Latest Ratios: P/E Ratio -3.4x · EV/EBITDA N/A · ROE -13.9%. (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 | $363M | $519M | $867M | $2.2B | $2.3B | $1.8B | $797M | $824M | $962M | $1.3B | $832M |
| Enterprise Value | $611M | $767M | $1.2B | $2.5B | $2.5B | $2.0B | $820M | $869M | $989M | $1.3B | $866M |
| P/E Ratio → | -3.40 | — | 25.24 | 20.52 | 21.62 | 19.67 | 19.86 | 21.34 | 25.81 | 31.51 | 27.46 |
| P/S Ratio | 0.68 | 0.97 | 1.23 | 2.61 | 3.00 | 2.85 | 2.02 | 2.27 | 2.56 | 3.71 | 2.61 |
| P/B Ratio | 0.51 | 0.72 | 1.04 | 2.57 | 3.15 | 2.77 | 3.04 | 3.57 | 4.78 | 7.63 | 5.69 |
| P/FCF | 4.77 | 6.83 | 27.87 | 76.61 | 53.79 | 43.63 | 23.75 | 275.48 | 395.16 | 103.70 | 462.40 |
| P/OCF | 2.99 | 4.27 | 8.47 | 26.07 | 26.38 | 20.20 | 14.97 | 41.79 | 28.74 | 38.47 | 42.18 |
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 | — | 1.43 | 1.68 | 2.95 | 3.25 | 3.20 | 2.07 | 2.39 | 2.63 | 3.77 | 2.72 |
| EV / EBITDA | — | — | 12.25 | 14.46 | 14.93 | 13.78 | 12.21 | 14.77 | 16.08 | 24.14 | 16.28 |
| EV / EBIT | — | — | 15.36 | 16.63 | 17.47 | 16.02 | 15.13 | 18.38 | 19.73 | 30.51 | 22.45 |
| EV / FCF | — | 10.09 | 37.98 | 86.55 | 58.33 | 49.05 | 24.45 | 290.28 | 406.24 | 105.43 | 481.54 |
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 | 37.2% | 37.2% | 40.7% | 36.4% | 32.4% | 31.7% | 25.0% | 21.1% | 22.2% | 21.9% | 20.5% |
| Operating Margin | -17.6% | -17.6% | 10.6% | 17.8% | 19.0% | 20.2% | 13.7% | 13.0% | 13.3% | 12.3% | 13.2% |
| Net Profit Margin | -20.1% | -20.1% | 4.9% | 12.8% | 14.0% | 14.6% | 10.2% | 10.7% | 9.9% | 12.0% | 9.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -13.9% | -13.9% | 4.1% | 13.5% | 15.8% | 20.1% | 16.3% | 17.9% | 20.1% | 26.6% | 23.8% |
| ROA | -8.2% | -8.2% | 2.5% | 8.4% | 10.0% | 13.0% | 11.7% | 12.9% | 14.4% | 18.0% | 14.9% |
| ROIC | -6.7% | -6.7% | 4.9% | 10.7% | 12.3% | 16.5% | 14.5% | 14.1% | 18.0% | 17.4% | 19.1% |
| ROCE | -8.1% | -8.1% | 5.7% | 12.8% | 14.9% | 20.0% | 18.2% | 18.0% | 22.8% | 22.2% | 24.3% |
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 | 0.37 | 0.37 | 0.41 | 0.36 | 0.33 | 0.38 | 0.17 | 0.21 | 0.16 | 0.15 | 0.25 |
| Debt / EBITDA | — | — | 3.52 | 1.77 | 1.44 | 1.67 | 0.67 | 0.81 | 0.52 | 0.45 | 0.68 |
| Net Debt / Equity | — | 0.35 | 0.38 | 0.33 | 0.27 | 0.34 | 0.09 | 0.19 | 0.13 | 0.13 | 0.24 |
| Net Debt / EBITDA | — | — | 3.26 | 1.66 | 1.16 | 1.52 | 0.35 | 0.75 | 0.44 | 0.40 | 0.65 |
| Debt / FCF | — | 3.26 | 10.11 | 9.94 | 4.54 | 5.42 | 0.70 | 14.79 | 11.08 | 1.73 | 19.14 |
| Interest Coverage | -13.25 | -13.25 | 9.11 | 22.32 | 26.71 | 31.00 | 23.93 | 36.20 | 42.93 | 36.24 | 29.82 |
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 | 2.61 | 2.61 | 5.91 | 4.51 | 4.31 | 4.13 | 4.17 | 4.69 | 4.13 | 3.24 | 3.00 |
| Quick Ratio | 0.70 | 0.70 | 1.96 | 1.47 | 1.56 | 1.36 | 1.52 | 1.20 | 1.22 | 1.00 | 0.87 |
| Cash Ratio | 0.09 | 0.09 | 0.27 | 0.16 | 0.45 | 0.24 | 0.41 | 0.08 | 0.13 | 0.07 | 0.04 |
| Asset Turnover | — | 0.43 | 0.50 | 0.60 | 0.68 | 0.60 | 1.08 | 1.12 | 1.35 | 1.45 | 1.41 |
| Inventory Turnover | 0.88 | 0.88 | 1.14 | 1.53 | 1.83 | 1.74 | 2.10 | 2.09 | 2.69 | 2.91 | 3.21 |
| Days Sales Outstanding | — | 81.23 | 78.82 | 63.48 | 53.00 | 57.12 | 52.57 | 42.18 | 38.34 | 38.16 | 33.02 |
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 | 2.8% | 2.0% | 1.2% | 0.5% | 0.5% | 0.6% | 1.0% | 0.8% | 0.6% | 1.3% | 0.2% |
| Payout Ratio | — | — | 30.7% | 9.9% | 9.7% | 11.0% | 20.3% | 17.7% | 14.8% | 41.6% | 6.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 4.0% | 4.9% | 4.6% | 5.1% | 5.0% | 4.7% | 3.9% | 3.2% | 3.6% |
| FCF Yield | 21.0% | 14.6% | 3.6% | 1.3% | 1.9% | 2.3% | 4.2% | 0.4% | 0.3% | 1.0% | 0.2% |
| Buyback Yield | 0.3% | 0.2% | 5.6% | 0.0% | 0.0% | 0.0% | 0.6% | 0.7% | 0.2% | 0.4% | 0.2% |
| Total Shareholder Yield | 3.1% | 2.2% | 6.9% | 0.5% | 0.5% | 0.6% | 1.6% | 1.5% | 0.8% | 1.7% | 0.4% |
