Latest Ratios: P/E Ratio 18.9x · EV/EBITDA 12.1x · ROE 23.9%. (2007–2025 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 | $97M | $91M | $52M | $28M | $21M | $16M | $17M | $13M | $15M | $7M | $1M |
| Enterprise Value | $93M | $86M | $54M | $30M | $23M | $16M | $14M | $12M | $14M | $6M | $-1164995 |
| P/E Ratio → | 18.91 | 17.68 | 13.65 | 12.22 | 15.88 | 11.00 | 14.00 | 3.47 | 10.69 | — | — |
| P/S Ratio | 2.36 | 2.19 | 1.52 | 1.08 | 0.93 | 0.90 | 0.65 | 0.54 | 0.72 | 0.40 | 0.06 |
| P/B Ratio | 3.99 | 3.73 | 2.75 | 1.86 | 1.68 | 1.05 | 1.20 | 1.09 | 2.37 | 1.25 | 0.15 |
| P/FCF | 15.15 | 14.09 | 1034.61 | — | 11.70 | 79.62 | 4.48 | 779.35 | 17.25 | — | — |
| P/OCF | 14.05 | 13.07 | 29.05 | — | 10.22 | 34.26 | 4.30 | 82.81 | 14.48 | 463.37 | — |
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 | — | 2.08 | 1.59 | 1.18 | 1.04 | 0.89 | 0.54 | 0.51 | 0.68 | 0.33 | -0.07 |
| EV / EBITDA | 12.14 | 11.25 | 10.20 | 9.69 | 11.93 | — | 4.46 | 3.51 | 7.84 | 11.15 | -8.03 |
| EV / EBIT | 13.02 | 12.06 | 11.23 | 10.89 | 14.15 | 7.96 | 5.88 | 2.74 | 8.99 | — | — |
| EV / FCF | — | 13.39 | 1082.39 | — | 13.06 | 78.46 | 3.72 | 731.23 | 16.29 | — | — |
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 | 29.2% | 29.2% | 28.0% | 25.8% | 21.9% | 13.8% | 23.5% | 25.5% | 21.7% | 18.4% | 17.7% |
| Operating Margin | 17.3% | 17.3% | 14.2% | 10.9% | 7.4% | -2.7% | 11.1% | 13.0% | 7.1% | 1.1% | -1.2% |
| Net Profit Margin | 12.5% | 12.5% | 11.1% | 8.8% | 5.7% | 11.7% | 7.0% | 23.1% | 6.7% | -1.6% | -1.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 23.9% | 23.9% | 22.4% | 16.6% | 9.1% | 14.4% | 13.9% | 61.1% | 22.7% | -4.6% | -2.7% |
| ROA | 18.5% | 18.5% | 15.8% | 11.1% | 6.5% | 10.3% | 9.6% | 37.5% | 10.4% | -2.3% | -1.7% |
| ROIC | 26.1% | 26.1% | 18.7% | 12.9% | 8.1% | -2.8% | 19.2% | 28.4% | 22.1% | 3.2% | -2.3% |
| ROCE | 31.0% | 31.0% | 24.9% | 16.7% | 9.7% | -2.9% | 19.5% | 26.5% | 15.3% | 2.0% | -2.2% |
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 | 0.08 | 0.08 | 0.18 | 0.26 | 0.27 | 0.23 | 0.13 | 0.02 | 0.05 | 0.05 | 0.04 |
| Debt / EBITDA | 0.24 | 0.24 | 0.64 | 1.25 | 1.72 | — | 0.58 | 0.07 | 0.17 | 0.55 | 2.07 |
| Net Debt / Equity | — | -0.19 | 0.13 | 0.18 | 0.20 | -0.02 | -0.21 | -0.07 | -0.13 | -0.23 | -0.31 |
| Net Debt / EBITDA | -0.59 | -0.59 | 0.45 | 0.86 | 1.24 | — | -0.92 | -0.23 | -0.46 | -2.55 | -15.64 |
| Debt / FCF | — | -0.71 | 47.78 | — | 1.36 | -1.15 | -0.76 | -48.12 | -0.96 | — | — |
| Interest Coverage | — | — | 102.57 | 50.67 | — | 185.55 | 125.00 | 197.43 | 79.05 | -15.00 | -4.78 |
Net cash position: cash ($6M) exceeds total debt ($2M)
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 | 5.64 | 5.64 | 4.05 | 4.30 | 3.97 | 7.43 | 3.36 | 4.53 | 3.99 | 2.79 | 4.58 |
| Quick Ratio | 2.50 | 2.50 | 1.05 | 1.32 | 1.24 | 3.66 | 1.59 | 1.35 | 1.30 | 1.09 | 1.99 |
| Cash Ratio | 1.40 | 1.40 | 0.20 | 0.30 | 0.28 | 1.94 | 0.95 | 0.32 | 0.40 | 0.38 | 1.07 |
| Asset Turnover | — | 1.38 | 1.33 | 1.15 | 1.21 | 0.87 | 1.27 | 1.40 | 1.64 | 1.32 | 1.35 |
| Inventory Turnover | 2.04 | 2.04 | 1.65 | 1.57 | 1.90 | 2.07 | 2.25 | 1.73 | 2.14 | 1.99 | 2.29 |
| Days Sales Outstanding | — | 41.60 | 42.77 | 56.33 | 47.42 | 63.76 | 41.63 | 45.62 | 43.02 | 61.50 | 44.25 |
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 | — | — | — | — | — | — | — | — | 5.2% | 3.5% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | 56.2% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.3% | 5.7% | 7.3% | 8.2% | 6.3% | 9.1% | 7.1% | 28.8% | 9.4% | — | — |
| FCF Yield | 6.6% | 7.1% | 0.1% | — | 8.6% | 1.3% | 22.3% | 0.1% | 5.8% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.5% | 0.2% | 22.7% | 5.3% | 1.2% | 0.0% | 4.7% | 7.0% | 100.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.5% | 0.2% | 22.7% | 5.3% | 1.2% | 0.0% | 9.9% | 10.5% | 100.0% |
| Shares Outstanding | — | $7M | $7M | $7M | $8M | $8M | $9M | $8M | $9M | $8M | $2M |
Legacy platform dependency
