Latest Ratios: P/E Ratio 25.1x · EV/EBITDA 16.0x · ROE 16.5%. (1998–2025 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 | $3.6B | $3.9B | $2.4B | $2.0B | $1.5B | $1.9B | $1.4B | $2.1B | $1.4B | $1.5B | $1.2B |
| Enterprise Value | $4.2B | $4.4B | $2.8B | $2.3B | $1.9B | $2.1B | $1.7B | $2.4B | $1.7B | $1.7B | $1.2B |
| P/E Ratio → | 25.11 | 25.82 | 18.63 | 22.07 | 13.25 | 25.22 | 18.43 | 32.55 | — | 70.23 | 44.72 |
| P/S Ratio | 2.10 | 2.25 | 1.55 | 1.58 | 1.29 | 1.63 | 1.19 | 1.78 | 1.32 | 1.54 | 1.41 |
| P/B Ratio | 3.95 | 4.06 | 2.76 | 2.79 | 2.39 | 2.92 | 2.43 | 3.82 | 2.94 | 2.60 | 2.16 |
| P/FCF | 64.27 | 68.86 | — | 32.38 | 45.82 | 17.06 | 14.65 | 23.72 | 16.44 | 36.50 | 32.73 |
| P/OCF | 36.94 | 39.58 | — | 21.36 | 23.93 | 13.44 | 10.75 | 17.70 | 10.80 | 23.57 | 19.71 |
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 | — | 2.59 | 1.85 | 1.83 | 1.57 | 1.82 | 1.43 | 2.00 | 1.58 | 1.72 | 1.44 |
| EV / EBITDA | 16.01 | 17.00 | 12.30 | 13.47 | 11.57 | 13.12 | 10.78 | 16.13 | 13.66 | 16.31 | 12.42 |
| EV / EBIT | 19.22 | 20.52 | 15.04 | 17.31 | 14.35 | 18.11 | 15.90 | 21.89 | 30.58 | 46.82 | 31.20 |
| EV / FCF | — | 79.13 | — | 37.43 | 55.70 | 19.07 | 17.60 | 26.53 | 19.63 | 40.88 | 33.55 |
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 | 34.3% | 34.3% | 34.5% | 33.7% | 35.9% | 36.6% | 36.1% | 36.4% | 36.0% | 33.7% | 33.4% |
| Operating Margin | 12.7% | 12.7% | 12.3% | 10.6% | 10.3% | 10.1% | 9.0% | 7.6% | 5.1% | 3.5% | 4.6% |
| Net Profit Margin | 8.7% | 8.7% | 8.3% | 7.2% | 9.7% | 6.5% | 6.5% | 5.5% | -2.7% | 2.2% | 3.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.5% | 16.5% | 16.1% | 13.5% | 18.0% | 12.2% | 13.4% | 12.4% | -5.5% | 3.8% | 4.7% |
| ROA | 7.2% | 7.2% | 7.3% | 6.1% | 8.2% | 5.6% | 5.9% | 5.1% | -2.3% | 1.9% | 2.7% |
| ROIC | 11.5% | 11.5% | 12.0% | 10.1% | 10.0% | 10.1% | 9.5% | 8.6% | 5.5% | 3.8% | 5.2% |
| ROCE | 16.3% | 16.3% | 18.0% | 14.9% | 13.0% | 11.7% | 11.5% | 10.6% | 6.6% | 4.4% | 5.7% |
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 | 0.72 | 0.72 | 0.64 | 0.54 | 0.62 | 0.47 | 0.62 | 0.63 | 0.74 | 0.61 | 0.25 |
| Debt / EBITDA | 2.61 | 2.61 | 2.39 | 2.26 | 2.45 | 1.89 | 2.30 | 2.37 | 2.90 | 3.42 | 1.39 |
| Net Debt / Equity | — | 0.61 | 0.53 | 0.44 | 0.52 | 0.34 | 0.49 | 0.45 | 0.57 | 0.31 | 0.05 |
| Net Debt / EBITDA | 2.21 | 2.21 | 1.98 | 1.82 | 2.05 | 1.38 | 1.81 | 1.71 | 2.22 | 1.75 | 0.31 |
| Debt / FCF | — | 10.27 | — | 5.06 | 9.88 | 2.01 | 2.95 | 2.81 | 3.19 | 4.38 | 0.83 |
| Interest Coverage | 6.39 | 6.39 | 6.79 | 6.75 | 14.43 | 6.90 | 5.59 | 4.99 | 2.91 | 3.68 | 13.32 |
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 | 2.04 | 2.04 | 1.49 | 1.47 | 1.22 | 2.06 | 1.87 | 1.68 | 1.47 | 1.89 | 1.51 |
| Quick Ratio | 1.46 | 1.46 | 1.00 | 0.88 | 0.67 | 1.20 | 1.14 | 0.96 | 0.76 | 1.17 | 0.77 |
| Cash Ratio | 0.15 | 0.15 | 0.12 | 0.13 | 0.10 | 0.23 | 0.23 | 0.25 | 0.19 | 0.49 | 0.28 |
| Asset Turnover | — | 0.76 | 0.79 | 0.82 | 0.82 | 0.83 | 0.92 | 0.93 | 0.87 | 0.78 | 0.84 |
| Inventory Turnover | 2.77 | 2.77 | 2.53 | 2.51 | 2.27 | 2.47 | 3.09 | 2.75 | 2.22 | 2.57 | 2.02 |
| Days Sales Outstanding | — | 178.49 | 153.75 | 108.73 | 95.00 | 95.80 | 84.47 | 73.62 | 70.62 | 78.45 | 62.35 |
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 | 4.0% | 3.9% | 5.4% | 4.5% | 7.5% | 4.0% | 5.4% | 3.1% | — | 1.4% | 2.2% |
| FCF Yield | 1.6% | 1.5% | — | 3.1% | 2.2% | 5.9% | 6.8% | 4.2% | 6.1% | 2.7% | 3.1% |
| Buyback Yield | 2.2% | 2.1% | 0.0% | 1.7% | 7.3% | 2.0% | 3.7% | 1.0% | 4.4% | 3.3% | 6.3% |
| Total Shareholder Yield | 2.2% | 2.1% | 0.0% | 1.7% | 7.3% | 2.0% | 3.7% | 1.0% | 4.4% | 3.3% | 6.3% |
