Latest Ratios: P/E Ratio 13.6x · EV/EBITDA 9.6x · ROE 31.4%. (1999–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $45.7B | $54.0B | $75.8B | $74.3B | $73.0B | $105.0B | $79.6B | $35.0B | $47.6B | $40.3B | $36.1B |
| Enterprise Value | $44.4B | $52.6B | $73.9B | $73.5B | $72.6B | $103.4B | $76.9B | $33.2B | $44.8B | $37.3B | $32.6B |
| P/E Ratio → | 13.58 | 16.28 | 24.01 | 23.59 | 24.56 | 35.56 | 30.69 | 14.93 | 21.43 | 16.24 | 16.81 |
| P/S Ratio | 2.27 | 2.68 | 3.93 | 4.00 | 4.01 | 6.44 | 5.87 | 2.74 | 4.03 | 3.69 | 3.54 |
| P/B Ratio | 4.58 | 5.49 | 6.73 | 7.01 | 7.92 | 10.51 | 7.58 | 4.02 | 5.06 | 4.05 | 3.40 |
| P/FCF | 12.25 | 14.46 | 18.54 | 25.79 | 28.82 | 34.37 | 26.77 | 16.32 | 24.87 | 20.71 | 21.40 |
| P/OCF | 11.32 | 13.37 | 17.42 | 23.61 | 25.60 | 31.39 | 24.42 | 13.41 | 21.04 | 17.86 | 17.21 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.61 | 3.83 | 3.96 | 3.98 | 6.34 | 5.67 | 2.59 | 3.79 | 3.41 | 3.20 |
| EV / EBITDA | 9.56 | 11.35 | 15.92 | 16.72 | 16.68 | 24.50 | 20.43 | 10.59 | 15.00 | 12.65 | 11.77 |
| EV / EBIT | 10.86 | 11.55 | 16.43 | 16.71 | 17.35 | 25.45 | 21.29 | 12.17 | 14.90 | 14.02 | 12.95 |
| EV / FCF | — | 14.09 | 18.07 | 25.52 | 28.64 | 33.85 | 25.87 | 15.45 | 23.39 | 19.15 | 19.33 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.2% | 30.2% | 30.5% | 30.1% | 30.2% | 32.6% | 34.9% | 33.1% | 34.9% | 36.0% | 36.9% |
| Operating Margin | 20.3% | 20.3% | 21.1% | 20.7% | 21.0% | 23.0% | 24.5% | 21.3% | 22.8% | 24.3% | 24.7% |
| Net Profit Margin | 16.4% | 16.4% | 16.4% | 17.1% | 16.4% | 18.2% | 19.3% | 18.2% | 18.6% | 22.7% | 21.0% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 31.4% | 31.4% | 28.9% | 32.0% | 31.0% | 28.9% | 27.2% | 25.8% | 22.7% | 24.1% | 21.4% |
| ROA | 19.6% | 19.6% | 18.6% | 19.9% | 19.3% | 19.5% | 19.3% | 19.0% | 17.9% | 19.8% | 17.7% |
| ROIC | 34.4% | 34.4% | 31.8% | 30.9% | 33.4% | 34.6% | 33.9% | 30.4% | 30.0% | 28.4% | 32.8% |
| ROCE | 35.0% | 35.0% | 33.5% | 34.2% | 35.3% | 33.1% | 31.6% | 28.6% | 27.4% | 25.6% | 25.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 0.09 | 0.09 | 0.11 | 0.07 | 0.07 | 0.07 | — | — | — |
| Debt / EBITDA | 0.21 | 0.21 | 0.21 | 0.23 | 0.23 | 0.17 | 0.19 | 0.20 | — | — | — |
| Net Debt / Equity | — | -0.14 | -0.17 | -0.07 | -0.05 | -0.16 | -0.25 | -0.21 | -0.30 | -0.31 | -0.33 |
| Net Debt / EBITDA | -0.30 | -0.30 | -0.41 | -0.18 | -0.11 | -0.37 | -0.70 | -0.59 | -0.95 | -1.03 | -1.26 |
| Debt / FCF | — | -0.37 | -0.46 | -0.27 | -0.19 | -0.52 | -0.89 | -0.86 | -1.48 | -1.56 | -2.07 |
| Interest Coverage | 96.87 | 96.87 | 91.40 | 78.61 | 119.47 | 150.48 | 137.55 | 113.50 | — | — | — |
Net cash position: cash ($2.3B) exceeds total debt ($967M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.98 | 1.98 | 2.27 | 2.31 | 1.81 | 2.00 | 2.55 | 2.62 | 2.84 | 3.55 | 3.83 |
| Quick Ratio | 1.98 | 1.98 | 2.27 | 2.31 | 1.81 | 2.00 | 2.55 | 2.62 | 2.84 | 3.55 | 3.83 |
| Cash Ratio | 0.68 | 0.68 | 0.90 | 0.72 | 0.49 | 0.73 | 1.15 | 1.12 | 1.41 | 1.86 | 2.33 |
| Asset Turnover | — | 1.23 | 1.11 | 1.12 | 1.19 | 1.05 | 0.91 | 1.04 | 0.96 | 0.89 | 0.79 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 112.15 | 112.77 | 128.23 | 109.19 | 108.87 | 109.33 | 96.65 | 90.36 | 89.09 | 88.03 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.7% | 4.0% | 3.2% | 2.4% | 2.3% | 1.6% | 1.5% | 3.9% | 4.1% | 2.9% | 2.9% |
| Payout Ratio | 64.4% | 64.4% | 76.5% | 56.1% | 56.9% | 57.5% | 46.9% | 58.3% | 88.9% | 46.5% | 48.2% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.4% | 6.1% | 4.2% | 4.2% | 4.1% | 2.8% | 3.3% | 6.7% | 4.7% | 6.2% | 5.9% |
| FCF Yield | 8.2% | 6.9% | 5.4% | 3.9% | 3.5% | 2.9% | 3.7% | 6.1% | 4.0% | 4.8% | 4.7% |
| Buyback Yield | 4.4% | 3.7% | 0.0% | 0.0% | 1.9% | 1.4% | 0.0% | 3.1% | 0.2% | 5.1% | 0.0% |
| Total Shareholder Yield | 9.1% | 7.7% | 3.2% | 2.4% | 4.2% | 3.1% | 1.5% | 6.9% | 4.4% | 7.9% | 2.9% |
| Shares Outstanding | — | $4.0B | $4.2B | $4.1B | $4.2B | $4.2B | $4.3B | $4.3B | $4.4B | $4.5B | $4.6B |
Discretionary spending volatility
