Latest Ratios: P/E Ratio 21.5x · EV/EBITDA 8.4x · ROE 6.2%. (1998–2025 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 | $1.8B | $2.3B | $4.3B | $4.8B | $6.1B | $5.9B | $4.8B | $4.6B | $3.9B | $4.1B | $4.2B |
| Enterprise Value | $4.1B | $4.6B | $5.7B | $6.1B | $7.2B | $6.9B | $5.8B | $5.9B | $4.9B | $4.9B | $5.2B |
| P/E Ratio → | 21.50 | 26.97 | 17.50 | 38.81 | 26.86 | 28.32 | 31.43 | 27.87 | 24.96 | 27.20 | 25.60 |
| P/S Ratio | 0.35 | 0.44 | 0.85 | 0.94 | 1.28 | 1.35 | 1.10 | 1.12 | 0.99 | 1.04 | 1.07 |
| P/B Ratio | 1.40 | 1.76 | 3.08 | 3.55 | 4.25 | 4.15 | 3.50 | 3.65 | 3.11 | 3.25 | 3.47 |
| P/FCF | 5.71 | 7.17 | 15.48 | 21.80 | 31.95 | 43.75 | 13.48 | 17.50 | 19.90 | 18.29 | 16.48 |
| P/OCF | 4.09 | 5.13 | 10.52 | 13.75 | 16.98 | 16.98 | 10.57 | 12.56 | 13.21 | 13.66 | 11.78 |
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 | — | 0.88 | 1.12 | 1.20 | 1.49 | 1.59 | 1.33 | 1.43 | 1.24 | 1.25 | 1.32 |
| EV / EBITDA | 8.39 | 9.34 | 11.22 | 18.89 | 16.07 | 15.93 | 12.58 | 15.91 | 13.73 | 15.91 | 12.75 |
| EV / EBIT | 12.70 | 24.03 | 15.56 | 31.65 | 21.84 | 22.74 | 24.32 | 23.44 | 21.03 | 26.35 | 18.18 |
| EV / FCF | — | 14.44 | 20.30 | 27.83 | 37.30 | 51.39 | 16.33 | 22.34 | 24.92 | 22.04 | 20.30 |
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 | 48.9% | 48.9% | 49.5% | 48.3% | 47.9% | 49.8% | 50.0% | 47.7% | 47.7% | 48.7% | 48.4% |
| Operating Margin | 6.2% | 6.2% | 6.8% | 3.4% | 6.3% | 6.8% | 7.3% | 5.5% | 5.4% | 4.1% | 6.7% |
| Net Profit Margin | 1.6% | 1.6% | 4.9% | 2.4% | 4.8% | 4.8% | 3.5% | 4.0% | 4.0% | 3.8% | 4.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.2% | 6.2% | 18.0% | 8.8% | 16.0% | 14.8% | 11.6% | 13.0% | 12.5% | 12.2% | 13.4% |
| ROA | 2.2% | 2.2% | 7.3% | 3.7% | 7.0% | 6.3% | 4.7% | 5.5% | 5.7% | 5.5% | 5.8% |
| ROIC | 7.7% | 7.7% | 9.6% | 5.0% | 9.3% | 9.2% | 9.8% | 7.1% | 7.4% | 5.7% | 9.0% |
| ROCE | 10.8% | 10.8% | 12.4% | 6.3% | 11.1% | 10.6% | 11.8% | 8.8% | 9.0% | 6.9% | 10.9% |
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 | 1.79 | 1.79 | 0.96 | 1.00 | 0.83 | 0.86 | 0.96 | 1.02 | 0.80 | 0.67 | 0.81 |
| Debt / EBITDA | 4.72 | 4.72 | 2.68 | 4.16 | 2.68 | 2.80 | 2.86 | 3.48 | 2.84 | 2.72 | 2.41 |
| Net Debt / Equity | — | 1.78 | 0.96 | 0.98 | 0.71 | 0.72 | 0.74 | 1.01 | 0.78 | 0.67 | 0.80 |
| Net Debt / EBITDA | 4.70 | 4.70 | 2.67 | 4.09 | 2.31 | 2.37 | 2.19 | 3.45 | 2.77 | 2.71 | 2.39 |
| Debt / FCF | — | 7.27 | 4.83 | 6.03 | 5.36 | 7.64 | 2.85 | 4.84 | 5.02 | 3.75 | 3.81 |
| Interest Coverage | 2.50 | 2.50 | 9.86 | 5.29 | 11.33 | 9.59 | 6.17 | 6.46 | 6.52 | 5.08 | 8.15 |
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 | 0.75 | 0.75 | 1.20 | 1.04 | 1.43 | 1.44 | 1.66 | 1.05 | 1.36 | 1.29 | 1.40 |
| Quick Ratio | 0.75 | 0.75 | 0.72 | 0.63 | 1.00 | 1.04 | 1.28 | 0.68 | 0.89 | 0.85 | 0.90 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.03 | 0.29 | 0.36 | 0.61 | 0.02 | 0.06 | 0.01 | 0.02 |
| Asset Turnover | — | 1.26 | 1.50 | 1.49 | 1.45 | 1.33 | 1.32 | 1.30 | 1.39 | 1.47 | 1.42 |
| Inventory Turnover | — | — | 9.81 | 9.72 | 10.33 | 10.69 | 11.36 | 11.08 | 11.01 | 11.66 | 11.90 |
| Days Sales Outstanding | — | 1.54 | 24.85 | 24.78 | 26.54 | 26.82 | 25.14 | 26.51 | 26.91 | 27.01 | 25.36 |
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 | 11.5% | 9.1% | 4.7% | 4.1% | 3.0% | 3.0% | 3.5% | 3.5% | 3.8% | 3.5% | 3.1% |
| Payout Ratio | 249.7% | 249.7% | 81.8% | 158.2% | 81.7% | 85.3% | 109.8% | 97.2% | 95.6% | 93.9% | 80.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 3.7% | 5.7% | 2.6% | 3.7% | 3.5% | 3.2% | 3.6% | 4.0% | 3.7% | 3.9% |
| FCF Yield | 17.5% | 13.9% | 6.5% | 4.6% | 3.1% | 2.3% | 7.4% | 5.7% | 5.0% | 5.5% | 6.1% |
| Buyback Yield | 0.3% | 0.2% | 0.5% | 1.0% | 0.6% | 0.2% | 0.0% | 0.2% | 0.1% | 0.1% | 3.0% |
| Total Shareholder Yield | 11.8% | 9.4% | 5.2% | 5.0% | 3.6% | 3.2% | 3.5% | 3.6% | 3.9% | 3.5% | 6.1% |
| Shares Outstanding | — | $212M | $212M | $213M | $213M | $213M | $212M | $212M | $212M | $210M | $210M |
Distributor Model Legal Exposure
