H&E Equipment Services
Financial ratios & Valuation

Forward Multiples (2025 – 2026)

20252026
Price/Earnings ratio
20.3818.68
Price/Sales ratio
2.072.10
Earnings per Share (EPS)
$4.63$5.05

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
17.9113.9122.1313.169.5013.74-32.9126.5012.3411.1512.489.50
Price/Sales ratio
0.900.590.841.400.580.880.911.511.311.281.190.58
Price/Book Value ratio
7.404.325.766.652.833.894.515.294.063.533.002.83
Price/Cash Flow ratio
6.232.984.646.382.943.753.756.185.204.653.622.94
Price/Free Cash Flow ratio
-4.05586.63-32.11-47.29-3.56-35.737.12-8.31-8.05-5.54-32.94-35.73
Price/Earnings Growth ratio
0.72-0.70-1.320.06-0.311.050.23-0.090.100.43-15.721.05
Dividend Yield
1.85%6.01%4.74%2.71%5.39%3.28%3.68%2.47%2.44%2.11%2.22%3.28%
Profitability Indicator Ratios
Gross Profit Margin
31.90%33.24%34.31%34.94%35.39%37.02%34.43%39.08%44.60%46.58%43.90%35.39%
Operating Profit Margin
13.18%12.33%11.32%13.38%13.45%-6.25%-12.89%-12.65%-6.67%18.83%16.64%13.45%
Pretax Profit Margin
8.49%7.27%6.03%5.76%8.44%8.59%-3.53%7.68%14.52%15.19%12.58%8.44%
Net Profit Margin
5.05%4.26%3.80%10.64%6.18%6.46%-2.79%5.69%10.62%11.52%9.46%6.18%
Effective Tax Rate
40.50%41.45%37.02%-84.78%26.79%24.72%21.06%25.89%26.02%24.15%24.75%24.72%
Return on Assets
4.05%3.40%2.99%7.47%4.43%4.41%-1.64%2.91%5.76%6.41%4.96%4.43%
Return On Equity
41.34%31.07%26.03%50.58%29.83%28.35%-13.71%19.96%32.95%31.68%25.46%28.35%
Return on Capital Employed
14.55%12.88%11.24%10.48%12.00%-5.18%-8.21%-6.98%-3.96%11.27%9.35%9.35%
Liquidity Ratios
Current Ratio
0.680.700.712.380.890.793.44N/AN/AN/A1.480.89
Quick Ratio
0.510.530.602.310.670.623.433.441.651.421.370.67
Cash ratio
0.040.020.021.090.040.042.132.290.410.040.050.04
Days of Sales Outstanding
55.0051.7152.2562.3959.3752.0246.9853.9966.0761.4660.6359.37
Days of Inventory outstanding
65.8650.9130.6240.8547.6936.7434.5142.4557.1051.139.4436.74
Operating Cycle
120.87102.6282.88103.25107.0788.7681.5096.44123.17112.5970.0788.76
Days of Payables Outstanding
26.2235.1122.4048.9046.4325.2935.8353.8968.5539.7639.1225.29
Cash Conversion Cycle
94.6567.5160.4754.3460.6363.4745.6642.5454.6172.8330.9563.47
Debt Ratios
Debt Ratio
0.720.480.660.650.650.600.620.600.540.530.520.60
Debt Equity Ratio
7.364.395.754.454.433.865.194.153.092.662.543.86
Long-term Debt to Capitalization
0.880.810.850.810.810.790.830.800.750.720.710.79
Total Debt to Capitalization
0.880.810.850.810.810.790.830.800.750.720.710.79
Interest Coverage Ratio
2.702.322.002.312.512.751.83N/AN/AN/A3.522.51
Cash Flow to Debt Ratio
0.160.320.210.230.210.260.230.200.250.280.320.21
Company Equity Multiplier
10.189.128.696.776.726.428.316.855.714.944.846.42
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.140.190.180.210.190.230.240.240.250.270.320.19
Free Cash Flow / Operating Cash Flow Ratio
-1.530.00-0.14-0.13-0.82-0.100.52-0.74-0.64-0.83-0.11-0.82
Cash Flow Coverage Ratio
0.160.320.210.230.210.260.230.200.250.280.320.21
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/A742.27N/AN/AN/A
Dividend Payout Ratio
33.23%83.76%105.09%35.72%51.25%45.16%-121.20%65.62%30.15%23.65%27.94%45.16%