Latest Ratios: P/E Ratio 65.8x · EV/EBITDA 27.8x · ROE 2.5%. (2012–2025 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 | $1.2B | $542M | $781M | $923M | $785M | $417M | $135M | $93M | $93M | $117M | $115M |
| Enterprise Value | $2.0B | $1.4B | $1.5B | $1.6B | $1.3B | $800M | $389M | $438M | $409M | $421M | $369M |
| P/E Ratio → | 65.80 | 31.24 | 11.40 | 5.91 | 5.92 | 2.61 | 4.43 | 40.81 | — | 16.38 | 12.45 |
| P/S Ratio | 0.11 | 0.05 | 0.08 | 0.10 | 0.10 | 0.05 | 0.02 | 0.02 | 0.01 | 0.02 | 0.02 |
| P/B Ratio | 1.63 | 0.77 | 1.18 | 1.54 | 1.60 | 1.15 | 1.29 | 1.28 | 1.35 | 1.60 | 1.82 |
| P/FCF | 8.21 | 3.83 | 17.29 | — | — | — | 2.87 | — | 14.75 | — | — |
| P/OCF | 7.64 | 3.56 | 12.81 | — | — | — | 2.82 | — | 12.21 | — | — |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.12 | 0.16 | 0.17 | 0.16 | 0.11 | 0.07 | 0.09 | 0.05 | 0.06 | 0.05 |
| EV / EBITDA | 27.78 | 19.12 | 18.06 | 7.42 | 7.26 | 4.94 | 11.73 | 193.36 | — | 44.21 | 27.36 |
| EV / EBIT | 40.82 | 20.32 | 12.32 | 6.62 | 7.14 | 3.76 | 6.85 | 21.43 | 39.03 | 20.12 | 30.06 |
| EV / FCF | — | 9.68 | 33.37 | — | — | — | 8.28 | — | 64.63 | — | — |
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 | 1.9% | 1.9% | 1.8% | 3.2% | 3.2% | 2.8% | 1.2% | 0.7% | 0.4% | 0.4% | 0.5% |
| Operating Margin | 0.4% | 0.4% | 0.7% | 2.1% | 1.9% | 2.0% | 0.6% | -0.0% | -0.1% | 0.1% | 0.2% |
| Net Profit Margin | 0.2% | 0.2% | 0.7% | 1.7% | 1.6% | 2.1% | 0.6% | 0.0% | -0.0% | 0.1% | 0.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.5% | 2.5% | 10.9% | 28.7% | 31.0% | 68.1% | 34.4% | 3.1% | -4.8% | 10.4% | 15.5% |
| ROA | 0.9% | 0.9% | 4.1% | 10.5% | 10.1% | 16.4% | 4.2% | 0.3% | -0.6% | 1.5% | 2.4% |
| ROIC | 2.4% | 2.4% | 4.0% | 12.5% | 12.2% | 18.0% | 5.4% | -0.1% | -0.8% | 1.7% | 3.2% |
| ROCE | 4.8% | 4.8% | 9.2% | 32.1% | 29.0% | 44.3% | 16.5% | -0.5% | -5.2% | 11.0% | 19.3% |
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 | 1.29 | 1.29 | 1.17 | 1.12 | 1.22 | 1.33 | 2.92 | 4.87 | 4.66 | 4.34 | 4.29 |
| Debt / EBITDA | 12.64 | 12.64 | 9.29 | 3.20 | 3.23 | 2.99 | 9.24 | 156.15 | — | 33.32 | 20.09 |
| Net Debt / Equity | — | 1.18 | 1.10 | 1.05 | 1.14 | 1.05 | 2.42 | 4.75 | 4.57 | 4.16 | 4.02 |
| Net Debt / EBITDA | 11.56 | 11.56 | 8.70 | 3.01 | 3.02 | 2.36 | 7.66 | 152.47 | — | 31.95 | 18.83 |
| Debt / FCF | — | 5.85 | 16.09 | — | — | — | 5.40 | — | 49.88 | — | — |
| Interest Coverage | 1.46 | 1.46 | 3.09 | 7.44 | 8.57 | 10.71 | 3.01 | 1.19 | 0.75 | 2.07 | 1.94 |
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 | 1.56 | 1.56 | 1.63 | 1.37 | 1.41 | 1.36 | 1.28 | 1.24 | 1.06 | 1.11 | 1.14 |
| Quick Ratio | 1.56 | 1.56 | 1.63 | 1.37 | 1.41 | 1.36 | 1.28 | 1.24 | 1.06 | 1.11 | 1.14 |
| Cash Ratio | 0.07 | 0.07 | 0.06 | 0.04 | 0.05 | 0.14 | 0.09 | 0.02 | 0.01 | 0.03 | 0.05 |
| Asset Turnover | — | 4.96 | 5.31 | 6.01 | 5.66 | 6.39 | 7.20 | 6.78 | 10.24 | 14.61 | 15.52 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | 1.6% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 108.6% | 108.6% | 61.0% | 24.0% | 17.1% | 13.3% | — | — | — | 29.8% | 18.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.5% | 3.2% | 8.8% | 16.9% | 16.9% | 38.3% | 22.6% | 2.5% | — | 6.1% | 8.0% |
| FCF Yield | 12.2% | 26.1% | 5.8% | — | — | — | 34.8% | — | 6.8% | — | — |
| Buyback Yield | 0.4% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 2.1% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $24M | $24M | $25M | $24M | $18M | $14M | $14M | $14M | $14M | $14M |
High cyclical margin sensitivity
According to recent market data, A-Mark's forward P/E of 19.47 suggests investors are pricing in significant earnings volatility, a valuation that appears disconnected from the firm's historical P/E of 65.80 and reflects deep skepticism regarding the sustainability of current retail premiums in a high-interest rate environment.
