Latest Ratios: P/E Ratio 36.5x · EV/EBITDA 40.8x · ROE 8.8%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.8B | $17.8B | $20.3B | $25.0B | $16.2B | $28.2B | $39.3B | $7.8B | — | — |
| Enterprise Value | $14.1B | $17.1B | $19.3B | $23.8B | $14.8B | $27.0B | $38.8B | $7.4B | — | — |
| P/E Ratio → | 36.48 | 42.44 | 10.86 | — | — | 88.66 | — | — | — | — |
| P/S Ratio | 3.50 | 4.22 | 5.55 | 8.18 | 5.77 | 10.94 | 23.21 | 6.86 | — | — |
| P/B Ratio | 3.22 | 3.75 | 4.26 | 8.09 | 4.93 | 9.28 | 17.52 | 3.87 | — | — |
| P/FCF | 11.81 | 14.22 | 21.55 | 41.31 | 36.72 | 37.92 | 3439.28 | — | — | — |
| P/OCF | 11.52 | 13.87 | 21.00 | 40.77 | 34.45 | 37.47 | 1363.14 | 11929.40 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.05 | 5.29 | 7.80 | 5.27 | 10.49 | 22.93 | 6.48 | — | — |
| EV / EBITDA | 40.81 | 49.56 | 95.99 | — | — | 76.45 | — | — | — | — |
| EV / EBIT | 44.02 | 53.45 | 107.34 | — | — | 82.90 | — | — | — | — |
| EV / FCF | — | 13.66 | 20.53 | 39.38 | 33.58 | 36.35 | 3396.93 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.1% | 80.1% | 79.4% | 77.5% | 75.8% | 79.5% | 73.5% | 68.6% | 68.0% | 62.2% |
| Operating Margin | 7.6% | 7.6% | 4.9% | -4.1% | -3.6% | 12.7% | -8.4% | -121.5% | -9.9% | -29.2% |
| Net Profit Margin | 9.9% | 9.9% | 51.1% | -1.2% | -3.4% | 12.3% | -7.6% | -119.1% | -8.3% | -27.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.8% | 8.8% | 47.5% | -1.1% | -3.0% | 12.0% | -6.0% | -94.1% | -7.0% | -14.2% |
| ROA | 7.7% | 7.7% | 41.7% | -1.0% | -2.6% | 10.3% | -5.1% | -75.9% | -5.2% | -10.7% |
| ROIC | 6.1% | 6.1% | 4.7% | -4.9% | -4.0% | 13.5% | -6.4% | -83.5% | -6.4% | -12.2% |
| ROCE | 6.4% | 6.4% | 4.4% | -3.7% | -3.0% | 11.5% | -6.2% | -84.1% | -6.7% | -12.2% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.04 | 0.06 | 0.07 | 0.08 | 0.08 | 0.11 | 0.17 | — |
| Debt / EBITDA | 0.76 | 0.76 | 0.92 | — | — | 0.71 | — | — | — | — |
| Net Debt / Equity | — | -0.15 | -0.20 | -0.38 | -0.42 | -0.38 | -0.22 | -0.21 | 0.03 | -0.08 |
| Net Debt / EBITDA | -2.05 | -2.05 | -4.73 | — | — | -3.31 | — | — | — | — |
| Debt / FCF | — | -0.57 | -1.01 | -1.93 | -3.14 | -1.57 | -42.35 | — | — | — |
| Interest Coverage | — | — | — | — | -6.68 | 34.63 | -199.03 | -635.80 | -61.88 | -1157.33 |
Net cash position: cash ($969M) exceeds total debt ($262M)
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.64 | 7.64 | 8.75 | 10.53 | 9.08 | 12.25 | 11.51 | 11.74 | 8.20 | 11.11 |
| Quick Ratio | 7.64 | 7.64 | 8.75 | 10.53 | 9.08 | 12.25 | 11.51 | 11.74 | 8.20 | 11.11 |
| Cash Ratio | 5.30 | 5.30 | 6.31 | 7.93 | 7.09 | 9.55 | 8.60 | 9.74 | 5.79 | 8.92 |
| Asset Turnover | — | 0.77 | 0.68 | 0.85 | 0.73 | 0.73 | 0.65 | 0.48 | 0.63 | 0.39 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 86.27 | 89.43 | 91.18 | 88.76 | 92.50 | 121.56 | 101.05 | 107.16 | 105.44 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 2.4% | 9.2% | — | — | 1.1% | — | — | — | — |
| FCF Yield | 8.5% | 7.0% | 4.6% | 2.4% | 2.7% | 2.6% | 0.0% | — | — | — |
| Buyback Yield | 6.3% | 5.2% | 4.9% | 3.3% | 1.0% | 0.0% | 0.1% | 6.1% | — | — |
| Total Shareholder Yield | 6.3% | 5.2% | 4.9% | 3.3% | 1.0% | 0.0% | 0.1% | 6.1% | — | — |
| Shares Outstanding | — | $688M | $698M | $675M | $666M | $776M | $596M | $420M | $529M | $449M |
Ad-spend cyclicality and competition
Based on recent financial data, Pinterest's forward P/E of 10.98 suggests the market is pricing in significant skepticism regarding long-term margin expansion, contrasting sharply with the higher multiples commanded by peers like Reddit, which trade at a premium due to different user engagement and monetization profiles.
