Latest Ratios: P/E Ratio 44.0x · EV/EBITDA 25.8x · ROE 12.4%. (1996–2025 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 | $7.4B | $4.0B | $3.8B | $2.6B | $2.5B | $2.7B | $2.1B | $1.9B | $2.0B | $1.9B | $1.6B |
| Enterprise Value | $7.2B | $3.8B | $3.7B | $2.8B | $2.7B | $2.7B | $2.1B | $2.0B | $1.9B | $1.7B | $1.4B |
| P/E Ratio → | 43.96 | 22.89 | 34.02 | 18.78 | 18.02 | 19.13 | 18.05 | 17.86 | 153.97 | 17.31 | 20.88 |
| P/S Ratio | 1.83 | 0.98 | 0.96 | 0.62 | 0.65 | 0.79 | 0.63 | 0.61 | 0.69 | 0.77 | 0.62 |
| P/B Ratio | 5.22 | 2.72 | 2.87 | 2.15 | 2.27 | 2.58 | 2.17 | 2.24 | 2.15 | 1.89 | 1.74 |
| P/FCF | 47.88 | 25.70 | 11.16 | 42.32 | — | 31.08 | 13.24 | 78.64 | 489.90 | 14.55 | 16.51 |
| P/OCF | 29.58 | 15.88 | 8.72 | 15.76 | — | 18.63 | 10.09 | 16.85 | 29.70 | 11.28 | 12.49 |
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 | — | 0.95 | 0.94 | 0.67 | 0.71 | 0.79 | 0.62 | 0.63 | 0.65 | 0.67 | 0.56 |
| EV / EBITDA | 25.84 | 13.65 | 15.24 | 10.65 | 11.25 | 11.28 | 10.04 | 10.33 | 11.26 | 9.60 | 9.70 |
| EV / EBIT | 35.78 | 19.16 | 23.62 | 14.68 | 15.56 | 15.33 | 13.91 | 14.46 | 15.65 | 12.42 | 13.96 |
| EV / FCF | — | 24.84 | 10.96 | 45.77 | — | 31.33 | 13.15 | 81.24 | 463.08 | 12.63 | 14.75 |
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 | 10.1% | 10.1% | 9.6% | 9.4% | 9.1% | 9.6% | 9.2% | 9.2% | 9.0% | 10.1% | 8.9% |
| Operating Margin | 5.0% | 5.0% | 4.2% | 4.7% | 4.7% | 5.2% | 4.5% | 4.5% | 4.1% | 5.1% | 3.9% |
| Net Profit Margin | 4.3% | 4.3% | 2.8% | 3.3% | 3.6% | 4.1% | 3.5% | 3.4% | 0.5% | 4.4% | 3.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.4% | 12.4% | 8.8% | 12.0% | 13.0% | 13.9% | 12.7% | 12.2% | 1.3% | 11.5% | 8.7% |
| ROA | 5.5% | 5.5% | 3.5% | 4.1% | 4.7% | 5.8% | 5.5% | 5.5% | 0.7% | 6.0% | 4.4% |
| ROIC | 11.8% | 11.8% | 9.4% | 10.7% | 11.3% | 13.1% | 12.2% | 12.2% | 11.2% | 12.8% | 10.0% |
| ROCE | 12.9% | 12.9% | 11.1% | 13.5% | 13.1% | 13.5% | 12.7% | 12.2% | 10.5% | 11.9% | 8.9% |
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 | 0.12 | 0.12 | 0.21 | 0.39 | 0.45 | 0.28 | 0.38 | 0.33 | 0.20 | 0.31 | 0.29 |
| Debt / EBITDA | 0.63 | 0.63 | 1.14 | 1.77 | 2.06 | 1.23 | 1.77 | 1.48 | 1.13 | 1.79 | 1.79 |
| Net Debt / Equity | — | -0.09 | -0.05 | 0.18 | 0.20 | 0.02 | -0.01 | 0.07 | -0.12 | -0.25 | -0.19 |
| Net Debt / EBITDA | -0.47 | -0.47 | -0.27 | 0.80 | 0.92 | 0.09 | -0.07 | 0.33 | -0.65 | -1.46 | -1.16 |
| Debt / FCF | — | -0.85 | -0.19 | 3.45 | — | 0.25 | -0.09 | 2.60 | -26.82 | -1.92 | -1.76 |
| Interest Coverage | 17.20 | 17.20 | 5.49 | 6.10 | 10.98 | 12.25 | 9.38 | 10.80 | 9.80 | 9.97 | 6.97 |
Net cash position: cash ($307M) exceeds total debt ($175M)
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 | 1.58 | 1.58 | 1.51 | 1.47 | 1.40 | 1.71 | 1.77 | 1.78 | 2.06 | 1.78 | 2.20 |
| Quick Ratio | 0.77 | 0.77 | 0.71 | 0.61 | 0.60 | 0.85 | 1.01 | 0.97 | 0.98 | 1.06 | 1.34 |
| Cash Ratio | 0.20 | 0.20 | 0.21 | 0.14 | 0.14 | 0.24 | 0.38 | 0.26 | 0.40 | 0.63 | 0.67 |
| Asset Turnover | — | 1.29 | 1.26 | 1.27 | 1.12 | 1.37 | 1.48 | 1.58 | 1.49 | 1.28 | 1.45 |
| Inventory Turnover | 2.95 | 2.95 | 2.73 | 2.44 | 2.16 | 3.13 | 4.03 | 4.10 | 3.29 | 3.47 | 4.13 |
| Days Sales Outstanding | — | 73.06 | 68.46 | 69.69 | 83.91 | 68.80 | 64.17 | 66.80 | 50.15 | 52.77 | 59.53 |
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 | 2.3% | 4.4% | 2.9% | 5.3% | 5.6% | 5.2% | 5.5% | 5.6% | 0.6% | 5.8% | 4.8% |
| FCF Yield | 2.1% | 3.9% | 9.0% | 2.4% | — | 3.2% | 7.6% | 1.3% | 0.2% | 6.9% | 6.1% |
| Buyback Yield | 0.9% | 1.7% | 1.5% | 1.6% | 2.0% | 4.1% | 2.0% | 9.4% | 6.9% | 1.8% | 1.9% |
