Latest Ratios: P/E Ratio 9.7x · EV/EBITDA 9.7x · ROE 10.9%. (1995–2024 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 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $380M | $356M | $333M | $323M | $362M | $336M | $328M | $279M | $350M | $311M | $573M |
| Enterprise Value | $380M | $356M | $333M | $321M | $360M | $336M | $328M | $279M | $350M | $311M | $573M |
| P/E Ratio → | 9.67 | 9.10 | 6.21 | — | 8.73 | 15.90 | 5.00 | — | 7.19 | 11.13 | — |
| P/S Ratio | 9.46 | 8.86 | 10.87 | 19.04 | 8.54 | 14.56 | 4.92 | — | 7.06 | 43.62 | 96.64 |
| P/B Ratio | 1.06 | 1.00 | 0.92 | 0.97 | 0.95 | 0.88 | 0.87 | 0.87 | 0.90 | 0.87 | 0.91 |
| P/FCF | — | — | — | — | — | — | 5.00 | — | 7.19 | 11.15 | — |
| P/OCF | — | — | — | — | — | — | 5.00 | — | 7.19 | 11.15 | — |
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 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.86 | 10.86 | 18.89 | 8.49 | 14.55 | 4.92 | — | 7.06 | 43.62 | 96.64 |
| EV / EBITDA | 9.71 | 9.10 | 20.56 | — | 8.67 | 15.79 | 5.00 | — | 7.19 | 89.24 | 3324.36 |
| EV / EBIT | 9.71 | 9.10 | 20.56 | — | 8.64 | 15.79 | 5.00 | — | — | 89.24 | 3324.36 |
| EV / FCF | — | — | — | — | — | — | 5.00 | — | 7.19 | 11.15 | — |
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 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 63.8% | 83.0% | 100.0% | 87.5% | 95.6% | 111.3% | 100.0% | 56.9% | 14.6% |
| Operating Margin | 97.4% | 97.4% | 53.3% | -158.1% | 97.9% | 92.2% | 98.4% | 103.2% | 98.2% | 48.9% | 2.9% |
| Net Profit Margin | 97.4% | 97.4% | 175.0% | -159.5% | 97.9% | 91.7% | 98.4% | 103.2% | 98.2% | 391.3% | -491.5% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.9% | 10.9% | 15.4% | -7.5% | 10.8% | 5.6% | 18.8% | -7.8% | 13.1% | 5.6% | -4.4% |
| ROA | 10.5% | 10.5% | 15.3% | -7.5% | 10.6% | 5.5% | 18.5% | -7.8% | 13.0% | 5.6% | -4.4% |
| ROIC | 8.2% | 8.2% | 3.5% | -5.6% | 8.1% | 4.2% | 14.1% | -5.9% | 9.8% | 0.5% | 0.0% |
| ROCE | 10.9% | 10.9% | 4.7% | -7.5% | 10.8% | 5.6% | 18.8% | -7.8% | 13.1% | 0.7% | 0.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.00 | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.00 | -0.00 | -0.01 | -0.01 | -0.00 | -0.00 | -0.00 | -0.00 | 0.00 | -0.00 |
| Net Debt / EBITDA | -0.00 | -0.00 | -0.02 | — | -0.05 | -0.01 | -0.00 | — | -0.00 | 0.00 | -0.00 |
| Debt / FCF | — | — | — | — | — | — | -0.00 | — | -0.00 | 0.00 | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | 0.14 | — |
Net cash position: cash ($3675) 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 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.20 | 0.20 | 2.22 | 1.87 | 0.36 | 0.58 | 0.35 | 0.48 | 2.80 | 11.44 | 5.23 |
| Quick Ratio | 0.20 | 0.20 | 2.22 | 1.87 | 0.36 | 0.58 | 0.35 | 0.48 | 2.80 | 11.44 | 5.23 |
| Cash Ratio | 0.00 | 0.00 | 0.16 | 1.14 | 0.38 | 0.04 | 0.01 | 0.00 | 0.00 | — | 0.00 |
| Asset Turnover | — | 0.11 | 0.08 | 0.05 | 0.11 | 0.06 | 0.17 | -0.08 | 0.13 | 0.02 | 0.01 |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.3% | 11.0% | 16.1% | — | 11.5% | 6.3% | 20.0% | — | 13.9% | 9.0% | — |
| FCF Yield | — | — | — | — | — | — | 20.0% | — | 13.9% | 9.0% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 0.2% | 0.2% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 0.2% | 0.2% | 0.0% |
| Shares Outstanding | — | $8M | $8M | $8M | $8M | $8M | $8M | $9M | $9M | $9M | $9M |
NAV discount volatility risk
According to recent financial data, SOR trades at a P/E of 9.39, which appears to discount the fund's historical ability to narrow its NAV gap, suggesting that investors remain cautious regarding the underlying portfolio's capacity to generate consistent, market-beating returns in the current small-cap value environment.