The wide gap between trailing and forward multiples indicates that the market anticipates a normalization of earnings, likely discounting the recent spikes in transaction-based revenue. Investors should monitor whether this forward multiple adequately accounts for the structural risks inherent in the company's reliance on physical metal premiums.
Based on reported financial statements, A-Mark's ROIC has struggled to maintain momentum, fluctuating between 0.1% and 2.0% over the last ten quarters, which suggests that the company is currently failing to generate returns that consistently exceed its cost of capital in this capital-intensive business model.
The erratic nature of these returns highlights the difficulty of compounding capital when profitability is tied to thin spreads and high inventory turnover. This trend warrants further investigation into whether the recent acquisitions have truly enhanced the firm's long-term earning power or merely added complexity to the balance sheet.
As indicated by recent SEC filings, the company's asset turnover has remained suppressed, hovering around 1.14 to 2.03, which reveals that A-Mark's massive inventory requirements significantly dampen the efficiency with which it can convert its asset base into meaningful revenue compared to less capital-intensive financial services peers.
The reliance on revolving credit to manage inventory levels suggests that working capital efficiency is highly sensitive to market liquidity. Investors should note that the lack of consistent improvement in turnover metrics implies that the company's growth is fundamentally tethered to its ability to finance larger inventory positions.
Based on the company's reported figures, the interest coverage ratio has plummeted from 3.44 in 2024Q1 to 0.81 in 2026Q2, signaling that the firm's ability to service its debt obligations is becoming increasingly strained as interest expenses rise relative to the company's volatile operating income.
This deterioration in coverage suggests that the company's reliance on debt to fund its operations may become a significant liability if market conditions soften. The current leverage profile appears to leave little room for error, making the firm highly susceptible to shifts in credit market conditions.
As reported in financial statements, the P/E ratio is frequently misapplied to A-Mark, as it obscures the reality that the company functions more like a high-volume commodity logistics provider than a traditional financial services firm, rendering standard earnings-based valuation metrics largely ineffective for assessing true economic performance.
Investors should instead focus on metrics that capture the value-added spread and the velocity of metal movement, such as EV/EBITDA or adjusted operating margins. Relying on P/E ratios ignores the significant noise created by hedging activities and inventory valuation adjustments that frequently distort net income.
Includes 30+ ratios · 14 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AMRK stock.
A-Mark Precious Metals, Inc.'s current P/E ratio is 65.8x. The historical average is 13.8x. This places it at the 100th percentile of its historical range.
A-Mark Precious Metals, Inc.'s current EV/EBITDA is 27.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.7x.
A-Mark Precious Metals, Inc.'s return on equity (ROE) is 2.5%. The historical average is 19.4%.
Based on historical data, A-Mark Precious Metals, Inc. is trading at a P/E of 65.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
A-Mark Precious Metals, Inc.'s current dividend yield is 1.65% with a payout ratio of 108.6%.
A-Mark Precious Metals, Inc. has 1.9% gross margin and 0.4% operating margin.
A-Mark Precious Metals, Inc.'s Debt/EBITDA ratio is 12.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.