Latest Ratios: P/E Ratio 23.8x · EV/EBITDA 17.3x · ROE 40.2%. (2012–2025 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 | $5.2B | $5.4B | $5.7B | $3.8B | $2.7B | $4.3B | $2.8B | $1.8B | $1.7B | $1.8B | $822M |
| Enterprise Value | $5.0B | $5.2B | $5.5B | $3.9B | $2.7B | $3.9B | $2.8B | $1.8B | $1.5B | $1.6B | $521M |
| P/E Ratio → | 23.76 | 23.38 | 41.51 | — | 17.93 | 11.71 | 15.85 | 16.89 | 12.37 | 62.18 | 21.46 |
| P/S Ratio | 3.42 | 3.59 | 4.74 | 4.50 | 2.74 | 2.78 | 3.01 | 2.37 | 1.97 | 2.67 | 1.34 |
| P/B Ratio | 8.13 | 8.01 | 11.81 | 10.61 | 5.88 | 8.94 | 6.39 | 4.50 | 4.69 | 5.31 | 3.27 |
| P/FCF | 9.62 | 10.09 | 13.63 | 27.12 | 99.80 | 4.65 | 7.31 | 8.74 | 4.54 | 8.03 | 3.60 |
| P/OCF | 9.01 | 9.45 | 13.24 | 24.26 | 81.78 | 4.57 | 6.62 | 8.47 | 4.46 | 7.84 | 3.55 |
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 | — | 3.43 | 4.58 | 4.53 | 2.72 | 2.56 | 3.00 | 2.41 | 1.70 | 2.39 | 0.85 |
| EV / EBITDA | 17.33 | 18.22 | 29.83 | — | 11.98 | 7.85 | 10.48 | 15.08 | 6.51 | 9.76 | 3.17 |
| EV / EBIT | 18.09 | 15.89 | 31.63 | — | 12.42 | 7.96 | 10.66 | 15.73 | 6.64 | 9.97 | 3.24 |
| EV / FCF | — | 9.64 | 13.17 | 27.33 | 99.28 | 4.29 | 7.29 | 8.88 | 3.92 | 7.20 | 2.28 |
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 | 99.2% | 99.2% | 30.5% | 16.4% | 37.3% | 40.7% | 40.5% | 34.6% | 42.0% | 41.4% | 41.2% |
| Operating Margin | 18.1% | 18.1% | 14.5% | -4.7% | 21.9% | 32.2% | 28.2% | 15.3% | 25.6% | 24.0% | 26.3% |
| Net Profit Margin | 15.4% | 15.4% | 11.4% | -2.9% | 15.3% | 23.7% | 19.0% | 14.1% | 15.9% | 4.3% | 6.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 40.2% | 40.2% | 32.3% | -6.0% | 32.1% | 79.2% | 42.7% | 27.5% | 39.3% | 9.9% | 15.1% |
| ROA | 14.6% | 14.6% | 10.6% | -2.1% | 10.8% | 26.5% | 15.8% | 10.6% | 17.4% | 4.5% | 6.7% |
| ROIC | 24.9% | 24.9% | 20.3% | -4.9% | 24.5% | 56.7% | 32.3% | 17.4% | 44.5% | 38.6% | 45.8% |
| ROCE | 22.0% | 22.0% | 27.0% | -6.6% | 32.7% | 75.6% | 43.1% | 23.6% | 62.0% | 53.5% | 61.1% |
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 | 0.47 | 0.60 | 0.42 | 0.40 | 0.44 | 0.50 | 0.07 | 0.07 | 0.07 |
| Debt / EBITDA | 0.93 | 0.93 | 1.22 | — | 0.86 | 0.38 | 0.73 | 1.65 | 0.11 | 0.14 | 0.11 |
| Net Debt / Equity | — | -0.35 | -0.39 | 0.08 | -0.03 | -0.69 | -0.01 | 0.08 | -0.64 | -0.55 | -1.20 |
| Net Debt / EBITDA | -0.84 | -0.84 | -1.03 | — | -0.06 | -0.65 | -0.02 | 0.25 | -1.02 | -1.13 | -1.83 |
| Debt / FCF | — | -0.45 | -0.46 | 0.21 | -0.52 | -0.36 | -0.02 | 0.15 | -0.62 | -0.83 | -1.32 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($509M) exceeds total debt ($267M)
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 | 21.47 | 21.47 | 0.72 | 0.42 | 0.47 | 0.67 | 0.55 | 0.47 | 0.62 | 0.80 | 1.04 |
| Quick Ratio | 21.47 | 21.47 | 0.72 | 0.42 | 0.47 | 0.67 | 0.55 | 0.47 | 0.62 | 0.80 | 1.04 |
| Cash Ratio | 17.61 | 17.61 | 0.61 | 0.31 | 0.37 | 0.59 | 0.36 | 0.35 | 0.49 | 0.62 | 0.94 |
| Asset Turnover | — | 0.84 | 0.87 | 0.72 | 0.81 | 0.99 | 0.79 | 0.70 | 0.97 | 0.98 | 1.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | 3.8% | 3.8% | 0.1% | 4.7% | 6.5% | 11.2% | 10.0% | 11.8% | 18.0% | 14.0% | 18.8% |
| Payout Ratio | 89.6% | 89.6% | 2.3% | — | 116.2% | 131.4% | 158.2% | 199.0% | 223.1% | 869.7% | 403.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 4.3% | 2.4% | — | 5.6% | 8.5% | 6.3% | 5.9% | 8.1% | 1.6% | 4.7% |
| FCF Yield | 10.4% | 9.9% | 7.3% | 3.7% | 1.0% | 21.5% | 13.7% | 11.4% | 22.0% | 12.5% | 27.8% |
| Buyback Yield | 1.4% | 1.4% | 0.2% | 1.2% | 5.5% | 2.4% | 1.6% | 2.9% | 1.9% | 0.7% | 0.4% |
