Latest Ratios: P/E Ratio 11.8x · EV/EBITDA 5.2x · ROE 20.0%. (2010–2025 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 | $1.4B | $2.0B | $2.7B | $3.5B | $2.0B | $2.8B | $2.4B | $2.7B | $3.1B | $3.7B | $2.9B |
| Enterprise Value | $1.3B | $1.8B | $2.6B | $3.3B | $1.8B | $2.5B | $2.0B | $2.8B | $2.8B | $3.1B | $2.7B |
| P/E Ratio → | 11.76 | 13.57 | 20.59 | 35.07 | 54.68 | 72.48 | — | 66.98 | 56.44 | 23.98 | — |
| P/S Ratio | 0.99 | 1.35 | 1.94 | 2.61 | 1.68 | 2.76 | 2.73 | 2.68 | 3.29 | 4.32 | 4.13 |
| P/B Ratio | 2.41 | 2.78 | 3.67 | 4.65 | 2.83 | 3.79 | 2.79 | 3.60 | 2.89 | 3.33 | 3.65 |
| P/FCF | 4.48 | 6.12 | 11.00 | 12.47 | 12.52 | 15.45 | 17.21 | 16.24 | 26.94 | 26.62 | 32.87 |
| P/OCF | 3.90 | 5.33 | 9.56 | 11.38 | 10.44 | 13.40 | 13.50 | 13.26 | 19.38 | 21.82 | 23.19 |
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 | — | 1.23 | 1.81 | 2.44 | 1.53 | 2.46 | 2.28 | 2.74 | 2.94 | 3.67 | 3.75 |
| EV / EBITDA | 5.19 | 7.35 | 12.39 | 21.82 | 11.80 | 20.05 | 168.38 | 32.73 | 40.33 | 14.09 | 87.95 |
| EV / EBIT | 6.89 | 8.84 | 16.94 | 41.21 | 27.36 | 80.44 | — | 78.22 | 107.01 | 191.81 | — |
| EV / FCF | — | 5.59 | 10.30 | 11.66 | 11.39 | 13.76 | 14.36 | 16.61 | 24.05 | 22.63 | 29.83 |
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 | 90.3% | 90.3% | 91.2% | 91.5% | 91.1% | 92.4% | 93.4% | 93.8% | 93.9% | 91.7% | 91.5% |
| Operating Margin | 12.6% | 12.6% | 10.7% | 5.9% | 4.9% | 3.1% | -4.4% | 3.5% | 2.7% | 21.2% | -0.7% |
| Net Profit Margin | 9.9% | 9.9% | 9.4% | 7.4% | 3.0% | 3.8% | -2.2% | 4.0% | 5.9% | 18.1% | -0.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.0% | 20.0% | 17.8% | 13.6% | 5.0% | 4.9% | -2.4% | 4.5% | 5.1% | 16.0% | -0.6% |
| ROA | 15.0% | 15.0% | 13.3% | 9.8% | 3.5% | 3.6% | -1.7% | 3.6% | 4.6% | 14.5% | -0.6% |
| ROIC | 25.1% | 25.1% | 20.7% | 11.3% | 9.0% | 5.3% | -4.6% | 3.4% | 3.0% | 24.8% | -0.7% |
| ROCE | 22.9% | 22.9% | 18.1% | 9.5% | 6.8% | 3.3% | -4.0% | 3.5% | 2.3% | 18.4% | -0.7% |
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 | 0.06 | 0.06 | 0.06 | 0.12 | 0.18 | 0.22 | 0.23 | 0.31 | — | — | — |
| Debt / EBITDA | 0.17 | 0.17 | 0.21 | 0.58 | 0.82 | 1.33 | 16.94 | 2.74 | — | — | — |
| Net Debt / Equity | — | -0.24 | -0.23 | -0.30 | -0.25 | -0.41 | -0.46 | 0.08 | -0.31 | -0.50 | -0.34 |
| Net Debt / EBITDA | -0.71 | -0.71 | -0.84 | -1.52 | -1.16 | -2.46 | -33.50 | 0.73 | -4.84 | -2.48 | -8.96 |
| Debt / FCF | — | -0.54 | -0.70 | -0.81 | -1.12 | -1.69 | -2.86 | 0.37 | -2.89 | -3.99 | -3.04 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($216M) exceeds total debt ($42M)
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 | 2.99 | 2.99 | 3.34 | 3.55 | 3.26 | 3.93 | 4.98 | 3.98 | 13.25 | 10.60 | 9.29 |
| Quick Ratio | 2.99 | 2.99 | 3.34 | 3.55 | 3.26 | 3.93 | 4.98 | 3.98 | 13.25 | 10.60 | 9.29 |
| Cash Ratio | 1.86 | 1.86 | 2.12 | 2.54 | 2.25 | 2.99 | 4.24 | 3.07 | 11.65 | 9.53 | 7.94 |
| Asset Turnover | — | 1.53 | 1.44 | 1.32 | 1.17 | 0.98 | 0.76 | 0.95 | 0.80 | 0.70 | 0.81 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 38.18 | 40.15 | 39.90 | 49.92 | 48.19 | 36.96 | 38.45 | 33.80 | 32.83 | 35.18 |
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 | 8.5% | 7.4% | 4.9% | 2.9% | 1.8% | 1.4% | — | 1.5% | 1.8% | 4.2% | — |
| FCF Yield | 22.3% | 16.3% | 9.1% | 8.0% | 8.0% | 6.5% | 5.8% | 6.2% | 3.7% | 3.8% | 3.0% |
| Buyback Yield | 20.2% | 14.8% | 9.2% | 5.7% | 10.0% | 9.2% | 1.0% | 17.7% | 6.0% | 0.3% | 0.0% |
| Total Shareholder Yield | 20.2% | 14.8% | 9.2% | 5.7% | 10.0% | 9.2% | 1.0% | 17.7% | 6.0% | 0.3% | 0.0% |
| Shares Outstanding | — | $65M | $71M | $74M | $73M | $79M | $73M | $78M | $89M | $87M | $77M |
Search engine traffic dependency
