Latest Ratios: P/E Ratio 54.3x · EV/EBITDA 18.4x · ROE 5.6%. (2012–2025 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 | $1.9B | $1.7B | $3.0B | $5.7B | $4.7B | $9.3B | $11.2B | $4.0B | $2.5B | $1.4B | $743M |
| Enterprise Value | $2.5B | $2.4B | $3.9B | $6.3B | $5.4B | $10.0B | $11.6B | $4.1B | $2.7B | $1.3B | $730M |
| P/E Ratio → | 54.32 | 43.59 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.66 | 1.52 | 2.91 | 6.23 | 6.09 | 15.21 | 25.73 | 12.07 | 9.85 | 6.83 | 4.58 |
| P/B Ratio | 2.77 | 2.22 | 4.87 | 10.54 | 15.31 | 43.91 | 40.08 | 20.15 | 17.79 | 29.19 | 24.49 |
| P/FCF | 9.51 | 8.67 | 38.54 | 58.09 | 145.13 | — | 303.37 | 123.75 | 86.48 | 161.67 | 130.14 |
| P/OCF | 8.46 | 7.71 | 21.15 | 44.00 | 53.39 | 319.70 | 166.24 | 77.30 | 65.74 | 123.09 | 108.62 |
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 | — | 2.05 | 3.74 | 6.94 | 6.88 | 16.41 | 26.72 | 12.51 | 10.34 | 6.72 | 4.51 |
| EV / EBITDA | 18.39 | 17.17 | 2433.45 | — | — | — | 629.23 | 183.43 | 154.20 | 518.45 | 395.24 |
| EV / EBIT | 77.49 | 39.99 | 1895.18 | — | — | — | — | 439.17 | 380.24 | — | — |
| EV / FCF | — | 11.73 | 49.62 | 64.75 | 163.79 | — | 315.11 | 128.29 | 90.77 | 159.04 | 127.98 |
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 | 54.7% | 54.7% | 54.2% | 52.5% | 52.8% | 55.5% | 58.5% | 59.0% | 59.6% | 58.5% | 58.7% |
| Operating Margin | 2.8% | 2.8% | -4.9% | -10.8% | -11.2% | -9.2% | -2.8% | 1.0% | 2.7% | -2.9% | -4.0% |
| Net Profit Margin | 3.4% | 3.4% | -1.2% | -9.0% | -12.2% | -8.7% | -9.7% | -1.4% | -0.1% | -4.5% | -7.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.6% | 5.6% | -2.2% | -19.3% | -36.3% | -21.6% | -17.7% | -2.7% | -0.2% | -23.2% | -41.9% |
| ROA | 2.1% | 2.1% | -0.7% | -6.0% | -7.8% | -4.7% | -5.4% | -1.0% | -0.1% | -7.7% | -11.6% |
| ROIC | 1.7% | 1.7% | -2.9% | -7.0% | -7.0% | -5.1% | -1.8% | 0.8% | 3.6% | -20.1% | -30.3% |
| ROCE | 2.2% | 2.2% | -3.7% | -8.1% | -8.2% | -5.6% | -1.8% | 0.9% | 3.2% | -7.2% | -10.7% |
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 | 1.08 | 1.08 | 1.98 | 1.48 | 2.55 | 3.91 | 2.34 | 1.14 | 1.46 | 1.00 | 1.51 |
| Debt / EBITDA | 6.16 | 6.16 | 769.74 | — | — | — | 35.37 | 9.98 | 12.03 | 18.02 | 24.78 |
| Net Debt / Equity | — | 0.78 | 1.40 | 1.21 | 1.97 | 3.48 | 1.55 | 0.74 | 0.88 | -0.47 | -0.41 |
| Net Debt / EBITDA | 4.47 | 4.47 | 543.44 | — | — | — | 23.44 | 6.50 | 7.29 | -8.56 | -6.67 |
| Debt / FCF | — | 3.06 | 11.08 | 6.67 | 18.66 | — | 11.74 | 4.54 | 4.29 | -2.63 | -2.16 |
| Interest Coverage | 4.19 | 4.19 | 0.14 | -9.39 | -11.05 | -7.00 | -0.57 | 0.68 | 0.68 | -1.51 | -1.79 |
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 | 4.09 | 4.09 | 1.95 | 5.53 | 5.16 | 3.92 | 6.65 | 5.78 | 6.96 | 2.35 | 2.20 |
| Quick Ratio | 4.09 | 4.09 | 1.95 | 5.53 | 5.16 | 3.92 | 6.65 | 5.78 | 6.65 | 2.29 | 2.20 |
| Cash Ratio | 3.27 | 3.27 | 1.57 | 4.37 | 4.07 | 2.98 | 5.83 | 4.85 | 6.08 | 1.74 | 1.71 |
| Asset Turnover | — | 0.64 | 0.51 | 0.61 | 0.63 | 0.51 | 0.41 | 0.68 | 0.65 | 1.56 | 1.54 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 7.07 | 34.10 | — |
| Days Sales Outstanding | — | 42.91 | 42.87 | 40.70 | 42.60 | 51.69 | 41.99 | 42.82 | 35.59 | 34.72 | 31.26 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.8% | 2.3% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 10.5% | 11.5% | 2.6% | 1.7% | 0.7% | — | 0.3% | 0.8% | 1.2% | 0.6% | 0.8% |
| Buyback Yield | 2.6% | 2.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.6% | 2.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $87M | $75M | $72M | $70M | $68M | $64M | $60M | $58M | $55M | $52M |
