Latest Ratios: P/E Ratio 34.1x · EV/EBITDA 14.3x · ROE 11.0%. (1999–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.0B | $6.7B | $3.4B | $2.0B | $3.3B | $1.3B | $3.6B | $4.1B | $4.4B | $3.5B | $5.4B |
| Enterprise Value | $13.0B | $7.8B | $4.7B | $3.5B | $5.5B | $3.9B | $2.9B | $6.8B | $15.3B | $13.0B | $12.3B |
| P/E Ratio → | 34.08 | 19.10 | 20.97 | — | — | — | — | — | 5.03 | 6.15 | 19.96 |
| P/S Ratio | 1.88 | 1.05 | 0.64 | 0.44 | 0.78 | 0.33 | 0.66 | 0.80 | 0.52 | 0.18 | 0.23 |
| P/B Ratio | 3.59 | 2.01 | 1.11 | 0.71 | 1.17 | 0.43 | 0.99 | 1.06 | 0.33 | 0.28 | 0.37 |
| P/FCF | 29.63 | 16.63 | 18.20 | 4.05 | 13.19 | — | 11.00 | — | 2.53 | — | 2.17 |
| P/OCF | 13.77 | 7.73 | 5.49 | 2.67 | 6.33 | — | 4.01 | — | 1.76 | — | 1.49 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.22 | 0.90 | 0.76 | 1.32 | 1.03 | 0.53 | 1.34 | 1.81 | 0.64 | 0.53 |
| EV / EBITDA | 14.31 | 8.54 | 8.53 | 34.72 | 13.49 | — | 21.68 | 18.52 | 16.01 | 5.29 | 3.77 |
| EV / EBIT | 19.53 | 10.11 | 13.30 | 191.42 | 20.39 | — | 130.20 | 18.52 | 16.01 | 5.29 | 3.77 |
| EV / FCF | — | 19.20 | 25.47 | 7.00 | 22.39 | — | 8.83 | — | 8.81 | — | 4.94 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.0% | 18.0% | 17.3% | 20.1% | 15.6% | 12.7% | 14.6% | 15.1% | 11.7% | 19.7% | 18.7% |
| Operating Margin | 10.4% | 10.4% | 6.0% | -2.4% | 4.8% | -8.6% | -1.4% | 1.8% | -5.9% | 5.9% | 6.1% |
| Net Profit Margin | 5.5% | 5.5% | 3.1% | -4.1% | -1.1% | -19.4% | -5.9% | -3.5% | 10.4% | 2.9% | 1.2% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.0% | 11.0% | 5.6% | -6.6% | -1.6% | -22.4% | -8.6% | -2.1% | 6.7% | 4.3% | 2.3% |
| ROA | 3.1% | 3.1% | 1.6% | -1.8% | -0.4% | -6.9% | -2.9% | -0.7% | 2.2% | 1.4% | 0.8% |
| ROIC | 11.4% | 11.4% | 5.4% | -1.8% | 2.9% | -5.7% | -1.2% | 0.4% | -1.6% | 4.1% | 6.3% |
| ROCE | 9.2% | 9.2% | 4.5% | -1.6% | 2.6% | -5.3% | -1.2% | 0.5% | -1.7% | 3.9% | 5.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.78 | 0.78 | 0.98 | 1.16 | 1.47 | 1.55 | 0.04 | 1.04 | 1.12 | 1.08 | 1.05 |
| Debt / EBITDA | 2.86 | 2.86 | 5.36 | 32.81 | 9.98 | — | 1.11 | 10.91 | 15.80 | 5.49 | 4.72 |
| Net Debt / Equity | — | 0.31 | 0.45 | 0.52 | 0.82 | 0.90 | -0.20 | 0.70 | 0.81 | 0.75 | 0.47 |
| Net Debt / EBITDA | 1.14 | 1.14 | 2.43 | 14.60 | 5.54 | — | -5.34 | 7.40 | 11.40 | 3.84 | 2.11 |
| Debt / FCF | — | 2.57 | 7.27 | 2.94 | 9.20 | — | -2.17 | — | 6.28 | — | 2.76 |
| Interest Coverage | 3.41 | 3.41 | 1.48 | 0.08 | 1.06 | -1.74 | 0.10 | 1.59 | 7.02 | 3.70 | 4.69 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.47 | 1.47 | 1.65 | 1.79 | 2.08 | 2.52 | 1.34 | 2.33 | 2.53 | 2.11 | 2.08 |
| Quick Ratio | 0.82 | 0.82 | 0.94 | 1.08 | 1.39 | 1.53 | 1.14 | 1.52 | 1.77 | 1.34 | 1.36 |
| Cash Ratio | 0.50 | 0.50 | 0.59 | 0.72 | 0.91 | 1.11 | 0.20 | 1.00 | 1.30 | 0.93 | 0.91 |
| Asset Turnover | — | 0.54 | 0.49 | 0.45 | 0.41 | 0.36 | 0.52 | 0.45 | 0.21 | 0.53 | 0.51 |
| Inventory Turnover | 1.81 | 1.81 | 1.67 | 1.58 | 1.81 | 1.38 | 3.66 | 1.74 | 1.06 | 2.00 | 2.16 |
| Days Sales Outstanding | — | 62.66 | 64.99 | 69.50 | 77.79 | 76.25 | 47.16 | 38.62 | 69.17 | 28.22 | 53.77 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 0.4% | — | — | — | 0.1% | 1.0% | 3.9% | 2.8% | 3.4% |
| Payout Ratio | — | — | 8.2% | — | — | — | — | — | 19.8% | 17.1% | 67.0% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 5.2% | 4.8% | — | — | — | — | — | 19.9% | 16.3% | 5.0% |
| FCF Yield | 3.4% | 6.0% | 5.5% | 24.7% | 7.6% | — | 9.1% | — | 39.5% | — | 46.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 1.1% | 1.7% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.4% | 0.0% | 0.1% | 0.0% | 0.1% | 1.0% | 5.0% | 4.5% | 3.4% |
