Latest Ratios: P/E Ratio 30.5x · EV/EBITDA 17.4x · ROE 11.1%. (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 | $17.0B | $15.3B | $19.4B | $17.3B | $16.4B | $19.2B | $17.6B | $13.6B | $11.3B | $10.5B | $11.1B |
| Enterprise Value | $17.6B | $16.0B | $19.8B | $17.5B | $17.0B | $21.1B | $20.0B | $16.1B | $14.0B | $13.3B | $13.9B |
| P/E Ratio → | 30.53 | 26.99 | 24.54 | 37.92 | 12.58 | 10.24 | 15.79 | — | — | 13.90 | 33.47 |
| P/S Ratio | 4.14 | 3.73 | 4.80 | 4.28 | 3.37 | 3.40 | 4.66 | 4.04 | 3.50 | 3.43 | 3.92 |
| P/B Ratio | 3.43 | 3.03 | 3.77 | 3.44 | 3.36 | 4.54 | 6.50 | 5.97 | 4.64 | 3.76 | 5.19 |
| P/FCF | 18.44 | 16.62 | 16.90 | 19.17 | 8.20 | 8.90 | 23.76 | 25.38 | 17.97 | — | 16.13 |
| P/OCF | 16.05 | 14.47 | 15.06 | 16.43 | 7.70 | 8.23 | 19.62 | 20.94 | 15.38 | 1262.72 | 14.12 |
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 | — | 3.89 | 4.92 | 4.33 | 3.49 | 3.75 | 5.31 | 4.78 | 4.34 | 4.36 | 4.92 |
| EV / EBITDA | 17.39 | 15.74 | 16.66 | 17.59 | 8.19 | 7.32 | 13.53 | 26.97 | 57.63 | 7.32 | 13.75 |
| EV / EBIT | 24.69 | 22.05 | 20.11 | 22.17 | 10.08 | 8.61 | 17.91 | — | — | 9.63 | 24.44 |
| EV / FCF | — | 17.35 | 17.34 | 19.37 | 8.49 | 9.82 | 27.07 | 30.06 | 22.27 | — | 20.25 |
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 | 61.0% | 61.0% | 55.3% | 51.4% | 61.6% | 67.4% | 59.0% | 38.8% | 52.7% | 53.0% | 55.2% |
| Operating Margin | 17.4% | 17.4% | 21.9% | 16.6% | 33.7% | 44.0% | 29.3% | 4.0% | -7.4% | 44.8% | 19.4% |
| Net Profit Margin | 13.8% | 13.8% | 19.6% | 11.3% | 26.8% | 33.2% | 29.5% | -1.2% | -3.5% | 24.7% | 11.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.1% | 11.1% | 15.6% | 9.2% | 28.6% | 54.0% | 44.7% | -1.7% | -4.3% | 30.7% | 15.7% |
| ROA | 6.2% | 6.2% | 8.6% | 5.0% | 14.5% | 23.2% | 16.2% | -0.6% | -1.5% | 9.9% | 4.4% |
| ROIC | 9.4% | 9.4% | 12.2% | 9.4% | 21.1% | 32.8% | 16.7% | 2.0% | -3.3% | 19.4% | 8.1% |
| ROCE | 8.8% | 8.8% | 11.0% | 8.3% | 20.9% | 36.6% | 19.2% | 2.4% | -4.0% | 21.9% | 8.3% |
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 | 0.52 | 0.52 | 0.52 | 0.58 | 0.60 | 0.75 | 1.16 | 1.36 | 1.38 | 1.21 | 1.58 |
| Debt / EBITDA | 2.59 | 2.59 | 2.23 | 2.93 | 1.41 | 1.09 | 2.13 | 5.21 | 13.87 | 1.86 | 3.33 |
| Net Debt / Equity | — | 0.13 | 0.10 | 0.04 | 0.12 | 0.47 | 0.90 | 1.10 | 1.11 | 1.02 | 1.32 |
| Net Debt / EBITDA | 0.66 | 0.66 | 0.42 | 0.18 | 0.28 | 0.68 | 1.65 | 4.20 | 11.12 | 1.56 | 2.79 |
| Debt / FCF | — | 0.73 | 0.43 | 0.20 | 0.29 | 0.92 | 3.30 | 4.68 | 4.30 | — | 4.11 |
| Interest Coverage | 16.95 | 16.95 | 8.09 | 7.09 | 17.70 | 26.23 | 9.60 | -0.83 | -1.82 | 9.03 | 3.67 |
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 | 3.75 | 3.75 | 3.69 | 3.47 | 4.12 | 2.39 | 1.79 | 1.68 | 1.23 | 0.79 | 1.47 |
| Quick Ratio | 3.06 | 3.06 | 3.03 | 2.95 | 3.45 | 2.01 | 1.47 | 1.26 | 0.95 | 0.61 | 1.17 |
| Cash Ratio | 2.25 | 2.25 | 2.25 | 2.26 | 2.49 | 0.88 | 0.57 | 0.56 | 0.48 | 0.29 | 0.61 |
| Asset Turnover | — | 0.45 | 0.44 | 0.44 | 0.54 | 0.63 | 0.52 | 0.51 | 0.45 | 0.38 | 0.39 |
| Inventory Turnover | 2.35 | 2.35 | 2.65 | 3.17 | 2.99 | 3.66 | 3.92 | 4.63 | 3.96 | 4.34 | 4.62 |
| Days Sales Outstanding | — | 53.48 | 54.37 | 56.66 | 46.36 | 61.09 | 99.45 | 70.32 | 65.70 | 63.66 | 57.60 |
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 | 3.3% | 3.7% | 4.1% | 2.6% | 8.0% | 9.8% | 6.3% | — | — | 7.2% | 3.0% |
| FCF Yield | 5.4% | 6.0% | 5.9% | 5.2% | 12.2% | 11.2% | 4.2% | 3.9% | 5.6% | — | 6.2% |
| Buyback Yield | 4.4% | 4.9% | 4.3% | 2.9% | 3.3% | 2.4% | 3.7% | 1.5% | 2.4% | 1.9% | 2.2% |
| Total Shareholder Yield | 4.4% | 4.9% | 4.3% | 2.9% | 3.3% | 2.4% | 3.7% | 1.5% | 2.4% | 1.9% | 2.2% |
| Shares Outstanding | — | $228M | $238M | $249M | $254M | $260M | $265M | $269M | $275M | $286M | $286M |
Post-pandemic revenue normalization
