Latest Ratios: P/E Ratio 15.8x · EV/EBITDA 8.8x · ROE 13.1%. (1997–2025 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 | $1.9B | $1.4B | $1.5B | $891M | $1.4B | $1.6B | $1.9B | $2.1B | $1.6B | $1.9B | $1.5B |
| Enterprise Value | $2.1B | $1.7B | $1.8B | $1.5B | $1.9B | $1.8B | $2.1B | $2.3B | $1.6B | $2.0B | $1.7B |
| P/E Ratio → | 15.82 | 11.92 | 19.21 | 26.23 | 355.85 | 63.36 | 9.77 | 16.68 | 20.07 | 15.53 | 9.22 |
| P/S Ratio | 0.59 | 0.44 | 0.47 | 0.28 | 0.50 | 0.62 | 0.51 | 0.61 | 0.52 | 0.63 | 0.50 |
| P/B Ratio | 1.95 | 1.47 | 1.69 | 1.08 | 1.63 | 1.67 | 1.97 | 2.47 | 1.97 | 2.48 | 2.09 |
| P/FCF | 18.28 | 13.79 | 5.72 | 29.40 | — | 68.34 | 6.65 | 42.02 | 11.49 | 17.36 | 16.56 |
| P/OCF | 12.48 | 9.42 | 4.84 | 9.97 | — | 24.78 | 5.30 | 15.95 | 7.04 | 11.14 | 8.26 |
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 | — | 0.52 | 0.57 | 0.46 | 0.68 | 0.71 | 0.57 | 0.67 | 0.53 | 0.66 | 0.54 |
| EV / EBITDA | 8.82 | 6.92 | 8.97 | 9.62 | 18.37 | 14.38 | 6.17 | 8.74 | 7.26 | 7.69 | 6.90 |
| EV / EBIT | 13.33 | 10.34 | 13.58 | 19.01 | 69.52 | 34.78 | 7.75 | 12.40 | 9.00 | 9.79 | 8.52 |
| EV / FCF | — | 16.30 | 6.91 | 49.38 | — | 78.44 | 7.35 | 46.55 | 11.58 | 18.27 | 17.82 |
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 | 33.1% | 33.1% | 32.0% | 28.4% | 27.5% | 29.4% | 32.6% | 31.6% | 32.9% | 33.3% | 31.7% |
| Operating Margin | 5.0% | 5.0% | 3.7% | 2.0% | 0.7% | 1.7% | 6.9% | 5.3% | 5.1% | 6.6% | 5.7% |
| Net Profit Margin | 3.8% | 3.8% | 2.6% | 1.1% | 0.1% | 1.0% | 5.4% | 3.7% | 2.6% | 4.1% | 5.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.1% | 13.1% | 9.5% | 4.2% | 0.4% | 2.7% | 22.0% | 15.2% | 10.2% | 16.6% | 24.3% |
| ROA | 5.3% | 5.3% | 3.7% | 1.6% | 0.2% | 1.1% | 8.5% | 6.3% | 4.4% | 6.9% | 9.6% |
| ROIC | 9.9% | 9.9% | 6.7% | 3.5% | 1.2% | 2.7% | 17.2% | 14.5% | 13.8% | 17.5% | 16.1% |
| ROCE | 9.6% | 9.6% | 7.3% | 4.0% | 1.1% | 2.3% | 15.0% | 12.9% | 12.1% | 15.9% | 14.4% |
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 | 0.63 | 0.63 | 0.71 | 0.84 | 0.83 | 0.76 | 0.76 | 0.58 | 0.36 | 0.39 | 0.41 |
| Debt / EBITDA | 2.51 | 2.51 | 3.13 | 4.47 | 6.86 | 5.67 | 2.16 | 1.84 | 1.33 | 1.14 | 1.24 |
| Net Debt / Equity | — | 0.27 | 0.35 | 0.73 | 0.60 | 0.25 | 0.21 | 0.27 | 0.01 | 0.13 | 0.16 |
| Net Debt / EBITDA | 1.06 | 1.06 | 1.55 | 3.89 | 4.92 | 1.85 | 0.58 | 0.85 | 0.05 | 0.39 | 0.49 |
| Debt / FCF | — | 2.51 | 1.19 | 19.98 | — | 10.10 | 0.70 | 4.53 | 0.09 | 0.92 | 1.26 |
| Interest Coverage | 6.15 | 6.15 | 4.55 | 2.31 | 0.78 | 1.59 | 9.41 | 4.90 | 8.91 | 11.64 | 9.92 |
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 | 1.54 | 1.54 | 1.58 | 1.47 | 1.69 | 2.03 | 1.72 | 1.59 | 1.54 | 1.57 | 1.47 |
| Quick Ratio | 1.17 | 1.17 | 1.20 | 0.94 | 1.12 | 1.65 | 1.41 | 1.22 | 1.21 | 1.25 | 1.19 |
| Cash Ratio | 0.58 | 0.58 | 0.52 | 0.15 | 0.35 | 0.95 | 0.78 | 0.44 | 0.51 | 0.52 | 0.47 |
| Asset Turnover | — | 1.36 | 1.41 | 1.47 | 1.23 | 1.10 | 1.45 | 1.61 | 1.64 | 1.69 | 1.69 |
| Inventory Turnover | 8.63 | 8.63 | 9.30 | 7.24 | 6.17 | 9.47 | 11.67 | 10.48 | 11.10 | 12.40 | 13.10 |
| Days Sales Outstanding | — | 37.25 | 39.08 | 42.15 | 50.30 | 38.00 | 36.50 | 41.37 | 35.87 | 37.02 | 38.49 |
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 | 2.6% | 3.4% | 3.2% | 6.4% | 4.5% | 2.7% | 3.6% | 3.1% | 3.8% | 3.1% | 3.7% |
| Payout Ratio | 39.4% | 39.4% | 58.7% | 162.3% | 1565.0% | 166.7% | 34.6% | 51.0% | 75.6% | 47.0% | 33.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.3% | 8.4% | 5.2% | 3.8% | 0.3% | 1.6% | 10.2% | 6.0% | 5.0% | 6.4% | 10.8% |
| FCF Yield | 5.5% | 7.3% | 17.5% | 3.4% | — | 1.5% | 15.0% | 2.4% | 8.7% | 5.8% | 6.0% |
| Buyback Yield | 2.0% | 2.6% | 0.3% | 0.4% | 4.0% | 2.7% | 0.5% | 0.2% | 2.1% | 2.5% | 3.7% |
| Total Shareholder Yield | 4.5% | 6.0% | 3.5% | 6.9% | 8.5% | 5.4% | 4.1% | 3.3% | 5.9% | 5.6% | 7.4% |
| Shares Outstanding | — | $115M | $115M | $113M | $114M | $115M | $118M | $120M | $117M | $119M | $123M |
Cyclical office demand volatility
Based on reported figures, Steelcase trades at a 15.82x TTM P/E, which, when compared to its 0.20% YoY revenue growth, suggests the market is pricing the firm as a low-growth industrial entity rather than a high-margin innovator, warranting caution regarding potential multiple compression if growth remains elusive.