| Shares Outstanding | — | $17M | $17M | $17M | $18M | $18M | $19M | $19M | $19M | $20M | $20M |
Lumpy contract revenue volatility
Based on current market data, OSIS trades at a P/E of 25.06, which appears to reflect a conglomerate discount when compared to the broader security and defense peer group, suggesting the market may be under-appreciating the potential for margin expansion through the company's evolving turnkey service model.
The forward P/E of 20.95 implies that investors are pricing in moderate growth, yet the PEG ratio of 1.51 suggests that the current valuation may be stretched relative to the company's historical earnings volatility. This valuation gap warrants further investigation into whether the market is correctly discounting the cyclical nature of the healthcare segment versus the higher-growth security screening business.
According to recent financial statements, OSIS has struggled to maintain consistent ROIC, with figures hovering between 1.6% and 4.3% over the last ten quarters, indicating that the company is currently failing to generate returns that meaningfully exceed its cost of capital in a sustained manner.
The low ROIC trend suggests that the company's heavy investment in specialized manufacturing and R&D is not yet yielding the expected efficiency gains. Investors should monitor whether the shift toward recurring service contracts can improve capital turnover, as the current returns appear significantly lower than those of more specialized defense peers.
As reported in quarterly filings, the company's cash conversion cycle remains elevated, peaking at 276 days in 2025Q1, which highlights the significant operational friction caused by long-duration government contracts and the resulting accumulation of unbilled receivables and inventory that ties up critical working capital.
The high DSO, which reached 199 days in 2026Q1, suggests that OSIS faces structural challenges in collecting payments from its government and international customers. This inefficiency forces the company to maintain higher liquidity buffers, which may be limiting its ability to deploy capital more aggressively toward higher-return growth initiatives.
Based on institutional research standards, the most commonly misapplied metric for OSIS is the standard EV/EBITDA multiple, which fails to account for the shifting revenue mix toward recurring service-based contracts that should theoretically command a higher valuation multiple than traditional, project-based hardware manufacturing.
By treating OSIS as a pure-play hardware manufacturer, the market obscures the value of the company's growing 'Turnkey' service footprint. Analysts should instead focus on the quality of earnings and the stability of service-based cash flows, as these components are likely to drive a re-rating if the company successfully scales its recurring revenue base.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying OSIS stock.
OSI Systems, Inc.'s current P/E ratio is 25.1x. The historical average is 31.8x. This places it at the 38th percentile of its historical range.
OSI Systems, Inc.'s current EV/EBITDA is 16.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.0x.
OSI Systems, Inc.'s return on equity (ROE) is 16.5%. The historical average is 7.4%.
Based on historical data, OSI Systems, Inc. is trading at a P/E of 25.1x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
OSI Systems, Inc. has 34.3% gross margin and 12.7% operating margin. Operating margin between 10-20% is typical for established companies.
OSI Systems, Inc.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.