Latest Ratios: P/E Ratio -5.6x · EV/EBITDA 243.5x · ROE -21.1%. (2003–2025 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 | $19.6B | $14.6B | $14.9B | $13.1B | $13.5B | $16.4B | $11.3B | $10.4B | $14.1B | $22.7B | $19.9B |
| Enterprise Value | $32.9B | $27.9B | $28.4B | $30.5B | $31.8B | $39.0B | $36.6B | $22.8B | $27.5B | $37.1B | $34.3B |
| P/E Ratio → | -5.60 | — | — | 239.07 | 6.51 | — | — | 670.00 | 40.10 | 32.55 | 41.47 |
| P/S Ratio | 1.37 | 1.02 | 1.01 | 0.85 | 0.83 | 0.91 | 0.94 | 0.90 | 1.23 | 1.91 | 1.79 |
| P/B Ratio | 1.34 | 0.99 | 0.80 | 0.64 | 0.64 | 0.80 | 0.49 | 0.87 | 1.16 | 1.71 | 1.79 |
| P/FCF | 10.10 | 7.52 | 7.52 | 5.62 | 5.40 | 6.52 | 20.46 | 7.43 | 6.74 | 12.69 | 11.99 |
| P/OCF | 8.45 | 6.29 | 6.45 | 4.67 | 4.52 | 5.42 | 9.15 | 5.76 | 6.01 | 11.00 | 9.70 |
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 | — | 1.95 | 1.93 | 1.97 | 1.96 | 2.18 | 3.06 | 1.99 | 2.41 | 3.11 | 3.10 |
| EV / EBITDA | 243.48 | 206.57 | 9.79 | 8.68 | 6.85 | 8.72 | 18.24 | 8.35 | 9.12 | 11.43 | 15.45 |
| EV / EBIT | — | — | — | 39.24 | 9.34 | — | — | 33.99 | 32.73 | 25.79 | 59.55 |
| EV / FCF | — | 14.42 | 14.38 | 13.10 | 12.68 | 15.56 | 66.44 | 16.33 | 13.17 | 20.73 | 20.72 |
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 | 35.1% | 35.1% | 38.2% | 41.7% | 40.0% | 31.2% | 31.8% | 33.9% | 35.0% | 40.2% | 42.4% |
| Operating Margin | -18.6% | -18.6% | 0.1% | 5.0% | 9.9% | -0.2% | -1.8% | 6.2% | 7.9% | 12.1% | 6.3% |
| Net Profit Margin | -24.6% | -24.6% | -4.3% | 0.4% | 12.8% | -7.1% | -5.6% | 0.1% | 3.1% | 5.8% | 4.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -21.1% | -21.1% | -3.2% | 0.3% | 10.0% | -5.8% | -3.8% | 0.1% | 2.8% | 5.7% | 4.6% |
| ROA | -8.9% | -8.9% | -1.4% | 0.1% | 4.0% | -2.2% | -1.4% | 0.1% | 1.0% | 2.0% | 1.7% |
| ROIC | -6.6% | -6.6% | 0.0% | 1.5% | 2.9% | -0.1% | -0.4% | 2.1% | 2.5% | 4.0% | 2.5% |
| ROCE | -8.1% | -8.1% | 0.0% | 1.8% | 3.7% | -0.1% | -0.5% | 2.7% | 3.1% | 4.9% | 2.9% |
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 | 1.00 | 1.00 | 0.77 | 0.90 | 0.93 | 1.14 | 1.14 | 1.09 | 1.14 | 1.10 | 1.39 |
| Debt / EBITDA | 108.74 | 108.74 | 4.93 | 5.24 | 4.21 | 5.22 | 13.05 | 4.73 | 4.58 | 4.52 | 6.96 |
| Net Debt / Equity | — | 0.91 | 0.73 | 0.85 | 0.87 | 1.11 | 1.10 | 1.05 | 1.10 | 1.08 | 1.30 |
| Net Debt / EBITDA | 98.77 | 98.77 | 4.67 | 4.96 | 3.93 | 5.07 | 12.62 | 4.55 | 4.45 | 4.43 | 6.51 |
| Debt / FCF | — | 6.89 | 6.86 | 7.47 | 7.28 | 9.04 | 45.98 | 8.91 | 6.43 | 8.03 | 8.74 |
| Interest Coverage | -6.78 | -6.78 | -0.13 | 1.35 | 5.75 | -0.04 | -0.45 | 1.30 | 1.55 | 2.69 | 1.27 |
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 | 1.30 | 1.30 | 1.65 | 1.67 | 1.58 | 1.10 | 1.22 | 1.21 | 1.39 | 1.13 | 1.49 |
| Quick Ratio | 0.74 | 0.74 | 0.98 | 1.22 | 1.05 | 0.70 | 0.70 | 0.73 | 0.83 | 0.73 | 1.01 |
| Cash Ratio | 0.21 | 0.21 | 0.19 | 0.15 | 0.22 | 0.09 | 0.10 | 0.10 | 0.10 | 0.06 | 0.21 |
| Asset Turnover | — | 0.38 | 0.36 | 0.32 | 0.33 | 0.33 | 0.19 | 0.37 | 0.35 | 0.33 | 0.32 |
| Inventory Turnover | 2.32 | 2.32 | 2.37 | 2.59 | 2.77 | 3.09 | 1.49 | 2.85 | 2.88 | 2.80 | 2.60 |
| Days Sales Outstanding | — | 85.43 | 87.22 | 95.60 | 92.98 | 87.06 | 148.00 | 97.08 | 77.14 | 97.26 | 99.36 |
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 | 2.9% | 3.9% | 3.9% | 4.4% | 4.3% | 2.4% | — | — | — | — | — |
| Payout Ratio | — | — | — | 1052.3% | 28.0% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 0.4% | 15.4% | — | — | 0.1% | 2.5% | 3.1% | 2.4% |
| FCF Yield | 9.9% | 13.3% | 13.3% | 17.8% | 18.5% | 15.3% | 4.9% | 13.5% | 14.8% | 7.9% | 8.3% |
| Buyback Yield | 2.6% | 3.4% | 1.7% | 1.9% | 0.0% | 0.1% | 0.0% | 0.0% | 3.1% | 2.2% | 0.1% |
| Total Shareholder Yield | 5.4% | 7.3% | 5.6% | 6.3% | 4.3% | 2.5% | 0.0% | 0.0% | 3.1% | 2.2% | 0.1% |
| Shares Outstanding | — | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $601M | $517M | $517M | $537M | $521M |
