Latest Ratios: P/E Ratio 24.3x · EV/EBITDA 10.6x · ROE 4.1%. (1995–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $533M | $383M | $772M | $388M | $270M | $153M | $206M | $163M | $245M | $272M | $130M |
| Enterprise Value | $834M | $684M | $995M | $578M | $624M | $342M | $420M | $456M | $439M | $436M | $276M |
| P/E Ratio → | 24.29 | 16.65 | 17.32 | 4.27 | 2.23 | — | 52.71 | 4.84 | 12.87 | — | — |
| P/S Ratio | 0.27 | 0.20 | 0.36 | 0.15 | 0.12 | 0.12 | 0.13 | 0.10 | 0.18 | 0.26 | 0.11 |
| P/B Ratio | 0.97 | 0.67 | 1.39 | 0.75 | 0.64 | 0.51 | 0.67 | 0.53 | 0.90 | 1.07 | 0.51 |
| P/FCF | 127.14 | 91.39 | 5.02 | 2.34 | — | 2.94 | 1.73 | — | — | — | 1.29 |
| P/OCF | 15.82 | 11.38 | 4.41 | 2.09 | — | 2.47 | 1.59 | — | — | — | 1.21 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.35 | 0.46 | 0.23 | 0.27 | 0.28 | 0.27 | 0.27 | 0.33 | 0.41 | 0.24 |
| EV / EBITDA | 10.59 | 8.68 | 9.49 | 3.75 | 3.23 | 16.62 | 11.61 | 6.08 | 10.31 | 17.33 | — |
| EV / EBIT | 17.42 | 14.32 | 12.83 | 4.32 | 3.62 | 684.12 | 25.33 | 8.04 | 18.38 | 76.54 | — |
| EV / FCF | — | 163.17 | 6.47 | 3.48 | — | 6.60 | 3.52 | — | — | — | 2.76 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.2% | 23.2% | 21.9% | 19.0% | 22.1% | 20.7% | 18.9% | 19.9% | 20.7% | 22.3% | 19.8% |
| Operating Margin | 2.5% | 2.5% | 3.6% | 5.2% | 7.5% | 0.0% | 1.1% | 3.3% | 1.8% | 0.5% | -2.4% |
| Net Profit Margin | 1.2% | 1.2% | 2.1% | 3.6% | 5.2% | -0.5% | 0.2% | 2.0% | 1.4% | -0.1% | -2.3% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.1% | 4.1% | 8.3% | 19.3% | 33.4% | -1.8% | 1.3% | 11.6% | 7.2% | -0.4% | -10.0% |
| ROA | 2.3% | 2.3% | 4.7% | 9.5% | 14.5% | -0.9% | 0.5% | 4.9% | 3.3% | -0.2% | -4.4% |
| ROIC | 4.3% | 4.3% | 7.8% | 13.5% | 20.4% | 0.1% | 2.2% | 8.0% | 4.1% | 1.1% | -4.5% |
| ROCE | 5.6% | 5.6% | 10.1% | 17.5% | 26.3% | 0.1% | 2.8% | 10.1% | 5.1% | 1.3% | -5.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.55 | 0.55 | 0.43 | 0.39 | 0.86 | 0.65 | 0.71 | 0.99 | 0.72 | 0.66 | 0.58 |
| Debt / EBITDA | 3.97 | 3.97 | 2.25 | 1.31 | 1.88 | 9.47 | 6.07 | 4.03 | 4.63 | 6.62 | — |
| Net Debt / Equity | — | 0.52 | 0.40 | 0.37 | 0.83 | 0.63 | 0.69 | 0.96 | 0.71 | 0.65 | 0.58 |
| Net Debt / EBITDA | 3.82 | 3.82 | 2.13 | 1.23 | 1.83 | 9.21 | 5.91 | 3.90 | 4.56 | 6.53 | — |
| Debt / FCF | — | 71.78 | 1.45 | 1.14 | — | 3.65 | 1.79 | — | — | — | 1.47 |
| Interest Coverage | 2.90 | 2.90 | 4.85 | 13.26 | 22.60 | 0.07 | 1.47 | 5.31 | 3.17 | 1.08 | -4.90 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.38 | 4.38 | 3.35 | 4.00 | 3.52 | 3.17 | 4.15 | 4.38 | 3.78 | 3.48 | 4.01 |
| Quick Ratio | 1.43 | 1.43 | 1.20 | 1.46 | 1.36 | 1.28 | 1.45 | 1.51 | 1.30 | 1.05 | 1.33 |
| Cash Ratio | 0.09 | 0.09 | 0.07 | 0.07 | 0.04 | 0.04 | 0.06 | 0.07 | 0.03 | 0.02 | 0.02 |
| Asset Turnover | — | 1.86 | 2.19 | 2.87 | 2.26 | 1.93 | 2.43 | 2.25 | 2.20 | 1.90 | 2.29 |
| Inventory Turnover | 3.82 | 3.82 | 4.36 | 4.97 | 3.72 | 4.08 | 4.68 | 3.72 | 3.83 | 3.22 | 4.56 |
| Days Sales Outstanding | — | 31.23 | 32.33 | 31.34 | 44.92 | 44.84 | 30.88 | 37.30 | 36.41 | 35.25 | 28.84 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.2% | 1.7% | 0.7% | 1.0% | 0.3% | 0.6% | 0.4% | 0.5% | 0.4% | 0.3% | 0.7% |
| Payout Ratio | 29.1% | 29.1% | 12.5% | 4.4% | 0.7% | — | 22.8% | 2.6% | 4.6% | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 6.0% | 5.8% | 23.4% | 44.8% | — | 1.9% | 20.7% | 7.8% | — | — |
| FCF Yield | 0.8% | 1.1% | 19.9% | 42.8% | — | 34.0% | 57.9% | — | — | — | 77.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.7% | 0.0% | 0.0% | 0.0% | 0.5% |
| Total Shareholder Yield | 1.2% | 1.7% | 0.7% | 1.0% | 0.3% | 0.7% | 1.2% | 0.5% | 0.4% | 0.3% | 1.2% |
| Shares Outstanding | — | $12M | $12M | $12M | $12M | $11M | $12M | $11M | $11M | $11M | $11M |
Cyclical Margin Compression
Based on recent financial data, ZEUS trades at a P/E of 24.29, which appears to discount the company's cyclical earnings volatility while simultaneously pricing in a potential recovery in industrial demand that remains inconsistent with the current 10.03% year-over-year revenue decline observed in recent filings.
