Latest Ratios: P/E Ratio 19.1x · EV/EBITDA 10.9x · ROE 17.4%. (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 | $3.2B | $4.7B | $5.2B | $5.5B | $3.5B | $5.3B | $4.3B | $4.1B | $3.8B | $3.4B | $3.5B |
| Enterprise Value | $3.1B | $4.6B | $5.1B | $5.5B | $3.5B | $5.2B | $4.1B | $3.9B | $3.6B | $3.2B | $3.4B |
| P/E Ratio → | 19.08 | 28.46 | 32.81 | 49.77 | 39.62 | 37.50 | 31.19 | 27.17 | 28.08 | 29.20 | 28.74 |
| P/S Ratio | 1.66 | 2.49 | 2.77 | 3.03 | 2.11 | 3.63 | 3.19 | 3.13 | 3.11 | 2.80 | 2.93 |
| P/B Ratio | 3.19 | 4.76 | 5.61 | 6.41 | 4.19 | 6.32 | 5.44 | 5.63 | 5.83 | 5.84 | 6.80 |
| P/FCF | 15.60 | 23.34 | 28.21 | 40.72 | — | 61.69 | 48.36 | 32.29 | 29.31 | 28.67 | 27.74 |
| P/OCF | 12.14 | 18.16 | 20.63 | 24.46 | 34.75 | 30.57 | 24.96 | 20.71 | 23.65 | 23.31 | 24.50 |
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 | — | 2.43 | 2.72 | 3.00 | 2.10 | 3.52 | 3.07 | 2.98 | 2.94 | 2.68 | 2.83 |
| EV / EBITDA | 10.87 | 16.44 | 19.92 | 28.37 | 22.27 | 22.44 | 19.12 | 17.49 | 18.12 | 16.17 | 16.17 |
| EV / EBIT | 13.93 | 20.60 | 23.73 | 32.84 | 24.47 | 28.51 | 23.10 | 22.09 | 20.71 | 18.36 | 18.29 |
| EV / FCF | — | 22.82 | 27.63 | 40.29 | — | 59.89 | 46.41 | 30.74 | 27.72 | 27.45 | 26.80 |
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 | 23.9% | 23.9% | 23.1% | 21.3% | 21.2% | 26.4% | 26.8% | 24.9% | 24.8% | 26.5% | 25.2% |
| Operating Margin | 11.5% | 11.5% | 10.7% | 7.8% | 6.7% | 12.7% | 13.2% | 14.6% | 14.0% | 14.5% | 15.5% |
| Net Profit Margin | 8.8% | 8.8% | 8.5% | 6.1% | 5.3% | 9.7% | 10.3% | 11.5% | 11.1% | 9.6% | 10.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.4% | 17.4% | 17.7% | 13.0% | 10.6% | 17.5% | 18.1% | 21.8% | 22.0% | 21.2% | 22.2% |
| ROA | 13.5% | 13.5% | 13.7% | 10.1% | 8.2% | 13.6% | 14.4% | 17.6% | 17.8% | 17.1% | 18.2% |
| ROIC | 19.3% | 19.3% | 18.4% | 13.1% | 11.1% | 21.4% | 23.1% | 29.3% | 29.3% | 31.6% | 34.9% |
| ROCE | 20.9% | 20.9% | 20.3% | 15.1% | 12.1% | 20.7% | 21.3% | 25.5% | 25.4% | 29.0% | 31.0% |
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 | 0.06 | 0.06 | 0.06 | 0.03 | 0.04 | 0.04 | 0.03 | — | — | — | — |
| Debt / EBITDA | 0.20 | 0.20 | 0.23 | 0.16 | 0.23 | 0.14 | 0.13 | — | — | — | — |
| Net Debt / Equity | — | -0.11 | -0.11 | -0.07 | -0.03 | -0.18 | -0.22 | -0.27 | -0.32 | -0.25 | -0.23 |
| Net Debt / EBITDA | -0.37 | -0.37 | -0.41 | -0.30 | -0.15 | -0.67 | -0.80 | -0.88 | -1.04 | -0.72 | -0.57 |
| Debt / FCF | — | -0.52 | -0.57 | -0.43 | — | -1.79 | -1.95 | -1.55 | -1.59 | -1.22 | -0.94 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($161M) exceeds total debt ($56M)
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 | 2.38 | 2.38 | 2.41 | 2.22 | 2.12 | 2.43 | 3.05 | 3.08 | 4.04 | 3.93 | 3.67 |
| Quick Ratio | 1.47 | 1.47 | 1.47 | 1.28 | 1.25 | 1.73 | 2.38 | 2.36 | 3.07 | 2.93 | 2.63 |
| Cash Ratio | 0.87 | 0.87 | 0.89 | 0.52 | 0.36 | 1.08 | 1.57 | 1.64 | 2.19 | 1.87 | 1.62 |
| Asset Turnover | — | 1.50 | 1.55 | 1.64 | 1.54 | 1.33 | 1.34 | 1.44 | 1.52 | 1.68 | 1.88 |
| Inventory Turnover | 8.59 | 8.59 | 8.31 | 9.06 | 9.13 | 8.86 | 11.48 | 11.40 | 10.12 | 11.56 | 11.72 |
| Days Sales Outstanding | — | 18.32 | 18.63 | 23.02 | 29.50 | 24.36 | 23.69 | 21.13 | 21.78 | 21.24 | 20.23 |
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 | 3.3% | 2.2% | 1.9% | 1.7% | 2.5% | 1.5% | 1.8% | 1.7% | 1.7% | 1.8% | 5.5% |
| Payout Ratio | 61.8% | 61.8% | 61.7% | 83.0% | 96.8% | 57.1% | 55.2% | 46.6% | 47.7% | 51.1% | 156.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.2% | 3.5% | 3.0% | 2.0% | 2.5% | 2.7% | 3.2% | 3.7% | 3.6% | 3.4% | 3.5% |
| FCF Yield | 6.4% | 4.3% | 3.5% | 2.5% | — | 1.6% | 2.1% | 3.1% | 3.4% | 3.5% | 3.6% |
| Buyback Yield | 0.3% | 0.2% | 0.1% | 0.2% | 0.2% | 0.2% | 0.1% | 0.2% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.5% | 2.3% | 2.0% | 1.8% | 2.7% | 1.7% | 1.9% | 1.9% | 1.7% | 1.8% | 5.5% |
| Shares Outstanding | — | $27M | $27M | $27M | $27M | $28M | $27M | $28M | $27M | $27M | $27M |
Commodity cost volatility exposure
