Latest Ratios: P/E Ratio 35.6x · EV/EBITDA 15.4x · ROE 8.9%. (1996–2025 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 | $21.0B | $19.7B | $10.4B | $17.2B | $22.8B | $14.4B | $13.1B | $7.1B | $10.2B | $15.7B | $7.6B |
| Enterprise Value | $24.0B | $22.7B | $13.8B | $20.7B | $23.1B | $15.5B | $14.6B | $8.3B | $10.9B | $15.3B | $8.3B |
| P/E Ratio → | 35.63 | 33.40 | — | 8.54 | 5.84 | 24.60 | 79.18 | 25.66 | 23.07 | 36.88 | 27.29 |
| P/S Ratio | 4.59 | 4.30 | 2.29 | 2.30 | 2.13 | 5.03 | 7.21 | 3.67 | 4.48 | 7.30 | 3.92 |
| P/B Ratio | 2.60 | 2.44 | 1.99 | 3.09 | 4.62 | 4.48 | 6.06 | 3.34 | 4.75 | 7.00 | 3.29 |
| P/FCF | 47.98 | 44.97 | 34.19 | — | 7.18 | 40.26 | — | 69.10 | 84.08 | 55.12 | 15.18 |
| P/OCF | 15.98 | 14.98 | 8.12 | — | 5.59 | 17.51 | 71.94 | 16.69 | 23.09 | 36.80 | 11.99 |
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 | — | 4.97 | 3.05 | 2.77 | 2.15 | 5.41 | 8.01 | 4.29 | 4.82 | 7.09 | 4.28 |
| EV / EBITDA | 15.39 | 14.55 | 12.88 | 7.27 | 4.17 | 16.66 | 47.62 | 19.09 | 16.40 | 24.73 | 18.49 |
| EV / EBIT | 21.18 | 20.02 | 11.87 | 7.06 | 4.14 | 16.79 | 44.97 | 18.03 | 16.15 | 23.76 | 17.61 |
| EV / FCF | — | 51.99 | 45.55 | — | 7.26 | 43.32 | — | 80.76 | 90.52 | 53.53 | 16.59 |
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 | 29.3% | 29.3% | 29.3% | 41.2% | 53.6% | 38.1% | 26.6% | 28.8% | 34.4% | 35.3% | 31.5% |
| Operating Margin | 24.8% | 24.8% | 23.5% | 38.1% | 51.6% | 32.4% | 16.6% | 22.3% | 29.4% | 28.6% | 23.1% |
| Net Profit Margin | 12.9% | 12.9% | -8.9% | 27.0% | 36.5% | 20.5% | 9.1% | 14.3% | 19.4% | 19.8% | 14.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | -7.5% | 38.3% | 95.9% | 21.8% | 7.7% | 13.0% | 20.1% | 18.8% | 11.8% |
| ROA | 4.5% | 4.5% | -3.5% | 17.9% | 43.7% | 9.9% | 3.5% | 6.2% | 10.3% | 10.0% | 6.3% |
| ROIC | 8.6% | 8.6% | 9.0% | 29.9% | 87.4% | 17.6% | 6.5% | 10.4% | 17.4% | 15.9% | 10.4% |
| ROCE | 10.3% | 10.3% | 11.4% | 33.2% | 80.0% | 17.8% | 7.3% | 11.4% | 18.4% | 17.2% | 11.8% |
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 | 0.60 | 0.60 | 0.93 | 0.82 | 0.59 | 0.81 | 0.90 | 0.84 | 0.62 | 0.54 | 0.53 |
| Debt / EBITDA | 3.09 | 3.09 | 4.50 | 1.60 | 0.53 | 2.81 | 6.39 | 4.10 | 2.00 | 1.96 | 2.72 |
| Net Debt / Equity | — | 0.38 | 0.66 | 0.63 | 0.05 | 0.34 | 0.67 | 0.56 | 0.36 | -0.20 | 0.31 |
| Net Debt / EBITDA | 1.96 | 1.96 | 3.21 | 1.23 | 0.05 | 1.18 | 4.73 | 2.76 | 1.17 | -0.73 | 1.57 |
| Debt / FCF | — | 7.02 | 11.36 | — | 0.08 | 3.06 | — | 11.66 | 6.44 | -1.59 | 1.41 |
| Interest Coverage | 6.07 | 6.07 | 6.18 | 20.83 | 58.08 | 11.07 | 3.85 | 6.37 | 12.16 | 12.83 | 8.20 |
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 | 3.27 | 3.27 | 2.51 | 2.50 | 2.29 | 4.62 | 5.40 | 3.45 | 4.32 | 3.30 | 4.02 |
| Quick Ratio | 2.25 | 2.25 | 1.75 | 1.74 | 1.71 | 3.43 | 3.10 | 2.19 | 2.67 | 2.09 | 2.31 |
| Cash Ratio | 1.54 | 1.54 | 1.10 | 1.00 | 1.18 | 2.44 | 1.80 | 1.38 | 1.00 | 1.33 | 1.38 |
| Asset Turnover | — | 0.31 | 0.39 | 0.64 | 0.99 | 0.41 | 0.38 | 0.41 | 0.53 | 0.50 | 0.46 |
| Inventory Turnover | 1.79 | 1.79 | 1.88 | 2.48 | 2.79 | 1.50 | 1.22 | 1.41 | 1.63 | 1.55 | 1.34 |
| Days Sales Outstanding | — | 91.08 | 47.50 | 41.34 | 37.50 | 88.12 | 117.47 | 107.35 | 95.55 | 82.87 | 83.64 |
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 | 0.0% | 0.0% | 0.6% | 8.6% | 9.8% | 4.0% | 1.7% | 4.6% | 5.4% | 2.4% | 5.3% |
| Payout Ratio | 0.7% | 0.7% | — | 73.1% | 57.3% | 97.7% | 134.9% | 118.6% | 125.1% | 87.4% | 143.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.8% | 3.0% | — | 11.7% | 17.1% | 4.1% | 1.3% | 3.9% | 4.3% | 2.7% | 3.7% |
| FCF Yield | 2.1% | 2.2% | 2.9% | — | 13.9% | 2.5% | — | 1.4% | 1.2% | 1.8% | 6.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.6% | 8.6% | 9.8% | 4.0% | 1.7% | 4.6% | 5.4% | 2.4% | 5.3% |
| Shares Outstanding | — | $286M | $285M | $286M | $286M | $286M | $267M | $267M | $265M | $265M | $265M |
Lithium price volatility exposure
Based on recent market data, SQM trades at a forward P/E of 10.58, which appears to discount the company's historical earnings volatility and suggests that investors are pricing in a significant normalization of lithium prices compared to the trailing P/E of 34.75.
