Latest Ratios: P/E Ratio 31.8x · EV/EBITDA N/A · ROE -14.5%. (2023–2025 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 |
|---|---|---|---|---|
| Market Cap | $175M | $176M | $199M | — |
| Enterprise Value | $182M | $183M | $205M | — |
| P/E Ratio → | 31.80 | 31.95 | 29.27 | — |
| P/S Ratio | 7.85 | 7.89 | 11.38 | — |
| P/B Ratio | 1.32 | 1.33 | 1.47 | — |
| P/FCF | 6.29 | 6.32 | — | — |
| P/OCF | 6.29 | 6.32 | — | — |
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 |
|---|---|---|---|---|
| EV / Revenue | — | 8.20 | 11.75 | — |
| EV / EBITDA | — | — | 13.56 | — |
| EV / EBIT | — | — | 13.56 | — |
| EV / FCF | — | 6.57 | — | — |
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 |
|---|---|---|---|---|
| Gross Margin | 78.9% | 78.9% | 99.6% | 100.0% |
| Operating Margin | -71.8% | -71.8% | 86.6% | 374.5% |
| Net Profit Margin | -86.8% | -86.8% | 86.6% | 373.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | -14.5% | -14.5% | 13.1% | 8.7% |
| ROA | -12.1% | -12.1% | 11.0% | 8.7% |
| ROIC | -8.5% | -8.5% | 9.5% | — |
| ROCE | -10.4% | -10.4% | 11.5% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.05 | — |
| Debt / EBITDA | — | — | 0.44 | — |
| Net Debt / Equity | — | 0.05 | 0.05 | -0.20 |
| Net Debt / EBITDA | — | — | 0.43 | -2.32 |
| Debt / FCF | — | 0.25 | — | -8.97 |
| Interest Coverage | — | — | 214.34 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 0.15 | 0.15 | 0.04 | — |
| Quick Ratio | 0.15 | 0.15 | 0.04 | — |
| Cash Ratio | 0.01 | 0.01 | 0.03 | — |
| Asset Turnover | — | 0.16 | 0.10 | 0.02 |
| 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 |
|---|---|---|---|---|
| Dividend Yield | 10.3% | — | — | — |
| Payout Ratio | — | — | — | 25.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | 3.1% | 3.1% | 3.4% | — |
| FCF Yield | 15.9% | 15.8% | — | — |
| Buyback Yield | 0.0% | — | — | — |
| Total Shareholder Yield | 10.3% | — | — | — |
| Shares Outstanding | — | $7M | $8M | $8M |
Insufficient liquidity for operations
According to recent financial data, PDPA trades at a P/S multiple of 7.83, which appears elevated given the company's negative operating margins and the inherent volatility of its CLO equity portfolio compared to more established peers in the specialized credit management sector.
The current P/S ratio suggests that investors are pricing in significant future growth or a recovery in distribution yields that has yet to materialize in the income statement. This valuation appears aggressive when contrasted with the firm's inability to achieve break-even operating performance, implying that the market may be overestimating the scalability of the current investment platform.
As reported in financial statements, PDPA maintains a gross margin of 78.85%, yet the firm's operating margin of -71.78% indicates that the current administrative and management fee structure is fundamentally misaligned with the scale of assets under management, leading to persistent net losses.
The wide gap between gross and operating margins suggests that the company is currently in a value-dilutive state, where the cost of maintaining the investment vehicle outweighs the income generated by the underlying CLO tranches. Investors should monitor whether management can achieve the necessary AUM growth to leverage fixed costs, as the current profitability profile appears unsustainable without a significant increase in portfolio size.
Based on reported figures, the company's cash position of only $99,688 represents a critical liquidity risk, leaving the firm with virtually no margin for error to manage unexpected volatility in CLO distributions or to cover its substantial ongoing administrative and professional service expenses.
This minimal cash balance suggests that the firm lacks the necessary buffer to navigate even minor disruptions in the leveraged loan market. The liquidity position warrants further investigation, as it may force the company to pursue dilutive equity offerings to fund basic operations, potentially impairing shareholder value in the near term.
As indicated by industry comparisons, PDPA lags behind larger peers like OXLC and ECC in terms of operational scale and dividend track record, with the firm's negative net margins highlighting a structural disadvantage in competing for capital within the high-risk CLO equity space.
While peers benefit from established scale and more predictable distribution histories, PDPA's smaller footprint appears to limit its ability to achieve the efficiencies required for profitability. The valuation gap between PDPA and its peers suggests that the market is discounting the firm's lack of operational maturity and the heightened risk associated with its current capital structure.
The most commonly misapplied metric for PDPA is GAAP net income, which obscures the underlying cash-generating potential of the CLO equity portfolio by including non-cash mark-to-market adjustments that do not reflect the actual terminal value or distribution capacity of the firm's assets.
Analysts should instead focus on Core Net Investment Income and actual cash distributions received, as these metrics provide a more accurate view of the firm's ability to sustain its dividend and cover operating costs. Relying on GAAP figures may lead to an overly pessimistic assessment of the company's health, though the liquidity constraints remain a valid and separate concern.
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Quick answers to the most common questions about buying PDPA stock.
Pearl Diver Credit Company Inc.'s current P/E ratio is 31.8x. The historical average is 30.6x. This places it at the 50th percentile of its historical range.
Pearl Diver Credit Company Inc.'s return on equity (ROE) is -14.5%. The historical average is 2.4%.
Based on historical data, Pearl Diver Credit Company Inc. is trading at a P/E of 31.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pearl Diver Credit Company Inc.'s current dividend yield is 10.27%.
Pearl Diver Credit Company Inc. has 78.9% gross margin and -71.8% operating margin.