Exponent
Financial ratios & Valuation

Forward Multiples (2025 – 2026)

202520252026
Price/Earnings ratio
34.0828.6131.80
Price/Sales ratio
6.716.156.35
Earnings per Share (EPS)
$2.04$2.43$2.18

Historical Multiples (2011 – 2023)

2011 2012 2016 2016 2017 2018 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
22.2818.3530.4833.6345.3736.5545.0260.6850.0844.8843.0336.55
Price/Sales ratio
2.672.574.245.065.386.958.8913.179.988.388.335.38
Price/Book Value ratio
3.903.475.055.846.488.4110.5914.7215.9812.6411.156.48
Price/Cash Flow ratio
15.6315.5121.9723.8527.6228.9634.3549.2954.6435.3628.6427.62
Price/Free Cash Flow ratio
17.0417.2724.1130.3929.6935.2643.6652.1562.6840.5729.5735.26
Price/Earnings Growth ratio
1.440.903.863.44-3.400.483.082.8116.02-44.430.43-3.40
Dividend Yield
N/AN/A1.17%1.17%1.16%1.03%0.90%0.70%0.96%1.2%1.25%1.16%
Profitability Indicator Ratios
Gross Profit Margin
90.52%91.08%94.52%94.96%94.78%93.44%93.81%93.00%93.16%92.26%41.63%93.44%
Operating Profit Margin
19.64%19.68%22.03%19.64%20.71%24.09%20.40%23.36%27.43%20.73%20.32%24.09%
Pretax Profit Margin
20.11%22.41%22.73%21.93%23.72%24.58%24.97%26.98%25.76%25.31%26.83%23.72%
Net Profit Margin
12.00%14.00%13.93%15.06%11.87%19.03%19.76%21.70%19.93%18.69%19.52%11.87%
Effective Tax Rate
40.37%33.72%38.70%31.30%49.93%22.57%20.85%19.57%22.61%26.16%27.22%27.22%
Return on Assets
12.16%12.99%11.25%11.75%9.39%15.40%14.63%14.80%17.44%15.51%14.29%9.39%
Return On Equity
17.51%18.94%16.58%17.36%14.28%23.01%23.54%24.26%31.90%28.17%27.73%14.28%
Return on Capital Employed
25.72%23.65%22.45%19.13%20.79%24.67%19.36%20.52%32.93%22.95%18.25%24.67%
Liquidity Ratios
Current Ratio
3.263.27N/A3.413.383.32N/AN/AN/AN/A2.993.32
Quick Ratio
3.003.053.403.413.383.322.932.952.192.342.993.32
Cash ratio
1.381.571.561.431.341.291.421.941.011.151.591.34
Days of Sales Outstanding
97.94106.49103.34101.25115.54101.76105.10109.48120.96113.80113.00113.00
Days of Inventory outstanding
22.635.59N/A0.00N/AN/A0.000.000.00N/AN/AN/A
Operating Cycle
120.58112.08103.34101.25115.54101.76105.10109.48120.96113.80113.00113.00
Days of Payables Outstanding
59.4197.8977.1873.3956.0337.4165.6735.7589.9139.4426.0037.41
Cash Conversion Cycle
61.1614.1926.1527.8659.5164.3439.4273.7231.0574.3686.9959.51
Debt Ratios
Debt Ratio
0.300.31N/AN/AN/AN/A0.010.00N/A0.000.00N/A
Debt Equity Ratio
0.430.45N/AN/AN/AN/A0.010.01N/A0.010.01N/A
Long-term Debt to Capitalization
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Total Debt to Capitalization
N/AN/AN/AN/AN/AN/A0.010.01N/A0.010.01N/A
Interest Coverage Ratio
53.5KN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Cash Flow to Debt Ratio
N/AN/AN/AN/AN/AN/A18.1724.12N/A20.2032.34N/A
Company Equity Multiplier
1.431.451.471.471.521.491.601.631.821.811.811.52
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.170.160.190.210.190.240.250.260.180.230.290.19
Free Cash Flow / Operating Cash Flow Ratio
0.910.890.910.780.930.820.780.940.870.870.960.93
Cash Flow Coverage Ratio
N/AN/AN/AN/AN/AN/A18.1724.12N/A20.2032.34N/A
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/A18.1724.12N/A20.2032.34N/A
Dividend Payout Ratio
N/AN/A35.88%39.55%52.86%37.67%40.62%42.68%48.11%53.86%53.72%52.86%