Latest Ratios: P/E Ratio 25.1x · EV/EBITDA 19.7x · ROE 12.9%. (2016–2025 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 | $6.2B | $6.8B | $3.0B | $2.7B | $2.1B | $1.8B | — | — | — | — | — |
| Enterprise Value | $6.2B | $6.8B | $3.0B | $2.7B | $2.1B | $1.8B | — | — | — | — | — |
| P/E Ratio → | 25.15 | 27.68 | — | 73.94 | 39.31 | 39.19 | — | — | — | — | — |
| P/S Ratio | 15.77 | 17.14 | 11.26 | 13.02 | 14.13 | 11.96 | — | — | — | — | — |
| P/B Ratio | 3.02 | 3.32 | 1.74 | 1.47 | 1.63 | 1.39 | — | — | — | — | — |
| P/FCF | 67.22 | 73.09 | 19.41 | — | 32.47 | 26.16 | — | — | — | — | — |
| P/OCF | 19.78 | 21.51 | 14.18 | 17.23 | 18.13 | 14.99 | — | — | — | — | — |
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 | — | 17.07 | 11.13 | 13.22 | 13.67 | 11.69 | — | — | — | — | — |
| EV / EBITDA | 19.67 | 21.40 | 18.14 | 25.35 | 18.13 | 14.32 | — | — | — | — | — |
| EV / EBIT | 26.46 | 28.78 | 135.43 | 61.71 | 32.87 | 30.13 | — | — | — | — | — |
| EV / FCF | — | 72.80 | 19.18 | — | 31.42 | 25.58 | — | — | — | — | — |
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 | 67.6% | 67.6% | 85.8% | 50.0% | 57.3% | 55.3% | 44.5% | 20.6% | 2.9% | 89.2% | — |
| Operating Margin | 59.3% | 59.3% | -6.7% | 20.1% | 42.2% | 45.7% | 30.8% | -52.6% | -9.8% | -70.0% | — |
| Net Profit Margin | 61.7% | 61.7% | -8.6% | 17.8% | 36.3% | 30.3% | 49.4% | -23.3% | -0.1% | -70.7% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.9% | 12.9% | -1.3% | 2.3% | 4.2% | 3.9% | 6.9% | -2.7% | -0.0% | — | — |
| ROA | 12.6% | 12.6% | -1.3% | 2.2% | 4.2% | 3.5% | 5.7% | -2.2% | -0.0% | -8.6% | -2.6% |
| ROIC | 9.5% | 9.5% | -0.8% | 2.0% | 3.8% | 4.1% | 2.7% | -3.9% | -0.7% | -6.5% | -1.4% |
| ROCE | 12.3% | 12.3% | -1.0% | 2.6% | 4.9% | 5.3% | 3.6% | -5.1% | -1.6% | — | — |
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 | 0.00 | 0.00 | 0.00 | 0.03 | 0.00 | 0.00 | 0.27 | 0.10 | 0.27 | — | — |
| Debt / EBITDA | 0.01 | 0.01 | 0.01 | 0.56 | 0.02 | 0.01 | 3.13 | 5.39 | 3.93 | 14.03 | — |
| Net Debt / Equity | — | -0.01 | -0.02 | 0.02 | -0.05 | -0.03 | 0.25 | 0.08 | 0.25 | — | — |
| Net Debt / EBITDA | -0.08 | -0.08 | -0.21 | 0.39 | -0.60 | -0.32 | 2.90 | 4.40 | 3.62 | 13.93 | — |
| Debt / FCF | — | -0.29 | -0.22 | — | -1.05 | -0.58 | — | — | — | — | — |
| Interest Coverage | 54.68 | 54.68 | 3.93 | 5.97 | 19.08 | 9.09 | 6.98 | -3.30 | 1.69 | — | — |
Net cash position: cash ($29M) exceeds total debt ($3M)
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 | 3.92 | 3.92 | 2.79 | 3.29 | 7.20 | 16.20 | 14.22 | 11.74 | 7.05 | 0.05 | 0.00 |
| Quick Ratio | 3.80 | 3.80 | 2.65 | 3.21 | 7.20 | 15.90 | 14.22 | 11.19 | 6.30 | 0.05 | 0.00 |
| Cash Ratio | 3.14 | 3.14 | 1.45 | 1.36 | 6.44 | 12.16 | 11.71 | 8.39 | 4.30 | 0.03 | 0.00 |
| Asset Turnover | — | 0.19 | 0.15 | 0.11 | 0.11 | 0.12 | 0.09 | 0.09 | 0.08 | 0.10 | — |
| Inventory Turnover | 27.56 | 27.56 | 9.97 | 73.24 | — | 48.96 | — | 22.71 | 9.56 | 4.79 | — |
| Days Sales Outstanding | — | 23.35 | 23.93 | 41.38 | 19.94 | 39.01 | 32.80 | 47.67 | 87.54 | 63.98 | — |
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 | 0.8% | 0.7% | 1.4% | 1.6% | 1.4% | 0.8% | — | — | — | — | — |
| Payout Ratio | 19.1% | 19.1% | — | 113.9% | 55.2% | 32.6% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.0% | 3.6% | — | 1.4% | 2.5% | 2.6% | — | — | — | — | — |
| FCF Yield | 1.5% | 1.4% | 5.2% | — | 3.1% | 3.8% | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.3% | 0.8% | 0.2% | 0.1% | — | — | — | — | — |
| Total Shareholder Yield | 0.9% | 0.8% | 1.7% | 2.3% | 1.6% | 0.9% | — | — | — | — | — |
| Shares Outstanding | — | $204M | $201M | $200M | $156M | $148M | $155M | $155M | $155M | $72M | $72M |
Asset and jurisdictional concentration
Based on current market data, TFPM trades at a forward P/E of 20.76, which appears to discount the company's aggressive acquisition-led growth trajectory relative to the more mature, larger-cap peers in the precious metals royalty and streaming sector that often command higher absolute valuation multiples.
