Latest Ratios: P/E Ratio 45.0x · EV/EBITDA 13.7x · ROE 3.9%. (2019–2024 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $1.7B | $1.7B | $2.3B | $1.4B | $3.2B | — | — |
| Enterprise Value | $1.7B | $1.7B | $2.4B | $1.5B | $3.4B | — | — |
| P/E Ratio → | 44.96 | 45.39 | 321.21 | 89.88 | — | — | — |
| P/S Ratio | 3.27 | 3.26 | 4.91 | 3.39 | 9.85 | — | — |
| P/B Ratio | 1.70 | 1.71 | 2.56 | 1.71 | 4.16 | — | — |
| P/FCF | 22.44 | 22.33 | 23.78 | 24.78 | 63.84 | — | — |
| P/OCF | 14.72 | 14.65 | 17.68 | 19.07 | 50.13 | — | — |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.21 | 5.03 | 3.79 | 10.38 | — | — |
| EV / EBITDA | 13.74 | 13.68 | 33.10 | 23.62 | 114.75 | — | — |
| EV / EBIT | 28.30 | 28.16 | 139.55 | 69.94 | — | — | — |
| EV / FCF | — | 21.99 | 24.37 | 27.76 | 67.27 | — | — |
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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 78.5% | 78.5% | 79.1% | 81.4% | 83.1% | 83.2% | 84.5% |
| Operating Margin | 11.4% | 11.4% | 3.6% | 3.7% | -10.2% | -5.8% | -15.8% |
| Net Profit Margin | 7.1% | 7.1% | 1.5% | 3.8% | -16.2% | -13.5% | -24.1% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| ROE | 3.9% | 3.9% | 0.8% | 2.0% | -8.7% | -7.3% | -11.2% |
| ROA | 3.2% | 3.2% | 0.6% | 1.3% | -5.3% | -3.8% | -5.9% |
| ROIC | 4.6% | 4.6% | 1.3% | 1.2% | -3.0% | -1.4% | -3.2% |
| ROCE | 5.5% | 5.5% | 1.5% | 1.4% | -3.5% | -1.7% | -4.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.20 | 0.31 | 0.32 | 0.81 | 0.75 |
| Debt / EBITDA | 0.46 | 0.46 | 2.54 | 3.86 | 8.36 | 6.78 | 9.50 |
| Net Debt / Equity | — | -0.03 | 0.06 | 0.21 | 0.22 | 0.69 | 0.70 |
| Net Debt / EBITDA | -0.21 | -0.21 | 0.80 | 2.53 | 5.86 | 5.78 | 8.78 |
| Debt / FCF | — | -0.35 | 0.59 | 2.98 | 3.44 | 9.00 | — |
| Interest Coverage | 11.27 | 11.27 | 1.40 | 2.45 | -1.91 | -0.44 | -1.02 |
Net cash position: cash ($84M) exceeds total debt ($58M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 3.02 | 3.02 | 3.21 | 3.26 | 3.01 | 3.21 | 3.58 |
| Quick Ratio | 3.02 | 3.02 | 3.21 | 3.26 | 3.01 | 3.21 | 3.58 |
| Cash Ratio | 1.00 | 1.00 | 1.51 | 1.28 | 1.30 | 1.28 | 0.93 |
| Asset Turnover | — | 0.46 | 0.40 | 0.35 | 0.29 | 0.28 | 0.24 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 91.47 | 93.22 | 97.84 | 100.70 | 111.49 | 113.21 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 2.2% | 0.3% | 1.1% | — | — | — |
| FCF Yield | 4.5% | 4.5% | 4.2% | 4.0% | 1.6% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.7% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 1.7% | 0.0% | — | — |
| Shares Outstanding | — | $165M | $162M | $157M | $144M | $151M | $151M |
Operating margin volatility
According to recent market data, IAS trades at a forward P/E of 27.54, which suggests that investors are pricing in significant future earnings expansion despite the company's current struggle to demonstrate consistent operating leverage compared to its primary peer, DoubleVerify, which trades at a lower multiple.
The current valuation appears to bake in an optimistic growth trajectory that may not fully account for the recent compression in operating margins. Investors should monitor whether the company can justify this premium through sustained margin expansion or if the market will eventually re-rate the stock closer to its peer group average.
Based on reported financial statements, IAS has struggled to generate meaningful returns on invested capital, with ROIC hovering at a marginal 0.6% in 2025Q3, a figure that significantly trails the performance of more mature technology peers and indicates a lack of efficient capital compounding.
The low ROIC suggests that the company's heavy investment in R&D and infrastructure has yet to yield the expected returns on the capital deployed. This warrants further investigation into whether the current asset base is being utilized effectively or if the company is over-capitalized relative to its current revenue-generating capacity.
As reported in recent SEC filings, the company's Days Sales Outstanding (DSO) has remained elevated, fluctuating between 79 and 92 days over the last ten quarters, which suggests potential friction in the collection process compared to industry standards for high-growth software-as-a-service providers.
The persistence of high DSO levels may indicate that IAS is granting extended payment terms to secure or maintain large-scale enterprise contracts. This inefficiency in working capital management appears to be a drag on cash flow, potentially masking the true underlying profitability of the core business model.
Based on an analysis of historical financial statements, the most commonly misapplied metric for IAS is Adjusted EBITDA, which frequently excludes significant stock-based compensation expenses that reached $40.4 million in 2023Q2, thereby obscuring the true economic cost of talent acquisition and shareholder dilution.
Investors should prioritize Free Cash Flow (FCF) over Adjusted EBITDA to better understand the company's actual cash-generating power. Relying on EBITDA-based multiples may lead to an overestimation of the company's financial health, as it ignores the recurring nature of equity-based compensation that directly impacts long-term shareholder value.
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Quick answers to the most common questions about buying IAS stock.
Integral Ad Science Holding Corp.'s current P/E ratio is 45.0x. The historical average is 67.6x.
Integral Ad Science Holding Corp.'s current EV/EBITDA is 13.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.5x.
Integral Ad Science Holding Corp.'s return on equity (ROE) is 3.9%. The historical average is -3.4%.
Based on historical data, Integral Ad Science Holding Corp. is trading at a P/E of 45.0x. Compare with industry peers and growth rates for a complete picture.
Integral Ad Science Holding Corp. has 78.5% gross margin and 11.4% operating margin. Operating margin between 10-20% is typical for established companies.
Integral Ad Science Holding Corp.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.