Latest Ratios: P/E Ratio 4.3x · EV/EBITDA 9.5x · ROE 76.5%. (2006–2025 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 | $636M | $747M | $514M | $392M | $273M | $1.7B | $3.6B | $4.4B | $3.1B | $4.7B | $1.3B |
| Enterprise Value | $990M | $1.1B | $952M | $891M | $887M | $2.2B | $4.1B | $4.7B | $3.4B | $4.5B | $1.2B |
| P/E Ratio → | 4.26 | 4.92 | — | — | — | 24.28 | — | 112.39 | 32.05 | 298.64 | 47.14 |
| P/S Ratio | 0.57 | 0.67 | 0.57 | 0.58 | 0.28 | 1.53 | 3.91 | 4.01 | 4.05 | 7.54 | 3.37 |
| P/B Ratio | 2.25 | 2.60 | 4.72 | 3.16 | 1.31 | 3.75 | 9.76 | 11.03 | 8.94 | 15.80 | 5.59 |
| P/FCF | 10.47 | 12.30 | 10.07 | 7.13 | 8.66 | 18.70 | — | 35.81 | 32.31 | 51.36 | 90.74 |
| P/OCF | 8.69 | 10.21 | 8.26 | 5.81 | 6.35 | 13.45 | 92.33 | 30.82 | 27.96 | 47.18 | 26.83 |
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 | — | 0.99 | 1.06 | 1.33 | 0.90 | 1.98 | 4.51 | 4.29 | 4.40 | 7.33 | 3.13 |
| EV / EBITDA | 9.54 | 10.61 | 13.83 | — | 70.16 | 31.69 | 67.58 | 40.55 | 38.39 | 82.80 | 20.64 |
| EV / EBIT | 12.05 | 13.41 | 19.45 | 104.94 | — | 9588.96 | — | 92.55 | 59.92 | 138.30 | 23.08 |
| EV / FCF | — | 18.14 | 18.65 | 16.20 | 28.13 | 24.24 | — | 38.29 | 35.14 | 49.93 | 84.36 |
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 | 94.3% | 94.3% | 96.0% | 94.2% | 94.1% | 94.8% | 94.0% | 93.8% | 95.2% | 97.2% | 96.4% |
| Operating Margin | 7.3% | 7.3% | 5.0% | -6.0% | -3.3% | 0.7% | -0.7% | 4.6% | 7.3% | 5.4% | 13.6% |
| Net Profit Margin | 13.5% | 13.5% | -4.6% | -18.2% | -19.1% | 6.3% | -5.3% | 1.6% | 12.6% | 2.5% | 7.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 76.5% | 76.5% | -35.8% | -73.7% | -57.3% | 17.0% | -12.6% | 4.8% | 30.1% | 5.9% | 11.6% |
| ROA | 18.6% | 18.6% | -5.3% | -12.2% | -15.0% | 5.6% | -4.5% | 1.9% | 12.1% | 3.1% | 8.8% |
| ROIC | 9.0% | 9.0% | 4.8% | -3.3% | -2.1% | 0.5% | -0.5% | 5.1% | 6.7% | 6.5% | 16.5% |
| ROCE | 13.2% | 13.2% | 7.1% | -4.4% | -3.1% | 0.8% | -0.7% | 7.5% | 9.5% | 8.2% | 20.8% |
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 | 1.52 | 1.52 | 5.00 | 4.92 | 4.39 | 1.67 | 1.94 | 0.91 | 1.09 | 0.81 | — |
| Debt / EBITDA | 4.19 | 4.19 | 7.91 | — | 72.22 | 10.90 | 11.69 | 3.14 | 4.29 | 4.36 | — |
| Net Debt / Equity | — | 1.23 | 4.02 | 4.02 | 2.95 | 1.11 | 1.48 | 0.76 | 0.78 | -0.44 | -0.39 |
| Net Debt / EBITDA | 3.41 | 3.41 | 6.36 | — | 48.57 | 7.25 | 8.89 | 2.63 | 3.09 | -2.38 | -1.56 |
| Debt / FCF | — | 5.84 | 8.57 | 9.07 | 19.47 | 5.54 | — | 2.48 | 2.83 | -1.44 | -6.39 |
| Interest Coverage | 1.75 | 1.75 | 1.76 | — | -1.09 | 0.00 | -0.17 | 2.53 | 4.52 | 4.66 | 92.93 |
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 | 1.75 | 1.75 | 0.99 | 2.60 | 5.02 | 1.36 | 2.65 | 0.82 | 0.89 | 2.97 | 2.11 |
| Quick Ratio | 1.75 | 1.75 | 0.99 | 2.60 | 5.02 | 1.36 | 2.65 | 0.82 | 0.89 | 2.97 | 2.11 |
| Cash Ratio | 0.59 | 0.59 | 0.44 | 1.48 | 3.62 | 0.92 | 1.52 | 0.26 | 0.40 | 2.50 | 1.37 |
| Asset Turnover | — | 1.31 | 1.17 | 0.84 | 0.82 | 0.85 | 0.77 | 1.17 | 0.85 | 0.89 | 1.18 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | 23.5% | 20.3% | — | — | — | 4.1% | — | 0.9% | 3.1% | 0.3% | 2.1% |
| FCF Yield | 9.5% | 8.1% | 9.9% | 14.0% | 11.6% | 5.3% | — | 2.8% | 3.1% | 1.9% | 1.1% |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $14M | $13M | $13M | $13M | $14M | $13M | $15M | $14M | $14M | $13M |
Marketing spend efficiency volatility
Based on current market data, LendingTree trades at a trailing P/E of 3.77 and a P/S of 0.50, suggesting that investors are heavily discounting the company's future earnings potential due to the inherent volatility of its mortgage-dependent lead generation model compared to broader financial services peers.
