Latest Ratios: P/E Ratio -201.2x · EV/EBITDA 7.3x · ROE -1.0%. (2000–2025 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 | $2.2B | $2.4B | $798M | $584M | $684M | $646M | $869M | $569M | $434M | $461M | $595M |
| Enterprise Value | $1.9B | $2.1B | $546M | $432M | $539M | $533M | $752M | $506M | $372M | $412M | $522M |
| P/E Ratio → | -201.20 | — | 13.82 | 16.30 | 34.73 | 21.29 | 17.54 | 18.17 | 11.09 | 9.96 | 13.88 |
| P/S Ratio | 5.08 | 5.38 | 2.67 | 2.71 | 3.29 | 2.96 | 4.53 | 3.58 | 2.55 | 2.71 | 3.64 |
| P/B Ratio | 2.00 | 2.13 | 0.96 | 0.98 | 1.18 | 1.04 | 1.54 | 1.30 | 1.05 | 1.16 | 1.87 |
| P/FCF | 12.27 | 13.00 | 15.18 | 20.78 | 22.28 | 16.07 | 25.79 | 13.57 | 12.99 | 11.30 | 13.32 |
| P/OCF | 7.17 | 7.59 | 5.76 | 6.38 | 7.98 | 6.01 | 10.12 | 7.37 | 6.41 | 6.79 | 7.39 |
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 | — | 4.69 | 1.83 | 2.01 | 2.59 | 2.45 | 3.92 | 3.18 | 2.18 | 2.42 | 3.19 |
| EV / EBITDA | 7.27 | 7.77 | 4.02 | 4.65 | 8.53 | 5.95 | 7.92 | 6.76 | 4.06 | 4.33 | 5.65 |
| EV / EBIT | 8.45 | 21.85 | 4.97 | 6.16 | 15.20 | 9.29 | 10.19 | 9.24 | 5.15 | 5.26 | 7.08 |
| EV / FCF | — | 11.32 | 10.39 | 15.39 | 17.55 | 13.28 | 22.32 | 12.05 | 11.11 | 10.09 | 11.69 |
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 | 57.9% | 57.9% | 41.3% | 37.5% | 34.0% | 38.7% | 43.8% | 37.4% | 35.8% | 38.9% | 41.2% |
| Operating Margin | 51.9% | 51.9% | 34.5% | 29.7% | 16.2% | 28.7% | 37.3% | 32.8% | 41.1% | 44.4% | 44.8% |
| Net Profit Margin | -2.3% | -2.3% | 19.5% | 16.9% | 9.9% | 14.1% | 24.1% | 21.6% | 23.3% | 27.6% | 26.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.0% | -1.0% | 8.1% | 6.2% | 3.4% | 5.2% | 9.2% | 8.0% | 9.8% | 13.1% | 14.4% |
| ROA | -0.8% | -0.8% | 6.3% | 5.3% | 2.9% | 4.5% | 8.0% | 6.8% | 8.1% | 10.7% | 11.3% |
| ROIC | 24.7% | 24.7% | 15.1% | 10.9% | 5.4% | 9.8% | 13.1% | 10.8% | 15.0% | 19.0% | 22.2% |
| ROCE | 18.9% | 18.9% | 12.0% | 9.9% | 5.1% | 9.7% | 13.0% | 11.0% | 15.5% | 18.8% | 21.3% |
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 | 0.11 | 0.11 | 0.13 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | — | — |
| Debt / EBITDA | 0.45 | 0.45 | 0.82 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.05 | — | — |
| Net Debt / Equity | — | -0.27 | -0.30 | -0.25 | -0.25 | -0.18 | -0.21 | -0.15 | -0.15 | -0.12 | -0.23 |
| Net Debt / EBITDA | -1.15 | -1.15 | -1.85 | -1.63 | -2.30 | -1.25 | -1.23 | -0.85 | -0.69 | -0.52 | -0.79 |
| Debt / FCF | — | -1.67 | -4.79 | -5.40 | -4.73 | -2.79 | -3.47 | -1.52 | -1.88 | -1.21 | -1.64 |
| Interest Coverage | 6.93 | 6.93 | 17.30 | 329.43 | 125.62 | 168.37 | 213.44 | 94.46 | 114.23 | 174.31 | 96.91 |
Net cash position: cash ($422M) exceeds total debt ($118M)
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 | 3.58 | 3.58 | 5.05 | 4.28 | 5.31 | 5.05 | 5.95 | 5.68 | 3.56 | 3.80 | 2.76 |
| Quick Ratio | 3.50 | 3.50 | 4.95 | 4.12 | 5.11 | 4.85 | 5.69 | 5.38 | 3.27 | 3.46 | 2.54 |
| Cash Ratio | 3.41 | 3.41 | 4.82 | 3.92 | 4.93 | 4.62 | 5.36 | 5.12 | 3.04 | 3.28 | 2.40 |
| Asset Turnover | — | 0.30 | 0.26 | 0.31 | 0.31 | 0.30 | 0.29 | 0.31 | 0.34 | 0.36 | 0.41 |
| Inventory Turnover | 19.43 | 19.43 | 21.84 | 18.20 | 16.46 | 14.65 | 11.05 | 11.80 | 10.10 | 9.42 | 11.03 |
| Days Sales Outstanding | — | 2.60 | 2.78 | 4.86 | 4.34 | 8.02 | 14.29 | 9.14 | 10.25 | 2.62 | 3.13 |
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 | 0.2% | 0.2% | 0.6% | 0.8% | 0.6% | 0.7% | 0.5% | 0.8% | 1.0% | 0.7% | 0.6% |
| Payout Ratio | — | — | 8.5% | 12.1% | 21.5% | 14.4% | 9.9% | 12.5% | 10.6% | 7.2% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 7.2% | 6.1% | 2.9% | 4.7% | 5.7% | 5.5% | 9.0% | 10.0% | 7.2% |
| FCF Yield | 8.1% | 7.7% | 6.6% | 4.8% | 4.5% | 6.2% | 3.9% | 7.4% | 7.7% | 8.8% | 7.5% |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 0.7% |
| Total Shareholder Yield | 0.2% | 0.2% | 0.7% | 0.9% | 1.0% | 0.7% | 0.5% | 0.8% | 1.0% | 1.6% | 1.3% |
| Shares Outstanding | — | $219M | $206M | $179M | $179M | $178M | $177M | $174M | $170M | $171M | $171M |
Non-operating investment volatility
