Latest Ratios: P/E Ratio 45.8x · EV/EBITDA 28.8x · ROE 7.0%. (2011–2025 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 | $24.7B | $24.6B | $22.2B | $14.8B | $14.3B | $14.4B | $9.7B | $10.4B | $7.0B | $7.1B | $9.9B |
| Enterprise Value | $28.8B | $28.7B | $22.6B | $16.3B | $15.6B | $16.0B | $11.8B | $15.5B | $11.9B | $12.6B | $11.3B |
| P/E Ratio → | 45.81 | 45.82 | — | 79.91 | 27.34 | — | — | — | — | 27.76 | 30.21 |
| P/S Ratio | 5.51 | 5.50 | 6.09 | 4.60 | 5.57 | 6.75 | 8.49 | 5.16 | 3.83 | 3.98 | — |
| P/B Ratio | 2.91 | 2.92 | 3.01 | 2.31 | 2.07 | 2.08 | 1.48 | 1.99 | 1.26 | 1.25 | 1.36 |
| P/FCF | 32.87 | 32.80 | 45.20 | 76.74 | 59.02 | 31.09 | — | 41.76 | 27.58 | — | 26.30 |
| P/OCF | 28.37 | 28.31 | 39.22 | 23.93 | 26.86 | 29.99 | — | 35.51 | 26.13 | — | 26.16 |
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 | — | 6.40 | 6.19 | 5.06 | 6.05 | 7.48 | 10.30 | 7.68 | 6.50 | 7.07 | — |
| EV / EBITDA | 28.84 | 28.79 | 35.37 | 24.49 | 29.08 | 36.57 | — | 37.16 | 33.95 | 34.52 | 24.96 |
| EV / EBIT | 47.61 | 37.71 | 100.44 | 38.37 | 38.89 | — | — | — | — | — | — |
| EV / FCF | — | 38.22 | 45.93 | 84.50 | 64.02 | 34.45 | — | 62.12 | 46.78 | — | 30.07 |
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 | 24.9% | 24.9% | 31.9% | 30.5% | 32.0% | 30.3% | 14.9% | 31.1% | 30.3% | 31.6% | — |
| Operating Margin | 13.5% | 13.5% | 7.9% | 9.2% | 6.7% | 1.9% | -38.8% | -1.7% | -6.0% | -2.2% | — |
| Net Profit Margin | 12.4% | 12.4% | -0.8% | 5.7% | 21.7% | -8.9% | -52.1% | -15.4% | -8.2% | 14.3% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.0% | 7.0% | -0.4% | 2.8% | 8.0% | -2.8% | -10.1% | -5.8% | -2.7% | 3.9% | 4.3% |
| ROA | 4.1% | 4.1% | -0.3% | 1.7% | 4.9% | -1.7% | -5.3% | -2.8% | -1.3% | 3.4% | 13.3% |
| ROIC | 4.5% | 4.5% | 2.7% | 2.8% | 1.6% | 0.4% | -3.5% | -0.3% | -0.8% | -0.3% | 3.7% |
| ROCE | 4.8% | 4.8% | 2.9% | 3.0% | 1.7% | 0.4% | -4.1% | -0.3% | -1.0% | -0.6% | 17.6% |
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 | 0.61 | 0.61 | 0.40 | 0.45 | 0.42 | 0.52 | 0.57 | 1.08 | 0.91 | 1.02 | 0.22 |
| Debt / EBITDA | 5.14 | 5.14 | 4.68 | 4.36 | 5.51 | 8.31 | — | 13.58 | 14.40 | 15.88 | 3.49 |
| Net Debt / Equity | — | 0.48 | 0.05 | 0.23 | 0.18 | 0.22 | 0.32 | 0.97 | 0.88 | 0.97 | 0.20 |
| Net Debt / EBITDA | 4.08 | 4.08 | 0.56 | 2.25 | 2.27 | 3.56 | — | 12.18 | 13.94 | 15.11 | 3.12 |
| Debt / FCF | — | 5.42 | 0.73 | 7.76 | 5.00 | 3.36 | — | 20.36 | 19.21 | — | 3.76 |
| Interest Coverage | 27.18 | 27.18 | 1.08 | 1.99 | 2.68 | -0.28 | -3.84 | -1.06 | -0.04 | -0.38 | -3.58 |
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 | 1.46 | 1.46 | 2.67 | 2.17 | 2.43 | 1.83 | 3.27 | 1.76 | 0.86 | 1.57 | 5.65 |
| Quick Ratio | 1.46 | 1.46 | 2.67 | 2.17 | 2.43 | 1.83 | 3.27 | 1.76 | 0.86 | 1.57 | 5.65 |
| Cash Ratio | 1.12 | 1.12 | 2.33 | 1.79 | 2.08 | 1.60 | 2.43 | 1.38 | 0.44 | 0.92 | 5.42 |
| Asset Turnover | — | 0.29 | 0.31 | 0.31 | 0.23 | 0.18 | 0.10 | 0.18 | 0.17 | 0.15 | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 18.65 | 11.39 | 13.93 | 17.45 | 11.28 | 38.57 | 12.46 | 21.98 | 17.20 | — |
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 | 2.2% | 2.2% | — | 1.3% | 3.7% | — | — | — | — | 3.6% | 3.3% |
| FCF Yield | 3.0% | 3.0% | 2.2% | 1.3% | 1.7% | 3.2% | — | 2.4% | 3.6% | — | 3.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 4.3% | 0.4% | 0.7% | 0.2% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.1% | 4.3% | 0.4% | 0.7% | 0.2% | 0.0% | 0.0% | 0.1% |
| Shares Outstanding | — | $250M | $240M | $235M | $244M | $232M | $232M | $231M | $232M | $211M | $321M |
Operational volatility from self-promotion
According to current market data, FWONK trades at a forward P/E of 51.35, a valuation multiple that suggests investors are pricing in significant long-term growth expectations that far exceed the historical performance of traditional entertainment entities or regional sports leagues within the broader communication services sector.
