Latest Ratios: P/E Ratio 9.1x · EV/EBITDA 6.8x · ROE 675.0%. (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 | $5.0B | $7.5B | $7.8B | $4.9B | $6.1B | $4.9B | $2.8B | $5.6B | $5.8B | $5.3B | $5.1B |
| Enterprise Value | $6.4B | $8.9B | $9.0B | $6.1B | $7.2B | $6.1B | $4.3B | $5.4B | $5.6B | $5.7B | $5.6B |
| P/E Ratio → | 9.07 | 12.50 | 13.16 | 9.08 | 10.97 | 8.91 | — | 13.34 | 9.47 | 12.98 | 13.58 |
| P/S Ratio | 1.34 | 2.00 | 2.16 | 1.42 | 1.75 | 1.43 | 1.07 | 1.82 | 1.84 | 1.75 | 1.67 |
| P/B Ratio | 61.54 | 84.80 | 86.13 | 153.56 | 28.61 | 14.03 | 39.82 | 10.39 | 30.27 | — | 219.73 |
| P/FCF | 8.43 | 12.59 | 11.87 | 6.55 | 8.11 | 8.63 | 103.72 | 11.01 | 7.74 | 11.52 | 11.74 |
| P/OCF | 7.42 | 11.07 | 10.82 | 5.99 | 7.49 | 7.90 | 25.96 | 9.27 | 6.84 | 9.65 | 9.54 |
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 | — | 2.36 | 2.48 | 1.75 | 2.07 | 1.75 | 1.62 | 1.75 | 1.79 | 1.87 | 1.83 |
| EV / EBITDA | 6.77 | 9.40 | 9.66 | 6.92 | 8.07 | 6.83 | 12.11 | 6.91 | 6.03 | 6.33 | 6.90 |
| EV / EBIT | 7.72 | 10.34 | 10.64 | 7.76 | 9.57 | 8.11 | 46.07 | 8.56 | 7.45 | 7.87 | 8.72 |
| EV / FCF | — | 14.83 | 13.63 | 8.09 | 9.58 | 10.58 | 156.62 | 10.59 | 7.51 | 12.33 | 12.87 |
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 | 44.5% | 44.5% | 44.8% | 44.6% | 45.7% | 45.7% | 35.1% | 43.2% | 44.9% | 45.8% | 44.5% |
| Operating Margin | 22.0% | 22.0% | 22.3% | 21.6% | 21.5% | 21.5% | 6.9% | 19.9% | 23.8% | 23.6% | 20.8% |
| Net Profit Margin | 16.1% | 16.1% | 16.5% | 15.9% | 16.0% | 16.0% | -0.3% | 13.7% | 19.4% | 13.5% | 12.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 675.0% | 675.0% | 970.7% | 454.4% | 196.3% | 261.5% | -2.5% | 115.2% | 935.2% | — | 40.3% |
| ROA | 18.7% | 18.7% | 18.9% | 17.5% | 16.0% | 12.6% | -0.2% | 14.3% | 23.1% | 14.7% | 10.2% |
| ROIC | 46.4% | 46.4% | 49.6% | 44.8% | 40.1% | 37.4% | 14.9% | 263.6% | 333.2% | 129.7% | 126.1% |
| ROCE | 39.4% | 39.4% | 36.8% | 34.0% | 31.3% | 24.7% | 6.2% | 27.9% | 39.6% | 40.1% | 28.4% |
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 | 26.41 | 26.41 | 24.59 | 67.85 | 10.17 | 6.19 | 60.75 | 2.76 | 7.79 | — | 64.55 |
| Debt / EBITDA | 2.49 | 2.49 | 2.40 | 2.47 | 2.43 | 2.46 | 12.24 | 1.91 | 1.60 | 1.66 | 1.85 |
| Net Debt / Equity | — | 15.13 | 12.72 | 36.18 | 5.20 | 3.17 | 20.31 | -0.40 | -0.88 | — | 21.22 |
| Net Debt / EBITDA | 1.42 | 1.42 | 1.24 | 1.32 | 1.24 | 1.26 | 4.09 | -0.27 | -0.18 | 0.42 | 0.61 |
| Debt / FCF | — | 2.25 | 1.75 | 1.54 | 1.47 | 1.95 | 52.90 | -0.42 | -0.22 | 0.81 | 1.13 |
| Interest Coverage | 11.00 | 11.00 | 10.64 | 10.75 | 8.47 | 6.99 | 0.96 | 7.26 | 8.48 | 7.77 | 9.26 |
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 | 0.90 | 0.90 | 1.27 | 1.26 | 1.39 | 1.46 | 1.96 | 2.16 | 2.27 | 1.43 | 1.17 |
| Quick Ratio | 0.90 | 0.90 | 1.27 | 1.26 | 1.39 | 1.46 | 1.96 | 2.16 | 2.27 | 1.43 | 1.17 |
| Cash Ratio | 0.77 | 0.77 | 1.10 | 1.08 | 1.05 | 0.91 | 1.83 | 1.89 | 2.95 | 1.19 | 0.96 |
| Asset Turnover | — | 1.15 | 1.12 | 1.13 | 1.06 | 0.95 | 0.52 | 0.94 | 1.21 | 1.13 | 1.06 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 6.17 | 6.98 | 10.08 | 27.54 | 55.99 | 18.42 | 16.39 | 18.38 | 19.57 | 18.40 |
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 | 3.6% | 2.6% | 2.3% | 3.6% | 3.1% | 3.9% | 7.2% | 3.7% | 3.4% | 3.5% | 4.0% |
| Payout Ratio | 32.6% | 32.6% | 30.2% | 32.1% | 33.7% | 35.2% | — | 48.6% | 32.7% | 45.8% | 53.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.0% | 8.0% | 7.6% | 11.0% | 9.1% | 11.2% | — | 7.5% | 10.6% | 7.7% | 7.4% |
| FCF Yield | 11.9% | 7.9% | 8.4% | 15.3% | 12.3% | 11.6% | 1.0% | 9.1% | 12.9% | 8.7% | 8.5% |
| Buyback Yield | 8.7% | 5.8% | 4.9% | 11.6% | 9.3% | 3.9% | 9.1% | 3.4% | 0.2% | 6.1% | 39.8% |
| Total Shareholder Yield | 12.3% | 8.4% | 7.2% | 15.2% | 12.4% | 7.8% | 16.3% | 7.0% | 3.6% | 9.6% | 43.7% |
