Latest Ratios: P/E Ratio 7.8x · EV/EBITDA 9.1x · ROE 31.5%. (2003–2025 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 | $4.4B | $3.0B | $1.2B | $1.3B | $1.4B | $2.3B | $3.4B | $2.3B | $1.2B | $1.5B | $1.2B |
| Enterprise Value | $3.9B | $2.5B | $626M | $716M | $855M | $1.4B | $2.9B | $2.4B | $1.3B | $1.4B | $1.5B |
| P/E Ratio → | 7.82 | 4.97 | 16.26 | — | — | 5.09 | 7.99 | — | 11.43 | 7.10 | 7.75 |
| P/S Ratio | 3.19 | 2.13 | 1.01 | 1.19 | 1.62 | 2.53 | 4.78 | 1.69 | 1.10 | 1.25 | 1.54 |
| P/B Ratio | 2.26 | 1.44 | 0.74 | 0.78 | 0.76 | 1.12 | 1.40 | 1.13 | 0.58 | 0.74 | 0.64 |
| P/FCF | 46.74 | 31.22 | 10.78 | 8.12 | — | 7.07 | 5.71 | 67.02 | — | 6.38 | 7.39 |
| P/OCF | 12.54 | 8.38 | 4.12 | 5.30 | — | 5.49 | 3.71 | 6.96 | 5.69 | 2.98 | 3.16 |
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 | — | 1.77 | 0.52 | 0.65 | 1.01 | 1.50 | 4.05 | 1.73 | 1.13 | 1.14 | 1.98 |
| EV / EBITDA | 9.13 | 5.71 | 1.71 | 4.15 | 12.84 | 2.94 | 20.01 | 14.85 | 3.86 | 3.28 | 4.06 |
| EV / EBIT | 12.48 | 3.35 | 3.57 | 50.10 | — | 3.35 | 102.90 | — | 10.70 | 5.11 | 9.24 |
| EV / FCF | — | 25.96 | 5.49 | 4.47 | — | 4.20 | 4.84 | 68.46 | — | 5.85 | 9.50 |
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 | 33.5% | 33.5% | 31.1% | 24.1% | 21.0% | 32.4% | 29.9% | 32.7% | 31.6% | 42.6% | 45.5% |
| Operating Margin | 22.7% | 22.7% | 19.5% | 3.9% | -4.3% | 37.1% | 6.1% | -6.2% | 8.7% | 17.4% | 22.0% |
| Net Profit Margin | 42.2% | 42.2% | 6.6% | -7.4% | -9.1% | -42.4% | 56.6% | -6.8% | 9.5% | 17.5% | 19.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 31.5% | 31.5% | 4.8% | -4.7% | -4.0% | -16.9% | 18.0% | -4.4% | 5.2% | 10.9% | 9.3% |
| ROA | 22.4% | 22.4% | 3.5% | -3.5% | -3.2% | -13.4% | 13.9% | -3.4% | 3.8% | 7.7% | 7.0% |
| ROIC | 18.1% | 18.1% | 16.6% | 2.7% | -2.3% | 16.4% | 1.6% | -3.0% | 3.6% | 7.7% | 7.6% |
| ROCE | 14.1% | 14.1% | 11.8% | 2.1% | -1.7% | 12.8% | 1.6% | -3.4% | 3.9% | 8.6% | 8.5% |
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 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.04 | 0.09 | 0.14 | 0.27 |
| Debt / EBITDA | 0.07 | 0.07 | 0.05 | 0.14 | 0.21 | 0.04 | 0.13 | 0.58 | 0.57 | 0.70 | 1.33 |
| Net Debt / Equity | — | -0.24 | -0.37 | -0.35 | -0.29 | -0.45 | -0.21 | 0.02 | 0.02 | -0.06 | 0.18 |
| Net Debt / EBITDA | -1.16 | -1.16 | -1.65 | -3.39 | -7.77 | -2.01 | -3.61 | 0.31 | 0.11 | -0.30 | 0.90 |
| Debt / FCF | — | -5.27 | -5.30 | -3.65 | — | -2.87 | -0.87 | 1.44 | — | -0.53 | 2.11 |
| Interest Coverage | 506.54 | 506.54 | 160.69 | 21.75 | -11.66 | 129.86 | 6.26 | -7.66 | — | 13.17 | 18.00 |
Net cash position: cash ($528M) exceeds total debt ($30M)
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 | 2.39 | 2.39 | 3.50 | 3.25 | 3.60 | 5.59 | 5.32 | 3.81 | 3.55 | 2.83 | 4.48 |
| Quick Ratio | 1.65 | 1.65 | 2.67 | 2.38 | 2.45 | 4.62 | 3.07 | 0.65 | 1.01 | 1.41 | 2.09 |
| Cash Ratio | 1.21 | 1.21 | 2.21 | 2.07 | 1.94 | 4.18 | 2.13 | 0.17 | 0.65 | 1.16 | 0.71 |
| Asset Turnover | — | 0.47 | 0.54 | 0.47 | 0.37 | 0.35 | 0.23 | 0.50 | 0.40 | 0.43 | 0.29 |
| Inventory Turnover | 2.76 | 2.76 | 3.57 | 3.25 | 2.12 | 2.75 | 0.87 | 1.20 | 1.29 | 1.36 | 0.77 |
