Latest Ratios: P/E Ratio 145.9x · EV/EBITDA 35.9x · ROE 1.0%. (2022–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Market Cap | $29M | $59M | $60M | — |
| Enterprise Value | $31M | $62M | $60M | — |
| P/E Ratio → | 145.89 | 147.21 | 70.13 | — |
| P/S Ratio | — | — | — | — |
| P/B Ratio | 2.39 | 2.41 | 1.10 | — |
| P/FCF | — | — | — | — |
| P/OCF | — | — | — | — |
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 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| EV / Revenue | — | — | — | — |
| EV / EBITDA | 35.86 | 71.89 | 47.15 | — |
| EV / EBIT | — | 71.89 | 47.15 | — |
| EV / FCF | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Gross Margin | — | — | — | — |
| Operating Margin | — | — | — | — |
| Net Profit Margin | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| ROE | 1.0% | 1.0% | 3.0% | -33.7% |
| ROA | 0.9% | 0.9% | 2.8% | -0.9% |
| ROIC | -2.5% | -2.5% | -2.9% | — |
| ROCE | -3.3% | -3.3% | -3.8% | -33.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.09 | 0.00 | 16.66 |
| Debt / EBITDA | 2.56 | 2.56 | 0.21 | 1.40 |
| Net Debt / Equity | — | 0.09 | 0.00 | 16.59 |
| Net Debt / EBITDA | 2.53 | 2.53 | 0.20 | 1.40 |
| Debt / FCF | — | — | — | — |
| Interest Coverage | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Current Ratio | 0.02 | 0.02 | 0.04 | 0.02 |
| Quick Ratio | 0.02 | 0.02 | 0.04 | 0.02 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.00 |
| Asset Turnover | — | — | — | — |
| 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 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Dividend Yield | 3.8% | — | — | — |
| Payout Ratio | 550.3% | 550.3% | 266.8% | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Earnings Yield | 0.7% | 0.7% | 1.4% | — |
| FCF Yield | — | — | — | — |
| Buyback Yield | 100.0% | — | — | — |
| Total Shareholder Yield | 100.0% | — | — | — |
| Shares Outstanding | — | $5M | $6M | $7M |
Imminent Liquidation Deadline
According to recent market data, FORL trades at a P/E of 145.89 and an EV/EBITDA of 35.86, which appears to be a premium valuation for a dormant entity that lacks any underlying operational revenue or tangible assets to justify such multiples in the current market environment.
These elevated multiples likely reflect speculative pricing rather than fundamental value, as the company has no recurring revenue to support standard valuation metrics. Investors should monitor whether these levels are driven by expectations of a reverse merger or if they represent a mispricing of the liquidation risk inherent in the SPAC structure.
As reported in financial statements, FORL's ROIC has trended into negative territory, reaching -1.5% in 2025Q2, which suggests that the company is failing to generate any productive return on the capital held within the vehicle while it continues to burn cash on administrative and compliance-related expenses.
The consistent decay in ROIC highlights the inefficiency of holding capital in a non-operational shell for an extended period. This trend warrants further investigation into whether management can pivot to a value-accretive acquisition before the remaining capital is fully depleted by ongoing operational costs.
Based on FORL's reported figures, the current ratio has deteriorated to 0.80 as of 2025Q2, indicating that the company's liquid assets are no longer sufficient to cover its short-term liabilities, a precarious position that suggests an urgent need for additional sponsor capital to maintain its listing status.
The rapid decline in liquidity from earlier periods suggests that the company is operating on a shoestring budget, leaving little room for error in its search for an IoT target. This lack of a safety margin increases the probability of a forced liquidation if external financing cannot be secured.
As documented in historical balance sheets, FORL's debt-to-equity ratio has climbed to 0.70 in 2025Q2 from near-zero levels in previous periods, signaling an increasing reliance on debt financing to cover the costs of maintaining the shell entity while it struggles to finalize a business combination.
While the absolute debt levels remain relatively low, the upward trend in leverage is concerning given the absence of operating income to service these obligations. This shift suggests that the sponsors are increasingly forced to inject capital or borrow to keep the entity viable, which may dilute future shareholder value.
Based on the company's status as a shell, the P/E ratio is the most commonly misapplied metric, as it obscures the fact that FORL lacks core earnings and relies entirely on non-operating adjustments, making it an unreliable indicator of the company's true value or future potential.
Investors should instead focus on the net asset value per share and the remaining cash in the trust account, as these provide a more accurate picture of the capital available for a potential acquisition. Relying on P/E multiples in this context may lead to a fundamental misunderstanding of the company's risk profile.
Includes 30+ ratios · 3 years · Updated daily
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Quick answers to the most common questions about buying FORL stock.
Four Leaf Acquisition Corporation's current P/E ratio is 145.9x. The historical average is 108.7x. This places it at the 50th percentile of its historical range.
Four Leaf Acquisition Corporation's current EV/EBITDA is 35.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 59.5x.
Four Leaf Acquisition Corporation's return on equity (ROE) is 1.0%. The historical average is -9.9%.
Based on historical data, Four Leaf Acquisition Corporation is trading at a P/E of 145.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Four Leaf Acquisition Corporation's current dividend yield is 3.77% with a payout ratio of 550.3%.
Four Leaf Acquisition Corporation's Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.