| Total Shareholder Yield | 0.9% | 1.7% | 1.5% | 1.6% | 2.0% | 4.1% | 2.0% | 9.4% | 6.9% | 1.8% | 1.9% |
| Shares Outstanding | — | $28M | $28M | $28M | $28M | $29M | $30M | $31M | $34M | $35M | $34M |
Working capital intensity
According to current market data, PLXS trades at a 45.92x TTM P/E, which appears elevated compared to peers like Sanmina, suggesting investors are pricing in the perceived stability of its MedTech-heavy revenue mix rather than immediate earnings growth, as evidenced by a high 4.71 PEG ratio.
The valuation premium relative to broader EMS peers suggests the market views Plexus as a specialized service provider rather than a cyclical hardware manufacturer. However, investors should monitor whether this multiple is sustainable if the company fails to accelerate its design-led service revenue to justify such high forward earnings expectations.
Based on reported financial statements, ROIC has remained stagnant, hovering between 1.5% and 3.2% over the last ten quarters, which indicates that Plexus is struggling to compound capital efficiently despite its specialized high-mix, low-volume manufacturing focus within the highly regulated healthcare and aerospace end-markets.
The low ROIC relative to peers like Celestica suggests that the company's capital-intensive manufacturing footprint may be offsetting the benefits of its specialized service model. This trend warrants further investigation into whether the current asset base is being utilized effectively or if the company requires a shift toward higher-margin, less capital-intensive service offerings.
As reported in recent filings, the cash conversion cycle remains elevated at 101 days in 2026Q2, driven primarily by a high days-inventory-outstanding of 117 days, which highlights the inherent difficulty in managing inventory for complex, low-volume assemblies compared to more standardized high-volume manufacturing peers.
The persistent length of the cash conversion cycle suggests that Plexus is frequently tying up significant liquidity in specialized components that cannot be easily repurposed. Investors should monitor whether recent efforts to stabilize component lead times will successfully compress these cycles and improve the company's overall free cash flow generation.
The most commonly misapplied metric for Plexus is the P/S ratio, which obscures the company's true earning power by failing to account for the high pass-through material costs inherent in its business model, thereby understating the margin profile of its specialized design-led service engagements.
Analysts should instead focus on EV/EBITDA or return on invested capital to better capture the value of the company's engineering-led services. Relying on revenue-based multiples risks misclassifying Plexus as a low-margin commodity manufacturer, ignoring the structural moat provided by its deep integration into customer regulatory and product lifecycles.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PLXS stock.
Plexus Corp.'s current P/E ratio is 44.0x. The historical average is 28.8x. This places it at the 85th percentile of its historical range.
Plexus Corp.'s current EV/EBITDA is 25.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.7x.
Plexus Corp.'s return on equity (ROE) is 12.4%. The historical average is 11.3%.
Based on historical data, Plexus Corp. is trading at a P/E of 44.0x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Plexus Corp. has 10.1% gross margin and 5.0% operating margin.
Plexus Corp.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.