Latest Ratios: P/E Ratio 0.9x · EV/EBITDA N/A · ROE 35.8%. (1999–2025 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 | $379M | $442M | $422M | $339M | $479M | $643M | $629M | $439M | $679M | $1.7B | $1.3B |
| Enterprise Value | $250M | $313M | $299M | $18M | $-182223050 | $-319750720 | $524M | $248M | $291M | $502M | $289M |
| P/E Ratio → | 0.90 | 1.12 | — | — | — | 0.69 | — | — | — | — | — |
| P/S Ratio | 0.65 | 0.76 | 0.71 | 0.56 | 0.65 | 0.77 | 0.84 | 0.65 | 0.36 | 0.91 | 0.79 |
| P/B Ratio | 0.28 | 0.35 | 0.46 | 0.32 | 0.43 | 0.50 | 0.61 | 0.34 | 0.44 | 0.93 | 0.84 |
| P/FCF | — | — | — | — | 57.03 | — | 10.24 | 3.85 | — | 43.79 | — |
| P/OCF | — | — | — | — | 14.86 | — | 6.61 | 2.08 | 8.08 | 9.17 | 5.47 |
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 | — | 0.54 | 0.50 | 0.03 | -0.25 | -0.38 | 0.70 | 0.37 | 0.15 | 0.27 | 0.18 |
| EV / EBITDA | — | — | — | — | -5.99 | -2.40 | 4.63 | — | 36.56 | 33.88 | 3.31 |
| EV / EBIT | — | — | — | — | -4.49 | -2.30 | 7.00 | — | — | — | — |
| EV / FCF | — | — | — | — | -21.69 | — | 8.53 | 2.18 | — | 13.05 | — |
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 | 77.5% | 77.5% | 72.3% | 75.7% | 73.9% | 75.5% | 71.0% | 64.4% | 43.1% | 44.4% | 47.9% |
| Operating Margin | -9.6% | -9.6% | -18.3% | -14.5% | -0.1% | 11.7% | 9.8% | -10.6% | -7.7% | -11.2% | -7.1% |
| Net Profit Margin | 67.4% | 67.4% | -16.8% | -5.1% | -2.4% | 111.0% | -11.5% | -22.2% | -3.6% | -29.8% | -13.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 35.8% | 35.8% | -10.1% | -2.8% | -1.4% | 79.8% | -7.4% | -10.4% | -4.0% | -32.9% | -13.6% |
| ROA | 23.4% | 23.4% | -5.5% | -1.6% | -0.8% | 36.6% | -3.1% | -5.0% | -2.0% | -18.6% | -8.0% |
| ROIC | -4.3% | -4.3% | -10.7% | -11.0% | -0.2% | 11.6% | 5.4% | -4.7% | -12.0% | -26.8% | -12.9% |
| ROCE | -4.1% | -4.1% | -7.4% | -5.6% | -0.1% | 5.9% | 4.7% | -3.8% | -6.6% | -10.8% | -6.9% |
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 | — | — | 0.04 | 0.04 | 0.03 | 0.03 | 0.43 | 0.09 | 0.28 | 0.10 | 0.02 |
| Debt / EBITDA | — | — | — | — | 1.20 | 0.27 | 3.91 | — | 54.28 | 12.39 | 0.33 |
| Net Debt / Equity | — | -0.10 | -0.13 | -0.30 | -0.60 | -0.75 | -0.10 | -0.15 | -0.25 | -0.65 | -0.66 |
| Net Debt / EBITDA | — | — | — | — | -21.74 | -7.22 | -0.93 | — | -48.72 | -79.80 | -11.68 |
| Debt / FCF | — | — | — | — | -78.72 | — | -1.71 | -1.67 | — | -30.74 | — |
| Interest Coverage | — | — | — | — | — | 18.54 | 12.01 | -4.17 | -6.75 | -47.15 | -68.25 |
Net cash position: cash ($128M) exceeds total debt ($0)
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 | 2.90 | 2.90 | 3.24 | 3.26 | 3.18 | 3.16 | 1.76 | 1.83 | 1.96 | 2.28 | 1.98 |
| Quick Ratio | 2.90 | 2.90 | 3.24 | 3.26 | 3.17 | 3.16 | 1.76 | 1.83 | 1.95 | 2.12 | 1.61 |
| Cash Ratio | 2.49 | 2.49 | 2.81 | 2.80 | 2.81 | 2.78 | 0.50 | 1.48 | 1.57 | 1.89 | 1.39 |
| Asset Turnover | — | 0.36 | 0.34 | 0.32 | 0.37 | 0.37 | 0.27 | 0.25 | 0.57 | 0.55 | 0.64 |
| Inventory Turnover | — | — | — | — | 52.62 | — | — | 57.25 | 84.22 | 5.77 | 2.44 |
| Days Sales Outstanding | — | 27.07 | 53.21 | 64.94 | 33.59 | 53.47 | 64.05 | 70.16 | 76.98 | 49.13 | 41.84 |
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 | 100.0% | 89.5% | — | — | — | 144.3% | — | — | — | — | — |
| FCF Yield | — | — | — | — | 1.8% | — | 9.8% | 25.9% | — | 2.3% | — |
| Buyback Yield | 14.3% | 12.3% | 9.7% | 1.9% | 17.1% | 2.7% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% |
| Total Shareholder Yield | 14.3% | 12.3% | 9.7% | 1.9% | 17.1% | 2.7% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% |
| Shares Outstanding | — | $28M | $32M | $34M | $35M | $40M | $39M | $39M | $39M | $39M | $39M |
Legacy Gaming Revenue Decay