The low valuation multiples appear to reflect a market skepticism regarding the sustainability of the company's earnings in a high-interest-rate environment. This pricing suggests that the market views LendingTree more as a cyclical advertising play than a stable fintech platform, warranting caution regarding potential multiple compression if growth fails to materialize.
As reported in financial statements, LendingTree's ROIC has struggled to maintain positive momentum, fluctuating between -0.8% and 3.4% over the last ten quarters, which indicates that the company is currently failing to generate returns on invested capital that exceed its likely cost of capital.
The persistent weakness in ROIC suggests that the company's historical M&A strategy has not yet yielded the expected synergies or operational efficiencies. Investors should monitor whether the pivot toward the 'My LendingTree' membership model can improve these returns by reducing the reliance on expensive, low-margin customer acquisition channels.
According to recent SEC filings, LendingTree's asset turnover has remained consistently low, hovering near 0.3x, which highlights the structural challenge of maintaining an efficient asset base while managing the high-intensity marketing spend required to drive traffic through its digital marketplace platform.
The lack of improvement in asset turnover suggests that the company's capital is tied up in intangible assets and goodwill rather than productive, revenue-generating infrastructure. This inefficiency implies that the company may be over-investing in customer acquisition relative to the actual lifetime value of the leads generated.
Based on reported figures, LendingTree's interest coverage ratio has shown extreme instability, ranging from 0.98 to 8.14 over the past ten quarters, indicating that the company's ability to service its debt obligations is highly sensitive to quarterly fluctuations in operating income and market demand.
The high debt-to-equity ratio, which peaked at 5.82 in 2024Q3, suggests that the company's balance sheet remains vulnerable to further interest rate shocks or operational downturns. This leverage profile warrants close monitoring, as any further contraction in operating margins could severely limit the company's financial flexibility and refinancing options.
While LendingTree reports a headline gross margin of approximately 96%, this metric is frequently misapplied by investors as a proxy for profitability, failing to account for the massive customer acquisition costs that are classified as operating expenses rather than direct costs of goods sold.
By ignoring the variable marketing expenses that are essential to generating revenue, the gross margin significantly overstates the company's true earning power. Analysts should instead focus on the Variable Marketing Margin (VMM) to gain a more accurate understanding of the company's underlying unit economics and its ability to scale profitably.
Includes 30+ ratios · 20 years · Updated daily
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Quick answers to the most common questions about buying TREE stock.
LendingTree, Inc.'s current P/E ratio is 4.3x. The historical average is 43.6x.
LendingTree, Inc.'s current EV/EBITDA is 9.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 43.8x.
LendingTree, Inc.'s return on equity (ROE) is 76.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -12.9%.
Based on historical data, LendingTree, Inc. is trading at a P/E of 4.3x. Compare with industry peers and growth rates for a complete picture.
LendingTree, Inc. has 94.3% gross margin and 7.3% operating margin.
LendingTree, Inc.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.