Latest Ratios: P/E Ratio -1.4x · EV/EBITDA 12.4x · ROE -80.9%. (2010–2025 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 | $435M | $1.6B | $3.2B | $3.0B | $1.4B | $952M | $2.3B | $1.6B | $2.7B | $2.7B |
| Enterprise Value | $4.0B | $3.4B | $4.3B | $5.5B | $5.1B | $3.9B | $2.9B | $4.1B | $3.6B | $3.7B | $3.8B |
| P/E Ratio → | -1.40 | — | 8.55 | 15.25 | 13.25 | — | — | — | — | — | — |
| P/S Ratio | 0.81 | 0.34 | 0.97 | 1.90 | 1.35 | 1.08 | 1.18 | 1.53 | 1.86 | 4.60 | 8.70 |
| P/B Ratio | 1.87 | 0.82 | 1.36 | 3.13 | 3.83 | 2.73 | 2.16 | 2.72 | 1.75 | 2.97 | 2.50 |
| P/FCF | — | — | — | — | 9.41 | — | — | 8.29 | — | 28.53 | — |
| P/OCF | 7.80 | 3.25 | 2.40 | 4.22 | 2.67 | 3.85 | 4.85 | 3.64 | 6.32 | 11.24 | 51.88 |
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 | — | 2.63 | 2.57 | 3.25 | 2.25 | 2.95 | 3.62 | 2.72 | 4.05 | 6.42 | 12.34 |
| EV / EBITDA | 12.45 | 10.56 | 4.60 | 4.71 | 3.14 | 4.72 | 16.09 | 2.92 | 14.17 | 22.11 | — |
| EV / EBIT | — | — | 10.04 | 11.61 | 11.00 | 57.44 | — | 22.89 | 89.69 | — | — |
| EV / FCF | — | — | — | — | 15.77 | — | — | 14.74 | — | 39.78 | — |
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 | -14.8% | -14.8% | 41.1% | 50.9% | 59.6% | 38.9% | -2.5% | 74.8% | 37.5% | 33.9% | 16.3% |
| Operating Margin | -20.9% | -20.9% | 28.1% | 42.2% | 49.3% | 26.7% | — | 55.4% | -8.6% | -15.1% | -81.9% |
| Net Profit Margin | -53.9% | -53.9% | 11.3% | 12.5% | 10.1% | -5.8% | -51.2% | -3.7% | -10.6% | -38.5% | -91.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -80.9% | -80.9% | 17.0% | 23.5% | 34.4% | -16.1% | -64.2% | -6.3% | -10.2% | -22.5% | -23.6% |
| ROA | -14.0% | -14.0% | 3.7% | 4.5% | 4.8% | -1.8% | -10.1% | -1.3% | -2.6% | -6.8% | -8.7% |
| ROIC | -5.5% | -5.5% | 9.8% | 17.5% | 28.4% | 9.9% | — | 22.6% | -2.4% | -3.2% | -9.3% |
| ROCE | -6.1% | -6.1% | 10.4% | 17.1% | 26.3% | 9.1% | — | 22.2% | -2.4% | -3.0% | -8.9% |
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 | 5.80 | 5.80 | 2.30 | 2.32 | 2.83 | 4.95 | 4.78 | 2.39 | 2.25 | 1.43 | 1.22 |
| Debt / EBITDA | 9.49 | 9.49 | 2.95 | 2.04 | 1.38 | 3.14 | 11.64 | 1.44 | 8.36 | 7.65 | — |
| Net Debt / Equity | — | 5.63 | 2.23 | 2.22 | 2.59 | 4.70 | 4.44 | 2.12 | 2.07 | 1.17 | 1.04 |
| Net Debt / EBITDA | 9.21 | 9.21 | 2.86 | 1.96 | 1.26 | 2.99 | 10.82 | 1.28 | 7.68 | 6.26 | — |
| Debt / FCF | — | — | — | — | 6.36 | — | — | 6.46 | — | 11.25 | — |
| Interest Coverage | -4.51 | -4.51 | 5.42 | 4.58 | 3.74 | 0.61 | -2.95 | 1.38 | 0.40 | -1.26 | -5.54 |
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 | 0.75 | 0.75 | 0.75 | 0.76 | 0.82 | 1.02 | 0.87 | 1.05 | 1.33 | 1.24 | 1.28 |
| Quick Ratio | 0.75 | 0.75 | 0.46 | 0.49 | 0.58 | 0.71 | 0.59 | 0.84 | 1.11 | 1.08 | 1.08 |
| Cash Ratio | 0.16 | 0.16 | 0.14 | 0.17 | 0.32 | 0.25 | 0.32 | 0.42 | 0.45 | 0.54 | 0.52 |
| Asset Turnover | — | 0.28 | 0.32 | 0.34 | 0.49 | 0.27 | 0.21 | 0.35 | 0.22 | 0.18 | 0.09 |
| Inventory Turnover | — | — | 5.78 | 5.49 | 6.80 | 4.92 | 6.39 | 3.31 | 6.54 | 5.32 | 3.49 |
| Days Sales Outstanding | — | 29.10 | 35.94 | 25.90 | 19.46 | 48.65 | 35.78 | 42.43 | 57.63 | 101.62 | 168.56 |
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 | — | — | — | 0.0% | 0.0% | 0.0% | 2.0% | 3.2% | — | — | — |
| Payout Ratio | — | — | — | 0.1% | 0.3% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 11.7% | 6.6% | 7.5% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | 10.6% | — | — | 12.1% | — | 3.5% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.1% | 12.5% | 0.1% | 0.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.5% | 3.3% | 12.5% | 0.1% | 0.1% |
| Shares Outstanding | — | $478M | $477M | $481M | $475M | $417M | $405M | $401M | $405M | $388M | $385M |
Liquidity and project execution