| Days Sales Outstanding | — | 36.19 | 22.55 | 23.47 | 50.28 | 31.12 | 33.45 | 24.00 | 19.25 | 19.45 | 23.08 |
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 | 0.9% | 1.4% | 3.5% | 3.4% | 3.5% | 2.0% | 1.2% | — | — | — | 2.0% |
| Payout Ratio | 7.2% | 7.2% | 54.1% | — | — | — | 10.2% | — | — | — | 15.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.8% | 20.1% | 6.2% | — | — | 19.7% | 12.5% | — | 8.7% | 14.1% | 12.9% |
| FCF Yield | 2.1% | 3.2% | 9.3% | 12.3% | — | 14.1% | 17.5% | 1.5% | — | 15.7% | 13.5% |
| Buyback Yield | 2.2% | 3.2% | 3.6% | 1.6% | 7.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.1% | 4.6% | 7.1% | 5.0% | 11.1% | 2.0% | 1.2% | 0.0% | 0.0% | 0.0% | 2.0% |
| Shares Outstanding | — | $206M | $216M | $218M | $265M | $297M | $297M | $293M | $293M | $292M | $252M |
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying CGAU stock.
Centerra Gold Inc.'s current P/E ratio is 7.8x. The historical average is 12.4x. This places it at the 46th percentile of its historical range.
Centerra Gold Inc.'s current EV/EBITDA is 9.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.7x.
Centerra Gold Inc.'s return on equity (ROE) is 31.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 6.5%.
Based on historical data, Centerra Gold Inc. is trading at a P/E of 7.8x. This is at the 46th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Centerra Gold Inc.'s current dividend yield is 0.90% with a payout ratio of 7.2%.
Centerra Gold Inc. has 33.5% gross margin and 22.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Centerra Gold Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Turkish jurisdictional exposure
Deep Discount on Recurring Earnings
Centerra trades at 5.95x trailing earnings and 6.66x EV/EBITDA, a steep discount to peers like Eldorado (12x P/E) and Pan American (16.5x), according to recent market data. This gap likely reflects persistent jurisdictional concerns.
The forward P/E of 10.16 implies the market expects a normalization from the non-recurring gains that inflated trailing net income. Even on forward earnings, the multiple is below the peer median of roughly 16x, suggesting the market is pricing in a sustained discount for Turkish and historical asset-seizure risk. The PEG of 0.40 indicates that the market is not crediting the company with durable growth, despite the recent acceleration in revenue.
Margin Quality Masked by One-Offs
Gross margin of 35.9% in 2026Q2 is healthy, but net margin of 16.3% is far below the 52% and 73.9% reported in late 2025, per financial statements. This volatility suggests non-operating items distort underlying earning power.
The wide gap between gross and net margins in prior quarters indicates significant non-operating income, likely from gold price tailwinds or one-off gains. The current net margin of 16.3% is more sustainable but still benefits from elevated gold prices. Operating margin of 26.7% is strong and reflects operational leverage from the Öksüt restart, but investors should focus on AISC per ounce as the true profitability metric, as it captures the impact of the Royal Gold stream and byproduct credits.