Based on current market data, Flowers Foods trades at a forward P/E of 9.54, which, according to recent financial statements, suggests the market is pricing in significant long-term growth headwinds despite the company's established position in the premium organic bread category and its specialized distribution network.
The discrepancy between the TTM P/E of 19.90 and the forward multiple indicates that investors are anticipating a sharp contraction in earnings or a failure to realize margin expansion. This valuation appears to discount the potential for brand-led growth, treating the company more like a distressed commodity player than a premium platform.
As reported in quarterly filings, Flowers Foods has struggled to generate meaningful returns, with ROIC hovering between 1.4% and 2.8% over the last ten quarters, indicating that the company's heavy investment in its DSD infrastructure has yet to yield superior compounding returns on invested capital.
The low ROIC suggests that the capital intensity required to maintain the DSD network may be offsetting the pricing power gained from premium brands like Dave’s Killer Bread. Investors should monitor whether management can improve asset utilization or if the current capital structure is inherently dilutive to shareholder value.
According to recent financial data, the company's asset turnover has remained consistently low, fluctuating between 0.28 and 0.46, which, based on historical trends, highlights the significant capital burden of maintaining a proprietary distribution fleet compared to warehouse-shipped competitors in the broader packaged food sector.
The variability in the cash conversion cycle suggests that inventory management and distributor relations are subject to frequent operational friction. This inefficiency may be a structural byproduct of the DSD model, where the company must balance high service levels with the risk of product returns.
As evidenced by the decline in the current ratio from 1.26 in 2025Q2 to 0.77 in 2026Q1, Flowers Foods' liquidity position appears increasingly constrained, potentially limiting the company's ability to navigate short-term operational shocks or unexpected increases in commodity costs without relying on additional external financing.
The rapid compression of the quick ratio suggests that the company is becoming more dependent on inventory turnover to meet its short-term obligations. This trend warrants close investigation, as it may indicate that the company is operating with a thinner margin of safety than is typical for a defensive consumer staple.
The P/E ratio is frequently misapplied to Flowers Foods because it fails to account for the significant non-operating charges and legal settlement costs that distort net income, as noted in recent financial disclosures, thereby obscuring the company's underlying cash-generating capability and operational health.
Analysts should instead prioritize EV/EBITDA or P/FCF to better capture the true earning power of the DSD platform, as these metrics are less sensitive to the accounting noise inherent in the company's current legal and capital structure. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation relative to its peers.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying FLO stock.
Flowers Foods, Inc.'s current P/E ratio is 21.5x. The historical average is 27.5x. This places it at the 28th percentile of its historical range.
Flowers Foods, Inc.'s current EV/EBITDA is 8.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.7x.
Flowers Foods, Inc.'s return on equity (ROE) is 6.2%. The historical average is 12.0%.
Based on historical data, Flowers Foods, Inc. is trading at a P/E of 21.5x. This is at the 28th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Flowers Foods, Inc.'s current dividend yield is 11.47% with a payout ratio of 249.7%.
Flowers Foods, Inc. has 48.9% gross margin and 6.2% operating margin.
Flowers Foods, Inc.'s Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.