Latest Ratios: P/E Ratio -1.7x · EV/EBITDA N/A · ROE -126.9%. (2023–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Market Cap | $209M | $185M | $405M | — |
| Enterprise Value | $263M | $239M | $400M | — |
| P/E Ratio → | -1.67 | — | 22.92 | — |
| P/S Ratio | — | — | 6.28 | — |
| P/B Ratio | 1.06 | 0.93 | 1.38 | — |
| P/FCF | 31.10 | 27.44 | — | — |
| P/OCF | 31.10 | 27.44 | — | — |
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 2026 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| EV / Revenue | — | — | 6.20 | — |
| EV / EBITDA | — | — | 6.29 | — |
| EV / EBIT | — | — | 6.29 | — |
| EV / FCF | — | 35.49 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Gross Margin | 113.0% | 113.0% | 99.8% | 99.8% |
| Operating Margin | 116.9% | 116.9% | 98.6% | 98.6% |
| Net Profit Margin | 116.9% | 116.9% | 98.6% | 98.6% |
| Metric | TTM | FY 2026 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | -126.9% | -126.9% | 43.2% | 21619.8% |
| ROA | -67.4% | -67.4% | 41.9% | 20974.8% |
| ROIC | -73.1% | -73.1% | 32.4% | — |
| ROCE | -68.1% | -68.1% | 41.9% | 21619.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.30 | 0.30 | — | — |
| Debt / EBITDA | — | — | — | — |
| Net Debt / Equity | — | 0.27 | -0.02 | -0.02 |
| Net Debt / EBITDA | — | — | -0.08 | -0.00 |
| Debt / FCF | — | 8.05 | — | — |
| Interest Coverage | -9.02 | -9.02 | 553.95 | 553.95 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 1.46 | 1.46 | — | 0.56 |
| Quick Ratio | 1.46 | 1.46 | — | 0.56 |
| Cash Ratio | 1.46 | 1.46 | — | 0.55 |
| Asset Turnover | — | -0.29 | 0.21 | 212.74 |
| 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 2026 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Dividend Yield | 27.5% | — | — | — |
| Payout Ratio | — | — | — | 0.0% |
| Metric | TTM | FY 2026 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | — | — | 4.4% | — |
| FCF Yield | 3.2% | 3.6% | — | — |
| Buyback Yield | 0.0% | — | 0.0% | — |
| Total Shareholder Yield | 27.5% | — | 0.0% | — |
| Shares Outstanding | — | $21M | $20M | $20M |
Mark-to-market portfolio volatility
According to recent financial data, SPMC trades at a forward P/E of 5.15 and a P/B of 1.02, yet these metrics appear disconnected from the underlying portfolio's negative revenue trajectory and the significant mark-to-market volatility inherent in the fund's current CLO equity and mezzanine holdings.
The forward P/E multiple suggests an optimistic earnings recovery that may not materialize if credit spreads remain wide or default rates accelerate. Investors should monitor the P/B ratio closely, as a valuation near book value in this sector often ignores the potential for further NAV erosion if the underlying loan collateral continues to face pricing pressure.
Based on reported figures, SPMC's ROE plummeted to -43.6% in 2026Q4, a stark reversal from earlier periods, which suggests that the fund is currently failing to generate positive returns on its invested capital due to the rapid devaluation of its structured credit assets.
The negative ROIC of -24.3% indicates that the fund's investment strategy is currently destroying shareholder value rather than compounding it. This trend warrants further investigation into whether the current portfolio composition can achieve a turnaround or if the structural leverage within the CLOs is permanently impairing the fund's capital base.
As indicated by the most recent financial disclosures, SPMC maintains a current ratio of 1.46, yet with a cash position of only $5.8M, the fund appears to have limited liquidity to navigate potential market stress or capitalize on distressed opportunities in the secondary CLO market.
The reliance on non-cash assets to support liquidity ratios suggests that the fund's ability to meet obligations is highly sensitive to the market's willingness to price these assets fairly. Investors should be cautious, as any sudden need for liquidity could force the fund to liquidate positions at deep discounts, further damaging the NAV.
According to the balance sheet data, SPMC's debt-to-equity ratio of 0.30 remains relatively low compared to broader industry peers, yet this conservative posture appears insufficient to offset the significant contraction in the fund's total asset base observed over the last several quarters.
While the low leverage profile may provide some protection against forced selling, it also limits the fund's ability to amplify returns during market recoveries. The negative interest coverage ratio of -13.96 suggests that the fund's current earnings are insufficient to cover its debt service, which warrants close monitoring of potential covenant risks.
The 28.5% dividend yield is frequently misapplied by retail investors as a measure of sustainable income, when in reality, it obscures the fund's underlying inability to cover distributions through net investment income, as evidenced by the significant disconnect between cash flow and accounting losses.
Investors should prioritize 'Net Investment Income' (NII) over headline dividend yield, as the latter is often supported by capital recycling or return of capital rather than recurring portfolio cash flows. Relying on yield as a proxy for performance in this business model ignores the fundamental risk that distributions may be unsustainable if the underlying CLO tranches continue to face cash flow diversions.
Includes 30+ ratios · 3 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SPMC stock.
Sound Point Meridian Capital Inc's current P/E ratio is -1.7x. The historical average is 22.9x.
Sound Point Meridian Capital Inc's return on equity (ROE) is -126.9%. The historical average is -41.8%.
Based on historical data, Sound Point Meridian Capital Inc is trading at a P/E of -1.7x. Compare with industry peers and growth rates for a complete picture.
Sound Point Meridian Capital Inc's current dividend yield is 27.51%.
Sound Point Meridian Capital Inc has 113.0% gross margin and 116.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.