ROIC Volatility Masks Underlying Improvement
ROIC swung from 2.7% in 2024Q4 to 7.0% in 2026Q1, then dipped to 5.3% in 2026Q2, as per reported figures. The trend suggests improving asset utilization but remains below the 15%+ levels of peers like Coeur and New Gold.
The low ROIC relative to peers is partly due to the asset-heavy Mount Milligan operation and the capital-intensive restart of Öksüt. However, the recent improvement from 3% to 7% indicates that the company is beginning to generate better returns on its invested capital. The fortress balance sheet with minimal debt means that ROIC is not leveraged, so the returns are purely operational. Investors should monitor whether the elevated capex of 20% of revenue translates into sustained ROIC expansion or if it merely maintains current production.
Working Capital Drag Intensifies
Cash conversion cycle lengthened to 47 days in 2026Q2 from 43 days a year earlier, driven by higher DIO of 129 days, as per quarterly data. This indicates inventory build-up, likely due to concentrate shipments timing and Öksüt stockpile processing.
The increase in days inventory outstanding (DIO) to 129 days is notable and may reflect the gold-in-circuit stockpile at Öksüt that is being cleared. While this will convert to cash in the near term, the persistent working capital absorption (over $40M in each of the last two quarters) is a drag on free cash flow. Asset turnover remains low at 0.14, typical for a miner, but the company's ability to manage its CCC is critical given its high fixed-cost structure.
Debt-Free Posture Provides Strategic Optionality
With a D/E ratio of 0.02 and interest coverage above 25x, Centerra's balance sheet is exceptionally strong, as per latest filings. This financial flexibility allows it to weather commodity downturns and pursue acquisitions without dilution.
The minimal debt and $527M cash position give Centerra a fortress balance sheet that is rare among mid-tier miners. This allows management to fund growth internally and act as a consolidator in a stressed market. However, the low leverage also means that the company is not using debt to amplify returns, which partially explains its lower ROE compared to peers. The interest coverage of 25.5x is comfortable, but the absence of debt means that the company is not benefiting from the tax shield that leveraged peers enjoy.
Liquidity Buffer Remains Robust
Current ratio of 2.42 and quick ratio of 1.49 in 2026Q2, down from 3.79 and 2.74 in 2024Q2, as per balance sheet data, still provide a strong cushion. The decline reflects increased investment in working capital and capex.
Despite the decline, the liquidity position is more than adequate to cover short-term obligations. The quick ratio of 1.49 indicates that even without selling inventory, the company can meet its current liabilities. The inventory-heavy balance sheet (DIO of 129 days) is a risk if gold or copper prices fall, but the company's ability to sell concentrate quickly mitigates this. The $450.9M cash position provides a buffer against operational disruptions, such as the Turkish regulatory environment.
Valuation Discount vs. Operational Parity
Centerra's P/E of 5.95 is less than half of Eldorado's 12.03, despite similar Turkish exposure, as per peer data. Its EV/EBITDA of 6.66 is in line with Eldorado but below the group median of ~10.4.
The discount likely stems from the historical Kumtor loss and perceived jurisdictional risk, even though Centerra's balance sheet is far stronger than most peers. Its ROE of 3.4% in 2026Q2 is below the peer average of ~20%, but this is partly due to the low leverage and the fact that the company is in a reinvestment phase. The market may be overestimating the Turkish risk while underestimating the stability of Mount Milligan and the potential value of the molybdenum assets.
P/E Misleads on Earnings Quality
The trailing P/E of 5.95 is misleading because net income includes non-recurring gains, as seen in 2025Q4's 52% net margin, per financial statements. Investors should use EV/EBITDA or P/FCF to assess recurring value.
The low P/E is a value trap if earnings are inflated by one-offs. The forward P/E of 10.16 is more realistic but still below peers. The EV/EBITDA of 6.66 is a better metric because it normalizes for capital structure and non-cash items, but it still does not capture the impact of the Royal Gold stream, which reduces effective revenue. The P/FCF of 35.54 is high, reflecting the recent capex surge, but this may normalize as Öksüt reaches steady state. Investors should adjust for the streaming agreement and non-recurring items to get a true earnings power.