The current EV/EBITDA of 8.82x appears to reflect a discount relative to peers with more aggressive retail exposure, implying that investors are skeptical of the company's ability to drive significant margin expansion through its architectural pivot. This valuation level suggests that the market is currently discounting the potential for a favorable product mix-shift, favoring a conservative outlook on future earnings power.
As reported in financial statements, Steelcase's ROIC has struggled to gain momentum, peaking at only 5.3% in 2025Q2 and falling to 2.8% in 2026Q2, which indicates that the company is currently failing to consistently generate returns that meaningfully exceed its likely cost of capital over the long term.
The persistent volatility in ROIC suggests that the company's high fixed-cost manufacturing base is not being utilized with sufficient efficiency to drive compounding returns. Investors should monitor whether the recent strategic focus on architectural solutions can improve asset utilization, as current returns appear insufficient to justify significant capital reinvestment without a structural improvement in operating margins.
According to recent quarterly data, Steelcase's cash conversion cycle remains extended, reaching 184 days in 2026Q2, which highlights a structural inefficiency in managing inventory and receivables that directly ties up capital and limits the firm's ability to respond nimbly to shifting market demand in the office sector.
The high days inventory outstanding (DIO) of 180 days suggests that the company may be carrying excessive stock, potentially due to the complexity of its project-based manufacturing model. This inefficiency in working capital management appears to be a drag on free cash flow, necessitating a closer look at whether supply chain optimization can unlock trapped liquidity.
Based on the provided financial figures, Steelcase maintains a disciplined debt-to-equity ratio of 0.61 as of 2026Q2, which, when paired with an interest coverage ratio of 8.43x, suggests the company possesses a healthy balance sheet capable of weathering cyclical downturns in corporate capital expenditure without immediate refinancing risk.
The company's commitment to a conservative capital structure appears to be a strategic choice to mitigate the inherent volatility of its project-based revenue model. While this leverage profile is healthy, it also implies that management is not utilizing debt to aggressively fund growth, which may be a rational response to the current stagnant demand environment.
The P/E ratio is frequently misapplied to Steelcase, as it fails to account for the lumpy nature of project-based revenue and the significant impact of LIFO inventory accounting on reported net income, which can artificially depress earnings during periods of rising commodity costs and inventory accumulation.
Investors should instead focus on EV/EBITDA or free cash flow yields to better assess the company's underlying operational performance, as these metrics are less sensitive to the non-cash accounting distortions inherent in the firm's manufacturing model. Relying solely on P/E may lead to an inaccurate assessment of the company's true earning power and its ability to sustain dividends.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying SCS stock.
Steelcase Inc.'s current P/E ratio is 15.8x. The historical average is 31.1x. This places it at the 36th percentile of its historical range.
Steelcase Inc.'s current EV/EBITDA is 8.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.3x.
Steelcase Inc.'s return on equity (ROE) is 13.1%. The historical average is 7.6%.
Based on historical data, Steelcase Inc. is trading at a P/E of 15.8x. This is at the 36th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Steelcase Inc.'s current dividend yield is 2.56% with a payout ratio of 39.4%.
Steelcase Inc. has 33.1% gross margin and 5.0% operating margin.
Steelcase Inc.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.