Latest Ratios: P/E Ratio 21.5x · EV/EBITDA 20.5x · ROE 17.7%. (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 | $195M | $123M | $54M | $41M | $35M | $36M | $42M | $59M | $63M | $52M | $60M |
| Enterprise Value | $176M | $104M | $50M | $39M | $27M | $29M | $36M | $58M | $59M | $42M | $50M |
| P/E Ratio → | 21.51 | 15.14 | 9.28 | 11.24 | 27.38 | — | 35.35 | 25.26 | 20.48 | 45.76 | 18.85 |
| P/S Ratio | 4.43 | 2.80 | 1.39 | 1.16 | 1.08 | 1.29 | 1.32 | 1.62 | 1.94 | 2.31 | 2.18 |
| P/B Ratio | 3.44 | 2.42 | 1.31 | 1.15 | 1.08 | 1.18 | 1.33 | 1.85 | 1.88 | 1.63 | 1.85 |
| P/FCF | 11.71 | 7.41 | 9.93 | 12.22 | 18.07 | 64.67 | 7.21 | — | — | 8.59 | 10.94 |
| P/OCF | 9.27 | 5.87 | 5.09 | 10.61 | 15.60 | 59.94 | 6.95 | — | 241.48 | 8.12 | 10.40 |
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 | — | 2.37 | 1.28 | 1.09 | 0.83 | 1.04 | 1.15 | 1.58 | 1.81 | 1.87 | 1.81 |
| EV / EBITDA | 20.49 | 12.17 | 7.09 | 8.08 | 13.11 | 308.09 | 20.74 | 18.06 | 13.71 | 21.44 | 10.43 |
| EV / EBIT | 21.63 | 12.84 | 7.58 | 8.99 | 17.35 | — | 30.80 | 21.74 | 15.23 | 27.56 | 11.48 |
| EV / FCF | — | 6.28 | 9.13 | 11.41 | 13.84 | 52.33 | 6.28 | — | — | 6.93 | 9.10 |
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 | 28.9% | 28.9% | 27.5% | 22.6% | 17.0% | 12.1% | 17.6% | 19.4% | 23.6% | 20.9% | 26.8% |
| Operating Margin | 18.5% | 18.5% | 16.9% | 12.1% | 4.8% | -1.5% | 3.7% | 7.3% | 11.9% | 6.8% | 15.8% |
| Net Profit Margin | 18.5% | 18.5% | 15.0% | 10.3% | 3.9% | -0.7% | 3.7% | 6.4% | 9.5% | 5.0% | 11.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.7% | 17.7% | 15.1% | 10.8% | 4.1% | -0.6% | 3.7% | 7.2% | 9.4% | 3.5% | 10.0% |
| ROA | 12.0% | 12.0% | 11.2% | 8.4% | 3.2% | -0.5% | 3.1% | 6.5% | 8.5% | 3.2% | 9.2% |
| ROIC | 17.7% | 17.7% | 14.0% | 11.3% | 4.8% | -1.3% | 3.1% | 6.7% | 11.3% | 5.2% | 14.7% |
| ROCE | 17.6% | 17.6% | 16.9% | 12.6% | 4.9% | -1.4% | 3.7% | 8.1% | 11.7% | 4.7% | 13.6% |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.37 | -0.11 | -0.08 | -0.25 | -0.22 | -0.17 | -0.05 | -0.13 | -0.32 | -0.31 |
| Net Debt / EBITDA | -2.20 | -2.20 | -0.62 | -0.57 | -4.00 | -72.62 | -3.10 | -0.46 | -1.00 | -5.13 | -2.10 |
| Debt / FCF | — | -1.13 | -0.80 | -0.81 | -4.23 | -12.34 | -0.94 | — | — | -1.66 | -1.83 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($19M) exceeds total debt ($0)
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 | 2.66 | 2.66 | 3.49 | 3.89 | 4.87 | 4.68 | 5.15 | 9.14 | 10.24 | 9.84 | 17.25 |
| Quick Ratio | 2.03 | 2.03 | 2.23 | 2.16 | 2.43 | 2.17 | 2.96 | 5.35 | 6.73 | 6.98 | 11.48 |
| Cash Ratio | 1.54 | 1.54 | 1.52 | 1.28 | 1.55 | 1.32 | 1.56 | 2.05 | 4.92 | 5.77 | 8.39 |
| Asset Turnover | — | 0.56 | 0.69 | 0.75 | 0.80 | 0.73 | 0.83 | 1.02 | 0.89 | 0.63 | 0.80 |
| Inventory Turnover | 1.75 | 1.75 | 1.46 | 1.38 | 1.43 | 1.30 | 1.76 | 2.22 | 2.20 | 1.84 | 1.87 |
| Days Sales Outstanding | — | 63.11 | 62.52 | 59.39 | 65.18 | 73.74 | 104.35 | 110.02 | 50.96 | 57.05 | 70.24 |
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 | 1.5% | 2.1% | 3.1% | 1.2% | — | 3.4% | 5.8% | 8.0% | 3.7% | 4.4% | 4.8% |
| Payout Ratio | 31.9% | 31.9% | 28.9% | 13.3% | — | — | 205.2% | 202.2% | 75.7% | 203.2% | 89.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 6.6% | 10.8% | 8.9% | 3.7% | — | 2.8% | 4.0% | 4.9% | 2.2% | 5.3% |
| FCF Yield | 8.5% | 13.5% | 10.1% | 8.2% | 5.5% | 1.5% | 13.9% | — | — | 11.6% | 9.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.2% | 0.1% | 0.6% |
| Total Shareholder Yield | 1.5% | 2.1% | 3.1% | 1.2% | 0.0% | 3.4% | 5.9% | 8.1% | 3.9% | 4.5% | 5.3% |