| Total Shareholder Yield | 5.2% | 5.2% | 0.2% | 6.0% | 11.9% | 13.7% | 11.5% | 14.7% | 19.9% | 14.7% | 19.2% |
| Shares Outstanding | — | $79M | $77M | $69M | $70M | $68M | $61M | $56M | $51M | $38M | $24M |
Transactional revenue timing volatility
Based on current market data, Moelis & Company trades at a forward P/E of 20.86, which suggests that investors are pricing in a significant recovery in deal velocity relative to the firm's historical trading multiples and its broader peer group of independent advisory boutiques.
The current valuation appears to hinge on the assumption that the firm will successfully convert its recent 26.98% revenue growth into sustained margin expansion. Investors should monitor whether this premium is justified by market share gains in high-complexity mandates or if it reflects an over-optimistic outlook on the timing of M&A cycle normalization.
As reported in recent financial statements, Moelis & Company's ROIC has exhibited significant volatility, ranging from -1.2% to 15.1% over the last ten quarters, indicating that the firm's ability to compound capital is heavily dependent on the timing of success fees and the intensity of talent-related costs.
The wide variance in returns suggests that the firm's capital-light model is highly sensitive to the operating leverage inherent in its compensation structure. The inability to maintain consistent double-digit ROIC levels warrants further investigation into whether the firm's aggressive hiring strategy is effectively generating incremental value for shareholders.
According to the firm's quarterly filings, the asset turnover ratio has remained suppressed, fluctuating between 0.19 and 0.35, which reflects the inherent difficulty in scaling a professional services firm that relies on the personal, high-touch relationships of its senior managing directors to secure advisory mandates.
The low asset turnover is a structural feature of the boutique advisory model, but the recent fluctuations suggest that the firm's working capital efficiency is being tested by the current deal environment. Investors should be cautious of the potential for extended DSO periods to create temporary liquidity mismatches during market downturns.
Based on the provided financial data, the Price-to-Book ratio of 7.51 is frequently misapplied to Moelis & Company, as it fails to account for the firm's capital-light structure and the significant impact of historical partnership conversions on the reported equity base.
Because the firm does not require a balance sheet to generate revenue, book value is a poor proxy for the underlying earning power of its human capital. Analysts should instead focus on cash-based valuation metrics or adjusted earnings multiples that strip out the non-cash impacts of stock-based compensation.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying MC stock.
Moelis & Company's current P/E ratio is 23.8x. The historical average is 24.2x. This places it at the 80th percentile of its historical range.
Moelis & Company's current EV/EBITDA is 17.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.2x.
Moelis & Company's return on equity (ROE) is 40.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 27.0%.
Based on historical data, Moelis & Company is trading at a P/E of 23.8x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Moelis & Company's current dividend yield is 3.77% with a payout ratio of 89.6%.
Moelis & Company has 99.2% gross margin and 18.1% operating margin. Operating margin between 10-20% is typical for established companies.
Moelis & Company's Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.