According to current market data, OPXS trades at a P/E of 17.30 and a PEG ratio of 0.44, suggesting that investors may be significantly underpricing the company's earnings growth potential relative to its specialized role as a critical defense component supplier within the broader industrial sector.
The low PEG ratio implies that the market is not fully accounting for the durability of the company's replacement-cycle revenue. This valuation discount appears to stem from the firm's micro-cap status and lack of institutional coverage, which often leads to a misclassification as a low-growth legacy manufacturer.
Based on reported financial statements, ROIC has fluctuated significantly, peaking at 8.5% in 2025Q2 before dropping to 0.0% in 2026Q2, which indicates that the company's ability to compound capital is highly sensitive to the timing of project-based revenue recognition and defense procurement cycles.
The inconsistency in returns suggests that management's capital allocation is heavily dictated by the lumpy nature of military contract fulfillment. Investors should monitor whether the company can stabilize these returns as it navigates the transition from legacy armored vehicle platforms to newer, next-generation combat vehicle requirements.
As indicated by the most recent quarterly data, the cash conversion cycle has ballooned to 134,335 days in 2026Q2, a figure that warrants further investigation as it suggests severe inefficiencies in managing inventory and receivables relative to the company's historical operational performance and industry standards.
This extreme spike in the CCC likely reflects a temporary bottleneck in milestone-based revenue recognition or a buildup of inventory in anticipation of future contract deliveries. Such volatility in working capital management complicates the assessment of the company's underlying operational efficiency and cash-generating capability.
According to recent SEC filings, the company maintains a robust liquidity position with a current ratio of 9.19 as of 2026Q2, providing a substantial safety margin that effectively insulates the firm from the erratic cash flow patterns inherent in its project-based defense manufacturing business model.
The high current ratio appears to be a deliberate strategy to mitigate the risks associated with long lead times for specialized optical glass and the unpredictable nature of defense procurement. This liquidity cushion is a critical strength, allowing the company to maintain operations despite the lack of consistent quarterly cash inflows.
The P/E ratio is frequently misapplied to OPXS, as it fails to account for the lumpy, milestone-based revenue recognition that characterizes the firm's defense contracts, often leading to distorted earnings snapshots that do not reflect the company's true long-term earning power or its critical supply chain role.
Analysts should instead prioritize the book-to-bill ratio and free cash flow trends to better gauge the company's health. Relying solely on P/E ignores the reality that earnings are often a function of accounting timing rather than sustained operational performance, which can lead to erroneous conclusions about the firm's valuation.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying OPXS stock.
Optex Systems Holdings, Inc's current P/E ratio is 18.9x. The historical average is 14.1x. This places it at the 90th percentile of its historical range.
Optex Systems Holdings, Inc's current EV/EBITDA is 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.7x.
Optex Systems Holdings, Inc's return on equity (ROE) is 23.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 4.5%.
Based on historical data, Optex Systems Holdings, Inc is trading at a P/E of 18.9x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Optex Systems Holdings, Inc has 29.2% gross margin and 17.3% operating margin. Operating margin between 10-20% is typical for established companies.
Optex Systems Holdings, Inc's Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.