Latest Ratios: P/E Ratio 37.5x · EV/EBITDA 7.6x · ROE 15.2%. (2009–2025 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 | $480M | $637M | $1.1B | $1.4B | $2.0B | $1.7B | $792M | $517M | $239M | $896M | $728M |
| Enterprise Value | $1.3B | $1.5B | $1.9B | $1.9B | $2.6B | $2.5B | $1.6B | $1.5B | $1.1B | $1.7B | $1.4B |
| P/E Ratio → | 37.53 | 49.26 | 80.90 | 9.29 | 20.79 | 10.57 | — | — | — | — | — |
| P/S Ratio | 0.53 | 0.70 | 2.39 | 3.40 | 4.89 | 5.13 | 2.94 | 1.67 | 0.27 | 1.28 | 1.22 |
| P/B Ratio | 4.79 | 6.29 | 15.34 | 33.15 | — | — | — | — | — | — | — |
| P/FCF | 7.37 | 9.78 | — | 24.60 | 36.95 | 41.58 | 3.67 | — | — | — | — |
| P/OCF | 3.86 | 5.11 | 25.67 | 17.10 | 19.12 | 26.28 | — | 8.07 | — | 14.87 | 11.20 |
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 | — | 1.62 | 4.35 | 4.75 | 6.46 | 7.34 | 5.83 | 4.85 | 1.21 | 2.43 | 2.37 |
| EV / EBITDA | 7.55 | 8.45 | 27.57 | 13.41 | 16.86 | 18.11 | 17.37 | 13.23 | 10.13 | 20.95 | 17.90 |
| EV / EBIT | 11.54 | 15.50 | 34.24 | 15.22 | 18.06 | 66.91 | 22.08 | 39.11 | — | — | — |
| EV / FCF | — | 22.62 | — | 34.42 | 48.83 | 59.53 | 7.29 | — | — | — | — |
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 | 59.1% | 59.1% | 62.5% | 66.6% | 66.4% | 69.6% | 68.7% | 69.6% | 42.5% | 53.2% | 53.9% |
| Operating Margin | 12.5% | 12.5% | 11.5% | 31.2% | 35.2% | 35.9% | 28.3% | 31.2% | -3.0% | -9.2% | -4.5% |
| Net Profit Margin | 1.4% | 1.4% | 3.1% | 36.6% | 22.8% | 45.5% | -92.7% | -47.3% | -18.1% | -24.6% | -20.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.2% | 15.2% | 25.0% | 357.7% | — | — | — | — | — | — | -965.1% |
| ROA | 1.0% | 1.0% | 1.4% | 18.9% | 13.1% | 23.1% | -26.5% | -11.8% | -12.1% | -13.0% | -11.1% |
| ROIC | 9.1% | 9.1% | 5.1% | 16.7% | 22.3% | 32.2% | 15.9% | 12.5% | -3.4% | -7.6% | -4.4% |
| ROCE | 11.0% | 11.0% | 5.8% | 17.9% | 25.1% | 34.7% | 12.8% | 10.0% | -2.6% | -6.2% | -3.0% |
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 | 9.51 | 9.51 | 13.20 | 16.65 | — | — | — | — | — | — | — |
| Debt / EBITDA | 5.51 | 5.51 | 13.03 | 4.81 | 5.07 | 6.53 | 13.42 | 10.16 | 9.61 | 12.34 | 10.17 |
| Net Debt / Equity | — | 8.27 | 12.60 | 13.24 | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 4.80 | 4.80 | 12.43 | 3.83 | 4.10 | 5.46 | 8.61 | 8.66 | 7.89 | 9.93 | 8.69 |
| Debt / FCF | — | 12.84 | — | 9.82 | 11.88 | 17.95 | 3.61 | — | — | — | — |
| Interest Coverage | 1.39 | 1.39 | 1.47 | 3.76 | 3.72 | 0.55 | 0.57 | 0.29 | -0.35 | -0.58 | -0.48 |
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 | 1.60 | 1.60 | 1.77 | 4.37 | 3.84 | 1.33 | 1.17 | 1.68 | 1.95 | 1.87 | 2.41 |
| Quick Ratio | 1.24 | 1.24 | 1.24 | 3.49 | 3.26 | 1.15 | 1.10 | 1.54 | 1.31 | 1.73 | 2.21 |
| Cash Ratio | 0.47 | 0.47 | 0.23 | 1.93 | 2.08 | 0.77 | 0.99 | 0.67 | 0.75 | 1.29 | 1.82 |
| Asset Turnover | — | 0.70 | 0.36 | 0.51 | 0.53 | 0.52 | 0.40 | 0.25 | 0.71 | 0.50 | 0.48 |
| Inventory Turnover | 3.77 | 3.77 | 1.70 | 2.10 | 2.75 | 3.01 | 3.00 | 2.67 | 2.66 | 7.18 | 5.47 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | 2.7% | 2.0% | 1.2% | 10.8% | 4.8% | 9.5% | — | — | — | — | — |
| FCF Yield | 13.6% | 10.2% | — | 4.1% | 2.7% | 2.4% | 27.2% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 3.1% | 0.4% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 3.1% | 0.4% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $137M | $131M | $133M | $134M | $127M | $82M | $81M | $80M | $79M | $79M |
Excessive leverage and refinancing
According to current market data, Gogo trades at a forward P/E of 9.35, which appears to discount the company's significant debt burden and the execution risks associated with its 5G network rollout compared to the broader aerospace and connectivity peer group valuations.