Based on current market data, Hologic trades at a forward P/E of 17.21, which suggests that investors are pricing the company as a mature, low-growth entity rather than a high-innovation medical device player, contrasting sharply with the premium multiples commanded by peers like Intuitive Surgical.
The current P/S ratio of 4.14 indicates a valuation compression as the market discounts the sustainability of pandemic-era diagnostic windfalls. This multiple appears to imply that future growth will be driven by replacement cycles and incremental menu expansion rather than the rapid, high-margin adoption phases seen in earlier years.
According to quarterly financial data, Hologic's ROIC has hovered in the low single digits, specifically 3.1% in 2026Q1, which indicates that the company is struggling to generate returns on invested capital that meaningfully exceed its cost of capital in the current post-pandemic environment.
The persistent gap between ROIC and historical performance suggests that recent acquisitions and the amortization of intangible assets are weighing on capital efficiency. Investors should monitor whether management can improve asset utilization within the Panther installed base to drive a recovery in these return metrics.
As reported in recent filings, Hologic's cash conversion cycle reached 147 days in 2026Q1, a figure that highlights significant working capital intensity driven by high inventory levels, which currently stand at 135 days of sales, suggesting potential inefficiencies in managing the supply chain for diagnostic hardware.
The elevated DIO relative to industry peers warrants investigation into whether this reflects strategic stockpiling of critical reagents or a buildup of slower-moving imaging hardware. The company's ability to compress this cycle will be a key indicator of its operational discipline as it navigates a more competitive diagnostic landscape.
Based on reported figures, Hologic maintains a disciplined debt-to-equity ratio of 0.48 as of 2026Q1, providing a robust balance sheet that remains well-insulated from interest rate volatility compared to more highly levered medical device peers currently struggling with debt service obligations.
The interest coverage ratio of 9.32 suggests that the company faces minimal risk regarding its debt obligations, allowing management to maintain its aggressive share repurchase program. This financial positioning appears to be a deliberate strategy to preserve optionality for future bolt-on acquisitions without overextending the balance sheet.
The P/E ratio is frequently misapplied to Hologic because it fails to account for the significant non-cash amortization charges related to past acquisitions, which artificially depress GAAP earnings and obscure the company's true cash-generating capacity in its core diagnostic and surgical segments.
Analysts should instead prioritize EV/EBITDA or P/FCF to better capture the underlying cash flow dynamics of the 'razor-razorblade' business model. Relying solely on P/E risks underestimating the durability of the recurring revenue streams generated by the Panther platform and the GYN surgical portfolio.
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Quick answers to the most common questions about buying HOLX stock.
Hologic, Inc.'s current P/E ratio is 30.5x. The historical average is 35.9x. This places it at the 56th percentile of its historical range.
Hologic, Inc.'s current EV/EBITDA is 17.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.5x.
Hologic, Inc.'s return on equity (ROE) is 11.1%. The historical average is 4.7%.
Based on historical data, Hologic, Inc. is trading at a P/E of 30.5x. This is at the 56th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hologic, Inc. has 61.0% gross margin and 17.4% operating margin. Operating margin between 10-20% is typical for established companies.
Hologic, Inc.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.