Latest Ratios: P/E Ratio 0.0x · EV/EBITDA N/A · ROE 10.5%. (2021–2022 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2022 | FY 2021 |
|---|---|---|---|
| Market Cap | $146M | $275M | — |
| Enterprise Value | $145M | $274M | — |
| P/E Ratio → | 0.02 | 0.02 | — |
| P/S Ratio | — | — | — |
| P/B Ratio | 0.98 | 0.98 | — |
| 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 2022 | FY 2021 |
|---|---|---|---|
| EV / Revenue | — | — | — |
| EV / EBITDA | — | — | — |
| EV / EBIT | — | — | — |
| 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 2022 | FY 2021 |
|---|---|---|---|
| Gross Margin | — | — | — |
| Operating Margin | — | — | — |
| Net Profit Margin | — | — | — |
| Metric | TTM | FY 2022 | FY 2021 |
|---|---|---|---|
| ROE | 10.5% | 10.5% | -171.3% |
| ROA | 9.9% | 9.9% | -4.6% |
| ROIC | -1.0% | -1.0% | — |
| ROCE | -1.3% | -1.3% | -171.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2022 | FY 2021 |
|---|---|---|---|
| Debt / Equity | — | — | 22.63 |
| Debt / EBITDA | — | — | 145.60 |
| Net Debt / Equity | — | -0.00 | 22.61 |
| Net Debt / EBITDA | — | — | 145.49 |
| Debt / FCF | — | — | — |
| Interest Coverage | — | — | — |
Net cash position: cash ($792423) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2022 | FY 2021 |
|---|---|---|---|
| Current Ratio | 0.76 | 0.76 | 0.00 |
| Quick Ratio | 0.76 | 0.76 | 0.00 |
| Cash Ratio | 0.62 | 0.62 | 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 2022 | FY 2021 |
|---|---|---|---|
| Dividend Yield | — | — | — |
| Payout Ratio | — | — | — |
| Metric | TTM | FY 2022 | FY 2021 |
|---|---|---|---|
| Earnings Yield | 100.0% | 5380.2% | — |
| FCF Yield | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | — |
| Shares Outstanding | — | $27M | $39M |
Imminent capital depletion risk
Based on reported figures, HCMA's P/B ratio of 0.98 suggests the market is pricing the entity below its net asset value, reflecting deep skepticism regarding the sponsor's ability to execute a value-accretive business combination before the looming liquidation deadline forces a return of capital to shareholders.
The P/E ratio of 0.02 is essentially meaningless given the absence of core operating earnings and the reliance on non-cash warrant adjustments. Investors should view this valuation as a pure option on the sponsor's deal-sourcing capability rather than a reflection of underlying business performance.
As reported in financial statements, HCMA's ROIC has trended into negative territory, reaching -3.0% in 2023Q3, which confirms that the entity is currently destroying rather than compounding capital while it incurs administrative costs without generating any offsetting operational returns or revenue streams.
The decline from near-zero returns in 2022 to negative figures in 2023 highlights the increasing drag of fixed overhead on a shrinking capital base. This trend suggests that the longer the search for a target persists, the more the entity's intrinsic value is eroded by unavoidable maintenance expenses.
According to recent SEC filings, the current ratio has collapsed to a precarious 0.03 as of 2023Q3, indicating that the company lacks the necessary unencumbered working capital to sustain its public listing and due diligence activities without a near-term resolution to its search process.
This extreme liquidity position suggests that the company is highly vulnerable to any unexpected legal or administrative costs. Investors should monitor the cash balance closely, as the current burn rate leaves little margin for error before the entity faces a forced liquidation scenario.
Based on HCMA's reported figures, the D/E ratio of 0.03 appears deceptively healthy, yet this low leverage is a function of the shell structure rather than financial strength, as the entity lacks the operational cash flow required to service even modest debt obligations if they were present.
While the company is not currently burdened by significant interest-bearing debt, its inability to generate revenue means that any future financing required to bridge the gap to a merger would likely be highly dilutive. The lack of interest coverage metrics further underscores the entity's reliance on sponsor support.
As indicated by the provided data, the P/B ratio is the most commonly misapplied metric for this business model, as it obscures the fact that the majority of assets are restricted in a trust account and unavailable for the company's general operational or deal-making needs.
Analysts should instead focus on the 'Trust Value per Share' and the 'Cash Burn Rate' to assess the true downside protection and operational runway. Using standard valuation multiples for a shell company risks ignoring the binary nature of the investment, where the primary risk is not operational failure but the expiration of the merger window.
Includes 30+ ratios · 2 years · Updated daily
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Quick answers to the most common questions about buying HCMA stock.
HCM Acquisition Corp's current P/E ratio is 0.0x. The historical average is 0.0x. This places it at the 100th percentile of its historical range.
HCM Acquisition Corp's return on equity (ROE) is 10.5%. The historical average is -80.4%.
Based on historical data, HCM Acquisition Corp is trading at a P/E of 0.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.