Latest Ratios: P/E Ratio -30.8x · EV/EBITDA N/A · ROE -3.0%. (1996–2025 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 | $402M | $389M | $406M | $332M | $379M | $542M | $515M | $534M | $471M | $528M | $511M |
| Enterprise Value | $541M | $528M | $402M | $467M | $549M | $737M | $737M | $779M | $700M | $676M | $647M |
| P/E Ratio → | -30.76 | — | 5.52 | 184.43 | — | 11.45 | 75.27 | 10.46 | 90.04 | 293.00 | 0.00 |
| P/S Ratio | — | — | 5.52 | 21.05 | 18.24 | 11.46 | 22.12 | 10.03 | 87.59 | 141.26 | 11.50 |
| P/B Ratio | 0.95 | 0.92 | 0.90 | 0.85 | 0.78 | 0.87 | 0.86 | 0.86 | 0.79 | 0.78 | 0.72 |
| P/FCF | 31.80 | 30.77 | 31.64 | 6.24 | 8.38 | 10.32 | 16.82 | 16.95 | 5.21 | 17.61 | 13.19 |
| P/OCF | 31.80 | 30.77 | 31.64 | 6.24 | 8.38 | 10.32 | 16.82 | 16.95 | 5.21 | 17.61 | 13.19 |
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 | — | — | 5.47 | 29.62 | 26.46 | 15.58 | 31.66 | 14.64 | 130.27 | 180.84 | 14.57 |
| EV / EBITDA | — | — | 5.47 | 21.83 | — | 15.12 | 62.67 | 14.63 | 76.16 | 67.13 | 17.08 |
| EV / EBIT | — | — | 5.47 | 40.89 | — | 15.12 | 62.67 | 14.63 | 76.16 | 67.13 | 17.08 |
| EV / FCF | — | 41.75 | 31.37 | 8.79 | 12.16 | 14.03 | 24.07 | 24.75 | 7.75 | 22.55 | 16.70 |
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 | 254.2% | 254.2% | 100.0% | 32.7% | 80.1% | 90.6% | 81.6% | 92.0% | 26.2% | 44.1% | 88.9% |
| Operating Margin | 252.7% | 252.7% | 100.1% | 72.6% | -524.7% | 103.1% | 50.5% | 100.1% | 581.5% | 853.5% | 76.0% |
| Net Profit Margin | 252.7% | 252.7% | 100.1% | 32.5% | -535.8% | 100.0% | 34.1% | 100.1% | 97.3% | 96.5% | 88.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.0% | -3.0% | 17.4% | 1.2% | -20.1% | 7.7% | 1.3% | 8.8% | 0.8% | 0.5% | 5.6% |
| ROA | -2.0% | -2.0% | 11.3% | 0.8% | -15.0% | 5.8% | 0.9% | 6.3% | 0.6% | 0.4% | 4.6% |
| ROIC | -1.7% | -1.7% | 9.8% | 1.4% | -11.1% | 4.5% | 1.0% | 4.7% | 2.8% | 2.9% | 3.0% |
| ROCE | -2.2% | -2.2% | 12.9% | 1.8% | -14.7% | 5.9% | 1.4% | 6.3% | 3.8% | 4.2% | 4.9% |
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 | 0.33 | 0.33 | 0.31 | 0.36 | 0.36 | 0.32 | 0.37 | 0.40 | 0.39 | 0.22 | 0.20 |
| Debt / EBITDA | — | — | 1.91 | 6.61 | — | 4.02 | 18.92 | 4.62 | 24.95 | 14.76 | 3.68 |
| Net Debt / Equity | — | 0.33 | -0.01 | 0.34 | 0.35 | 0.31 | 0.37 | 0.40 | 0.39 | 0.22 | 0.19 |
| Net Debt / EBITDA | — | — | -0.05 | 6.32 | — | 4.00 | 18.88 | 4.61 | 24.95 | 14.69 | 3.60 |
| Debt / FCF | — | 10.98 | -0.27 | 2.54 | 3.78 | 3.71 | 7.25 | 7.80 | 2.54 | 4.93 | 3.52 |
| Interest Coverage | -1.64 | -1.64 | 8.61 | 1.81 | -47.11 | 34.03 | 3.09 | 11.18 | 2.32 | 4.82 | 31.40 |
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 | 1.88 | 1.88 | 0.08 | 1.50 | 4.76 | 5.39 | 18.09 | 5.94 | 0.02 | 9.57 | 0.11 |
| Quick Ratio | 1.88 | 1.88 | 0.08 | 1.50 | 4.76 | 5.39 | 18.09 | 5.94 | 0.02 | 9.57 | 0.11 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.55 | 1.43 | 0.40 | 0.83 | 0.28 | 0.02 | 0.48 | 0.02 |
| Asset Turnover | — | -0.01 | 0.11 | 0.03 | 0.03 | 0.06 | 0.03 | 0.06 | 0.01 | 0.00 | 0.05 |
| 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 | 3.7% | 3.8% | 3.5% | 5.4% | 5.5% | 4.7% | 5.0% | 4.9% | 5.8% | 5.8% | 6.0% |
| Payout Ratio | — | — | 19.3% | 347.9% | — | 54.0% | 327.0% | 49.0% | 524.0% | 853.2% | 78.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 18.1% | 0.5% | — | 8.7% | 1.3% | 9.6% | 1.1% | 0.3% | 10695176.5% |
| FCF Yield | 3.1% | 3.3% | 3.2% | 16.0% | 11.9% | 9.7% | 5.9% | 5.9% | 19.2% | 5.7% | 7.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 23.8% | 0.0% | 0.0% | 0.0% | 0.0% | 13.5% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.7% | 3.8% | 3.5% | 29.1% | 5.5% | 4.7% | 5.0% | 4.9% | 19.3% | 5.8% | 6.0% |
| Shares Outstanding | — | $62M | $62M | $62M | $62M | $62M | $62M | $62M | $63M | $60M | $55M |
Interest rate leverage sensitivity