The current forward P/E of 20.72 suggests that investors are anticipating a rebound in profitability, yet the P/S ratio of 0.27 indicates the market continues to value the firm as a low-margin distributor rather than a specialized processor. This valuation gap warrants caution, as the market may be overestimating the speed of a margin recovery given the persistent pressure on operating income.
As reported in quarterly financial statements, ZEUS has seen its ROIC compress to 0.6% in 2025Q3, a significant decline from the 2.4% levels observed in 2023Q2, suggesting that the company's specialized processing infrastructure is currently failing to generate adequate returns on its invested capital base.
The downward trend in ROIC reflects the difficulty of maintaining high-value-add margins when commodity price spreads are unfavorable. Investors should monitor whether this decay is a structural issue related to equipment utilization or a temporary byproduct of the current industrial downturn, as the current returns are well below the cost of capital.
According to recent SEC filings, the company's cash conversion cycle has experienced extreme fluctuations, reaching 4792 days in 2025Q3, which highlights the inherent difficulty in managing inventory turnover during periods of softening demand and shifting commodity price environments within the steel distribution sector.
The extreme volatility in the CCC metric suggests that the company's inventory management is highly reactive to market conditions rather than optimized for steady-state operations. This inefficiency in working capital management appears to be a primary driver of the company's inconsistent free cash flow generation, necessitating closer scrutiny of inventory procurement strategies.
Based on reported figures, ZEUS maintains a debt-to-equity ratio of 0.49 as of 2025Q3, which provides a structural advantage over more levered peers and suggests that the company is well-positioned to navigate the current industrial slowdown without immediate risk of covenant breaches or liquidity constraints.
The company's disciplined approach to debt management serves as a critical defensive mechanism during cyclical troughs. While this conservative stance may limit aggressive growth, it appears to be a prudent strategy given the high sensitivity of the firm's operating margins to commodity price volatility and industrial production cycles.
As indicated by the company's financial disclosures, the P/E ratio is frequently misapplied to ZEUS, as it fails to account for the significant distortions caused by LIFO inventory accounting and the resulting volatility in reported net income during periods of rapid commodity price changes.
Investors should prioritize EV/EBITDA or cash-flow-based metrics, as these provide a clearer view of the company's operational performance by stripping away the non-cash accounting noise inherent in LIFO adjustments. Relying solely on P/E may lead to an inaccurate assessment of the company's true earning power during the peak or trough of a commodity cycle.
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Quick answers to the most common questions about buying ZEUS stock.
Olympic Steel, Inc.'s current P/E ratio is 24.3x. The historical average is 25.8x. This places it at the 80th percentile of its historical range.
Olympic Steel, Inc.'s current EV/EBITDA is 10.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
Olympic Steel, Inc.'s return on equity (ROE) is 4.1%. The historical average is 5.6%.
Based on historical data, Olympic Steel, Inc. is trading at a P/E of 24.3x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Olympic Steel, Inc.'s current dividend yield is 1.20% with a payout ratio of 29.1%.
Olympic Steel, Inc. has 23.2% gross margin and 2.5% operating margin.
Olympic Steel, Inc.'s Debt/EBITDA ratio is 4.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.