Latest Ratios: P/E Ratio -1.5x · EV/EBITDA 13.7x · ROE N/A. (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 | $57M | $35M | $52M | $63M | $102M | $132M | $48M | $116M | $148M | $122M | $203M |
| Enterprise Value | $529M | $506M | $526M | $548M | $602M | $655M | $623M | $540M | $611M | $638M | $804M |
| P/E Ratio → | -1.52 | — | — | — | — | 5.81 | — | 8.13 | 3.24 | 4.40 | 5.86 |
| P/S Ratio | 0.10 | 0.06 | 0.08 | 0.09 | 0.13 | 0.17 | 0.08 | 0.23 | 0.27 | 0.21 | 0.33 |
| P/B Ratio | — | — | — | 2.65 | 5.90 | 3.05 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | 3.10 | 1.14 | 2.24 | 2.78 | 1.79 | 2.82 |
| P/OCF | — | — | 46.35 | — | 29.66 | 2.63 | 0.95 | 2.01 | 2.50 | 1.69 | 2.57 |
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 | — | 0.90 | 0.86 | 0.79 | 0.77 | 0.82 | 1.01 | 1.06 | 1.12 | 1.12 | 1.31 |
| EV / EBITDA | 13.65 | 13.07 | 16.36 | 8.09 | 9.80 | 6.59 | 7.21 | 5.19 | 5.08 | 4.77 | 5.45 |
| EV / EBIT | 26.59 | — | 52.35 | 14.28 | 14.14 | 11.92 | 10.56 | 7.57 | 7.30 | 6.52 | 6.56 |
| EV / FCF | — | — | — | — | — | 15.37 | 14.91 | 10.42 | 11.46 | 9.35 | 11.14 |
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 | 55.9% | 55.9% | 97.3% | 96.3% | 96.1% | 96.3% | 96.1% | 95.6% | 95.4% | 95.6% | 95.8% |
| Operating Margin | 3.5% | 3.5% | 0.7% | 5.4% | 3.2% | 7.1% | 8.1% | 14.7% | 16.3% | 16.3% | 16.9% |
| Net Profit Margin | -6.7% | -6.7% | -4.2% | -0.8% | -0.3% | 2.9% | -0.3% | 2.8% | 8.4% | 4.8% | 5.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -315.7% | -25.7% | -6.7% | 334.6% | — | — | — | — | — |
| ROA | -6.0% | -6.0% | -3.8% | -0.7% | -0.3% | 2.7% | -0.3% | 2.5% | 7.7% | 4.3% | 4.9% |
| ROIC | 3.3% | 3.3% | 0.7% | 5.4% | 3.4% | 7.6% | 8.1% | 13.8% | 15.6% | 15.5% | 15.2% |
| ROCE | 3.9% | 3.9% | 0.8% | 6.1% | 3.8% | 8.0% | 8.3% | 14.9% | 17.1% | 17.0% | 17.0% |
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 | — | — | — | 21.09 | 29.96 | 12.70 | — | — | — | — | — |
| Debt / EBITDA | 12.44 | 12.44 | 15.04 | 7.38 | 8.41 | 5.52 | 7.05 | 4.15 | 3.89 | 3.93 | 4.19 |
| Net Debt / Equity | — | — | — | 20.48 | 29.02 | 12.09 | — | — | — | — | — |
| Net Debt / EBITDA | 12.18 | 12.18 | 14.75 | 7.16 | 8.15 | 5.26 | 6.66 | 4.07 | 3.84 | 3.86 | 4.07 |
| Debt / FCF | — | — | — | — | — | 12.27 | 13.78 | 8.18 | 8.68 | 7.56 | 8.32 |
| Interest Coverage | -0.05 | -0.05 | 0.24 | 0.93 | 1.02 | 1.23 | 0.99 | 1.30 | 1.58 | 1.70 | 1.91 |
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 | 0.79 | 0.79 | 0.85 | 0.93 | 0.83 | 0.77 | 0.76 | 0.99 | 0.91 | 0.69 | 0.78 |
| Quick Ratio | 0.75 | 0.75 | 0.80 | 0.87 | 0.77 | 0.72 | 0.70 | 0.93 | 0.82 | 0.65 | 0.74 |
| Cash Ratio | 0.09 | 0.09 | 0.08 | 0.13 | 0.12 | 0.18 | 0.23 | 0.14 | 0.08 | 0.11 | 0.17 |
| Asset Turnover | — | 0.93 | 0.94 | 0.97 | 1.05 | 0.94 | 0.72 | 0.92 | 0.95 | 0.91 | 0.93 |
| Inventory Turnover | 52.77 | 52.77 | 2.98 | 3.38 | 3.64 | 4.73 | 3.22 | 5.90 | 4.39 | 6.89 | 6.14 |
| Days Sales Outstanding | — | 35.45 | 36.21 | 36.49 | 32.49 | 29.89 | 31.07 | 30.45 | 29.33 | 31.85 | 30.50 |
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 | — | — | — | 1.0% | 0.6% | — | — | — | — | — | — |
| 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 | — | — | — | — | — | 17.2% | — | 12.3% | 30.9% | 22.7% | 17.1% |
| FCF Yield | — | — | — | — | — | 32.3% | 87.9% | 44.6% | 35.9% | 56.0% | 35.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 1.2% | 0.4% | 0.3% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 1.5% | 0.6% | 0.0% | 1.2% | 0.4% | 0.3% | 0.0% | 0.0% |
| Shares Outstanding | — | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $5M |
Structural insolvency and liquidity