| Shares Outstanding | — | $137M | $144M | $154M | $171M | $189M | $198M | $207M | $210M | $214M | $251M |
Extreme Seasonal Revenue Concentration
According to current market data, H&R Block trades at a TTM P/E of 8.48, which suggests that investors are pricing the firm as a mature, low-growth utility rather than a high-growth fintech entity, especially when compared to the premium multiples commanded by software-centric peers like Intuit.
The valuation gap relative to Intuit appears to reflect the market's skepticism regarding the company's ability to successfully transition its assisted-tax client base into a year-round digital financial services ecosystem. This low multiple may indicate that the market is discounting the potential for long-term margin expansion, viewing the current earnings profile as vulnerable to regulatory shifts and competitive encroachment.
Based on reported figures, ROIC exhibits extreme volatility, swinging from 50.9% in 2025Q3 to negative territory during off-peak quarters, which highlights the difficulty in maintaining consistent capital compounding when the underlying business model is tethered to a hyper-seasonal, labor-intensive retail tax preparation cycle.
The dramatic fluctuations in return metrics suggest that the company's invested capital is highly productive only during the narrow window of the tax season. Investors should monitor whether the 'Block Horizons' strategy can improve off-season capital utilization, as current trends indicate that the firm struggles to generate positive returns on capital outside of the primary filing months.
As reported in financial statements, the company's asset turnover remains consistently low at 0.07 during off-peak quarters, confirming that the vast majority of the firm's asset base remains underutilized for most of the year, creating a structural drag on overall operational efficiency and return on assets.
The extreme seasonality in DSO and asset turnover metrics reveals that the company's working capital management is entirely reactive to the tax filing calendar. This reliance on a short-duration revenue surge suggests that any disruption to the peak-season workflow could have disproportionate impacts on the firm's ability to manage its short-term obligations.
Data from recent filings suggests that the trailing P/E ratio is a fundamentally flawed metric for evaluating H&R Block, as it fails to account for the extreme quarterly earnings volatility and the significant impact of seasonal working capital swings on the company's reported net income.
Analysts should instead focus on normalized annual earnings or EV/EBITDA to better capture the underlying cash-generating capacity of the business. Relying on TTM P/E obscures the reality that the company's profitability is concentrated in a single quarter, making the headline multiple a potentially misleading indicator of the firm's true valuation.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HRB stock.
H&R Block, Inc.'s current P/E ratio is 9.1x. The historical average is 16.5x. This places it at the 4th percentile of its historical range.
H&R Block, Inc.'s current EV/EBITDA is 6.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.9x.
H&R Block, Inc.'s return on equity (ROE) is 675.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 58.5%.
Based on historical data, H&R Block, Inc. is trading at a P/E of 9.1x. This is at the 4th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
H&R Block, Inc.'s current dividend yield is 3.61% with a payout ratio of 32.6%.
H&R Block, Inc. has 44.5% gross margin and 22.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
H&R Block, Inc.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.