Latest Ratios: P/E Ratio -18.8x · EV/EBITDA 18.3x · ROE -19.2%. (1995–2025 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 | $4.6B | $3.4B | $2.5B | $2.8B | $3.0B | $4.4B | $3.2B | $3.6B | $4.4B | $3.9B | $2.2B |
| Enterprise Value | $4.4B | $3.2B | $2.8B | $3.2B | $3.3B | $4.5B | $3.7B | $4.0B | $4.6B | $3.9B | $2.3B |
| P/E Ratio → | -18.78 | — | 39.92 | 161.69 | — | — | — | — | — | — | — |
| P/S Ratio | 3.31 | 2.42 | 2.02 | 2.43 | 2.91 | 4.28 | 3.44 | 3.36 | 4.01 | 3.83 | 1.81 |
| P/B Ratio | 3.80 | 2.79 | 1.91 | 2.20 | 2.46 | 3.42 | 2.90 | 2.64 | 2.95 | 2.14 | 1.29 |
| P/FCF | 26.51 | 19.36 | 18.59 | 70.24 | 68.47 | 57.44 | — | — | 53.77 | 67.76 | 41.49 |
| P/OCF | 18.05 | 13.19 | 13.81 | 37.44 | 42.51 | 43.17 | — | — | 36.81 | 42.45 | 24.38 |
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 | — | 2.30 | 2.21 | 2.76 | 3.27 | 4.35 | 3.93 | 3.67 | 4.12 | 3.88 | 1.88 |
| EV / EBITDA | 18.35 | 13.22 | 15.40 | — | — | 67.04 | — | — | — | 23.68 | 63.46 |
| EV / EBIT | 22.21 | — | 18.33 | — | — | — | — | 82.09 | — | 30.47 | 63.70 |
| EV / FCF | — | 18.42 | 20.42 | 79.60 | 76.90 | 58.46 | — | — | 55.24 | 68.68 | 43.06 |
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 | 67.7% | 67.7% | 69.5% | 66.9% | 69.2% | 68.2% | 63.7% | 66.8% | 66.4% | 64.4% | 58.0% |
| Operating Margin | 14.4% | 14.4% | 10.3% | -5.9% | -7.5% | -0.1% | -29.3% | -15.8% | -22.4% | 9.5% | -2.3% |
| Net Profit Margin | -17.5% | -17.5% | 5.0% | 1.5% | -8.4% | -13.1% | -37.3% | -14.5% | -17.1% | -2.5% | -5.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -19.2% | -19.2% | 4.9% | 1.4% | -6.9% | -11.3% | -28.0% | -10.9% | -11.4% | -1.4% | -3.6% |
| ROA | -9.5% | -9.5% | 2.6% | 0.7% | -3.8% | -5.9% | -14.5% | -6.4% | -7.5% | -1.0% | -2.6% |
| ROIC | 11.5% | 11.5% | 6.0% | -3.2% | -3.9% | -0.0% | -12.5% | -7.7% | -10.7% | 3.9% | -1.1% |
| ROCE | 10.2% | 10.2% | 6.1% | -3.3% | -4.4% | -0.0% | -13.7% | -8.7% | -12.0% | 4.6% | -1.3% |
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 | 0.39 | 0.39 | 0.51 | 0.50 | 0.48 | 0.22 | 0.64 | 0.29 | 0.11 | 0.08 | 0.07 |
| Debt / EBITDA | 1.96 | 1.96 | 3.76 | — | — | 4.27 | — | — | — | 0.88 | 3.42 |
| Net Debt / Equity | — | -0.14 | 0.19 | 0.29 | 0.30 | 0.06 | 0.41 | 0.24 | 0.08 | 0.03 | 0.05 |
| Net Debt / EBITDA | -0.67 | -0.67 | 1.38 | — | — | 1.17 | — | — | — | 0.32 | 2.31 |
| Debt / FCF | — | -0.94 | 1.82 | 9.36 | 8.44 | 1.02 | — | — | 1.47 | 0.92 | 1.57 |
| Interest Coverage | -3.48 | -3.48 | 2.40 | -0.38 | -0.56 | -1.48 | -1.49 | 3.21 | -24.19 | 16.54 | 3.37 |
Net cash position: cash ($636M) exceeds total debt ($473M)
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 | 1.36 | 1.36 | 2.87 | 2.95 | 2.98 | 0.97 | 2.29 | 1.07 | 1.07 | 2.14 | 1.96 |
| Quick Ratio | 1.16 | 1.16 | 2.50 | 2.51 | 2.54 | 0.82 | 1.92 | 0.75 | 0.76 | 1.79 | 1.38 |
| Cash Ratio | 0.79 | 0.79 | 1.09 | 0.80 | 0.72 | 0.30 | 0.82 | 0.12 | 0.10 | 0.23 | 0.13 |
| Asset Turnover | — | 0.53 | 0.50 | 0.47 | 0.45 | 0.47 | 0.39 | 0.45 | 0.43 | 0.40 | 0.52 |
| Inventory Turnover | 2.72 | 2.72 | 2.59 | 2.59 | 2.43 | 3.11 | 2.94 | 2.20 | 2.43 | 2.50 | 2.78 |
| Days Sales Outstanding | — | 56.80 | 65.14 | 68.05 | 76.74 | 78.61 | 72.34 | 86.98 | 84.44 | 103.20 | 64.12 |
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 | — | — | 2.5% | 0.6% | — | — | — | — | — | — | — |
| FCF Yield | 3.8% | 5.2% | 5.4% | 1.4% | 1.5% | 1.7% | — | — | 1.9% | 1.5% | 2.4% |
| Buyback Yield | 0.1% | 0.1% | 0.3% | 0.3% | 0.3% | 0.0% | 0.2% | 0.2% | 1.4% | 0.1% | 2.5% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.3% | 0.3% | 0.3% | 0.0% | 0.2% | 0.2% | 1.4% | 0.1% | 2.5% |
| Shares Outstanding | — | $55M | $55M | $54M | $54M | $51M | $49M | $48M | $48M | $49M | $49M |
Legacy litigation and impairments