The divergence between trailing and forward multiples indicates that the market is heavily discounting future earnings, likely reflecting skepticism regarding the sustainability of current lithium price levels. While the PEG ratio of 1.28 suggests a reasonable valuation relative to growth expectations, investors should monitor whether this multiple expansion is supported by the successful execution of the Codelco partnership.
According to reported financial statements, SQM's ROIC has fluctuated between 1.5% and 5.1% over the last ten quarters, reflecting the inherent difficulty in compounding returns when the underlying commodity price dictates the majority of the company's margin profile.
The modest ROIC levels suggest that while the company maintains a structural cost advantage, the capital-intensive nature of brine extraction and the aggressive royalty regime limit the ability to generate high returns on invested capital during price troughs. This trend warrants further investigation into whether future expansion projects can achieve higher hurdle rates as the company diversifies its geographic footprint.
As reported in recent filings, SQM's cash conversion cycle has remained elevated, peaking at 246 days in 2024Q1 and settling at 194 days in 2026Q1, which indicates a structural reliance on inventory management to navigate the volatility of global lithium demand.
The high days-in-inventory (DIO) figure, which reached 215 days in 2025Q1, suggests that the company maintains significant buffer stocks to manage supply chain disruptions and market price fluctuations. This efficiency profile appears less favorable than peers with faster inventory turnover, implying that SQM's working capital management is a secondary priority to maintaining production stability.
Based on the provided balance sheet data, SQM has successfully reduced its debt-to-equity ratio from 0.96 in 2024Q1 to 0.62 in 2026Q1, demonstrating a commitment to maintaining a healthy balance sheet despite the capital-intensive nature of its ongoing lithium expansion projects.
The improvement in the debt-to-equity ratio, coupled with an interest coverage ratio of 13.79 in 2026Q1, suggests that the company is well-positioned to service its obligations even if commodity prices face further downward pressure. This financial discipline appears to provide a necessary buffer against the regulatory and geopolitical risks inherent in the Chilean mining sector.
The P/E ratio is frequently misapplied to SQM because it fails to account for the non-linear impact of the CORFO royalty structure, which acts as a progressive tax that disproportionately compresses net income during peak commodity cycles while providing a natural hedge during downturns.
Investors should instead focus on EV/EBITDA or cash-flow-based metrics, as these provide a clearer view of the company's operational performance before the distortive effects of royalty payments and non-cash accounting adjustments. Relying solely on P/E may lead to an inaccurate assessment of the company's true earning power throughout the commodity cycle.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SQM stock.
Sociedad Química y Minera de Chile S.A.'s current P/E ratio is 35.6x. The historical average is 24.3x. This places it at the 90th percentile of its historical range.
Sociedad Química y Minera de Chile S.A.'s current EV/EBITDA is 15.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.7x.
Sociedad Química y Minera de Chile S.A.'s return on equity (ROE) is 8.9%. The historical average is 17.0%.
Based on historical data, Sociedad Química y Minera de Chile S.A. is trading at a P/E of 35.6x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sociedad Química y Minera de Chile S.A.'s current dividend yield is 0.02% with a payout ratio of 0.7%.
Sociedad Química y Minera de Chile S.A. has 29.3% gross margin and 24.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Sociedad Química y Minera de Chile S.A.'s Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.