Hyperscaler competitive pricing pressure
As reported in recent financial filings, Five9's forward P/E of 6.56 suggests that the market is pricing in significant skepticism regarding long-term earnings durability, particularly when compared to the historical TTM P/E of 46.35, which likely reflected higher growth expectations that have since moderated.
The sharp compression in forward multiples relative to trailing figures indicates that investors are discounting the company's ability to maintain historical growth rates in the face of hyperscaler competition. This valuation gap warrants caution, as it implies that the market may be shifting its focus from top-line expansion to the sustainability of bottom-line margins.
Based on quarterly data, Five9's ROIC has struggled to maintain positive territory, fluctuating from -1.2% in 2023Q4 to a modest 1.0% in 2026Q1, which highlights the difficulty of generating meaningful returns on invested capital within a business model burdened by high variable telecommunications costs.
The inability to consistently compound returns on capital suggests that the company's investments in R&D and enterprise-grade infrastructure have yet to yield the operating leverage required for superior profitability. Investors should monitor whether the recent shift toward AI-driven automation can finally decouple revenue growth from the high-cost voice transit layer.
According to recent financial statements, Five9's DSO has remained relatively consistent, hovering around 40 days over the last ten quarters, which suggests that the company maintains disciplined control over its accounts receivable despite the inherent complexity of managing large-scale enterprise customer billing cycles.
The stability in DSO indicates that the company's credit risk management remains effective even as it moves up-market into larger, more complex deployments. However, the lack of data regarding inventory turnover—typical for a pure-play cloud provider—means that efficiency gains must be primarily driven by optimizing the cash conversion cycle through improved billing and collection processes.
As evidenced by the company's unique cost structure, the P/S ratio is a frequently misapplied metric for Five9, as it fails to account for the significant portion of revenue derived from lower-margin, usage-based telephony services that do not carry the same valuation premium as pure-play subscription software.
Relying solely on P/S multiples obscures the margin-dilutive nature of the company's telephony transit costs, which structurally cap gross margins compared to traditional SaaS peers. Analysts should instead prioritize EV/EBITDA or P/FCF to better capture the actual cash-generating potential of the business, rather than focusing on top-line revenue that may be inflated by pass-through usage fees.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying FIVN stock.
Five9, Inc.'s current P/E ratio is 54.3x. The historical average is 43.6x. This places it at the 100th percentile of its historical range.
Five9, Inc.'s current EV/EBITDA is 18.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.2x.
Five9, Inc.'s return on equity (ROE) is 5.6%. The historical average is -34.0%.
Based on historical data, Five9, Inc. is trading at a P/E of 54.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Five9, Inc. has 54.7% gross margin and 2.8% operating margin.
Five9, Inc.'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.