The discrepancy between the TTM P/E of 33.62 and the forward multiple suggests that the market is pricing in a substantial recovery in earnings that may not materialize if interest expenses remain elevated. Investors should monitor whether this valuation compression is a permanent re-rating due to the high-leverage profile or a temporary discount relative to peers like Iridium.
Based on reported figures, Gogo's ROIC has struggled to maintain momentum, hovering between 1.2% and 4.5% over the last ten quarters, which indicates that the company is failing to generate returns that consistently exceed its cost of capital in this high-interest environment.
The low ROIC suggests that the capital-intensive nature of maintaining the proprietary ATG network is creating a drag on shareholder value creation. Without a significant expansion in service margins, the company appears to be in a cycle of reinvestment that yields diminishing returns, warranting further investigation into the efficiency of recent capital expenditures.
As reported in financial statements, Gogo's cash conversion cycle has shown extreme volatility, peaking at 169 days in 2024Q1 before moderating to 55 days in 2026Q1, reflecting significant inconsistencies in inventory management and the timing of hardware-related receivables and payables.
The erratic nature of the CCC suggests that the company lacks tight control over its working capital, which is particularly concerning given the high-leverage balance sheet. Investors should monitor whether the recent improvement in the cycle is sustainable or merely a result of temporary shifts in equipment procurement and supplier payment terms.
According to recent SEC filings, Gogo's debt-to-equity ratio of 9.51 as of 2025Q4 highlights a capital structure that is heavily reliant on debt, leaving the company with limited room for operational error or strategic pivots in a higher-for-longer interest rate environment.
The interest coverage ratio, which has dipped as low as 0.51, suggests that the company's ability to service its debt obligations is becoming increasingly precarious. This leverage profile appears to be the primary driver of the company's financial risk, potentially forcing management to prioritize debt reduction over necessary network innovation.
Based on reported figures, the Price-to-Sales ratio of 0.47 is frequently misapplied to Gogo, as it obscures the company's high fixed-cost structure and the significant divergence between low-margin equipment sales and high-margin recurring service revenue that defines the true enterprise value.
Using a P/S multiple fails to account for the quality of revenue, as a dollar of equipment sales is fundamentally less valuable than a dollar of subscription-based connectivity revenue. Analysts should instead focus on EV/EBITDA or FCF-based metrics to better capture the underlying cash-generating capacity of the business model.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying GOGO stock.
Gogo Inc.'s current P/E ratio is 37.5x. The historical average is 34.2x. This places it at the 60th percentile of its historical range.
Gogo Inc.'s current EV/EBITDA is 7.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.4x.
Gogo Inc.'s return on equity (ROE) is 15.2%. The historical average is 30.0%.
Based on historical data, Gogo Inc. is trading at a P/E of 37.5x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Gogo Inc. has 59.1% gross margin and 12.5% operating margin. Operating margin between 10-20% is typical for established companies.
Gogo Inc.'s Debt/EBITDA ratio is 5.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.