Latest Ratios: P/E Ratio 34.7x · EV/EBITDA 22.4x · ROE 17.9%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $276M | $172M | $140M | $98M | $23M | — | — |
| Enterprise Value | $255M | $151M | $127M | $94M | $23M | — | — |
| P/E Ratio → | 34.70 | 20.31 | 18.28 | 27.89 | 13.06 | — | — |
| P/S Ratio | 5.07 | 3.16 | 2.85 | 2.37 | 0.74 | — | — |
| P/B Ratio | 4.64 | 2.72 | 4.47 | 4.91 | 1.63 | — | — |
| P/FCF | 34.05 | 21.18 | 24.84 | 31.24 | 21.18 | — | — |
| P/OCF | 25.90 | 16.11 | 18.57 | 22.15 | 11.47 | — | — |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.77 | 2.59 | 2.28 | 0.71 | — | — |
| EV / EBITDA | 22.45 | 13.27 | 12.25 | 18.21 | 6.29 | — | — |
| EV / EBIT | 24.81 | 14.67 | 13.52 | 21.81 | 7.87 | — | — |
| EV / FCF | — | 18.62 | 22.59 | 30.02 | 20.47 | — | — |
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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 44.4% | 44.4% | 46.2% | 40.7% | 35.6% | 35.0% | 34.3% |
| Operating Margin | 18.9% | 18.9% | 19.2% | 10.4% | 9.0% | 7.9% | 10.1% |
| Net Profit Margin | 15.5% | 15.5% | 15.6% | 8.5% | 5.6% | 5.9% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 17.9% | 17.9% | 29.8% | 20.4% | 11.5% | 9.9% | 15.4% |
| ROA | 16.1% | 16.1% | 25.1% | 16.0% | 9.2% | 8.3% | 12.9% |
| ROIC | 25.3% | 25.3% | 40.6% | 21.8% | 15.4% | 11.7% | 18.0% |
| ROCE | 21.7% | 21.7% | 36.7% | 25.0% | 18.3% | 13.2% | 20.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 |
| Debt / EBITDA | 0.01 | 0.01 | 0.00 | 0.02 | 0.04 | 0.05 | 0.04 |
| Net Debt / Equity | — | -0.33 | -0.40 | -0.19 | -0.05 | -0.15 | -0.16 |
| Net Debt / EBITDA | -1.82 | -1.82 | -1.22 | -0.74 | -0.22 | -0.94 | -0.66 |
| Debt / FCF | — | -2.56 | -2.25 | -1.22 | -0.70 | -1.34 | -0.66 |
| Interest Coverage | — | — | — | — | 261.36 | 176.17 | 34.64 |
Net cash position: cash ($21M) exceeds total debt ($148000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 12.52 | 12.52 | 5.70 | 4.15 | 2.95 | 4.01 | 4.18 |
| Quick Ratio | 10.54 | 10.54 | 3.88 | 2.12 | 1.40 | 2.28 | 2.36 |
| Cash Ratio | 4.27 | 4.27 | 2.42 | 0.89 | 0.19 | 0.87 | 0.87 |
| Asset Turnover | — | 0.80 | 1.34 | 1.69 | 1.65 | 1.33 | 1.67 |
| Inventory Turnover | 3.13 | 3.13 | 2.77 | 2.75 | 2.73 | 3.32 | 3.86 |
| Days Sales Outstanding | — | 194.46 | 50.95 | 42.58 | 59.57 | 54.63 | 48.06 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 4.9% | 5.5% | 3.6% | 7.7% | — | — |
| FCF Yield | 2.9% | 4.7% | 4.0% | 3.2% | 4.7% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | — | — |
| Shares Outstanding | — | $3M | $3M | $3M | $3M | $3M | $5M |
Defense budget appropriation timing
According to recent market data, MPTI trades at a P/E of 35.70, which, when compared to the broader industrial sector, suggests investors are pricing in a significant scarcity premium for its specialized, debt-free position within the mission-critical defense electronics and RF subsystem manufacturing landscape.
The forward P/E of 37.66 indicates that the market anticipates sustained earnings growth, likely driven by the company's unique design-win pipeline in defense programs. While the valuation appears elevated relative to larger, more diversified peers, it may be justified by the company's high-margin profile and the structural barriers to entry inherent in its specialized RF filtering technology.
Based on reported financial statements, MPTI's ROIC has fluctuated between -0.3% and 12.6% over the last ten quarters, reflecting the inherent volatility of transitioning from a subsidiary to a standalone entity while managing the capital-intensive requirements of high-reliability defense electronics manufacturing and engineering.
The recent ROIC of 6.1% in 2026Q1 suggests that while the company is generating returns above its likely cost of capital, the efficiency of invested capital remains sensitive to the timing of project-based revenue recognition. Investors should monitor whether management can stabilize these returns as the company scales its Spectrum Control segment and optimizes its specialized manufacturing footprint.
As reported in quarterly filings, MPTI's cash conversion cycle has remained elevated, often exceeding 130 days, which indicates that the company's project-based defense business model necessitates significant working capital investment to support long-cycle production and the procurement of specialized components for mission-critical aerospace and defense platforms.
The DSO of 114 days in 2026Q1 highlights the extended payment terms typical of government-contracted work, which can create temporary liquidity friction despite the company's strong cash position. This efficiency profile suggests that MPTI's operational success is heavily dependent on managing the timing of milestone-based payments from Tier 1 defense prime contractors.
According to the latest balance sheet data, MPTI maintains a current ratio of 11.76, a figure that significantly exceeds industry norms and provides a substantial buffer against the inherent lumpiness of defense appropriations and potential supply chain disruptions in the specialized RF component market.
The company's near-zero debt position and substantial cash reserves suggest a conservative capital structure that prioritizes financial flexibility over leverage-driven growth. This liquidity profile appears designed to withstand prolonged delays in government funding cycles, positioning the firm to pursue strategic acquisitions or internal R&D investments without the pressure of debt service obligations.
Based on an analysis of MPTI's business model, the P/E ratio is frequently misapplied by market participants who fail to account for the lumpy, project-based nature of defense revenue, which can distort short-term earnings and lead to an inaccurate assessment of the company's true long-term earning power.
Investors should instead focus on EV/EBITDA or free cash flow yield, as these metrics better capture the company's operational cash generation while neutralizing the impact of non-cash accounting adjustments and the timing of government contract milestones. Relying solely on P/E may obscure the underlying durability of the company's design-win pipeline and its potential for long-term margin expansion.
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Quick answers to the most common questions about buying MPTI stock.
M-tron Industries, Inc.'s current P/E ratio is 34.7x. The historical average is 19.9x. This places it at the 100th percentile of its historical range.
M-tron Industries, Inc.'s current EV/EBITDA is 22.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.5x.
M-tron Industries, Inc.'s return on equity (ROE) is 17.9%. The historical average is 17.5%.
Based on historical data, M-tron Industries, Inc. is trading at a P/E of 34.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
M-tron Industries, Inc. has 44.4% gross margin and 18.9% operating margin. Operating margin between 10-20% is typical for established companies.
M-tron Industries, Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.