According to recent market data, INFY trades at a forward P/E of 14.15, which appears to discount the firm's historical growth volatility and suggests that investors are pricing in a more conservative outlook compared to the premium multiples commanded by high-growth peers in the broader technology sector.
The current P/E multiple of 12.99 (TTM) indicates that the market remains cautious regarding the firm's ability to sustain double-digit growth in a tightening IT spending environment. This valuation level suggests a 'value' pricing tier, implying that the market views the company as a mature service provider rather than a high-growth digital transformation engine.
Based on reported financial figures, the company's ROIC has fluctuated within a narrow 7.3% to 9.6% range over the last ten quarters, suggesting that management maintains a consistent, albeit moderate, ability to generate returns on invested capital despite the cyclical nature of its consulting-led business model.
The stability in ROIC indicates that the firm is not currently experiencing significant capital decay, though it also suggests limited 'moat-widening' through superior capital allocation. Investors should monitor whether future investments in AI-first platforms like Topaz can drive a structural improvement in these returns above the current mid-single-digit levels.
As reported in recent quarterly filings, the company's DSO has remained elevated, oscillating between 100 and 117 days, which suggests that the firm's cash conversion efficiency is heavily dependent on the timing of milestone-based billing cycles within its large-scale enterprise client portfolio.
The persistent length of the DSO cycle highlights the inherent friction in the firm's service-heavy delivery model, where revenue recognition often precedes cash collection by several months. This reliance on client payment schedules warrants further investigation into potential liquidity bottlenecks during periods of broader macroeconomic stress.
According to the latest balance sheet data, the company maintains a debt-to-equity ratio of 0.10, underscoring a fortress-like financial position that provides significant insulation against the volatility of discretionary IT spending cycles and potential shifts in global interest rate environments.
The minimal reliance on external debt, coupled with strong interest coverage ratios exceeding 90x, suggests that the firm is well-positioned to self-fund its operational requirements and shareholder return programs. This conservative capital structure appears to be a deliberate strategy to maintain agility in a competitive, project-based industry.
The P/E ratio is frequently misapplied to this business model, as it fails to account for the significant impact of non-operating foreign exchange gains and the timing of milestone-based revenue recognition, which can artificially inflate or deflate reported earnings in any given quarter.
Analysts should prioritize FCF-based valuation metrics, such as P/FCF, to better capture the true cash-generating capacity of the firm's service-led operations. Relying solely on P/E obscures the underlying volatility of the firm's cash conversion cycle and the potential for margin leakage in fixed-price contracts.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying INFY stock.
Infosys Limited's current P/E ratio is 13.6x. The historical average is 32.5x. This places it at the 4th percentile of its historical range.
Infosys Limited's current EV/EBITDA is 9.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.5x.
Infosys Limited's return on equity (ROE) is 31.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 30.1%.
Based on historical data, Infosys Limited is trading at a P/E of 13.6x. This is at the 4th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Infosys Limited's current dividend yield is 4.74% with a payout ratio of 64.4%.
Infosys Limited has 30.2% gross margin and 20.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Infosys Limited's Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.