Latest Ratios: P/E Ratio 59.7x · EV/EBITDA N/A · ROE 2.9%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $76M | $90M | — | — | — | — |
| Enterprise Value | $70M | $84M | — | — | — | — |
| P/E Ratio → | 59.71 | 71.81 | — | — | — | — |
| P/S Ratio | 1.58 | 1.86 | — | — | — | — |
| P/B Ratio | 1.65 | 1.98 | — | — | — | — |
| 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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.73 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | 99.53 | — | — | — | — |
| 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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 17.6% | 17.6% | 23.2% | 25.1% | 29.0% | 28.9% |
| Operating Margin | -3.4% | -3.4% | 10.9% | 16.3% | 17.6% | 20.0% |
| Net Profit Margin | 2.6% | 2.6% | 11.7% | 16.2% | 12.2% | 14.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 2.9% | 2.9% | 22.4% | 38.6% | 20.6% | 17.9% |
| ROA | 1.8% | 1.8% | 12.0% | 21.2% | 12.7% | 10.6% |
| ROIC | -3.3% | -3.3% | 17.3% | 33.0% | 28.8% | 26.3% |
| ROCE | -3.8% | -3.8% | 19.8% | 35.8% | 27.5% | 23.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.08 | 0.08 | 0.05 | 0.06 | 0.05 | 0.00 |
| Debt / EBITDA | — | — | 0.23 | 0.15 | 0.18 | 0.02 |
| Net Debt / Equity | — | -0.14 | -0.10 | -0.09 | -0.16 | -0.32 |
| Net Debt / EBITDA | — | — | -0.49 | -0.22 | -0.55 | -1.28 |
| Debt / FCF | — | — | -0.28 | -0.80 | — | -0.71 |
| Interest Coverage | 11.81 | 11.81 | 144.38 | 182.92 | 182.75 | — |
Net cash position: cash ($10M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 2.54 | 2.54 | 2.28 | 1.85 | 2.95 | 2.39 |
| Quick Ratio | 2.39 | 2.39 | 2.08 | 1.60 | 2.72 | 2.29 |
| Cash Ratio | 1.28 | 1.28 | 0.87 | 0.37 | 0.62 | 0.94 |
| Asset Turnover | — | 0.70 | 0.99 | 1.12 | 1.00 | 0.71 |
| Inventory Turnover | 10.90 | 10.90 | 9.83 | 6.94 | 10.25 | 13.95 |
| Days Sales Outstanding | — | 149.56 | 124.42 | 160.02 | 149.58 | 188.79 |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 1.7% | 1.4% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $17M | $17M | $17M | $17M | $17M |
NOC CAPEX cycle dependency
As reported in recent financial statements, Leishen Energy's ROIC has experienced a sharp decline from 19.8% in 2023Q4 to 7.8% by 2025Q4, suggesting that the company is struggling to generate meaningful returns on its invested capital as revenue growth contracts and operational margins remain under significant pressure.
The rapid compression in ROIC indicates that the company's capital-intensive manufacturing and R&D investments are failing to produce commensurate returns in the current market environment. Investors should monitor whether this trend reflects a permanent loss of competitive advantage or merely a temporary cyclical trough linked to the broader Chinese oilfield services sector.
Based on the provided quarterly data, the cash conversion cycle has expanded from 223 days in 2023Q4 to 90 days in 2025Q4, reflecting significant volatility in inventory management and customer payment terms that complicates the company's ability to maintain a stable liquidity profile during periods of revenue decline.
The fluctuation in DSO and DIO suggests that Leishen Energy may be granting more lenient credit terms to state-owned customers to secure contracts, which effectively ties up cash in receivables. This shift appears to be a defensive measure that, while potentially maintaining market share, significantly impairs the company's operational cash flow efficiency.
According to the latest balance sheet, the company maintains a current ratio of 2.54, which provides a superficial sense of security; however, the underlying cash flow data suggests that this liquidity is increasingly dependent on non-operating income rather than the core business's ability to generate internal cash.
While the current ratio appears robust compared to historical levels, the reliance on non-operating items to sustain net profitability warrants caution. The liquidity position may be more vulnerable than it appears if the company is forced to draw down its $10.1M cash balance to cover ongoing operating losses.
Investors frequently misapply the price-to-book ratio of 1.54 to evaluate Leishen Energy, which obscures the reality that the company's book value is heavily comprised of specialized manufacturing assets that may face significant impairment risks if the current revenue contraction persists and renders these assets underutilized.
A more appropriate metric for this business model would be an adjusted EV/EBITDA or a cash-flow-based valuation, as the book value does not account for the potential obsolescence of specialized oilfield equipment. Relying on P/B ignores the fundamental risk that the company's asset base may not be as productive as the accounting figures suggest.
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Quick answers to the most common questions about buying LSE stock.
Leishen Energy Holding Co., Ltd.'s current P/E ratio is 59.7x. The historical average is 71.8x.
Leishen Energy Holding Co., Ltd.'s return on equity (ROE) is 2.9%. The historical average is 20.5%.
Based on historical data, Leishen Energy Holding Co., Ltd. is trading at a P/E of 59.7x. Compare with industry peers and growth rates for a complete picture.
Leishen Energy Holding Co., Ltd. has 17.6% gross margin and -3.4% operating margin.