| Shares Outstanding | — | $184M | $184M | $184M | $184M | $184M | $184M | $184M | $184M | $184M | $183M |
Supply chain delivery bottlenecks
Based on current market data, Embraer trades at a forward P/E of 4.47, which suggests that investors are pricing in significant earnings growth compared to the trailing P/E of 34.08, reflecting a market expectation that the company will successfully normalize margins as delivery volumes scale over time.
The wide disparity between trailing and forward multiples indicates that the market is discounting current earnings volatility in favor of anticipated operational leverage. While the EV/EBITDA of 14.31 appears elevated relative to historical norms, it may be justified if the C-390 and E2 programs achieve the expected production cadence.
As reported in financial statements, Embraer's ROIC has struggled to maintain momentum, fluctuating between -0.1% and 4.1% over the last ten quarters, which indicates that the company is still in the process of effectively deploying capital to generate sustainable returns above its cost of capital.
The low ROIC figures suggest that the heavy R&D investment required for new aircraft platforms is currently suppressing returns on invested capital. Investors should monitor whether the ramp-up of the E2 family and the expansion of the Services segment can drive a structural improvement in capital efficiency.
According to quarterly data, Embraer's cash conversion cycle remains extended, peaking at 347 days in 2024Q1 and settling at 189 days in 2025Q3, which highlights the significant impact of inventory bottlenecks and the 'glider' aircraft phenomenon on the company's ability to efficiently convert production into cash.
The high days-in-inventory (DIO) metric, which reached 314 days in 2025Q1, underscores the operational drag caused by supply chain delays in the aerospace sector. This inefficiency forces the company to carry substantial working capital, which may continue to pressure free cash flow until engine and component availability stabilizes.
Based on the company's unique business model, the trailing P/E ratio is a frequently misapplied metric that obscures the true earning power of the firm, as it fails to account for the lumpy, milestone-driven nature of aircraft deliveries and the significant impact of non-recurring accounting adjustments.
Investors should prioritize EV/EBITDA or P/FCF metrics, as these better reflect the underlying cash-generating capability of the business by stripping out the noise of seasonal delivery timing. Relying on P/E in this context may lead to an inaccurate assessment of the company's valuation relative to its long-term growth potential.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying ERJ stock.
Embraer S.A.'s current P/E ratio is 34.1x. The historical average is 9.7x. This places it at the 100th percentile of its historical range.
Embraer S.A.'s current EV/EBITDA is 14.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.9x.
Embraer S.A.'s return on equity (ROE) is 11.0%. The historical average is 12.6%.
Based on historical data, Embraer S.A. is trading at a P/E of 34.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Embraer S.A. has 18.0% gross margin and 10.4% operating margin. Operating margin between 10-20% is typical for established companies.
Embraer S.A.'s Debt/EBITDA ratio is 2.9x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.