According to current market data, Yelp trades at a forward EV/EBITDA of 3.14x, a valuation that suggests investors are pricing the company as a mature, low-growth utility rather than a scalable technology platform, especially when compared to the significantly higher multiples commanded by broader digital advertising peers.
The current P/E of 10.71x and P/S of 0.90x indicate that the market has largely abandoned growth expectations for the core business. This valuation appears to reflect a lack of confidence in the company's ability to pivot from a legacy review directory into a high-growth transactional services engine.
Based on reported financial statements, Yelp's ROIC has fluctuated between 1.6% and 7.3% over the last ten quarters, a trend that suggests the company struggles to consistently compound returns on invested capital due to the high fixed-cost burden of its manual sales-driven customer acquisition model.
The volatility in ROIC, particularly the drop to 4.0% in 2026Q1, highlights the difficulty in maintaining efficient capital deployment when revenue growth is stagnant. Investors should monitor whether the shift toward higher-margin 'Home & Local' services can structurally improve these returns over the long term.
As reported in recent filings, Yelp's asset turnover has remained stubbornly low at approximately 0.37x, which indicates that the company's heavy investment in its proprietary database and sales infrastructure has not yet translated into a proportional increase in revenue generation relative to its asset base.
The DSO of 38-42 days suggests a relatively stable collection cycle, yet the lack of improvement in asset turnover implies that the company is not gaining significant operating leverage. This inefficiency warrants further investigation into whether the current sales force structure is optimized for the company's evolving revenue mix.
Based on Yelp's reported figures, the company maintains a conservative capital structure with a debt-to-equity ratio of 0.25 as of 2026Q1, providing a fortress-like balance sheet that management has primarily utilized to fund aggressive share repurchases rather than debt-fueled expansion or transformative M&A activity.
The low debt-to-EBITDA ratio of 3.06x suggests that the company faces minimal immediate refinancing risk, even in a higher interest rate environment. However, the reliance on buybacks to drive EPS growth may mask the underlying lack of organic revenue expansion, which remains a key concern for long-term investors.
The P/E ratio is frequently misapplied to Yelp's business model because it fails to account for the significant distortion caused by high stock-based compensation, which artificially depresses GAAP earnings and obscures the company's true cash-generating capacity as a mature, lead-generation platform for local services.
Analysts should prioritize P/FCF or EV/EBITDA over P/E to better assess the company's valuation, as these metrics provide a clearer view of the cash available for shareholder returns. Relying on P/E ignores the reality that Yelp is currently managed as a cash-harvesting entity rather than a high-growth reinvestment vehicle.
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying YELP stock.
Yelp Inc.'s current P/E ratio is 11.8x. The historical average is 50.9x.
Yelp Inc.'s current EV/EBITDA is 5.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 27.6x.
Yelp Inc.'s return on equity (ROE) is 20.0%. The historical average is -17.6%.
Based on historical data, Yelp Inc. is trading at a P/E of 11.8x. Compare with industry peers and growth rates for a complete picture.
Yelp Inc. has 90.3% gross margin and 12.6% operating margin. Operating margin between 10-20% is typical for established companies.
Yelp Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.