Latest Ratios: P/E Ratio 12.9x · EV/EBITDA 3.9x · ROE 11.3%. (2014–2025 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 | $1.7B | $1.2B | $1.2B | $946M | $799M | $1.0B | $1.3B | $1.1B | $1.6B | $2.3B | — |
| Enterprise Value | $3.0B | $2.5B | $2.4B | $2.2B | $2.0B | $2.0B | $2.2B | $1.9B | $2.0B | $2.7B | — |
| P/E Ratio → | 12.89 | 8.85 | — | — | 10.40 | 6.66 | — | — | 21.25 | 13.81 | — |
| P/S Ratio | 0.57 | 0.39 | 0.42 | 0.37 | 0.26 | 0.40 | 0.65 | 0.46 | 0.64 | 0.93 | — |
| P/B Ratio | 1.32 | 0.91 | 1.10 | 0.65 | 0.47 | 0.63 | 0.79 | 0.43 | 0.55 | 0.79 | — |
| P/FCF | 32.85 | 22.55 | 12.85 | — | — | 133.78 | — | — | 33.17 | 12.60 | — |
| P/OCF | 4.23 | 2.90 | 3.33 | 3.69 | 3.00 | 2.11 | 4.38 | 8.79 | 4.56 | 6.03 | — |
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 | — | 0.83 | 0.87 | 0.86 | 0.65 | 0.77 | 1.15 | 0.82 | 0.79 | 1.12 | — |
| EV / EBITDA | 3.94 | 3.24 | 3.87 | 14.08 | 3.02 | 2.86 | — | 9.30 | 3.28 | 4.01 | — |
| EV / EBIT | 7.36 | 4.09 | 9.09 | — | 5.20 | 4.59 | — | — | 8.03 | 7.44 | — |
| EV / FCF | — | 47.78 | 26.50 | — | — | 259.11 | — | — | 41.37 | 15.10 | — |
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 | 17.9% | 17.9% | 19.4% | 11.6% | 21.1% | 24.1% | 19.2% | 16.5% | 24.2% | 31.4% | 27.5% |
| Operating Margin | 13.7% | 13.7% | 10.0% | -5.9% | 11.9% | 17.0% | -20.4% | -4.8% | 13.4% | 16.4% | 6.8% |
| Net Profit Margin | 4.4% | 4.4% | -7.4% | -11.3% | 1.6% | 4.4% | -28.7% | -6.2% | 3.0% | 5.2% | 4.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.3% | 11.3% | -16.3% | -18.4% | 3.0% | 7.0% | -27.3% | -5.4% | 2.6% | 4.1% | 2.7% |
| ROA | 2.7% | 2.7% | -4.3% | -6.0% | 1.0% | 2.3% | -10.6% | -2.6% | 1.3% | 2.1% | 1.6% |
| ROIC | 12.6% | 12.6% | 8.2% | -4.1% | 9.8% | 12.9% | -10.1% | -2.5% | 7.5% | 8.7% | 2.6% |
| ROCE | 11.2% | 11.2% | 7.6% | -3.9% | 9.1% | 11.0% | -8.9% | -2.3% | 6.5% | 7.7% | 2.5% |
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 | 1.42 | 1.42 | 1.75 | 1.19 | 0.98 | 1.05 | 1.26 | 0.62 | 0.49 | 0.51 | 0.35 |
| Debt / EBITDA | 2.38 | 2.38 | 2.99 | 10.99 | 2.56 | 2.44 | — | 7.46 | 2.37 | 2.15 | 2.43 |
| Net Debt / Equity | — | 1.02 | 1.17 | 0.88 | 0.69 | 0.59 | 0.59 | 0.34 | 0.14 | 0.16 | 0.08 |
| Net Debt / EBITDA | 1.71 | 1.71 | 1.99 | 8.09 | 1.80 | 1.38 | — | 4.08 | 0.65 | 0.66 | 0.53 |
| Debt / FCF | — | 25.23 | 13.65 | — | — | 125.32 | — | — | 8.20 | 2.50 | 0.63 |
| Interest Coverage | 2.21 | 2.21 | 1.26 | -0.57 | 2.25 | 3.09 | -3.78 | -1.09 | 2.90 | 5.70 | 7.14 |
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 | 0.87 | 0.87 | 1.05 | 0.99 | 1.36 | 1.49 | 1.97 | 1.97 | 2.60 | 2.39 | 1.82 |
| Quick Ratio | 0.58 | 0.58 | 0.77 | 0.67 | 0.92 | 1.11 | 1.68 | 1.55 | 2.19 | 1.97 | 1.48 |
| Cash Ratio | 0.36 | 0.36 | 0.56 | 0.44 | 0.57 | 0.77 | 1.28 | 1.08 | 1.73 | 1.59 | 1.18 |
| Asset Turnover | — | 0.57 | 0.60 | 0.53 | 0.62 | 0.53 | 0.39 | 0.43 | 0.43 | 0.41 | 0.31 |
| Inventory Turnover | 5.93 | 5.93 | 6.85 | 6.70 | 6.06 | 5.34 | 6.14 | 6.60 | 7.00 | 5.17 | 4.75 |
| Days Sales Outstanding | — | 29.31 | 19.58 | 22.28 | 27.21 | 33.39 | 45.27 | 33.65 | 25.38 | 27.23 | 42.56 |
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 | 2.0% | 2.9% | 1.3% | 2.5% | 8.6% | 5.0% | 4.4% | 10.5% | 0.2% | 2.7% | — |
| Payout Ratio | 25.8% | 25.8% | — | — | 137.8% | 45.8% | — | — | 4.6% | — | 64.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.8% | 11.3% | — | — | 9.6% | 15.0% | — | — | 4.7% | 7.2% | — |
| FCF Yield | 3.0% | 4.4% | 7.8% | — | — | 0.7% | — | — | 3.0% | 7.9% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 2.6% | 0.8% | 0.0% | 0.0% | 0.8% | 0.1% | 0.0% | — |
| Total Shareholder Yield | 2.0% | 2.9% | 1.3% | 5.2% | 9.3% | 5.0% | 4.4% | 11.3% | 0.3% | 2.7% | — |
| Shares Outstanding | — | $132M | $132M | $132M | $132M | $132M | $132M | $133M | $133M | $117M | $113M |
Commodity and regional volatility
Based on current market data, Nexa's forward P/E of 4.50 suggests the market is pricing in significant cyclical risk, as the company trades at a notable discount to peers like Teck Resources, which commands a forward multiple reflecting its larger scale and diversified asset base.
