Latest Ratios: P/E Ratio -38.1x · EV/EBITDA 4.7x · ROE -2.8%. (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 | $3.5B | $2.3B | $3.3B | $3.0B | $3.7B | $1.6B | $989M | $2.1B | $2.3B | $4.6B | $3.9B |
| Enterprise Value | $4.3B | $3.2B | $4.3B | $4.2B | $4.4B | $2.4B | $1.7B | $3.0B | $3.1B | $5.4B | $4.5B |
| P/E Ratio → | -38.13 | — | — | 12.27 | 24.06 | — | — | — | — | 767.00 | — |
| P/S Ratio | 0.72 | 0.49 | 0.61 | 0.73 | 1.40 | 1.21 | 0.88 | 0.86 | 0.68 | 1.95 | 4.30 |
| P/B Ratio | 1.09 | 0.73 | 0.94 | 0.63 | 2.22 | 1.02 | 0.49 | 0.75 | 0.65 | 1.15 | 1.75 |
| P/FCF | 9.33 | 6.30 | 6.60 | 7.75 | 28.57 | — | 7.41 | 6.11 | 25.37 | — | 21.24 |
| P/OCF | 3.61 | 2.44 | 2.79 | 3.01 | 6.53 | 17.26 | 3.55 | 3.06 | 3.10 | 15.29 | 12.90 |
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 | — | 0.66 | 0.81 | 1.01 | 1.67 | 1.77 | 1.50 | 1.20 | 0.94 | 2.30 | 4.91 |
| EV / EBITDA | 4.74 | 3.50 | 15.39 | 3.86 | 6.35 | 14.05 | — | 5.46 | 5.93 | 11.69 | 21.19 |
| EV / EBIT | — | — | — | 11.60 | 21.21 | — | — | — | — | — | — |
| EV / FCF | — | 8.61 | 8.73 | 10.71 | 34.12 | — | 12.68 | 8.49 | 35.16 | — | 24.28 |
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 | 4.8% | 4.8% | 5.3% | 14.6% | 12.0% | -42.3% | -31.0% | -12.4% | 0.2% | -6.1% | -43.8% |
| Operating Margin | -0.5% | -0.5% | -16.5% | 8.5% | 8.0% | -49.9% | -79.4% | -18.7% | -9.7% | -12.4% | -49.8% |
| Net Profit Margin | -1.9% | -1.9% | -18.0% | 5.9% | 5.8% | -48.2% | -71.5% | -17.2% | -9.7% | 0.3% | -34.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.8% | -2.8% | -23.3% | 7.6% | 9.4% | -36.1% | -33.1% | -13.4% | -8.6% | 0.2% | -13.2% |
| ROA | -1.6% | -1.6% | -14.6% | 4.7% | 5.1% | -19.6% | -19.7% | -8.6% | -5.7% | 0.1% | -7.6% |
| ROIC | -0.4% | -0.4% | -12.7% | 6.3% | 6.7% | -20.0% | -21.0% | -8.6% | -5.3% | -5.8% | -11.2% |
| ROCE | -0.5% | -0.5% | -15.7% | 7.9% | 8.3% | -22.8% | -23.9% | -10.3% | -6.3% | -6.7% | -11.8% |
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 | 0.40 | 0.40 | 0.37 | 0.28 | 0.51 | 0.55 | 0.46 | 0.35 | 0.32 | 0.22 | 0.27 |
| Debt / EBITDA | 1.40 | 1.40 | 4.60 | 1.24 | 1.23 | 5.12 | — | 1.85 | 2.11 | 1.87 | 2.82 |
| Net Debt / Equity | — | 0.27 | 0.30 | 0.24 | 0.43 | 0.47 | 0.35 | 0.29 | 0.25 | 0.21 | 0.25 |
| Net Debt / EBITDA | 0.94 | 0.94 | 3.76 | 1.06 | 1.03 | 4.43 | — | 1.53 | 1.65 | 1.78 | 2.65 |
| Debt / FCF | — | 2.31 | 2.13 | 2.95 | 5.55 | — | 5.27 | 2.38 | 9.80 | — | 3.04 |
| Interest Coverage | -0.46 | -0.46 | -12.30 | 6.81 | 5.17 | -16.15 | -21.84 | -6.05 | -6.12 | -7.75 | -11.29 |
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 | 1.64 | 1.64 | 1.54 | 1.41 | 1.51 | 1.34 | 1.75 | 1.58 | 1.81 | 1.37 | 1.07 |
| Quick Ratio | 1.46 | 1.46 | 1.34 | 1.24 | 1.39 | 1.24 | 1.63 | 1.49 | 1.68 | 1.24 | 0.99 |
| Cash Ratio | 0.49 | 0.49 | 0.28 | 0.18 | 0.25 | 0.27 | 0.82 | 0.43 | 0.47 | 0.08 | 0.13 |
| Asset Turnover | — | 0.87 | 0.92 | 0.56 | 0.84 | 0.46 | 0.30 | 0.56 | 0.61 | 0.41 | 0.24 |
| Inventory Turnover | 28.68 | 28.68 | 30.49 | 19.59 | 35.65 | 45.59 | 44.52 | 76.40 | 50.61 | 36.16 | 65.24 |
| Days Sales Outstanding | — | 58.68 | 55.78 | 90.58 | 84.30 | 95.79 | 53.45 | 51.13 | 61.76 | 90.06 | 59.87 |
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 | 3.5% | 5.2% | 3.9% | 3.3% | 1.2% | 0.9% | 1.9% | 1.5% | 1.4% | 0.4% | 0.6% |
| Payout Ratio | — | — | — | 40.6% | 27.9% | — | — | — | — | 276.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 8.1% | 4.2% | — | — | — | — | 0.1% | — |
| FCF Yield | 10.7% | 15.9% | 15.2% | 12.9% | 3.5% | — | 13.5% | 16.4% | 3.9% | — | 4.7% |
| Buyback Yield | 2.0% | 3.0% | 8.9% | 6.6% | 1.9% | 0.4% | 2.1% | 12.0% | 7.1% | 0.1% | 0.1% |
| Total Shareholder Yield | 5.5% | 8.2% | 12.7% | 9.9% | 3.1% | 1.3% | 4.0% | 13.5% | 8.5% | 0.5% | 0.7% |
| Shares Outstanding | — | $383M | $397M | $280M | $219M | $195M | $188M | $203M | $219M | $200M | $146M |
Cyclical demand and pricing