As reported in recent financial filings, Kosmos Energy trades at a forward P/E of 7.20, which appears to discount the significant operational risks associated with its frontier gas projects compared to the more stable valuation multiples observed among U.S.-centric offshore exploration and production peers.
The current valuation suggests that the market is heavily discounting the company's future earnings potential due to the repeated delays in the Greater Tortue Ahmeyim project. Investors should monitor whether this discount narrows as the company transitions from a capital-intensive development phase to a cash-generative production phase.
Based on the company's reported figures, ROIC has trended into negative territory, reaching -3.5% in 2025Q4, which indicates that the firm is currently failing to generate returns above its cost of capital while heavily investing in long-cycle, deepwater infrastructure projects that have yet to reach full operational maturity.
The decay in return on capital reflects the massive capital outlays required for the GTA project that are not yet contributing to the bottom line. This trend warrants further investigation into whether the company can achieve a positive spread between its returns and cost of capital once these assets become fully operational.
According to recent financial statements, the company's asset turnover remains exceptionally low at 0.08, highlighting the inherent inefficiency of holding massive, non-productive deepwater assets that have yet to contribute to revenue, a stark contrast to the more agile turnover profiles of domestic onshore exploration peers.
The low asset turnover is a structural characteristic of deepwater E&P, but it is exacerbated by the company's current development cycle. The volatility in the cash conversion cycle suggests that management faces significant challenges in optimizing working capital while managing the lumpy nature of cargo-based revenue recognition.
As evidenced by the surge in the debt-to-equity ratio to 5.80 in 2026Q1, the company's reliance on external financing has reached a critical level, leaving the balance sheet highly vulnerable to commodity price volatility and potential interest rate shocks during this intensive capital expenditure period.
The elevated leverage ratio indicates that the company has limited room for error in its operational execution. Investors should monitor the interest coverage trends, which have frequently dipped into negative territory, suggesting that debt service may become increasingly difficult without a sustained inflection in cash flow from new production.
The P/E ratio is frequently misapplied to Kosmos Energy, as it fails to account for the massive non-cash impairments and exploration dry-hole expenses inherent in the successful efforts accounting method, which artificially depress reported earnings and obscure the underlying cash-generating potential of the firm's producing assets.
Analysts should instead focus on EBITDAX or cash flow-based metrics to normalize for these accounting choices. Relying on P/E in this context may lead to an inaccurate assessment of the company's true value, as it ignores the significant value of proved undeveloped reserves that are not yet reflected in current earnings.
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying KOS stock.
Kosmos Energy Ltd.'s current P/E ratio is -1.4x. The historical average is 12.2x.
Kosmos Energy Ltd.'s current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.7x.
Kosmos Energy Ltd.'s return on equity (ROE) is -80.9%. The historical average is -13.1%.
Based on historical data, Kosmos Energy Ltd. is trading at a P/E of -1.4x. Compare with industry peers and growth rates for a complete picture.
Kosmos Energy Ltd. has -14.8% gross margin and -20.9% operating margin.
Kosmos Energy Ltd.'s Debt/EBITDA ratio is 9.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.