Latest Ratios: P/E Ratio -48.4x · EV/EBITDA 80.8x · ROE -1.1%. (2002–2025 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 | $380M | $403M | $420M | $1.5B | $1.2B | $910M | $367M | $164M | $67M | $80M | $110M |
| Enterprise Value | $331M | $355M | $286M | $1.4B | $1.1B | $819M | $354M | $170M | $69M | $109M | $164M |
| P/E Ratio → | -48.42 | — | 33.88 | 13.19 | 12.28 | 23.58 | 35.36 | 12.69 | 8.39 | — | 38.73 |
| P/S Ratio | 0.86 | 0.92 | 0.84 | 2.08 | 1.90 | 1.90 | 1.12 | 0.63 | 0.27 | 0.29 | 0.35 |
| P/B Ratio | 0.57 | 0.60 | 0.58 | 2.15 | 2.09 | 1.95 | 1.99 | 0.99 | 0.45 | 0.58 | 0.53 |
| P/FCF | 9.96 | 10.57 | 6264.74 | 10.00 | 10.05 | 12.91 | 16.89 | 3.77 | 2.31 | 2.79 | 4.50 |
| P/OCF | 9.06 | 9.62 | 60.49 | 9.94 | 9.96 | 12.80 | 16.54 | 3.66 | 2.05 | 2.22 | 3.62 |
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 | — | 0.81 | 0.57 | 1.84 | 1.64 | 1.71 | 1.08 | 0.65 | 0.27 | 0.40 | 0.52 |
| EV / EBITDA | 80.84 | 86.53 | 21.34 | 10.64 | 8.54 | 14.67 | 15.96 | 6.13 | 2.81 | — | 4.40 |
| EV / EBIT | — | — | 52.95 | 10.10 | 9.24 | 18.02 | 28.89 | 9.44 | 4.62 | — | 16.97 |
| EV / FCF | — | 9.29 | 4265.84 | 8.83 | 8.67 | 11.62 | 16.31 | 3.90 | 2.36 | 3.80 | 6.69 |
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 | 30.5% | 30.5% | 33.2% | 36.6% | 37.1% | 34.5% | 32.9% | 38.3% | 39.8% | 43.2% | 49.9% |
| Operating Margin | -3.1% | -3.1% | -0.6% | 15.4% | 17.0% | 9.6% | 3.7% | 6.9% | 5.8% | -27.6% | 3.6% |
| Net Profit Margin | -1.8% | -1.8% | 2.5% | 15.5% | 15.5% | 8.1% | 3.1% | 4.9% | 3.2% | -26.6% | 0.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.1% | -1.1% | 1.8% | 17.7% | 18.9% | 11.9% | 5.9% | 8.2% | 5.7% | -42.0% | 0.1% |
| ROA | -0.9% | -0.9% | 1.3% | 11.8% | 12.5% | 7.2% | 3.2% | 4.8% | 3.1% | -22.6% | 0.0% |
| ROIC | -1.7% | -1.7% | -0.4% | 17.9% | 20.6% | 12.6% | 5.4% | 8.4% | 6.9% | -26.4% | 3.1% |
| ROCE | -1.8% | -1.8% | -0.4% | 16.6% | 18.9% | 12.1% | 5.6% | 9.5% | 7.9% | -31.9% | 3.7% |
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 | 0.06 | 0.06 | 0.03 | 0.01 | 0.02 | 0.03 | 0.19 | 0.27 | 0.27 | 0.44 | 0.37 |
| Debt / EBITDA | 10.35 | 10.35 | 1.66 | 0.06 | 0.09 | 0.24 | 1.58 | 1.60 | 1.66 | — | 2.08 |
| Net Debt / Equity | — | -0.07 | -0.19 | -0.25 | -0.28 | -0.19 | -0.07 | 0.04 | 0.01 | 0.21 | 0.26 |
| Net Debt / EBITDA | -11.91 | -11.91 | -10.00 | -1.40 | -1.35 | -1.63 | -0.57 | 0.22 | 0.06 | — | 1.44 |
| Debt / FCF | — | -1.28 | -1998.90 | -1.16 | -1.37 | -1.29 | -0.58 | 0.14 | 0.05 | 1.02 | 2.19 |
| Interest Coverage | — | — | 8.30 | 378.83 | 500.72 | 76.75 | 8.55 | 5.86 | 3.26 | -15.22 | 1.39 |
Net cash position: cash ($91M) exceeds total debt ($42M)
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 | 2.76 | 2.76 | 3.47 | 2.14 | 2.57 | 2.30 | 1.23 | 1.38 | 1.35 | 1.40 | 1.31 |
| Quick Ratio | 2.76 | 2.76 | 3.47 | 2.14 | 2.57 | 2.30 | 1.23 | 1.38 | 1.35 | 1.40 | 1.31 |
| Cash Ratio | 1.67 | 1.67 | 2.31 | 1.39 | 1.84 | 1.66 | 0.50 | 0.74 | 0.56 | 0.46 | 0.37 |
| Asset Turnover | — | 0.48 | 0.54 | 0.69 | 0.74 | 0.67 | 0.91 | 0.92 | 0.99 | 1.00 | 0.85 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | 999999.00 |
| Days Sales Outstanding | — | 155.87 | 120.39 | 113.72 | 91.49 | 88.00 | 90.37 | 68.54 | 80.20 | 83.70 | 83.25 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | 3.0% | 7.6% | 8.1% | 4.2% | 2.8% | 7.9% | 11.9% | — | 2.6% |
| FCF Yield | 10.0% | 9.5% | 0.0% | 10.0% | 10.0% | 7.7% | 5.9% | 26.6% | 43.2% | 35.9% | 22.2% |
| Buyback Yield | 18.7% | 17.7% | 11.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 18.7% | 17.7% | 11.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $42M | $50M | $50M | $48M | $38M | $29M | $26M | $26M | $26M | $26M |