As reported in financial statements, LEO trades at a price-to-book ratio of 0.95, suggesting that the market continues to apply a persistent discount to the fund's net asset value, likely reflecting investor skepticism regarding the long-term sustainability of distributions amidst ongoing interest rate volatility and portfolio mark-to-market pressure.
The forward P/E of 16.15 appears to be a poor indicator of value given the fund's reliance on interest income rather than traditional earnings growth. Investors should monitor whether this discount to NAV widens further, as it may signal a lack of confidence in the BNY Mellon management team's ability to navigate the current municipal credit environment.
Based on LEO's reported figures, the return on invested capital has fluctuated significantly, swinging from a positive 7.6% in 2024Q2 to a negative 2.0% in 2025Q2, which highlights the fund's inability to consistently compound capital in a rising interest rate environment that depresses underlying bond valuations.
The erratic ROIC trend suggests that the fund's performance is driven more by external macroeconomic factors than by internal capital allocation efficiency. This volatility warrants further investigation into whether the fund's leverage strategy is effectively enhancing returns or merely amplifying the downside risk of the municipal bond portfolio.
According to recent SEC filings, LEO's debt-to-equity ratio reached 0.52 in 2026Q2, indicating that the fund's reliance on leverage remains a primary driver of its risk profile, particularly as interest coverage ratios have shown extreme volatility, dropping to negative levels during periods of significant market stress.
The use of leverage in a closed-end fund structure creates a double-edged sword where financing costs can rise precisely when the underlying municipal assets are under pressure. Investors should monitor the interest coverage ratio closely, as any further decline may suggest that the fund's debt service is becoming increasingly burdensome relative to its interest income.
As indicated by the provided financial data, LEO's current ratio has shown extreme volatility, dropping to 1.71 in 2026Q2 from a high of 5.39 in 2021Q4, which suggests a narrowing buffer against short-term operational or financing obligations in the event of a liquidity crunch within the municipal bond market.
While the fund's closed-end structure provides some insulation from forced redemptions, the declining current ratio indicates that the fund has less flexibility to manage its leverage and distribution obligations. This trend appears to leave the fund more vulnerable to sudden shifts in market liquidity than it was in previous periods.
The most commonly misapplied metric for LEO is the headline revenue figure, which, as reported in financial statements, often includes unrealized mark-to-market losses that obscure the fund's actual ability to generate recurring tax-exempt interest income from its underlying municipal bond holdings.
Analysts should instead focus on Net Investment Income (NII) and the distribution coverage ratio to assess the fund's true earning power. Relying on standard revenue or P/E multiples for this business model is misleading, as it fails to account for the structural nature of a closed-end fund's cash flow generation.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying LEO stock.
BNY Mellon Strategic Municipals, Inc.'s current P/E ratio is -30.8x. The historical average is 25.5x.
BNY Mellon Strategic Municipals, Inc.'s return on equity (ROE) is -3.0%. The historical average is 3.9%.
Based on historical data, BNY Mellon Strategic Municipals, Inc. is trading at a P/E of -30.8x. Compare with industry peers and growth rates for a complete picture.
BNY Mellon Strategic Municipals, Inc.'s current dividend yield is 3.72%.
BNY Mellon Strategic Municipals, Inc. has 254.2% gross margin and 252.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.