Based on current market data, LivaNova trades at a forward P/E of 19.63, which appears to discount the company's historical earnings volatility while pricing in a recovery trajectory that remains contingent upon the successful commercialization of the Essenz platform and favorable outcomes in ongoing clinical trials.
The negative TTM P/E ratio underscores the impact of non-recurring charges that have historically obscured core earning power. Investors should monitor whether the forward multiple accurately captures the risk-adjusted growth potential of the Neuromodulation segment relative to larger, more diversified med-tech peers.
As reported in financial statements, the company's ROIC has struggled to maintain momentum, hovering at 3.0% in 2026Q1, which suggests that the firm is currently failing to generate returns that consistently exceed its cost of capital due to persistent asset base volatility and legacy charges.
The trend in ROIC, which dipped into negative territory in 2023Q4, highlights the difficulty in compounding value when significant capital is tied up in underperforming legacy assets. Future improvements in return metrics will likely depend on the company's ability to optimize its asset turnover and reduce the drag from non-operating legal liabilities.
According to recent quarterly filings, LivaNova's cash conversion cycle reached 106 days in 2026Q1, reflecting a persistent reliance on high inventory levels that may indicate inefficiencies in the supply chain or a strategic build-up of components to support the rollout of the Essenz cardiopulmonary platform.
The elevated days inventory outstanding (DIO) of 125 days suggests that the company's capital is tied up in hardware for longer periods than typical for the medical device sector. This inefficiency warrants further investigation into whether the current inventory management strategy is a temporary necessity for product launches or a structural drag on cash flow.
Based on reported figures, the company has successfully reduced its debt-to-equity ratio to 0.28 as of 2026Q1, a significant improvement from the 0.66 level observed in 2025Q1, which indicates a more disciplined approach to managing the balance sheet amidst ongoing operational and legal uncertainties.
The improvement in interest coverage to 5.00x suggests that the company is better positioned to service its obligations compared to the periods of negative coverage seen in 2024. However, investors should remain cautious, as the company's reliance on debt to fund historical operations remains a factor that could limit financial flexibility if litigation costs escalate.
The market's reliance on adjusted EBITDA as a primary performance indicator for LivaNova frequently obscures the recurring nature of restructuring and legal costs, which have historically acted as a significant drag on the company's actual cash-generating capacity and long-term shareholder value creation.
Analysts should prioritize free cash flow (FCF) over adjusted EBITDA to better understand the company's true economic performance. By excluding recurring operational expenses that management labels as non-recurring, the market may be overestimating the company's ability to fund future R&D and growth initiatives from internal cash flows.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying LIVN stock.
LivaNova PLC's current P/E ratio is -18.8x. The historical average is 100.8x.
LivaNova PLC's current EV/EBITDA is 18.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.6x.
LivaNova PLC's return on equity (ROE) is -19.2%. The historical average is -18.7%.
Based on historical data, LivaNova PLC is trading at a P/E of -18.8x. Compare with industry peers and growth rates for a complete picture.
LivaNova PLC has 67.7% gross margin and 14.4% operating margin. Operating margin between 10-20% is typical for established companies.
LivaNova PLC's Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.