According to current market data, Sohu trades at a P/B ratio of 0.26, suggesting that the market assigns minimal value to the company's ongoing operations and views the firm primarily as a liquidation play rather than a viable growth-oriented technology entity in the Chinese market.
The extremely low P/B multiple indicates that investors are pricing in significant skepticism regarding the company's ability to generate future economic value from its existing asset base. This valuation level implies that the market expects continued erosion of the core gaming franchise, effectively discounting the company's assets below their historical book value.
As reported in financial statements, Sohu maintains a gross margin profile exceeding 75%, yet the company's operating margin remains consistently negative, with a -20.0% reading in 2025Q4, highlighting the structural inability of the media and video segments to achieve self-sustaining profitability.
The persistent disconnect between high gross margins and negative operating margins suggests that the company's core gaming business is effectively subsidizing the operational burn of its media and video platforms. Investors should monitor whether management can rationalize this cost structure, as the current model appears to be a permanent drag on consolidated earnings power.
Based on reported figures, Sohu's ROIC has frequently dipped into negative territory, including a -2.1% reading in 2025Q4, which indicates that the company is failing to generate returns on invested capital that exceed the cost of maintaining its legacy gaming and media infrastructure.
The inability to consistently generate positive returns on capital suggests that the company's historical investments in content and platform development have not yielded the expected competitive advantages. This trend warrants further investigation into whether the company's capital allocation strategy is focused on value preservation rather than growth or efficiency.
According to recent SEC filings, Sohu's asset turnover remains exceptionally low at 0.09, reflecting a business model that struggles to efficiently utilize its asset base to drive revenue growth compared to more dynamic peers in the Chinese technology and gaming sector.
The low asset turnover ratio suggests that the company's infrastructure, particularly in the video and portal segments, is underutilized relative to its scale. This inefficiency, combined with the lack of clear trends in the cash conversion cycle, implies that the company may be carrying significant unproductive assets that do not contribute to operational performance.
Based on the provided data, the P/E ratio is the most commonly misapplied metric for Sohu, as it is heavily distorted by non-recurring gains from divestitures like the Sogou sale, which masks the underlying operating losses of the core gaming and media business segments.
Investors should instead focus on operating cash flow or adjusted EBITDA to gauge the true health of the business, as the headline P/E ratio fails to account for the volatility introduced by one-time accounting events. Relying on P/E in this context may lead to a false sense of profitability that does not reflect the company's actual cash-generating capabilities.
Includes 30+ ratios · 27 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SOHU stock.
Sohu.com Limited's current P/E ratio is 0.9x. The historical average is 22.8x. This places it at the 8th percentile of its historical range.
Sohu.com Limited's return on equity (ROE) is 35.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 4.2%.
Based on historical data, Sohu.com Limited is trading at a P/E of 0.9x. This is at the 8th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sohu.com Limited has 77.5% gross margin and -9.6% operating margin.