According to current market data, MZTI trades at a forward P/E of 17.14, which suggests investors are pricing in a defensive premium relative to the broader packaged foods sector, despite the company's inconsistent top-line growth trajectory observed over the last ten quarters of reported financial performance.
The current valuation appears to be supported by the company's fortress balance sheet rather than explosive earnings growth, as evidenced by a PEG ratio of 4.68. This valuation implies that the market is prioritizing the safety of the dividend yield and the stability of the licensing model over near-term expansion.
Based on reported figures, MZTI's ROIC has fluctuated between 3.4% and 6.8% over the past ten quarters, indicating that the company is currently struggling to generate returns that consistently exceed the typical cost of capital for a mid-cap industrial food manufacturer in the current environment.
The volatility in ROIC appears driven by margin compression during periods of high commodity inflation rather than structural inefficiencies. Investors should monitor whether management can improve these returns through better asset utilization or if the current capital-intensive manufacturing footprint will continue to act as a drag on compounding.
As reported in recent financial statements, MZTI maintains a cash conversion cycle averaging approximately 34 days, which suggests a disciplined approach to managing inventory and receivables despite the inherent logistical complexities of operating within the refrigerated and frozen food supply chain across the United States.
The stability of the CCC, supported by a consistent DSO of roughly 20 days, indicates that the company maintains strong leverage over its customer base. This efficiency is a critical component of the company's ability to maintain a robust cash position despite the thin gross margins inherent in the industry.
According to the latest balance sheet data, MZTI maintains a negligible debt-to-equity ratio of 0.04, which provides the company with significant financial flexibility and insulates it from the interest rate sensitivity that currently plagues more highly levered peers within the broader consumer defensive sector.
This lack of leverage suggests that management is prioritizing balance sheet preservation, which may be a prudent strategy given the volatility in commodity inputs. However, the absence of debt may also indicate a missed opportunity to optimize the capital structure for higher shareholder returns in a stable rate environment.
The P/E ratio is frequently misapplied to MZTI because it fails to account for the high-margin, royalty-like cash flows generated by the company's exclusive licensing agreements, which are structurally different from the lower-margin, commodity-sensitive manufacturing operations that dominate the consolidated income statement figures.
Investors should instead focus on an adjusted EV/EBITDA metric that separates the licensing platform from the core bread manufacturing business. Relying solely on the P/E ratio obscures the underlying earnings quality and may lead to an undervaluation of the company's unique brand-licensing competitive advantage.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MZTI stock.
The Marzetti Company's current P/E ratio is 19.1x. The historical average is 23.0x. This places it at the 43th percentile of its historical range.
The Marzetti Company's current EV/EBITDA is 10.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.5x.
The Marzetti Company's return on equity (ROE) is 17.4%. The historical average is 19.0%.
Based on historical data, The Marzetti Company is trading at a P/E of 19.1x. This is at the 43th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Marzetti Company's current dividend yield is 3.25% with a payout ratio of 61.8%.
The Marzetti Company has 23.9% gross margin and 11.5% operating margin. Operating margin between 10-20% is typical for established companies.
The Marzetti Company's Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.