Latest Ratios: P/E Ratio 9.3x · EV/EBITDA 10.5x · ROE 10.5%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $233.9B | $268.6B | $231.5B | $340.1B | $193.5B | $250.3B | $221.7B | $170.7B | $172.2B | $195.2B | $166.0B |
| Enterprise Value | $423.4B | $30.95T | $30.04T | $27.49T | $22.06T | $20.63T | $20.60T | $343.1B | $16.75T | $16.49T | $16.33T |
| P/E Ratio → | 9.28 | 0.07 | 0.05 | 0.07 | 0.08 | 0.09 | 0.10 | 0.08 | 0.09 | 0.08 | 0.09 |
| P/S Ratio | 0.70 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| P/B Ratio | 0.92 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.86 | 0.01 | 0.01 | 0.01 |
| P/FCF | 63.93 | 0.45 | — | — | — | — | — | — | 6.22 | 0.32 | — |
| P/OCF | 6.52 | 0.05 | 0.06 | 0.08 | 0.07 | 0.07 | 8.62 | 0.07 | 0.05 | 0.05 | 0.05 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.58 | 0.63 | 0.61 | 0.59 | 0.66 | 0.76 | 0.01 | 0.55 | 0.56 | 0.59 |
| EV / EBITDA | 10.49 | 4.74 | 4.26 | 3.69 | 4.63 | 4.28 | 5.36 | 0.09 | 3.93 | 3.99 | 4.53 |
| EV / EBIT | 17.16 | 7.75 | 4.62 | 3.91 | 5.94 | 5.13 | 6.93 | 0.14 | 7.24 | 6.23 | 7.34 |
| EV / FCF | — | 52.27 | — | — | — | — | — | — | 604.39 | 26.98 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.7% | 16.7% | 19.9% | 20.8% | 17.0% | 19.0% | 17.8% | 18.0% | 18.0% | 18.7% | 17.6% |
| Operating Margin | 7.4% | 7.4% | 10.0% | 11.9% | 7.3% | 9.5% | 8.1% | 8.0% | 8.2% | 8.2% | 7.2% |
| Net Profit Margin | 7.6% | 7.6% | 9.9% | 11.0% | 6.6% | 9.1% | 8.3% | 6.8% | 6.2% | 8.5% | 6.6% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.5% | 10.5% | 13.2% | 15.3% | 8.7% | 10.5% | 16.4% | 20.1% | 9.5% | 13.3% | 10.2% |
| ROA | 4.1% | 4.1% | 5.2% | 6.0% | 3.5% | 4.2% | 6.6% | 7.8% | 3.7% | 5.0% | 3.8% |
| ROIC | 4.3% | 4.3% | 5.6% | 7.1% | 4.1% | 4.7% | 6.9% | 9.7% | 5.1% | 5.1% | 4.4% |
| ROCE | 5.9% | 5.9% | 7.7% | 9.6% | 5.7% | 6.5% | 9.5% | 14.1% | 7.5% | 7.5% | 6.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.05 | 1.05 | 1.05 | 1.04 | 1.00 | 0.98 | 0.98 | 1.00 | 1.00 | 1.00 | 1.05 |
| Debt / EBITDA | 6.64 | 6.64 | 5.51 | 4.91 | 6.17 | 5.50 | 6.90 | 0.05 | 4.73 | 4.68 | 5.31 |
| Net Debt / Equity | — | 0.74 | 0.81 | 0.77 | 0.75 | 0.75 | 0.75 | 0.87 | 0.83 | 0.84 | 0.89 |
| Net Debt / EBITDA | 4.70 | 4.70 | 4.23 | 3.65 | 4.59 | 4.23 | 5.31 | 0.04 | 3.89 | 3.94 | 4.48 |
| Debt / FCF | — | 51.82 | — | — | — | — | — | — | 598.18 | 26.66 | — |
| Interest Coverage | 43.42 | 43.42 | 77.27 | 108.60 | 78.47 | 123.94 | 60.06 | 51.21 | 82.40 | 95.99 | 75.74 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.27 | 1.27 | 1.26 | 1.19 | 1.10 | 1.09 | 1.09 | 1.05 | 1.04 | 1.02 | 1.03 |
| Quick Ratio | 1.12 | 1.12 | 1.10 | 1.03 | 0.93 | 0.91 | 0.91 | 0.91 | 0.89 | 0.88 | 0.89 |
| Cash Ratio | 0.38 | 0.38 | 0.54 | 0.48 | 0.39 | 0.39 | 0.39 | 0.23 | 0.32 | 0.32 | 0.34 |
| Asset Turnover | — | 0.51 | 0.51 | 0.50 | 0.50 | 0.46 | 0.40 | 59.74 | 0.58 | 0.58 | 0.57 |
| Inventory Turnover | 8.68 | 8.68 | 8.36 | 7.76 | 7.25 | 6.65 | 5.86 | 1043.18 | 9.07 | 9.41 | 9.52 |
| Days Sales Outstanding | — | 119.44 | 116.63 | 121.11 | 118.72 | 122.00 | 140.67 | 1.08 | 117.09 | 112.52 | 115.72 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.5% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 2.7% | 100.0% | 100.0% | 100.0% | 100.0% |
| Payout Ratio | 32.2% | 32.2% | 23.8% | 17.8% | 29.7% | 24.9% | 0.3% | 30.4% | 34.2% | 25.1% | 34.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.8% | 1518.8% | 2036.8% | 1454.0% | 1266.6% | 1138.6% | 1018.4% | 1200.7% | 1093.2% | 1277.6% | 1103.3% |
| FCF Yield | 1.6% | 220.4% | — | — | — | — | — | — | 16.1% | 313.1% | — |
| Buyback Yield | 0.1% | 15.8% | 100.0% | 67.9% | 100.0% | 100.0% | 0.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Total Shareholder Yield | 3.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 2.7% | 100.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $1.3B | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.5B | $1.5B | $1.5B |
Margin compression from electrification
