Latest Ratios: P/E Ratio -20.5x · EV/EBITDA 9.9x · ROE -0.7%. (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 | $1.8B | $1.9B | $1.2B | $1.4B | $1.3B | $1.3B | $761M | $2.5B | $2.3B | $2.7B | $4.1B |
| Enterprise Value | $4.9B | $5.0B | $5.6B | $5.4B | $4.8B | $4.4B | $4.3B | $6.1B | $5.7B | $6.4B | $7.2B |
| P/E Ratio → | -20.48 | — | — | 52.64 | 9.72 | — | — | 113.78 | — | 44.70 | 36.02 |
| P/S Ratio | 1.12 | 1.17 | 0.42 | 0.45 | 0.45 | 0.62 | 0.42 | 1.01 | 0.78 | 1.34 | 2.39 |
| P/B Ratio | 2.59 | 2.70 | 0.82 | 0.83 | 0.70 | 0.66 | 0.43 | 1.07 | 0.93 | 541.36 | 231.49 |
| P/FCF | 20.72 | 21.63 | — | — | — | 35.91 | 4.99 | 11.46 | 11.63 | 30.78 | — |
| P/OCF | 6.65 | 6.94 | 3.16 | 2.72 | 3.74 | 3.88 | 2.57 | 6.57 | 5.80 | 8.02 | 13.70 |
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 | — | 3.04 | 1.88 | 1.70 | 1.73 | 2.07 | 2.35 | 2.44 | 1.95 | 3.16 | 4.19 |
| EV / EBITDA | 9.93 | 10.10 | 10.60 | 8.84 | 7.89 | 11.44 | 86.76 | 10.22 | 11.51 | 13.23 | 16.32 |
| EV / EBIT | 18.86 | 19.18 | 22.85 | 14.13 | 17.53 | 45.29 | 75.81 | 18.92 | 25.98 | 25.13 | 34.73 |
| EV / FCF | — | 56.05 | — | — | — | 120.61 | 28.06 | 27.65 | 29.21 | 72.57 | — |
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 | 21.1% | 21.1% | 10.6% | 12.4% | 22.9% | 6.4% | 22.4% | 13.1% | 11.0% | 12.2% | 14.7% |
| Operating Margin | 15.8% | 15.8% | 7.2% | 10.4% | 11.3% | 3.6% | -13.5% | 11.0% | 5.8% | 10.9% | 12.1% |
| Net Profit Margin | -0.5% | -0.5% | -2.2% | 3.7% | 2.7% | -7.8% | -22.8% | 3.9% | -0.2% | 4.1% | 6.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.7% | -0.7% | -4.0% | 6.8% | 4.0% | -8.9% | -20.3% | 4.0% | -0.5% | 729.2% | 6.8% |
| ROA | -0.1% | -0.1% | -0.9% | 1.8% | 1.2% | -2.8% | -6.6% | 1.5% | -0.1% | 1.3% | 2.0% |
| ROIC | 4.0% | 4.0% | 2.8% | 4.5% | 4.5% | 1.1% | -3.3% | 3.5% | 2.7% | 4.9% | 3.3% |
| ROCE | 5.0% | 5.0% | 3.5% | 5.6% | 5.7% | 1.4% | -4.2% | 4.4% | 2.7% | 3.6% | 3.9% |
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 | 4.30 | 4.30 | 2.87 | 2.34 | 2.03 | 1.58 | 2.03 | 1.54 | 1.41 | 736.97 | 175.15 |
| Debt / EBITDA | 6.21 | 6.21 | 8.27 | 6.56 | 5.88 | 8.10 | 71.89 | 6.08 | 6.95 | 7.64 | 7.04 |
| Net Debt / Equity | — | 4.29 | 2.86 | 2.32 | 2.01 | 1.56 | 2.01 | 1.51 | 1.41 | 735.17 | 174.75 |
| Net Debt / EBITDA | 6.20 | 6.20 | 8.25 | 6.51 | 5.84 | 8.03 | 71.34 | 5.98 | 6.93 | 7.62 | 7.02 |
| Debt / FCF | — | 34.42 | — | — | — | 84.70 | 23.08 | 16.19 | 17.58 | 41.80 | — |
| Interest Coverage | 0.98 | 0.98 | 0.85 | 1.56 | 1.22 | 0.42 | 0.27 | 1.46 | 0.96 | 1.44 | 1.48 |
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 | 0.98 | 0.98 | 1.06 | 1.00 | 1.20 | 1.09 | 1.51 | 1.43 | 1.33 | 1.39 | 1.38 |
| Quick Ratio | 0.90 | 0.90 | 0.93 | 0.86 | 1.09 | 0.93 | 1.25 | 1.27 | 1.11 | 1.20 | 1.00 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.03 | 0.04 | 0.05 | 0.07 | 0.16 | 0.03 | 0.02 | 0.03 |
| Asset Turnover | — | 0.34 | 0.42 | 0.45 | 0.44 | 0.36 | 0.31 | 0.38 | 0.45 | 0.28 | 0.30 |
| Inventory Turnover | 23.23 | 23.23 | 23.94 | 20.57 | 27.53 | 25.51 | 14.17 | 33.09 | 35.25 | 20.10 | 14.81 |
| Days Sales Outstanding | — | 136.16 | 91.77 | 87.26 | 94.43 | 71.08 | 78.51 | 61.35 | 40.53 | 89.15 | 47.89 |
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 | 4.4% | 4.2% | 6.1% | 5.2% | 5.9% | 5.6% | 16.1% | 10.7% | 11.4% | 11.8% | 7.6% |
| Payout Ratio | — | — | — | 62.5% | 97.5% | — | — | 280.9% | — | 389.5% | 273.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 1.9% | 10.3% | — | — | 0.9% | — | 2.2% | 2.8% |
| FCF Yield | 4.8% | 4.6% | — | — | — | 2.8% | 20.0% | 8.7% | 8.6% | 3.2% | — |
| Buyback Yield | 14.3% | 13.7% | 0.0% | 5.4% | 23.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 18.8% | 18.0% | 6.1% | 10.5% | 28.9% | 5.6% | 16.1% | 10.7% | 11.4% | 11.8% | 7.6% |
| Shares Outstanding | — | $122M | $122M | $123M | $123M | $123M | $123M | $123M | $123M | $122M | $113M |
High leverage and volatility