The elevated P/E ratio relative to historical norms implies that the market views the company as a unique, non-replicable global asset rather than a cyclical media business. Investors should monitor whether this premium is sustainable, as it requires consistent double-digit growth in media rights and sponsorship revenue to justify the current entry price.
Based on reported financial statements, the company's ROIC has remained largely stagnant, fluctuating between -0.5% and 2.7% over the last ten quarters, which indicates that the business is struggling to generate meaningful returns on its expanding asset base despite its dominant market position in global racing.
The low ROIC suggests that the capital-intensive nature of self-promoted events and the heavy reliance on goodwill are diluting the efficiency of invested capital. This trend warrants further investigation into whether the current strategy of direct event ownership can eventually drive higher returns or if it will continue to weigh on long-term compounding.
As reported in recent quarterly filings, the company's asset turnover ratio remains exceptionally low at 0.05 to 0.12, reflecting a business model that is increasingly burdened by heavy infrastructure investments and the logistical complexities inherent in managing a global, multi-continent racing calendar throughout the year.
The erratic nature of the cash conversion cycle, evidenced by significant swings in days sales outstanding, suggests that the company's working capital efficiency is highly sensitive to the timing of race-related receipts. This lack of operational consistency may expose the firm to liquidity pressures during periods of reduced event activity.
According to recent balance sheet data, the debt-to-equity ratio has climbed from 0.45 to 0.60 over the past ten quarters, signaling a more aggressive approach to financing the company's shift toward self-promoted events and the associated capital expenditures required to maintain its global competitive advantage.
While the current leverage remains within manageable bounds, the trend toward higher debt levels in a volatile interest rate environment warrants close monitoring by investors. The company's ability to service this debt depends heavily on the continued growth of high-margin media rights, which are currently the primary engine for cash flow.
The P/E ratio is frequently misapplied to FWONK because it fails to account for the significant non-cash amortization of intangible assets and the variable nature of team payments, which together obscure the true underlying cash-generating capacity of the business model compared to traditional media peers.
Analysts should instead focus on EV/EBITDA or free cash flow yield to better capture the economic reality of the business, as these metrics normalize for the accounting distortions inherent in the tracking stock structure. Relying on P/E alone may lead to an inaccurate assessment of the company's valuation relative to its actual operational performance.
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Quick answers to the most common questions about buying FWONK stock.
Formula One Group's current P/E ratio is 45.8x. The historical average is 42.2x. This places it at the 60th percentile of its historical range.
Formula One Group's current EV/EBITDA is 28.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 31.7x.
Formula One Group's return on equity (ROE) is 7.0%. The historical average is 6.7%.
Based on historical data, Formula One Group is trading at a P/E of 45.8x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Formula One Group has 24.9% gross margin and 13.5% operating margin. Operating margin between 10-20% is typical for established companies.
Formula One Group's Debt/EBITDA ratio is 5.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.