Latest Ratios: P/E Ratio -42.4x · EV/EBITDA 25.5x · ROE -8.5%. (2005–2025 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 | $15.5B | $10.4B | $8.1B | $8.9B | $10.0B | $7.6B | $9.3B | $8.6B | $7.6B | $8.3B | $6.7B |
| Enterprise Value | $19.6B | $14.4B | $11.9B | $13.1B | $14.9B | $13.2B | $10.5B | $9.7B | $8.9B | $9.5B | $8.4B |
| P/E Ratio → | -42.42 | — | 14.24 | 20.16 | — | — | 39.11 | 16.42 | 16.98 | 16.92 | 17.01 |
| P/S Ratio | 3.64 | 2.43 | 2.00 | 2.31 | 2.72 | 2.46 | 3.95 | 3.97 | 4.01 | 5.10 | 4.53 |
| P/B Ratio | 3.50 | 2.40 | 1.99 | 2.37 | 3.23 | 1.92 | 2.55 | 2.76 | 2.75 | 3.04 | 3.59 |
| P/FCF | 11.98 | 7.99 | 6.03 | 8.30 | 12.88 | 10.38 | 17.93 | 14.46 | 11.37 | 14.26 | 16.49 |
| P/OCF | 11.46 | 7.65 | 5.82 | 8.12 | 7.83 | 9.77 | 10.37 | 11.07 | 9.50 | 11.91 | 11.42 |
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 | — | 3.37 | 2.92 | 3.43 | 4.07 | 4.26 | 4.45 | 4.50 | 4.69 | 5.84 | 5.65 |
| EV / EBITDA | 25.54 | 18.79 | 8.63 | 10.80 | 26.41 | 18.22 | 16.03 | 10.78 | 10.67 | 13.62 | 11.92 |
| EV / EBIT | 87.22 | — | 13.79 | 16.22 | 17.75 | 27.70 | 13.74 | 15.14 | 12.40 | 15.40 | 13.14 |
| EV / FCF | — | 11.10 | 8.81 | 12.31 | 19.25 | 17.96 | 20.21 | 16.37 | 13.30 | 16.32 | 20.56 |
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 | 88.2% | 88.2% | 89.0% | 88.6% | 85.2% | 85.8% | 93.7% | 94.1% | 93.6% | 93.2% | 92.9% |
| Operating Margin | 5.3% | 5.3% | 17.6% | 15.1% | -1.8% | 5.5% | 16.0% | 24.6% | 32.5% | 32.7% | 39.8% |
| Net Profit Margin | -8.3% | -8.3% | 13.8% | 10.8% | -6.1% | -10.6% | 10.1% | 24.2% | 23.6% | 30.1% | 26.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.5% | -8.5% | 14.3% | 12.2% | -6.4% | -8.6% | 7.0% | 17.8% | 16.3% | 21.3% | 22.8% |
| ROA | -3.0% | -3.0% | 4.8% | 3.7% | -1.9% | -3.5% | 4.0% | 9.7% | 8.7% | 9.8% | 9.7% |
| ROIC | 2.1% | 2.1% | 6.8% | 5.4% | -0.6% | 1.8% | 6.2% | 9.6% | 11.6% | 10.6% | 16.6% |
| ROCE | 2.2% | 2.2% | 6.9% | 5.9% | -0.6% | 2.0% | 6.8% | 10.6% | 12.7% | 11.3% | 15.4% |
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 | 1.26 | 1.26 | 1.51 | 1.55 | 1.88 | 1.55 | 0.61 | 0.57 | 0.58 | 0.58 | 1.08 |
| Debt / EBITDA | 7.08 | 7.08 | 4.48 | 4.76 | 10.31 | 8.51 | 3.43 | 1.96 | 1.92 | 2.28 | 2.88 |
| Net Debt / Equity | — | 0.93 | 0.92 | 1.15 | 1.60 | 1.40 | 0.33 | 0.36 | 0.47 | 0.44 | 0.89 |
| Net Debt / EBITDA | 5.26 | 5.26 | 2.72 | 3.52 | 8.74 | 7.69 | 1.82 | 1.26 | 1.55 | 1.72 | 2.36 |
| Debt / FCF | — | 3.11 | 2.78 | 4.01 | 6.37 | 7.59 | 2.29 | 1.91 | 1.93 | 2.06 | 4.07 |
| Interest Coverage | -2.22 | -2.22 | 3.62 | 2.80 | 2.91 | 1.70 | 7.68 | 8.89 | 9.12 | 7.89 | 10.33 |
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 | 1.86 | 1.86 | 4.46 | 2.24 | 2.79 | 3.23 | 4.34 | 4.47 | 3.57 | 3.29 | 2.91 |
| Quick Ratio | 1.67 | 1.67 | 3.99 | 1.85 | 2.03 | 1.90 | 4.20 | 4.26 | 3.42 | 3.15 | 2.77 |
| Cash Ratio | 1.09 | 1.09 | 2.88 | 1.06 | 0.94 | 0.73 | 3.26 | 2.96 | 2.39 | 2.04 | 1.65 |
| Asset Turnover | — | 0.37 | 0.34 | 0.34 | 0.34 | 0.25 | 0.36 | 0.39 | 0.36 | 0.32 | 0.31 |
| Inventory Turnover | 1.21 | 1.21 | 0.93 | 0.73 | 0.76 | 0.41 | 1.56 | 1.63 | 2.30 | 2.55 | 3.09 |
| Days Sales Outstanding | — | 71.05 | 64.30 | 67.19 | 64.98 | 66.45 | 61.23 | 60.11 | 50.93 | 50.54 | 57.46 |
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 | — | — | 7.0% | 5.0% | — | — | 2.6% | 6.1% | 5.9% | 5.9% | 5.9% |
| FCF Yield | 8.3% | 12.5% | 16.6% | 12.0% | 7.8% | 9.6% | 5.6% | 6.9% | 8.8% | 7.0% | 6.1% |
| Buyback Yield | 0.8% | 1.2% | 3.8% | 3.0% | 0.0% | 0.0% | 1.6% | 3.5% | 6.9% | 1.2% | 4.1% |
| Total Shareholder Yield | 0.8% | 1.2% | 3.8% | 3.0% | 0.0% | 0.0% | 1.6% | 3.5% | 6.9% | 1.2% | 4.1% |
| Shares Outstanding | — | $61M | $66M | $72M | $63M | $60M | $57M | $58M | $61M | $61M | $62M |
Patent cliff and leverage
