Latest Ratios: P/E Ratio -30.7x · EV/EBITDA N/A · ROE -45.4%. (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 | $267M | $247M | $68M | $55M | $58M | $78M | $113M | $73M | $52M | $69M | $85M |
| Enterprise Value | $253M | $233M | $51M | $49M | $50M | $65M | $105M | $71M | $51M | $68M | $83M |
| P/E Ratio → | -30.72 | — | 0.01 | — | — | — | 257.14 | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | 192.85 | — |
| P/B Ratio | 15.24 | 16.32 | 3.81 | 11.06 | 5.83 | 5.47 | 7.12 | 5.76 | 2.46 | 2.37 | 2.10 |
| 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — | 188.85 | — |
| EV / EBITDA | — | — | 4.84 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — | -83.0% | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | -3004.2% | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | -3361.7% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -45.4% | -45.4% | 98.4% | -87.9% | -40.5% | -101.1% | 2.9% | -55.4% | -34.6% | -34.6% | -9.3% |
| ROA | -42.6% | -42.6% | 80.6% | -66.1% | -36.1% | -90.8% | 2.5% | -48.4% | -32.7% | -33.1% | -9.0% |
| ROIC | -570.8% | -570.8% | — | -1266.7% | -236.6% | -238.7% | -64.5% | -38.3% | -34.0% | -24.3% | -17.9% |
| ROCE | -56.1% | -56.1% | 81.3% | -75.0% | -44.3% | -100.0% | -52.5% | -43.6% | -43.1% | -30.9% | -22.8% |
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 | — | — | — | — | — | — | 0.00 | 0.00 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.90 | -0.95 | -1.23 | -0.81 | -0.89 | -0.49 | -0.11 | -0.05 | -0.05 | -0.05 |
| Net Debt / EBITDA | — | — | -1.60 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | -26.79 | -100.12 | -76.75 |
Net cash position: cash ($14M) exceeds total debt ($0)
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 | 12.97 | 12.97 | 16.73 | 6.94 | 9.27 | 7.80 | 8.35 | 8.25 | 16.14 | 10.26 | 27.26 |
| Quick Ratio | 12.97 | 12.97 | 16.73 | 6.94 | 9.27 | 7.80 | 8.35 | 8.25 | 16.14 | 10.26 | 27.26 |
| Cash Ratio | 12.49 | 12.49 | 16.20 | 6.46 | 8.69 | 7.35 | 7.51 | 7.80 | 15.52 | 9.87 | 26.66 |
| Asset Turnover | — | — | — | — | — | — | — | — | — | 0.01 | — |
| 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 16498.2% | — | — | — | 0.4% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $125M | $122M | $121M | $118M | $110M | $104M | $101M | $100M | $99M | $89M |
Project financing and dilution
Based on reported figures, Vista Gold trades at a price-to-book ratio of 16.82, which appears to reflect a significant market-imposed complexity discount relative to peers, as investors struggle to price the long-dated, capital-intensive nature of the Mt Todd project against its current pre-revenue development status.
The elevated P/B ratio suggests that the market is valuing the company primarily as a land-bank or optionality play rather than a traditional mining operation. Investors should monitor whether this valuation gap narrows as the company progresses toward a potential strategic partnership or asset sale.
According to recent financial statements, the company's ROIC has fluctuated wildly, including a -114.1% reading in 2025Q4, which underscores the inherent difficulty in measuring capital efficiency for a firm that has yet to deploy its primary assets into a revenue-generating production cycle.
The erratic nature of these returns is a direct consequence of the company's pre-production status, where capital is consumed by administrative and maintenance costs rather than productive mining activities. Consequently, traditional return-on-capital metrics are currently poor indicators of the underlying project's long-term economic potential.
As indicated by the company's 2026Q1 filings, the current ratio of 29.22 suggests a robust short-term liquidity position, providing a necessary buffer to sustain project maintenance and compliance costs while the firm navigates the challenging environment for securing large-scale project financing for the Mt Todd site.
While this liquidity appears strong, it is largely a function of recent capital raises rather than operational cash generation. Investors should remain cautious, as this buffer is finite and will continue to erode unless the company successfully executes a strategic partnership or reaches a final investment decision.
Based on industry standards, the most commonly misapplied metric for Vista Gold is the EV/EBITDA multiple, which obscures the company's true financial reality by attempting to evaluate a pre-revenue developer using a valuation framework designed for cash-generative, mature mining operations with established production profiles.
Applying EBITDA-based multiples to a company with zero revenue and high fixed costs leads to distorted conclusions that fail to capture the value of the underlying mineral resources. Analysts should instead focus on Net Asset Value (NAV) and the probability-weighted NPV of the Mt Todd project to better assess the company's intrinsic worth.
Includes 30+ ratios · 30 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 VGZ stock.
Vista Gold Corp.'s current P/E ratio is -30.7x. The historical average is 9.0x.
Vista Gold Corp.'s return on equity (ROE) is -45.4%. The historical average is -27.9%.
Based on historical data, Vista Gold Corp. is trading at a P/E of -30.7x. Compare with industry peers and growth rates for a complete picture.