Latest Ratios: P/E Ratio -3.1x · EV/EBITDA N/A · ROE -20.2%. (2019–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Market Cap | $2M | $173M | $150M | $691M | $15.0B | — | — |
| Enterprise Value | $-4725100 | $166M | $136M | $683M | $15.0B | — | — |
| P/E Ratio → | -3.07 | — | — | — | 191509.43 | — | — |
| P/S Ratio | 0.09 | 6.74 | 7.93 | 36.21 | 11208.22 | — | — |
| P/B Ratio | 0.03 | 2.05 | 1.62 | 9.03 | 310.53 | — | — |
| P/FCF | — | — | — | — | 22216.59 | — | — |
| P/OCF | — | — | 184.54 | 456.78 | 20911.56 | — | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.46 | 7.15 | 35.77 | 11206.96 | — | — |
| EV / EBITDA | — | — | — | 149.38 | 30635.43 | — | — |
| EV / EBIT | — | — | — | — | 111567.83 | — | — |
| EV / FCF | — | — | — | — | 22214.10 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 9.0% | 9.0% | 29.2% | 44.7% | 69.4% | -0.7% | 42.4% |
| Operating Margin | -70.2% | -70.2% | -40.7% | -1.7% | 10.0% | -40.3% | -15.1% |
| Net Profit Margin | -69.5% | -69.5% | -10.4% | -1.7% | 10.0% | -40.3% | -15.1% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| ROE | -20.2% | -20.2% | -2.3% | -0.5% | 0.3% | -10.8% | -5.3% |
| ROA | -19.4% | -19.4% | -2.3% | -0.5% | 0.3% | -10.4% | -5.2% |
| ROIC | -17.5% | -17.5% | -7.9% | -0.4% | 0.2% | -8.1% | — |
| ROCE | -20.4% | -20.4% | -9.1% | -0.5% | 0.3% | -10.8% | -5.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.08 | -0.16 | -0.11 | -0.03 | -0.00 | -0.00 |
| Net Debt / EBITDA | — | — | — | -1.85 | -3.43 | — | -0.00 |
| Debt / FCF | — | — | — | — | -2.49 | — | -0.00 |
| Interest Coverage | -162.87 | -162.87 | -1.17 | — | — | — | — |
Net cash position: cash ($7M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.77 | 2.77 | 8.77 | 5.76 | 3.44 | 2.25 | 10.18 |
| Quick Ratio | 2.46 | 2.46 | 8.64 | 5.63 | 3.24 | 2.15 | 10.02 |
| Cash Ratio | 1.41 | 1.41 | 6.49 | 3.44 | 1.80 | 0.02 | 0.00 |
| Asset Turnover | — | 0.29 | 0.20 | 0.24 | 0.03 | 0.25 | 0.34 |
| Inventory Turnover | 14.64 | 14.64 | 46.76 | 31.62 | 2.19 | 52.07 | 42.25 |
| Days Sales Outstanding | — | 43.51 | 57.05 | 81.42 | 241.05 | 85.51 | 9.14 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 67.6% | 0.9% | 1.4% | 0.4% | 0.0% | — | — |
| Payout Ratio | — | — | — | — | 1249.8% | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 0.0% | — | — |
| FCF Yield | — | — | — | — | 0.0% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 67.6% | 0.9% | 1.4% | 0.4% | 0.0% | — | — |
| Shares Outstanding | — | $298605 | $134888 | $62262 | $73654 | $52921 | $52921 |
Insufficient Scale and Liquidity
According to recent market data, OceanPal trades at a P/S ratio of 0.09, which, while appearing deeply discounted compared to larger peers, likely reflects the market's skepticism regarding the company's ability to achieve sustainable profitability given its current negative earnings and lack of meaningful cash flow generation.
The absence of P/E and EV/EBITDA multiples underscores that the market is pricing the entity based on liquidation or asset-value potential rather than operational performance. Investors should monitor whether this valuation gap is a temporary mispricing or a structural reflection of the company's inability to scale effectively.
Based on reported financial figures, OceanPal's ROIC has trended into negative territory, reaching -8.3% in 2025Q2, which suggests that the company is currently destroying shareholder value rather than compounding it through its limited fleet of dry bulk vessels.
The consistent decay in returns on invested capital highlights the difficulty of maintaining profitability in a high-fixed-cost environment with a minimal asset base. This trend warrants further investigation into whether the current management strategy can ever generate returns that exceed the cost of capital.
As reported in recent quarterly filings, the company's asset turnover ratio remains extremely low at 0.04, indicating that OceanPal is struggling to generate sufficient revenue from its existing asset base compared to the broader industry standards for dry bulk shipping operators.
The volatility in the cash conversion cycle, which reached 53 days in 2025Q1, suggests inconsistent management of receivables and payables. This inefficiency appears to exacerbate the company's liquidity constraints, as capital remains tied up in operational processes rather than supporting core business growth.
According to recent balance sheet data, the current ratio of 7.05 in 2025Q2 provides a superficial appearance of liquidity, yet this figure masks the underlying cash burn and the lack of recurring revenue necessary to sustain operations without potential future capital raises.
While the quick ratio remains high, the company's reliance on cash reserves to cover persistent operating losses suggests that the liquidity position is more vulnerable than the headline ratios imply. Investors should monitor the rate of cash depletion relative to the company's ability to secure new charters.
The P/B ratio of 0.03 is frequently misapplied by investors as a signal of deep value, yet this metric obscures the reality that the company's assets may be subject to significant impairment charges if charter rates remain depressed and the fleet continues to age.
Instead of relying on book value, analysts should focus on the Net Asset Value (NAV) adjusted for potential vessel impairments and the cost of regulatory compliance. The P/B ratio fails to account for the high probability of equity dilution, which is a more immediate risk to shareholders.
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Quick answers to the most common questions about buying OP stock.
OceanPal Inc.'s current P/E ratio is -3.1x. This places it at the 50th percentile of its historical range.
OceanPal Inc.'s return on equity (ROE) is -20.2%. The historical average is -6.5%.
Based on historical data, OceanPal Inc. is trading at a P/E of -3.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
OceanPal Inc.'s current dividend yield is 67.62%.
OceanPal Inc. has 9.0% gross margin and -70.2% operating margin.