According to recent market data, Lee Enterprises trades at a P/S ratio of 0.10, suggesting that investors are heavily discounting the company's future revenue potential compared to broader sector peers like The New York Times, which commands a significantly higher valuation multiple in the current market environment.
The negative TTM P/E ratio and the absence of a forward P/E indicate that the market views the company as a distressed asset rather than a growth-oriented entity. This valuation suggests that the market is pricing in a high probability of continued earnings deficits and potential balance sheet restructuring.
As reported in financial statements, Lee Enterprises' operating margin of 3.53% remains thin and highly sensitive to revenue fluctuations, which, when combined with a negative net margin of 6.69%, highlights the difficulty of achieving sustainable profitability within the company's current high-fixed-cost publishing business model.
The wide variance in gross margins, which have swung between 53% and 97% in recent quarters, suggests that accounting noise or shifts in revenue mix are obscuring the true earning power of the business. Investors should monitor whether the digital transition can eventually provide the margin stability required to offset the structural decline of print.
Based on the provided figures, Lee Enterprises' ROIC has struggled to remain consistently positive, with recent quarterly data showing a marginal 1.1% return, which indicates that the company is failing to generate sufficient returns on its invested capital to cover its cost of capital.
The inability to maintain a positive ROIC trend suggests that the company's capital allocation, including past acquisitions, has not yet yielded the expected synergies. This trend warrants further investigation into whether the firm's digital investments are actually creating value or merely serving as a defensive measure against revenue erosion.
According to quarterly filings, the company's asset turnover ratio of 0.20 reflects a low level of efficiency in generating revenue from its existing asset base, a trend that appears to be worsening as the firm struggles to optimize its working capital amidst declining print circulation volumes.
The erratic nature of the cash conversion cycle, which has frequently dipped into negative territory, suggests that the company is relying on aggressive management of payables to maintain liquidity. This reliance on supplier leverage may not be sustainable if the company's credit profile continues to deteriorate.
Based on an analysis of the company's financials, the P/E ratio is the most commonly misapplied metric for Lee Enterprises, as it fails to account for the significant non-cash impairment charges and pension liabilities that frequently distort the company's reported GAAP earnings in the publishing sector.
Investors should instead focus on EV/EBITDA or free cash flow yield to better understand the company's ability to service its debt and fund its digital transformation. Relying on P/E in this context obscures the underlying cash-generating capability of the business and ignores the structural liabilities inherent in legacy media.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying LEE stock.
Lee Enterprises, Incorporated's current P/E ratio is -1.5x. The historical average is 13.9x.
Lee Enterprises, Incorporated'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 9.5x.
Based on historical data, Lee Enterprises, Incorporated is trading at a P/E of -1.5x. Compare with industry peers and growth rates for a complete picture.
Lee Enterprises, Incorporated has 55.9% gross margin and 3.5% operating margin.
Lee Enterprises, Incorporated's Debt/EBITDA ratio is 12.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.