Based on reported figures, Silvercorp trades at a forward P/E of 28.42, which appears to discount the firm's core mining profitability while potentially over-penalizing the stock for non-operational net income volatility compared to peers like Pan American Silver that trade at lower multiples of their earnings.
The current valuation disconnect suggests that the market is struggling to reconcile the high-quality 51.92% operating margin with the negative net margin, likely due to skepticism regarding the company's external investment portfolio. Investors should monitor whether the forward P/E reflects a realistic expectation of earnings recovery or if the market is applying a permanent 'China discount' that ignores the company's structural cost advantages.
As reported in financial statements, Silvercorp's ROIC has fluctuated significantly, reaching 9.0% in 2025Q4, which indicates that while the core mining assets are productive, the overall return on capital is being diluted by non-core investment activities that fail to generate commensurate value for shareholders.
The volatility in ROIC suggests that management's capital allocation strategy is inconsistent, with periods of high operational efficiency being offset by capital-intensive acquisitions or impairments. This trend warrants further investigation into whether the company's recent expansion efforts are truly accretive or if they are merely masking the underlying strength of the Ying district mining operations.
According to recent SEC filings, Silvercorp maintains a highly efficient cash conversion cycle, reaching -147 days in 2025Q4, which demonstrates that the company effectively leverages its supplier relationships and rapid inventory turnover to maintain a liquidity advantage over its mid-tier mining peers.
The negative CCC is a hallmark of a business with significant bargaining power, allowing the firm to collect on sales well before paying its own obligations. This operational efficiency provides a critical buffer against commodity price volatility, ensuring that the company remains cash-generative even during periods of lower metal realizations.
Based on the latest quarterly data, Silvercorp's current ratio of 3.58 and near-zero debt-to-equity ratio confirm a fortress balance sheet, providing the firm with substantial liquidity to navigate potential regulatory or geopolitical shocks that often impact operators within the Chinese mining sector.
This liquidity position is a strategic asset that distinguishes Silvercorp from more leveraged peers, allowing for counter-cyclical investment or opportunistic M&A. However, investors should monitor the deployment of this cash, as holding excessive liquidity without a clear, high-return reinvestment strategy may lead to long-term drag on shareholder returns.
As indicated by the financial data, the net margin is the most commonly misapplied metric for Silvercorp, as it obscures the company's robust 51.92% operating margin by including non-recurring impairments and investment losses that do not reflect the underlying productivity of the Ying and GC mines.
Analysts should prioritize operating margin and free cash flow as more accurate indicators of the business's true earning power. Relying on net margin risks misinterpreting a highly profitable mining operation as a struggling entity, potentially leading to an incorrect assessment of the company's fundamental value.
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Quick answers to the most common questions about buying SVM stock.
Silvercorp Metals Inc.'s current P/E ratio is -201.2x. The historical average is 26.7x.
Silvercorp Metals Inc.'s current EV/EBITDA is 7.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.6x.
Silvercorp Metals Inc.'s return on equity (ROE) is -1.0%. The historical average is -11.9%.
Based on historical data, Silvercorp Metals Inc. is trading at a P/E of -201.2x. Compare with industry peers and growth rates for a complete picture.
Silvercorp Metals Inc.'s current dividend yield is 0.25%.
Silvercorp Metals Inc. has 57.9% gross margin and 51.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Silvercorp Metals Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.