Search partner dependency concentration
According to current market data, Perion trades at a forward P/E of 7.84 and a P/S of 0.86, suggesting that investors are heavily discounting the firm's future earnings potential due to the ongoing contraction in its search-dependent revenue streams and the associated risks of its partner-centric business model.
The valuation multiples appear to reflect a market sentiment that views the company as a value trap rather than a growth-oriented ad-tech platform. While the forward P/E is low, it likely incorporates a significant risk premium for the potential loss of search monetization volume, making the multiple appear artificially attractive compared to peers with more diversified revenue bases.
Based on reported financial figures, Perion's ROIC has deteriorated from a positive 5.9% in 2023Q4 to a negative 1.8% in 2026Q1, indicating that the company is currently failing to generate adequate returns on its invested capital as the core search business faces persistent margin and volume headwinds.
The collapse in ROIC highlights the difficulty of maintaining profitability when the underlying revenue base is shrinking faster than the company can adjust its cost structure. This trend suggests that previous capital allocation decisions, including acquisitions intended to diversify the business, have yet to provide a sufficient offset to the decline in the legacy search segment.
As reported in recent financial statements, the company's Days Sales Outstanding (DSO) has expanded to 169 days in 2026Q1, a significant increase from 73 days in 2023Q4, which suggests growing friction in the collection process and potential challenges in managing working capital efficiency within its current partner ecosystem.
The lengthening of the cash conversion cycle indicates that the company may be experiencing delays in receiving payments from its advertising partners or that its customer base is facing its own liquidity constraints. This inefficiency places additional pressure on the firm's cash position, as more capital is tied up in receivables rather than being available for reinvestment or shareholder returns.
Investors frequently misapply the Price-to-Sales ratio to Perion, which obscures the company's true value-add by failing to account for the high Traffic Acquisition Costs (TAC) that dominate its income statement and artificially inflate the top-line revenue figure relative to the actual gross profit retained by the firm.
A more accurate assessment of the business model requires focusing on 'Contribution ex-TAC' rather than headline revenue, as the latter is heavily influenced by pass-through payments to search partners. Relying on standard P/S multiples may lead to an incorrect assessment of the company's scale and profitability, as it ignores the structural reality that a large portion of reported revenue is not truly available to cover operating expenses.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying PERI stock.
Perion Network Ltd.'s current P/E ratio is -48.4x. The historical average is 16.7x.
Perion Network Ltd.'s current EV/EBITDA is 80.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 29.0x.
Perion Network Ltd.'s return on equity (ROE) is -1.1%. The historical average is 25.0%.
Based on historical data, Perion Network Ltd. is trading at a P/E of -48.4x. Compare with industry peers and growth rates for a complete picture.
Perion Network Ltd. has 30.5% gross margin and -3.1% operating margin.
Perion Network Ltd.'s Debt/EBITDA ratio is 10.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.