According to current market data, Toyota trades at a TTM P/E of 8.86, which suggests that investors are applying a significant discount to the company's earnings despite its dominant hybrid market position and historical reputation for manufacturing excellence compared to its more volatile automotive peers.
The low P/E multiple relative to the broader consumer cyclical sector indicates that the market remains skeptical of Toyota's long-term earnings durability during the transition to software-defined vehicles. While the PEG ratio of 0.61 suggests potential undervaluation, this may be a value trap if the company fails to arrest the recent trend of margin compression.
Based on reported financial data, Toyota's ROIC has trended downward from 2.1% in 2024Q3 to 0.6% in 2026Q4, reflecting the heavy burden of capital-intensive investments in new powertrain technologies that have yet to generate commensurate returns on the company's massive asset base.
The consistent decay in ROIC suggests that the company's 'multi-pathway' strategy is currently diluting capital efficiency as it balances legacy ICE production with expensive EV and hybrid R&D. Investors should monitor whether this metric stabilizes as the company scales its next-generation manufacturing platforms.
As reported in recent quarterly filings, Toyota's cash conversion cycle has fluctuated significantly, reaching 116 days in 2026Q4, which highlights the operational challenges of managing a complex global supply chain while navigating shifting consumer demand for hybrid versus battery-electric vehicle models.
The increase in DSO to 122 days suggests that the company may be extending more favorable credit terms to dealers to maintain volume, which could be a sign of softening retail demand. This inefficiency in working capital management warrants further investigation into the health of the underlying dealer network.
Based on the company's financial statements, the current ratio has remained stable within a narrow band of 1.18 to 1.27, providing a sufficient liquidity cushion to navigate the current period of high capital expenditure and potential production disruptions at key subsidiaries.
While the liquidity position appears adequate, the reliance on inventory and receivables to maintain these ratios suggests that the company's quick ratio of 1.12 is sensitive to any sudden slowdown in vehicle sales. The company's ability to maintain this buffer is critical given the cyclical nature of the automotive industry.
As indicated by the reported debt-to-equity ratio of 1.05, analysts frequently misapply this metric to Toyota by failing to adjust for the massive, non-recourse liabilities inherent in the consolidated financial services segment, which obscures the true leverage profile of the core automotive manufacturing business.
Using a consolidated D/E ratio creates a distorted view of the company's financial risk, as the financing arm operates with a fundamentally different risk-reward profile than the manufacturing segment. A more accurate assessment would involve deconsolidating the financial services debt to isolate the leverage of the industrial operations.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TM stock.
Toyota Motor Corporation's current P/E ratio is 9.3x. The historical average is 0.2x. This places it at the 100th percentile of its historical range.
Toyota Motor Corporation's current EV/EBITDA is 10.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.9x.
Toyota Motor Corporation's return on equity (ROE) is 10.5%. The historical average is 10.1%.
Based on historical data, Toyota Motor Corporation is trading at a P/E of 9.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Toyota Motor Corporation's current dividend yield is 3.47% with a payout ratio of 32.2%.
Toyota Motor Corporation has 16.7% gross margin and 7.4% operating margin.
Toyota Motor Corporation's Debt/EBITDA ratio is 6.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.