Is Steel Partners Holdings LP overvalued or undervalued?

As of 5 August 2025, the valuation grade for Steel Partners Holdings LP has moved from very attractive to attractive. The company appears to be undervalued, supported by a P/E ratio of 5, a Price to Book Value of 1.20, and an EV to EBITDA ratio of 3.99. In comparison, peers such as AZZ, Inc. have a P/E of 13.06, and Powell Industries, Inc. has a P/E of 20.00, indicating that Steel Partners is trading at a significant discount relative to its industry counterparts.
Despite its attractive valuation metrics, Steel Partners has underperformed against the S&P 500 in the year-to-date and one-year periods, with returns of 0.65% and 3.72%, respectively, compared to 12.22% and 17.14% for the index. However, over the five-year period, it has shown remarkable growth with a return of 549.05%, outperforming the S&P 500's return of 96.61%.