Latest Ratios: P/E Ratio 143.9x · EV/EBITDA 30.8x · ROE 1.9%. (1998–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $939M | $613M | $577M | $888M | $567M | $635M | $609M | $460M | $460M | $509M |
| Enterprise Value | $812M | $524M | $300M | $304M | $427M | $366M | $474M | $329M | $252M | $295M | $319M |
| P/E Ratio → | 143.93 | 108.07 | 11.27 | 7.25 | 12.22 | — | 13.54 | 12.38 | — | 29.81 | 29.59 |
| P/S Ratio | 1.10 | 0.84 | 0.59 | 0.53 | 0.88 | 0.90 | 0.88 | 0.83 | 0.72 | 0.77 | 0.93 |
| P/B Ratio | 2.76 | 2.07 | 1.33 | 1.40 | 2.64 | 2.12 | 2.06 | 2.28 | 2.16 | 1.78 | 2.00 |
| P/FCF | 9.88 | 7.56 | — | 5.33 | 3.35 | 35.37 | 8.44 | 6.28 | 8.69 | 23.61 | 12.38 |
| P/OCF | 8.16 | 6.24 | — | 4.83 | 3.27 | 24.28 | 8.08 | 5.92 | 6.87 | 18.52 | 8.85 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.47 | 0.29 | 0.28 | 0.42 | 0.58 | 0.65 | 0.45 | 0.39 | 0.49 | 0.58 |
| EV / EBITDA | 30.78 | 19.86 | 3.20 | 2.47 | 3.63 | — | 6.42 | 4.05 | — | 5.71 | 6.68 |
| EV / EBIT | 107.87 | 7.09 | 3.64 | 2.71 | 4.19 | 7.36 | 7.01 | 4.78 | 6.33 | 8.37 | 9.36 |
| EV / FCF | — | 4.22 | — | 2.81 | 1.61 | 22.86 | 6.30 | 3.40 | 4.77 | 15.14 | 7.75 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.2% | 25.2% | 26.5% | 25.4% | 23.6% | 27.7% | 30.2% | 31.2% | 32.2% | 33.4% | 32.6% |
| Operating Margin | 0.7% | 0.7% | 7.2% | 10.4% | 9.7% | -5.6% | 8.8% | 9.4% | -4.1% | 5.9% | 6.2% |
| Net Profit Margin | 0.8% | 0.8% | 5.2% | 7.3% | 7.2% | -6.0% | 6.5% | 6.7% | -7.6% | 2.6% | 3.1% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.9% | 1.9% | 12.5% | 21.3% | 24.0% | -13.1% | 16.3% | 20.5% | -20.6% | 6.0% | 6.9% |
| ROA | 0.7% | 0.7% | 4.7% | 7.0% | 7.7% | -4.6% | 6.1% | 7.7% | -8.3% | 2.7% | 3.0% |
| ROIC | 6.0% | 6.0% | 39.3% | 1219.9% | — | -24.8% | 70.6% | — | -40.3% | 33.5% | 40.2% |
| ROCE | 1.1% | 1.1% | 11.7% | 19.4% | 18.9% | -7.3% | 14.4% | 19.6% | -7.8% | 10.0% | 9.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.22 | 0.22 | 0.22 | 0.20 | 0.25 | 0.43 | 0.36 | — | — | — | — |
| Debt / EBITDA | 3.82 | 3.82 | 1.06 | 0.67 | 0.72 | — | 1.49 | — | — | — | — |
| Net Debt / Equity | — | -0.92 | -0.68 | -0.66 | -1.37 | -0.75 | -0.52 | -1.05 | -0.98 | -0.64 | -0.75 |
| Net Debt / EBITDA | -15.72 | -15.72 | -3.33 | -2.22 | -3.91 | — | -2.18 | -3.44 | — | -3.19 | -3.99 |
| Debt / FCF | — | -3.34 | — | -2.52 | -1.74 | -12.52 | -2.14 | -2.89 | -3.92 | -8.47 | -4.63 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | 279.20 |
Net cash position: cash ($516M) exceeds total debt ($101M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.60 | 1.60 | 1.58 | 1.40 | 1.39 | 1.49 | 1.43 | 1.41 | 1.29 | 1.35 | 1.35 |
| Quick Ratio | 1.60 | 1.60 | 1.58 | 1.40 | 1.39 | 1.49 | 1.43 | 1.34 | 1.21 | 1.25 | 1.23 |
| Cash Ratio | 1.17 | 1.17 | 1.09 | 1.06 | 1.02 | 1.06 | 0.96 | 0.88 | 0.78 | 0.75 | 0.83 |
| Asset Turnover | — | 0.93 | 0.91 | 0.92 | 0.91 | 0.80 | 0.86 | 1.05 | 1.09 | 1.03 | 0.96 |
| Inventory Turnover | 22.24 | — | — | — | — | — | — | 22.24 | 19.73 | 18.52 | 14.00 |
| Days Sales Outstanding | — | 54.79 | 57.92 | 54.48 | 61.78 | 62.50 | 66.11 | 58.84 | 58.53 | 59.55 | 53.83 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.0% | 1.4% | 2.0% | 2.2% | 1.3% | 2.0% | 1.8% | 1.7% | 2.2% | 2.2% | 2.0% |
| Payout Ratio | 148.1% | 148.1% | 23.0% | 15.7% | 16.1% | — | 24.5% | 20.7% | — | 64.6% | 58.3% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.7% | 0.9% | 8.9% | 13.8% | 8.2% | — | 7.4% | 8.1% | — | 3.4% | 3.4% |
| FCF Yield | 10.1% | 13.2% | — | 18.8% | 29.9% | 2.8% | 11.8% | 15.9% | 11.5% | 4.2% | 8.1% |
| Buyback Yield | 0.3% | 0.4% | 0.1% | 0.6% | 0.4% | 0.3% | 0.7% | 0.4% | 0.5% | 0.6% | 0.2% |
| Total Shareholder Yield | 1.3% | 1.8% | 2.2% | 2.7% | 1.7% | 2.3% | 2.5% | 2.0% | 2.7% | 2.7% | 2.1% |
| Shares Outstanding | — | $21M | $21M | $21M | $20M | $19M | $20M | $20M | $19M | $19M | $19M |
Operating margin volatility
According to recent market data, HSII trades at a trailing P/E of 143.93, a multiple that appears disconnected from its underlying earnings volatility and suggests investors are pricing in a significant recovery in profitability that has yet to materialize in the firm's reported quarterly financial results.
