Latest Ratios: P/E Ratio N/A · EV/EBITDA N/A · ROE 4.6%. (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 | — | — | — | — | — | — | — | — | — | — | — |
| Enterprise Value | — | — | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | — | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
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 | 100.0% | 100.0% | 62.1% | 54.3% | 50.5% | 47.5% | -71.3% | -610.4% | 51.5% | 100.0% | 100.0% |
| Operating Margin | 51.1% | 51.1% | 81.6% | 82.1% | 89.4% | 89.6% | 121.8% | 289.9% | 83.6% | 78.6% | -99.1% |
| Net Profit Margin | 47.8% | 47.8% | 80.7% | 81.7% | 88.7% | 88.9% | 126.4% | 304.2% | 82.4% | 76.8% | -114.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.6% | 4.6% | 19.8% | 21.2% | 44.9% | 79.2% | -59.9% | -10.6% | 35.0% | 32.3% | -5.7% |
| ROA | 0.4% | 0.4% | 1.6% | 1.5% | 2.6% | 2.8% | -2.1% | -0.6% | 1.8% | 1.3% | -0.2% |
| ROIC | 0.3% | 0.3% | 1.5% | 1.4% | 2.4% | 2.6% | -1.9% | -0.5% | 1.6% | 1.1% | -0.2% |
| ROCE | 0.5% | 0.5% | 1.7% | 1.6% | 2.6% | 2.8% | -2.1% | -0.5% | 1.8% | 1.3% | -0.2% |
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 | 10.39 | 10.39 | 8.54 | 10.22 | 11.10 | 16.32 | 33.97 | 16.53 | 13.84 | 18.31 | 24.05 |
| Debt / EBITDA | 215.94 | 215.94 | — | — | — | — | — | — | — | 11501.94 | 2849.63 |
| Net Debt / Equity | — | 10.35 | 8.44 | 10.14 | 11.02 | 16.11 | 32.93 | 16.39 | 13.68 | 18.16 | 23.80 |
| Net Debt / EBITDA | 215.04 | 215.04 | — | — | — | — | — | — | — | 11406.68 | 2819.99 |
| Debt / FCF | — | 158.36 | 80.87 | 79.55 | 101.31 | 98.00 | 101.91 | 117.25 | 147.15 | 123.32 | 89.35 |
| Interest Coverage | 1.10 | 1.10 | — | — | 2.27 | 2.33 | -1.37 | -0.34 | 1.16 | 0.86 | -0.14 |
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 | 0.11 | 0.11 | 0.19 | 0.94 | 1.16 | 2.39 | 4.81 | 1.12 | 1.55 | 1.21 | 1.54 |
| Quick Ratio | 0.11 | 0.11 | 0.19 | 0.94 | 1.16 | 2.39 | 4.81 | 1.12 | 1.55 | 1.21 | 1.54 |
| Cash Ratio | 0.03 | 0.03 | 0.06 | 0.94 | 1.16 | 2.39 | 4.81 | 1.12 | 1.55 | 1.21 | 1.54 |
| Asset Turnover | — | 0.01 | 0.02 | 0.02 | 0.03 | 0.03 | -0.02 | -0.00 | 0.02 | 0.02 | 0.00 |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | — | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | — | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
High leverage and liquidity
As reported in financial statements, NRUC's operating margins have demonstrated significant variance, swinging from a negative 66.7% in 2023Q4 to a peak of 87.9% in 2024Q1, reflecting the cooperative's high sensitivity to the cost of funds and derivative-driven accounting noise that obscures true operational earning power.
The extreme fluctuation in operating margins suggests that GAAP-reported profitability is heavily influenced by non-cash derivative valuation adjustments rather than core lending spreads. Investors should monitor the spread between interest income and interest expense, as this remains the most accurate indicator of the cooperative's fundamental ability to generate sustainable returns.
Based on the provided quarterly data, ROE has fluctuated from a high of 8.5% in 2024Q1 to a low of negative 5.6% in 2025Q1, indicating that the cooperative's ability to compound capital is highly sensitive to market-driven valuation swings rather than consistent operational execution.
The low and inconsistent ROIC figures suggest that the cooperative model prioritizes member-owner utility stability over maximizing returns on invested capital. This structural choice appears to limit the potential for significant capital appreciation, as earnings are frequently recycled back into the cooperative ecosystem rather than being deployed for high-growth initiatives.
According to recent SEC filings, NRUC's current ratio has deteriorated to 0.13 as of 2026Q1, reflecting a persistent inability to cover short-term obligations with liquid assets and highlighting a structural reliance on continuous access to capital markets to maintain operational continuity during periods of market stress.
The consistently low current and quick ratios suggest that the cooperative operates with minimal liquidity buffers, which may leave it vulnerable to sudden disruptions in the commercial paper or debt markets. This reliance on external financing necessitates a high degree of confidence in the cooperative's credit rating to ensure ongoing access to liquidity.
As reported in financial statements, NRUC's total debt has climbed significantly, pushing the debt-to-equity ratio to 10.73 by 2026Q1, signaling a heavy reliance on external funding to support the ongoing infrastructure requirements of its member-owner cooperative base in a high-interest-rate environment.
The elevated debt-to-equity ratio suggests that the cooperative is funding its asset growth almost exclusively through debt rather than internal capital accumulation. This leverage profile warrants close monitoring, as any sustained increase in the cost of capital may outpace the cooperative's ability to reset interest rates on its member loan portfolio.
The debt-to-equity ratio is frequently misapplied to NRUC, as it fails to account for the unique cooperative structure where equity is a mandatory contribution from borrowers rather than speculative capital, potentially leading analysts to overestimate the actual default risk inherent in the cooperative's balance sheet.
Instead of traditional leverage ratios, analysts should focus on the Times Interest Earned Ratio (TIER) and the credit quality of the underlying member-owner cooperatives. These metrics provide a more accurate assessment of the cooperative's ability to service its debt, given the essential nature of the rural utility infrastructure it finances.
Includes 30+ ratios · 14 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NRUC stock.
National Rural Utilities Cooper's return on equity (ROE) is 4.6%. The historical average is 14.5%.
Based on historical data, National Rural Utilities Cooper is trading at valuation metrics that vary. Compare with industry peers and growth rates for a complete picture.
National Rural Utilities Cooper has 100.0% gross margin and 51.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
National Rural Utilities Cooper's Debt/EBITDA ratio is 215.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.