Regulatory Pricing Erosion
According to recent market data, Viatris trades at a forward P/E of 6.62, which, when compared to the broader healthcare sector, suggests that investors are heavily discounting the company's future earnings potential due to the perceived rapid decay of its legacy branded-generic portfolio.
The low forward P/E multiple indicates that the market is pricing in a 'melting ice cube' scenario rather than sustainable growth. This valuation gap relative to peers like Teva suggests that investors remain unconvinced that the company's Global Healthcare Gateway can successfully offset the inevitable erosion of its off-patent assets.
As reported in financial statements, Viatris's gross margin has compressed from 41.6% in 2023Q4 to 32.9% in 2026Q1, indicating that the company is struggling to maintain pricing power as competition intensifies and regulatory pressures in key markets like China continue to mount.
The decline in gross margins suggests that the company's core branded-generic moat is facing structural headwinds that are difficult to mitigate through cost-cutting alone. Investors should monitor whether this margin contraction is a permanent shift in the business model or a temporary byproduct of portfolio right-sizing activities.
Based on Viatris's reported figures, ROIC has fluctuated significantly, reaching a low of -7.0% in 2025Q1 and failing to consistently exceed the cost of capital, which highlights the difficulty of generating meaningful returns on the massive asset base inherited from the Mylan-Upjohn merger.
The inconsistent ROIC performance suggests that the company is struggling to deploy capital effectively in an environment characterized by high restructuring costs and declining legacy brand value. This trend warrants further investigation into whether management's divestiture strategy is actually improving long-term capital efficiency or merely liquidating assets to cover debt obligations.
Data from recent quarterly filings shows that Viatris's cash conversion cycle has remained elevated, peaking at 205 days in 2025Q1, which indicates significant inefficiencies in managing inventory and receivables compared to more agile generic pharmaceutical peers.
The prolonged cash conversion cycle suggests that the company is carrying excessive inventory levels, likely to ensure supply chain reliability for its global portfolio. This inefficiency ties up significant liquidity and leaves the company vulnerable to inventory obsolescence as its legacy products face increasing market share loss.
The most commonly misapplied metric for Viatris is GAAP net income, which, as reported in recent filings, is frequently distorted by massive non-cash impairment charges and restructuring costs that fail to reflect the underlying cash-generating power of the company's diverse drug portfolio.
Analysts should prioritize Free Cash Flow (FCF) over GAAP earnings to better assess the company's ability to service its debt and sustain its dividend. Relying on net income obscures the reality that Viatris remains a cash-generative entity despite the accounting volatility inherent in its post-merger restructuring phase.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying VTRS stock.
Viatris Inc.'s current P/E ratio is -5.6x. The historical average is 28.9x.
Viatris Inc.'s current EV/EBITDA is 243.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.9x.
Viatris Inc.'s return on equity (ROE) is -21.1%. The historical average is 3.2%.
Based on historical data, Viatris Inc. is trading at a P/E of -5.6x. Compare with industry peers and growth rates for a complete picture.
Viatris Inc.'s current dividend yield is 2.85%.
Viatris Inc. has 35.1% gross margin and -18.6% operating margin.
Viatris Inc.'s Debt/EBITDA ratio is 108.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.