Latest Ratios: P/E Ratio -195.9x · EV/EBITDA N/A · ROE -1.6%. (2004–2025 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 | $485M | $536M | $197M | $212M | $270M | $225M | $141M | $86M | $45M | $97M | $130M |
| Enterprise Value | $479M | $528M | $183M | $187M | $269M | $195M | $113M | $84M | $42M | $96M | $130M |
| P/E Ratio → | -195.87 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 3.18 | 2.78 | 1.04 | 1.52 | 2.46 | 2.01 | 1.71 | 1.72 | 0.97 | 2.17 | 2.87 |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.6% | -1.6% | -4.2% | -2.7% | -4.5% | -3.8% | -3.1% | -3.7% | -6.3% | -5.9% | -4.5% |
| ROA | -1.6% | -1.6% | -4.1% | -2.6% | -4.3% | -3.7% | -3.0% | -3.6% | -6.2% | -5.8% | -4.5% |
| ROIC | -3.1% | -3.1% | -4.4% | -2.6% | -3.4% | -4.4% | -3.3% | -3.0% | -5.0% | -4.3% | -4.0% |
| ROCE | -3.9% | -3.9% | -5.1% | -3.1% | -3.9% | -4.1% | -3.4% | -3.8% | -6.4% | -5.6% | -5.3% |
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 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.04 | -0.07 | -0.18 | -0.01 | -0.27 | -0.35 | -0.03 | -0.07 | -0.01 | -0.01 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -73.81 | — | — | — | -34.17 | -56.96 | -21.94 |
Net cash position: cash ($8M) exceeds total debt ($236789)
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 | 19.69 | 19.69 | 22.18 | 7.47 | 5.50 | 15.42 | 25.41 | 4.50 | 8.21 | 6.78 | 10.42 |
| Quick Ratio | 19.69 | 19.69 | 22.18 | 7.47 | 5.50 | 15.42 | 25.41 | 4.50 | 8.21 | 6.78 | 10.42 |
| Cash Ratio | 19.39 | 19.39 | 21.88 | 7.19 | 5.17 | 15.15 | 24.83 | 3.90 | 7.94 | 6.52 | 10.23 |
| 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 | 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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| 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% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $201M | $188M | $160M | $152M | $144M | $115M | $104M | $100M | $96M | $94M |
Permitting and Infrastructure Delays
Based on reported financial data, WRN trades at a price-to-book ratio of 3.24, which suggests that the market is pricing the company as a long-term call option on copper and gold resources rather than evaluating it through traditional earnings-based multiples like P/E or EV/EBITDA.
The absence of meaningful P/E or EV/EBITDA multiples is expected for a pre-production developer, as these metrics are fundamentally incompatible with a company that has yet to generate revenue. Investors should interpret the 3.24 P/B ratio as a reflection of the market's confidence in the underlying mineral asset value rather than current operational performance.
According to historical financial statements, WRN's ROIC has consistently remained in negative territory, fluctuating between -0.6% and -1.7% over the last ten quarters, which confirms that the company is currently in a capital-consumption phase rather than a value-compounding stage of its corporate lifecycle.
The negative ROIC is a structural feature of the exploration business model where capital is deployed into non-productive assets like mineral properties. Analysts should monitor whether future project milestones can transition these negative returns toward positive territory as the Casino project moves closer to a final investment decision.
As reported in recent quarterly filings, WRN maintains a current ratio of 45.19 as of 2026Q1, which indicates an exceptionally strong liquidity position that effectively mitigates near-term insolvency risks while the company continues to fund its ongoing permitting and environmental assessment activities for the Casino project.
This high current ratio is primarily driven by the company's strategy of maintaining significant cash reserves to avoid dilutive financing during the development phase. While this provides a comfortable cushion, it also highlights the company's reliance on external capital to sustain operations until the project reaches commercial viability.
Based on an analysis of the company's financial structure, the price-to-book ratio is the most commonly misapplied metric for WRN, as it obscures the massive discrepancy between historical cost-based accounting for mineral properties and the actual multi-billion dollar net present value of the Casino deposit.
Investors should avoid using P/B as a proxy for intrinsic value, as it fails to capture the de-risking progress of the mineral resource. A more appropriate analytical framework would involve evaluating the project's internal rate of return and the probability-weighted net present value of future cash flows rather than relying on balance sheet accounting.
Includes 30+ ratios · 22 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 WRN stock.
Western Copper and Gold Corporation's current P/E ratio is -195.9x. This places it at the 50th percentile of its historical range.
Western Copper and Gold Corporation's return on equity (ROE) is -1.6%. The historical average is -5.7%.
Based on historical data, Western Copper and Gold Corporation is trading at a P/E of -195.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.