Latest Ratios: P/E Ratio 33.3x · EV/EBITDA 59.6x · ROE -192.2%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $57M | $53M | $87M | $94M | — | — |
| Enterprise Value | $60M | $64M | $90M | $94M | — | — |
| P/E Ratio → | 33.30 | — | 50.59 | 69.73 | — | — |
| P/S Ratio | — | — | — | — | — | — |
| P/B Ratio | 2.79 | — | 4.24 | 1.34 | — | — |
| P/FCF | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — |
| EV / EBITDA | 59.64 | — | 89.34 | — | — | — |
| EV / EBIT | — | — | 89.34 | 50.45 | — | — |
| EV / FCF | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -192.2% | -192.2% | 3.8% | 3.8% | -43.1% | — |
| ROA | -51.7% | -51.7% | 3.4% | 3.6% | -2.3% | -2.3% |
| ROIC | -17.4% | -17.4% | -3.7% | -1.6% | -2.1% | — |
| ROCE | -40.2% | -40.2% | -4.8% | -2.1% | -43.1% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.12 | 0.00 | 11.36 | — |
| Debt / EBITDA | — | — | 2.52 | — | — | — |
| Net Debt / Equity | — | — | 0.12 | -0.00 | 9.62 | — |
| Net Debt / EBITDA | — | — | 2.46 | — | — | — |
| Debt / FCF | — | — | — | — | 10.02 | — |
| Interest Coverage | — | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.02 | 0.02 | 0.18 | 0.80 | 0.13 | 0.98 |
| Quick Ratio | 0.02 | 0.02 | 0.18 | 0.80 | 0.13 | 0.98 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.65 | 0.12 | 0.49 |
| Asset Turnover | — | — | — | — | — | — |
| 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 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | — | 2.0% | 1.4% | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 86.8% | — | — | — | — | — |
| Total Shareholder Yield | 86.8% | — | — | — | — | — |
| Shares Outstanding | — | $4M | $8M | $9M | $8M | $8M |
Imminent Liquidation Deadline
As reported in recent financial filings, TBMC's EV/EBITDA of 59.64 and P/E of 33.30 are largely meaningless metrics, as they reflect the administrative costs of a dormant shell rather than any underlying operational growth or earnings power typical of a functional financial services entity.
Investors should avoid applying standard valuation frameworks to TBMC, as the lack of revenue renders traditional multiples like P/S or P/E entirely non-indicative of future value. The current market pricing appears to be a function of speculative interest in the sponsor's ability to secure a merger rather than a reflection of the company's current financial performance.
According to the 2025Q4 balance sheet, TBMC's current ratio has collapsed to a precarious 0.02, signaling an extreme inability to meet short-term obligations without immediate capital support, a trend that underscores the company's vulnerability as it approaches its statutory liquidation deadline.
The rapid deterioration of the quick ratio from 0.88 in 2023Q3 to 0.02 in 2025Q4 highlights the exhaustion of the initial capital pool. This liquidity profile suggests that the company is effectively reliant on external sponsor financing to maintain its public listing, which warrants significant caution regarding its ongoing operational continuity.
Based on the company's reported figures, the emergence of a 5.03 D/EBITDA ratio in 2025Q4, coupled with a negative equity position, indicates that TBMC has transitioned into a state of structural insolvency where liabilities significantly outweigh the remaining assets available for potential business combinations.
The shift toward a negative equity position suggests that the company's capital structure has been severely compromised by persistent administrative losses. This leverage profile is highly atypical for a SPAC and may indicate that the sponsor is utilizing debt to bridge the gap until a merger is finalized, increasing the risk of total loss for equity holders.
As indicated by the company's financial statements, the most commonly misapplied metric for TBMC is the Return on Equity (ROE), which, at -62.4% in 2025Q3, obscures the fact that the company has no operational business model to generate returns on capital.
Analysts often mistakenly interpret negative ROE as a sign of poor management performance, whereas in the context of a shell company, it is merely a reflection of the unavoidable administrative burn rate. Investors should instead focus on the 'Time to Liquidation' and 'Cash-on-Hand' metrics, which provide a more accurate assessment of the entity's remaining window to execute a transaction.
Includes 30+ ratios · 5 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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 TBMC stock.
Trailblazer Merger Corporation I's current P/E ratio is 33.3x. The historical average is 60.2x.
Trailblazer Merger Corporation I's current EV/EBITDA is 59.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 89.3x.
Trailblazer Merger Corporation I's return on equity (ROE) is -192.2%. The historical average is -56.9%.
Based on historical data, Trailblazer Merger Corporation I is trading at a P/E of 33.3x. Compare with industry peers and growth rates for a complete picture.