| Shares Outstanding | — | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M |
Project-based revenue volatility
Based on current market data, ESP trades at a P/E of 21.61, which appears to discount the company as a stable industrial player rather than a high-growth defense contractor, especially when compared to the significantly higher multiples commanded by peers like Leonardo DRS and Kratos Defense.
The forward P/E of 17.31 suggests that the market anticipates a moderation in earnings growth, likely reflecting the inherent lumpiness of project-based contract milestones. Investors should monitor whether this valuation gap persists, as the company's strong net margins and lack of debt may warrant a re-rating if revenue visibility improves.
According to recent financial statements, ESP's ROIC has fluctuated between 2.4% and 7.2% over the last ten quarters, a trend that suggests the company's high cash balance acts as a drag on overall capital efficiency rather than a driver of compounding returns.
The modest ROIC levels indicate that while the core manufacturing business is profitable, the significant portion of assets held in cash is not being deployed into high-yielding growth initiatives. This warrants further investigation into whether management's conservative capital allocation strategy is prioritizing risk mitigation at the expense of long-term shareholder value creation.
As reported in quarterly filings, ESP's cash conversion cycle remains highly volatile, peaking at 328 days in 2026Q1, which highlights the significant working capital intensity required to manage long-cycle defense and industrial power electronics projects compared to more streamlined manufacturing peers.
The elevated days inventory outstanding, which reached 310 days in 2026Q3, suggests that the company carries substantial inventory to mitigate supply chain risks for specialized components. This inefficiency in working capital management appears to be a structural reality of the business model, necessitating careful monitoring of cash flow timing.
Investors frequently misapply standard P/E multiples to ESP, failing to adjust for the significant interest income generated by the company's large cash pile, which artificially inflates net margins and obscures the true operational profitability of the underlying manufacturing business.
A more accurate assessment of the company's earning power would involve stripping out non-operating interest income to focus on operating margins, which better reflect the competitive dynamics of the defense electronics niche. Relying on headline P/E ratios may lead to an incomplete understanding of the company's core industrial performance.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ESP stock.
Espey Mfg. & Electronics Corp.'s current P/E ratio is 21.5x. The historical average is 22.6x. This places it at the 61th percentile of its historical range.
Espey Mfg. & Electronics Corp.'s current EV/EBITDA is 20.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.5x.
Espey Mfg. & Electronics Corp.'s return on equity (ROE) is 17.7%. The historical average is 7.1%.
Based on historical data, Espey Mfg. & Electronics Corp. is trading at a P/E of 21.5x. This is at the 61th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Espey Mfg. & Electronics Corp.'s current dividend yield is 1.48% with a payout ratio of 31.9%.
Espey Mfg. & Electronics Corp. has 28.9% gross margin and 18.5% operating margin. Operating margin between 10-20% is typical for established companies.