — | — | — |
| EV / EBITDA | 12.65 | 14.21 | 19.60 | — | — | — | — |
| EV / EBIT | 15.26 | 17.27 | 25.45 | — | — | — | — |
| EV / FCF | — | 32.68 | 28.86 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 59.1% | 59.1% | 58.8% | 62.1% | 60.3% | 56.7% | 35.7% |
| Operating Margin | 26.2% | 26.2% | 23.3% | 17.5% | 29.2% | 23.9% | -5.9% |
| Net Profit Margin | 16.6% | 16.6% | 10.6% | 5.0% | 15.1% | 12.1% | -14.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 13.0% | 13.0% | 7.6% | 3.2% | 8.5% | 9.5% | -26.7% |
| ROA | 7.1% | 7.1% | 3.9% | 1.6% | 4.1% | 4.6% | -13.2% |
| ROIC | 11.3% | 11.3% | 8.3% | 4.8% | 6.9% | 8.1% | -6.1% |
| ROCE | 12.3% | 12.3% | 9.5% | 5.8% | 8.6% | 9.9% | -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 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.48 | 0.48 | 0.51 | 0.81 | 0.87 | 0.93 | 0.55 |
| Debt / EBITDA | 1.97 | 1.97 | 2.58 | 5.68 | 4.62 | 8.35 | 65.88 |
| Net Debt / Equity | — | 0.36 | 0.38 | 0.67 | 0.74 | 0.82 | 0.31 |
| Net Debt / EBITDA | 1.48 | 1.48 | 1.90 | 4.68 | 3.93 | 7.33 | 37.14 |
| Debt / FCF | — | 3.40 | 2.80 | 6.29 | 10.81 | 10.57 | 0.73 |
| Interest Coverage | 7.22 | 7.22 | 3.71 | 2.25 | 4.03 | 2.89 | -0.49 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.81 | 2.81 | 2.60 | 2.85 | 2.96 | 2.79 | 2.24 |
| Quick Ratio | 1.26 | 1.26 | 1.20 | 1.28 | 1.31 | 1.42 | 0.99 |
| Cash Ratio | 0.75 | 0.75 | 0.82 | 0.93 | 0.95 | 0.90 | 0.57 |
| Asset Turnover | — | 0.42 | 0.37 | 0.31 | 0.26 | 0.23 | 0.91 |
| Inventory Turnover | 1.22 | 1.22 | 1.19 | 0.95 | 0.92 | 1.16 | 2.21 |
| Days Sales Outstanding | — | 32.96 | 28.77 | 28.93 | 28.98 | 48.94 | 32.96 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | 134.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 4.1% | 2.1% | — | — | — | — |
| FCF Yield | 3.9% | 3.4% | 3.8% | — | — | — | — |
| Buyback Yield | 2.6% | 2.3% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 2.6% | 2.3% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $187M | $188M | $183M | $183M | $183M | $188M |
Fixed cost absorption volatility
According to current market data, BIRK trades at a forward P/E of 22.14, a multiple that appears increasingly difficult to justify as revenue growth decelerates and the company struggles to maintain the luxury-level margins previously enjoyed during its initial post-IPO expansion phase in the public markets.
The current valuation implies a growth trajectory that may not align with the recent deceleration in top-line performance. Investors should monitor whether the market will continue to assign a luxury-tier multiple if the company's operational results increasingly resemble those of a cyclical footwear manufacturer.
Based on reported financial figures, BIRK's ROIC has trended downward to 3.1% in 2026Q2, suggesting that the company's aggressive investment in manufacturing capacity is currently failing to generate returns that exceed its cost of capital, thereby hindering long-term value creation for shareholders in the current environment.
The decline in ROIC highlights the difficulty of scaling a vertically integrated model while maintaining high margins. This trend warrants further investigation into whether the Pasewalk facility can achieve the necessary utilization rates to improve capital efficiency or if it will remain a persistent drag on returns.
As indicated by the latest quarterly data, BIRK's cash conversion cycle reached 235 days in 2026Q2, a figure that remains elevated compared to industry peers and reflects significant inefficiencies in inventory management that continue to tie up liquidity within the company's complex, vertically integrated supply chain.
The high days inventory outstanding, which peaked at 483 days in 2024Q1, suggests that the company is carrying substantial stock levels that may be vulnerable to obsolescence or seasonal shifts. This persistent working capital intensity limits the firm's ability to convert accounting profits into free cash flow.
According to recent financial statements, BIRK's interest coverage ratio has fluctuated significantly, dropping to 4.80x in 2026Q2 from a high of 137.08x in 2024Q4, which indicates that the company's ability to service its debt obligations is becoming less comfortable as operating income faces downward pressure.
While the debt-to-equity ratio appears stable at 0.47, the volatility in interest coverage suggests that the company's reliance on external financing is sensitive to operational performance. Investors should monitor whether this leverage profile limits the company's flexibility to navigate potential cyclical downturns in the footwear sector.
The market's reliance on the P/E ratio to value BIRK is fundamentally flawed, as it obscures the significant impact of non-cash charges and heavy capital expenditure cycles that are inherent to the company's unique, vertically integrated manufacturing model and its ongoing investment in proprietary production facilities.
Analysts should instead prioritize EV/EBITDA or free cash flow yield to better capture the underlying cash-generating potential of the business. Relying on P/E ignores the substantial depreciation and amortization costs associated with the company's German manufacturing footprint, which can lead to a distorted view of true earning power.
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Quick answers to the most common questions about buying BIRK stock.
Birkenstock Holding plc's current P/E ratio is 21.5x. The historical average is 36.3x.
Birkenstock Holding plc's current EV/EBITDA is 12.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.9x.
Birkenstock Holding plc's return on equity (ROE) is 13.0%. The historical average is 2.5%.
Based on historical data, Birkenstock Holding plc is trading at a P/E of 21.5x. Compare with industry peers and growth rates for a complete picture.
Birkenstock Holding plc has 59.1% gross margin and 26.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Birkenstock Holding plc's Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.