Based on reported figures, GEL trades at an EV/EBITDA multiple of 9.72, which appears to reflect a persistent complexity discount compared to pure-play midstream peers, potentially underestimating the long-term durability of its specialized subsea infrastructure and the strategic value of its Wyoming-based sodium mineral assets.
The forward P/E of 235.17 suggests that the market remains highly skeptical of near-term earnings growth, likely due to the company's historical volatility and high interest burden. Investors should monitor whether the market begins to re-rate the company as an industrial materials provider rather than a traditional energy middleman as the soda ash segment gains prominence.
As reported in recent financial statements, GEL's ROIC has struggled to exceed 1.6% in 2026Q1, indicating that the company is currently failing to generate returns on invested capital that meaningfully exceed its cost of capital, a trend that warrants further investigation into the efficacy of recent asset deployments.
The persistent low ROIC suggests that the heavy capital expenditure cycle of previous years has yet to translate into significant value creation. This performance appears to be driven by the combination of high depreciation charges on subsea assets and the operational drag from the marine transportation segment.
According to quarterly data, GEL's cash conversion cycle reached 9 days in 2026Q1, a significant improvement from the 61-day peak observed in 2024Q2, yet the high DSO of 125 days suggests that the company continues to face challenges in optimizing its receivables collection process relative to peers.
The extended DSO indicates that the company may be offering generous payment terms to its offshore customers to maintain throughput volumes, which ties up liquidity. While the reduction in the overall CCC is a positive development, the underlying efficiency remains sensitive to the timing of large-scale industrial contracts.
Based on reported figures, GEL's debt-to-EBITDA ratio of 22.54 in 2026Q1 highlights a highly strained balance sheet, suggesting that the company's ability to service its debt obligations remains precarious and highly dependent on the stability of its fee-based offshore pipeline cash flows.
The sharp increase in the D/E ratio to 5.93 indicates that the partnership's equity base has eroded significantly, leaving the firm with limited room for error in a high-interest-rate environment. Investors should monitor whether management prioritizes aggressive debt reduction over further capital-intensive expansions to stabilize the credit profile.
The most commonly misapplied metric for GEL is the traditional P/E ratio, which fails to account for the heavy non-cash depreciation charges inherent in its subsea and mining assets, thereby obscuring the company's actual cash-generating capacity and leading to an inaccurate assessment of its valuation.
Analysts should instead prioritize Adjusted EBITDA and Available Cash for Distribution to better reflect the underlying operational performance of the business. Relying on GAAP net income in this context likely leads to a distorted view of the company's financial health and its ability to sustain distributions.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying GEL stock.
Genesis Energy, L.P.'s current P/E ratio is -20.5x. The historical average is 45.0x.
Genesis Energy, L.P.'s current EV/EBITDA is 9.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.6x.
Genesis Energy, L.P.'s return on equity (ROE) is -0.7%. The historical average is 9.5%.
Based on historical data, Genesis Energy, L.P. is trading at a P/E of -20.5x. Compare with industry peers and growth rates for a complete picture.
Genesis Energy, L.P.'s current dividend yield is 4.41%.
Genesis Energy, L.P. has 21.1% gross margin and 15.8% operating margin. Operating margin between 10-20% is typical for established companies.
Genesis Energy, L.P.'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.