| Shares Outstanding | — | $21M | $22M | $22M | $22M | $21M | $17M | $17M | $17M | $17M | $17M |
Inventory liquidity and impairment
Based on recent SEC filings, MGPI's current P/S ratio of 0.68 and negative TTM P/E suggest that the market is heavily discounting the company's future earnings potential, likely pricing in a permanent impairment of the branded spirits strategy rather than a temporary cyclical downturn in the distillery segment.
The forward P/E of 10.71 indicates that investors are anticipating a return to profitability, yet the valuation remains significantly depressed compared to historical norms. This suggests that the market is struggling to reconcile the company's role as a high-value spirits bank with the current reality of negative net margins and strategic restructuring.
As reported in financial statements, MGPI's ROIC has deteriorated from 2.9% in 2023Q4 to -14.5% in 2026Q1, signaling that the company is currently failing to generate returns above its cost of capital, a trend that reflects the heavy burden of non-performing assets and recent strategic impairments.
The collapse in ROIC suggests that the capital-intensive nature of the business is currently a liability rather than a moat, as the maturation of inventory is not being offset by sufficient margin expansion. Investors should monitor whether this decay is structural or if the company can restore efficiency once the current restructuring phase concludes.
According to quarterly data, the cash conversion cycle has expanded significantly to 508 days in 2026Q1, up from 258 days in 2023Q4, primarily driven by a ballooning days inventory outstanding metric that highlights the company's struggle to monetize its aging whiskey stocks in a cooling market.
The sharp increase in DIO suggests that the company is holding onto inventory for longer periods, which ties up critical cash and increases the risk of future write-downs. This inefficiency indicates that the company's operational leverage is currently working against it, as fixed costs remain high while inventory turnover slows.
Based on reported figures, MGPI's debt-to-equity ratio has risen to 0.44 in 2026Q1, while interest coverage has turned deeply negative at -121.89, indicating that the company's ability to service its obligations is currently compromised by the recent collapse in operating income and rising financial costs.
While the absolute debt levels remain manageable, the lack of positive operating cash flow to cover interest expenses is a significant concern for institutional holders. The company's reliance on external financing to bridge the gap during this restructuring period warrants close monitoring of potential covenant breaches.
As evidenced by the company's unique business model, the P/E ratio is a fundamentally flawed metric for MGPI, as it fails to account for the significant 'hidden' value of aging whiskey inventory that is carried at cost rather than market value on the balance sheet.
Analysts should instead focus on the book value of inventory and EV/Sales, as the P/E ratio is distorted by non-cash impairments and the long-term maturation cycle of the product. Relying on earnings-based multiples during a period of heavy investment and restructuring likely leads to an inaccurate assessment of the firm's underlying economic value.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MGPI stock.
MGP Ingredients, Inc.'s current P/E ratio is -3.4x. The historical average is 26.1x.
MGP Ingredients, Inc.'s return on equity (ROE) is -13.9%. The historical average is 5.7%.
Based on historical data, MGP Ingredients, Inc. is trading at a P/E of -3.4x. Compare with industry peers and growth rates for a complete picture.
MGP Ingredients, Inc.'s current dividend yield is 2.85%.
MGP Ingredients, Inc. has 37.2% gross margin and -17.6% operating margin.