Based on recent market data, JAZZ trades at a forward P/E of 9.07, which appears to reflect significant investor skepticism regarding the long-term durability of the oxybate franchise as it faces generic competition and the potential for future revenue erosion in its core neuroscience segment.
The valuation discount relative to broader biotech peers suggests that the market is pricing in a terminal decline for the legacy sleep portfolio rather than rewarding the company's recent oncology expansion. Investors should monitor whether the current forward multiple provides a sufficient margin of safety against potential downside surprises in Xywav conversion rates.
As reported in financial statements, JAZZ's ROIC has experienced significant volatility, bottoming at -6.6% in 2025Q2 before recovering to 4.2% in 2026Q1, a trend that highlights the difficulty of generating immediate returns on the substantial capital deployed for large-scale inorganic growth initiatives.
The erratic return profile is largely a function of the heavy amortization charges associated with the GW Pharmaceuticals acquisition, which artificially depress the denominator of invested capital. A sustained improvement in ROIC will likely depend on the company's ability to drive organic growth from its oncology pipeline without further dilutive capital expenditures.
According to quarterly filings, the company's cash conversion cycle has shown extreme instability, fluctuating from 194 days in 2025Q3 to 1,229 days by 2025Q4, which suggests that management faces ongoing challenges in optimizing inventory levels and managing the timing of complex payer-related receivables.
The high variability in DSO and DIO metrics indicates that the company's working capital efficiency is highly sensitive to shifts in the payer mix and the launch of new product formulations. This lack of predictability in the cash conversion cycle warrants further investigation into whether these fluctuations are structural or merely temporary timing artifacts.
Based on the latest balance sheet data, JAZZ has successfully reduced its debt-to-equity ratio from a peak of 1.57 in 2024Q1 to 0.24 in 2026Q1, signaling a decisive shift toward strengthening the balance sheet following a period of aggressive, debt-funded expansion in the biotechnology sector.
The improvement in interest coverage, which reached 8.44 in 2026Q1, suggests that the company is significantly better positioned to manage its remaining debt obligations in a volatile interest rate environment. This deleveraging trend appears to be a core management priority, likely aimed at reducing the risk profile ahead of anticipated patent expirations.
The most commonly misapplied metric for this business model is the GAAP P/E ratio, which, at -39.39 TTM, fails to account for the massive non-cash amortization charges that obscure the company's underlying ability to generate substantial free cash flow from its specialized orphan drug portfolio.
Investors should prioritize Adjusted EBITDA or Free Cash Flow metrics to better assess the company's true earning power, as GAAP figures are heavily distorted by the accounting treatment of past acquisitions. Relying on headline P/E ratios likely leads to a systematic undervaluation of the firm's actual cash-generating capacity.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying JAZZ stock.
Jazz Pharmaceuticals plc's current P/E ratio is -42.4x. The historical average is 33.0x.
Jazz Pharmaceuticals plc's current EV/EBITDA is 25.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.4x.
Jazz Pharmaceuticals plc's return on equity (ROE) is -8.5%. The historical average is 8.4%.
Based on historical data, Jazz Pharmaceuticals plc is trading at a P/E of -42.4x. Compare with industry peers and growth rates for a complete picture.
Jazz Pharmaceuticals plc has 88.2% gross margin and 5.3% operating margin.
Jazz Pharmaceuticals plc's Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.