The valuation gap appears to stem from the market's skepticism regarding the sustainability of recent margin improvements and the inherent volatility of the Brazilian and Peruvian operating environments. Investors should monitor whether the forward earnings multiple expands as the Aripuanã project reaches steady-state production, potentially narrowing the valuation discount relative to global base metal producers.
According to historical financial statements, Nexa's ROIC has struggled to consistently exceed its cost of capital, peaking at only 5.9% in 2026Q1, which indicates that the company's heavy investment in mining and smelting infrastructure has yet to yield superior returns on invested capital.
The low ROIC trend suggests that the company's capital-intensive growth strategy is currently diluting shareholder value rather than compounding it. This performance warrants further investigation into whether the recent ramp-up of new capacity can drive sufficient margin expansion to lift returns above the threshold required to justify such significant asset deployment.
As reported in quarterly filings, Nexa's asset turnover remains low at 0.17, reflecting the massive capital base required for its integrated operations, while the erratic cash conversion cycle suggests that inventory management and receivables collection remain significant operational hurdles for the company's management team.
The persistent fluctuations in the cash conversion cycle indicate that the company lacks the working capital efficiency seen in more streamlined mining peers. This inefficiency appears to be a structural byproduct of the integrated mine-to-smelter model, which necessitates holding significant inventory buffers across multiple geographic locations.
Based on reported figures, Nexa's interest coverage ratio of 5.00 in 2026Q1 shows improvement, yet the historical volatility of this metric, which dipped into negative territory in 2023Q4, suggests that the company's ability to service its debt remains highly vulnerable to commodity price swings.
While the current debt-to-equity ratio of 1.28 appears manageable, the reliance on debt to fund infrastructure projects leaves little room for error if zinc prices soften. Investors should monitor the company's ability to maintain this coverage level as it transitions from a capital-intensive development phase to a period of potential deleveraging.
The P/E ratio is frequently misapplied to Nexa, as it obscures the significant non-cash depreciation charges associated with the company's massive asset base, which can lead to an inaccurate assessment of the firm's true earning power during its current phase of heavy capital investment.
Analysts should prioritize EV/EBITDA or free cash flow metrics over P/E, as these better capture the operational cash generation capacity of the integrated smelting and mining segments. Relying on P/E ignores the impact of the company's capital structure and the accounting distortions inherent in the transition of the Aripuanã project to full production.
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Quick answers to the most common questions about buying NEXA stock.
Nexa Resources S.A.'s current P/E ratio is 12.9x. The historical average is 12.2x. This places it at the 60th percentile of its historical range.
Nexa Resources S.A.'s current EV/EBITDA is 3.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.5x.
Nexa Resources S.A.'s return on equity (ROE) is 11.3%. The historical average is -3.4%.
Based on historical data, Nexa Resources S.A. is trading at a P/E of 12.9x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nexa Resources S.A.'s current dividend yield is 2.01% with a payout ratio of 25.8%.
Nexa Resources S.A. has 17.9% gross margin and 13.7% operating margin. Operating margin between 10-20% is typical for established companies.
Nexa Resources S.A.'s Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.