Latest Ratios: P/E Ratio 1.5x · EV/EBITDA 1.5x · ROE 86.0%. (2006–2025 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 | $1.0B | $991M | $392M | $298M | $275M | $400M | $384M | $235M | $167M | $214M | $208M |
| Enterprise Value | $1.0B | $986M | $387M | $293M | $274M | $400M | $383M | $231M | $164M | $210M | $204M |
| P/E Ratio → | 1.54 | 1.49 | 3.36 | 30.62 | — | 21.79 | 2.15 | 2.57 | — | 122.78 | 2.50 |
| P/S Ratio | 6.92 | 6.69 | 5.81 | 26.22 | 9.32 | 13.74 | 10.47 | 58.02 | — | — | — |
| P/B Ratio | 0.93 | 0.90 | 0.88 | 0.89 | 0.84 | 0.83 | 0.83 | 0.82 | 0.86 | 0.88 | 0.86 |
| P/FCF | — | — | — | — | — | — | — | 2.57 | — | 122.78 | 2.50 |
| P/OCF | — | — | — | — | — | — | — | 2.57 | — | 122.78 | 2.50 |
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 | — | 6.66 | 5.74 | 25.80 | 9.29 | 13.73 | 10.44 | 56.89 | — | — | — |
| EV / EBITDA | 1.54 | 1.49 | 3.36 | 30.12 | — | 21.79 | 2.14 | 2.52 | — | 135.95 | 2.37 |
| EV / EBIT | 1.52 | 1.49 | 3.36 | 30.12 | — | 21.79 | 2.14 | 2.52 | — | 120.67 | 2.45 |
| EV / FCF | — | — | — | — | — | — | — | 2.52 | — | 120.67 | 2.45 |
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 | 96.6% | 96.6% | 94.9% | 72.6% | 87.8% | 86.3% | 90.8% | 23.0% | 111.6% | 118.2% | 107.9% |
| Operating Margin | 453.2% | 453.2% | 171.0% | 84.0% | -528.0% | 63.8% | 483.7% | 2282.4% | 659.6% | -27.8% | -610.2% |
| Net Profit Margin | 448.2% | 448.2% | 170.9% | 85.6% | -528.5% | 63.0% | 486.5% | 2254.2% | 656.8% | -31.4% | -590.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 86.0% | 86.0% | 29.6% | 2.9% | -38.6% | 3.9% | 47.6% | 38.0% | -22.2% | 0.7% | 41.2% |
| ROA | 85.8% | 85.8% | 29.5% | 2.9% | -38.6% | 3.9% | 47.5% | 37.9% | -22.1% | 0.7% | 40.9% |
| ROIC | 65.2% | 65.2% | 22.2% | 2.2% | -28.9% | 2.9% | 35.5% | 28.9% | -16.7% | 0.5% | 32.0% |
| ROCE | 86.9% | 86.9% | 29.6% | 2.9% | -38.5% | 3.9% | 47.3% | 38.4% | -22.2% | 0.6% | 42.4% |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.00 | -0.01 | -0.01 | -0.00 | -0.00 | -0.00 | -0.02 | -0.02 | -0.02 | -0.02 |
| Net Debt / EBITDA | -0.01 | -0.01 | -0.04 | -0.50 | — | -0.00 | -0.01 | -0.05 | — | -2.38 | -0.05 |
| Debt / FCF | — | — | — | — | — | — | — | -0.05 | — | -2.11 | -0.05 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($4M) exceeds total debt ($0)
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 | 6.28 | 6.28 | 97.48 | 14.13 | — | 0.91 | 3.73 | 14.60 | 19.42 | 26.67 | 26.84 |
| Quick Ratio | 6.28 | 6.28 | 97.48 | 14.13 | — | 0.91 | 3.73 | 14.60 | 19.42 | 26.67 | 26.84 |
| Cash Ratio | 3.24 | 3.24 | 87.08 | 13.00 | — | 0.17 | 3.02 | 14.24 | 18.86 | 22.32 | 26.38 |
| Asset Turnover | — | 0.13 | 0.15 | 0.03 | 0.09 | 0.06 | 0.08 | 0.01 | -0.04 | -0.02 | -0.06 |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 64.7% | 67.1% | 29.7% | 3.3% | — | 4.6% | 46.5% | 38.9% | — | 0.8% | 40.0% |
| FCF Yield | — | — | — | — | — | — | — | 38.9% | — | 0.8% | 40.0% |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M |
NAV discount and volatility
According to current market data, ASA trades at a P/E of 1.51 and a P/B of 0.91, suggesting that investors are pricing the fund at a significant discount to its underlying net asset value, likely reflecting skepticism regarding the liquidity of its junior mining holdings.
The extremely low P/E ratio is a mathematical artifact of investment company accounting rather than a signal of deep value, as it incorporates volatile unrealized gains. Investors should monitor whether the persistent discount to NAV represents a permanent structural penalty or an opportunity for activist-driven value realization.
Based on reported figures, ASA's ROE has fluctuated between -7.4% and 46.2% over the last ten quarters, illustrating that the fund's ability to compound capital is entirely dependent on the cyclical performance of the precious metals market rather than internal operational efficiency.
The wide variance in ROIC, which reached 34.9% in 2025Q4 but dipped into negative territory in prior periods, confirms that the fund acts as a high-beta proxy for mining equities. This volatility suggests that traditional return-on-capital metrics are poor indicators of management's long-term skill in selecting junior mining assets.
As reported in financial statements, ASA's asset turnover remains consistently near zero, which is expected for an investment vehicle that holds long-term equity positions rather than engaging in high-frequency trading or operational inventory management within the mining sector.
The lack of meaningful asset turnover indicates that the fund's primary activity is holding rather than active portfolio rotation. This structural passivity means that working capital metrics like the cash conversion cycle are not applicable, as the fund does not manage traditional trade receivables or payables.
The most commonly misapplied metric for ASA is the Price-to-Earnings (P/E) ratio, which obscures the fund's true economic reality by including non-cash unrealized gains that can reverse rapidly, thereby providing a misleading picture of the fund's actual earning power and dividend-paying capacity.
Analysts should instead focus on the discount to Net Asset Value (NAV) and Net Investment Income (NII) to assess the fund's performance. Relying on P/E ratios in this context may lead to erroneous conclusions about the fund's valuation, as it fails to account for the underlying market value of the mining portfolio.
Includes 30+ ratios · 20 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 ASA stock.
ASA Gold and Precious Metals Limited's current P/E ratio is 1.5x. The historical average is 17.1x. This places it at the 8th percentile of its historical range.
ASA Gold and Precious Metals Limited's current EV/EBITDA is 1.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.4x.
ASA Gold and Precious Metals Limited's return on equity (ROE) is 86.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 6.5%.
Based on historical data, ASA Gold and Precious Metals Limited is trading at a P/E of 1.5x. This is at the 8th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ASA Gold and Precious Metals Limited has 96.6% gross margin and 453.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.