According to current market data, PTEN trades at a P/S of 0.75 and a P/FCF of 9.78, suggesting that investors are pricing the company based on asset replacement value rather than immediate earnings power, given the negative TTM P/E of -39.96 reported in recent financial filings.
The negative P/E ratio highlights the current lack of bottom-line profitability, which distinguishes PTEN from more stable industrial peers. The low EV/EBITDA multiple of 4.92 may indicate that the market is skeptical of a near-term recovery in utilization rates, effectively discounting the potential synergies from the NexTier integration.
As reported in financial statements, PTEN's ROIC has trended into negative territory, reaching -0.3% in 2026Q1, which underscores the difficulty of generating adequate returns on invested capital following the significant capital outlays required for the NexTier merger and ongoing fleet maintenance requirements.
The persistent decay in ROIC suggests that the company is currently failing to cover its cost of capital, a trend that warrants further investigation into whether the asset base is being efficiently utilized. Investors should monitor whether future rig utilization improvements can drive returns back toward positive territory or if the current capital intensity remains a structural drag.
Based on PTEN's reported figures, the cash conversion cycle has fluctuated significantly, reaching 29 days in 2026Q1 compared to 40 days in the prior quarter, reflecting the inherent difficulty in managing receivables and inventory levels within a cooling North American oilfield services market environment.
The variability in DSO, which hovered around 60-65 days, suggests that the company faces ongoing challenges in collecting payments from E&P operators who are themselves managing tighter capital budgets. This inefficiency in working capital management may continue to pressure free cash flow until market activity stabilizes and pricing power returns.
According to recent quarterly data, PTEN maintains a current ratio of 1.84 as of 2026Q1, providing a solid liquidity cushion that appears sufficient to navigate the current period of revenue contraction without immediate reliance on external financing or debt markets.
The quick ratio of 1.63 indicates that the company holds a significant portion of its current assets in liquid form, which is a prudent stance given the cyclical nature of the drilling industry. This liquidity position appears to be a key defensive strength that may allow the firm to weather prolonged periods of low utilization better than more highly leveraged competitors.
As evidenced by the company's volatile earnings profile, the P/E ratio is the most commonly misapplied metric for PTEN, as it fails to account for the massive non-cash depreciation charges that distort net income and obscure the underlying cash-generating potential of the integrated service model.
Analysts should instead focus on EV/EBITDA or P/FCF to better understand the company's operational performance, as these metrics normalize for the capital-intensive nature of the rig fleet. Relying on P/E in this context may lead to erroneous conclusions about the company's viability, as it ignores the significant cash flow generated by the business despite accounting losses.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PTEN stock.
Patterson-UTI Energy, Inc.'s current P/E ratio is -38.1x. The historical average is 23.0x.
Patterson-UTI Energy, Inc.'s current EV/EBITDA is 4.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
Patterson-UTI Energy, Inc.'s return on equity (ROE) is -2.8%. The historical average is 4.4%.
Based on historical data, Patterson-UTI Energy, Inc. is trading at a P/E of -38.1x. Compare with industry peers and growth rates for a complete picture.
Patterson-UTI Energy, Inc.'s current dividend yield is 3.49%.
Patterson-UTI Energy, Inc. has 4.8% gross margin and -0.5% operating margin.
Patterson-UTI Energy, Inc.'s Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.