The divergence between the TTM P/E of 34.07 and the forward multiple indicates that investors are anticipating a substantial earnings recovery, likely driven by the company's pivot toward shoppable content. However, this valuation remains sensitive to the company's ability to maintain its intent-based moat against aggressive short-form video competitors.
According to historical financial statements, Pinterest's ROIC has fluctuated significantly, dropping to -1.6% in 2026Q1 from a peak of 7.9% in 2023Q4, which suggests that the company is currently struggling to generate consistent returns on its invested capital as it scales its infrastructure and product development.
The inconsistency in ROIC highlights the challenge of balancing heavy R&D spending with the need to drive incremental revenue growth. Investors should monitor whether the recent uptick in goodwill and intangible assets from M&A activity will eventually dilute these returns further or provide the necessary technological leverage to improve efficiency.
As reported in quarterly filings, Pinterest's DSO has shown notable variability, ranging from 63 to 84 days over the last ten quarters, which indicates that the company's cash conversion efficiency is heavily influenced by the timing of large-scale advertising contracts and seasonal billing cycles within the digital ad market.
The lack of a stable CCC trend suggests that management's control over working capital is secondary to the cyclical nature of its advertiser base. While the current liquidity position is strong, the volatility in receivables warrants further investigation into the credit quality of the platform's expanding SME advertiser segment.
Based on the provided balance sheet, Pinterest maintains a debt-to-equity ratio of 0.42 as of 2026Q1, which, when compared to the higher leverage profiles of peers like Snap, positions the company with a fortress-like balance sheet that offers significant flexibility for future capital allocation or defensive maneuvers.
The company's ability to operate with negligible debt service requirements is a structural advantage in a high-rate environment. This financial health allows management to prioritize aggressive share repurchases and R&D investment without the immediate pressure of servicing interest obligations that might otherwise constrain operational agility.
As noted in industry analysis, the market frequently misapplies social media valuation metrics to Pinterest, failing to account for the platform's unique intent-based utility, which suggests that EV/Sales or EV/EBITDA may obscure the long-term value of its proprietary first-party data compared to traditional social graph-based platforms.
Investors should consider shifting focus toward metrics that capture 'intent-yield' rather than simple user growth or social engagement. Relying on standard social media multiples risks undervaluing the platform's potential as a high-intent search engine, which may eventually command a premium as it successfully integrates more direct commerce functionality.
Includes 30+ ratios · 9 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 PINS stock.
Pinterest, Inc.'s current P/E ratio is 36.5x. The historical average is 47.3x. This places it at the 33th percentile of its historical range.
Pinterest, Inc.'s current EV/EBITDA is 40.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 74.0x.
Pinterest, Inc.'s return on equity (ROE) is 8.8%. The historical average is -6.4%.
Based on historical data, Pinterest, Inc. is trading at a P/E of 36.5x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pinterest, Inc. has 80.1% gross margin and 7.6% operating margin.
Pinterest, Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.