The current P/E ratio suggests that investors are pricing in a significant expansion in gold equivalent ounce production as the company integrates its recent portfolio additions. While the valuation appears elevated compared to broader industrial benchmarks, it remains justifiable if the company continues to execute its mid-tier deal pipeline effectively.
According to recent financial statements, TFPM's ROIC has trended upward to 3.6% in 2026Q1, reflecting a gradual improvement in the company's ability to generate returns on its invested capital as the portfolio matures and the benefits of recent large-scale acquisitions begin to materialize.
The historical trend of low ROIC figures suggests that the company is still in a capital-intensive phase of its lifecycle, where significant upfront payments for streams suppress immediate returns. Investors should monitor whether these returns can sustainably exceed the company's cost of capital as the asset base reaches a more steady-state production profile.
As reported in quarterly filings, TFPM maintains a highly efficient working capital cycle, with a negative cash conversion cycle of -50 days in 2026Q1, which highlights the structural advantage of the streaming model where cash inflows are prioritized over the accumulation of physical inventory.
The negative CCC indicates that the company effectively collects revenue from its streaming partners before it incurs significant cash outflows, providing a natural liquidity buffer. This efficiency is a core differentiator compared to traditional mining operators that face significant working capital drag from inventory and supply chain requirements.
Based on the provided balance sheet data, TFPM maintains a debt-to-equity ratio of 0.00, a position that distinguishes the firm from many peers and provides substantial financial flexibility to pursue counter-cyclical acquisitions without the constraints of interest coverage or restrictive debt covenants.
The absence of debt is a strategic choice that insulates the company from interest rate volatility and allows for rapid capital deployment when opportunities arise. This conservative capital structure appears to be a deliberate mechanism to mitigate the inherent risks associated with the geological and jurisdictional concentration of its assets.
The price-to-earnings ratio is frequently misapplied to TFPM, as it fails to account for the significant non-cash depletion charges that artificially depress reported net income and obscure the company's true underlying cash-generating capacity from its diverse portfolio of royalty and streaming interests.
Analysts should instead prioritize cash flow-based metrics, such as EV/Cash Flow or Price-to-Operating Cash Flow, to better capture the economic reality of the business. Relying on P/E may lead to an inaccurate assessment of the company's valuation, as it ignores the non-cash nature of the primary expense line.
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Quick answers to the most common questions about buying TFPM stock.
Triple Flag Precious Metals Corp.'s current P/E ratio is 25.1x. The historical average is 45.0x.
Triple Flag Precious Metals Corp.'s current EV/EBITDA is 19.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.5x.
Triple Flag Precious Metals Corp.'s return on equity (ROE) is 12.9%. The historical average is 3.3%.
Based on historical data, Triple Flag Precious Metals Corp. is trading at a P/E of 25.1x. Compare with industry peers and growth rates for a complete picture.
Triple Flag Precious Metals Corp.'s current dividend yield is 0.76% with a payout ratio of 19.1%.
Triple Flag Precious Metals Corp. has 67.6% gross margin and 59.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Triple Flag Precious Metals Corp.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.