The wide gap between the trailing P/E and the forward P/E of 16.72 implies that the market is heavily discounting current earnings due to non-recurring charges and margin compression. This valuation profile suggests that investors are treating the firm as a cyclical play on executive hiring rather than a stable consultancy, potentially undervaluing the cash-rich balance sheet.
Based on reported figures, HSII's ROIC has fluctuated significantly, reaching 5.3% in 2025Q3, which remains well below the levels required to consistently compound shareholder value when compared to the firm's historical performance and the broader professional services sector average of higher-performing peers.
The volatility in ROIC, including a negative reading in 2024Q4, highlights the firm's struggle to maintain efficient returns on its invested capital during periods of revenue contraction. This trend suggests that the current business model, heavily reliant on high-cost consultant labor, may be failing to generate sufficient returns to justify its capital intensity.
As reported in financial statements, HSII's DSO remains elevated at 281 days in 2025Q3, a metric that indicates significant friction in the firm's cash conversion cycle and suggests that the company may be granting overly generous payment terms to secure high-stakes executive search assignments.
The persistent length of the DSO cycle relative to industry norms warrants further investigation into the firm's credit risk and collection efficiency. This inefficiency in working capital management appears to be a structural drag on cash flow, forcing the firm to maintain higher liquidity buffers than would otherwise be necessary.
According to recent SEC filings, HSII maintains a conservative debt-to-equity ratio of 0.20, providing a fortress-like balance sheet that offers substantial protection against cyclical downturns but simultaneously raises concerns regarding the firm's failure to deploy capital effectively to drive long-term growth or improve shareholder returns.
The firm's minimal reliance on debt is a double-edged sword; while it eliminates refinancing risk, it also suggests a lack of aggressive capital allocation strategy. Investors should monitor whether this excess liquidity remains idle or if management intends to utilize the cash for transformative acquisitions to scale the consulting segment.
The P/E ratio is frequently misapplied to HSII, as it obscures the firm's true earning power by failing to account for the massive cash balance and the significant impact of non-recurring compensation charges that distort net income in any given quarter, according to our fundamental analysis.
Analysts should instead focus on EV/EBITDA or P/FCF to better understand the firm's operational cash generation, as these metrics strip away the noise of accounting accruals and the distorting effect of the firm's large cash reserves. Relying on P/E in this context likely leads to an inaccurate assessment of the firm's valuation relative to its peers.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying HSII stock.
Heidrick & Struggles International, Inc.'s current P/E ratio is 143.9x. The historical average is 35.4x. This places it at the 100th percentile of its historical range.
Heidrick & Struggles International, Inc.'s current EV/EBITDA is 30.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.3x.
Heidrick & Struggles International, Inc.'s return on equity (ROE) is 1.9%. The historical average is -0.8%.
Based on historical data, Heidrick & Struggles International, Inc. is trading at a P/E of 143.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Heidrick & Struggles International, Inc.'s current dividend yield is 1.03% with a payout ratio of 148.1%.
Heidrick & Struggles International, Inc. has 25.2% gross margin and 0.7% operating margin.
Heidrick & Struggles International, Inc.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.