The forward P/E of 2.69 implies a significant expectation for earnings recovery, yet this valuation metric is inherently noisy for a closed-end fund where realized gains drive bottom-line results. Investors should monitor whether the current P/B of 1.03 indicates a floor or if the market continues to price the fund at a persistent discount to its net asset value.
Based on reported figures, SOR's ROIC has fluctuated significantly, dropping to 0.8% in 2025Q2 from a peak of 11.1% in 2020Q4, which suggests that the fund's ability to compound capital is highly sensitive to the cyclical performance of its small-cap value holdings rather than consistent operational efficiency.
The decline in ROIC warrants further investigation into whether the fund's investment strategy is losing its edge or if the broader market environment has simply become less hospitable to the fund's specific value mandate. The volatility in ROE, which currently sits at 4.1%, further underscores the difficulty in maintaining stable returns on invested capital within this closed-end structure.
As reported in financial statements, SOR's asset turnover ratio has remained consistently low, hovering around 0.01 to 0.06 over the last ten quarters, which is characteristic of a long-term investment vehicle that prioritizes holding periods over high-frequency trading to capture value across full market cycles.
While low turnover is consistent with the fund's 'absolute value' philosophy, it also implies that the fund's revenue generation is heavily dependent on the dividend yields of its portfolio companies rather than active trading gains. This structural reality suggests that the fund's efficiency is less about operational speed and more about the quality of its long-term asset selection.
Based on recent SEC filings, the fund's liquidity position appears strained, with cash reserves falling to a nominal $3,675, a level that suggests the fund is almost entirely deployed and lacks the dry powder necessary to capitalize on sudden market dislocations or provide defensive positioning.
The current ratio of 4.39 may appear healthy in isolation, but it is largely a function of the fund's minimal liability structure rather than actual cash liquidity. This lack of a cash buffer may force management to liquidate existing positions at inopportune times if they need to raise capital, potentially undermining the fund's permanent capital advantage.
As noted in industry research, the P/E ratio is the most commonly misapplied metric for SOR, as it fails to account for the fund's reliance on unrealized capital appreciation and dividend income, which are not captured by traditional earnings-based valuation multiples used for industrial companies.
Investors should instead focus on the Discount to NAV as the primary valuation metric, as it directly reflects the market's assessment of the fund's management and portfolio quality. Relying on P/E obscures the reality that SOR's economic value is driven by the underlying portfolio's performance rather than the fund's own accounting earnings.
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SOR stock.
Source Capital, Inc.'s current P/E ratio is 9.7x. The historical average is 4.9x. This places it at the 92th percentile of its historical range.
Source Capital, Inc.'s current EV/EBITDA is 9.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
Source Capital, Inc.'s return on equity (ROE) is 10.9%. The historical average is 20.0%.
Based on historical data, Source Capital, Inc. is trading at a P/E of 9.7x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Source Capital, Inc. has 100.0% gross margin and 97.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.