Latest Ratios: P/E Ratio 9.8x · EV/EBITDA 6.4x · 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 | $4.3B | $3.0B | $1.2B | $1.3B | $1.4B | $2.3B | $3.4B | $2.3B | $1.2B | $1.5B | $1.2B |
| Enterprise Value | $3.8B | $2.5B | $626M | $716M | $855M | $1.4B | $2.9B | $2.4B | $1.3B | $1.4B | $1.5B |
| P/E Ratio → | 9.81 | 4.97 | 16.26 | — | — | — | 7.99 | — | 11.43 | 7.10 | 7.75 |
| P/S Ratio | 2.36 | 2.13 | 1.01 | 1.19 | 1.62 | 2.53 | 4.78 | 1.69 | 1.10 | 1.25 | 1.54 |
| P/B Ratio | 2.18 | 1.44 | 0.74 | 0.78 | 0.76 | 1.12 | 1.40 | 1.13 | 0.58 | 0.74 | 0.64 |
| P/FCF | 394.69 | 31.22 | 10.78 | 8.12 | — | 7.07 | 5.71 | 67.02 | — | 6.38 | 7.39 |
| P/OCF | 12.08 | 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 | 6.35 | 5.71 | 1.71 | 3.89 | 12.84 | 2.94 | 20.01 | 11.26 | 4.26 | 3.36 | 4.05 |
| EV / EBIT | 11.96 | 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 | 0.13 | 0.21 | 0.04 | 0.13 | 0.44 | 0.63 | 0.72 | 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 | -3.18 | -7.77 | -2.01 | -3.61 | 0.24 | 0.13 | -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 | 10.2% | 20.1% | 6.2% | — | — | — | 12.5% | — | 8.7% | 14.1% | 12.9% |
| FCF Yield | 0.3% | 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 | 3.2% | 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 9.8x. The historical average is 13.0x. This places it at the 50th percentile of its historical range.
Centerra Gold Inc.'s current EV/EBITDA is 6.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.5x.
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 9.8x. This is at the 50th 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 0.93% 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 and commodity concentration
Low Multiples Imply Skeptical Pricing
Based on reported figures, CGAU trades at a trailing P/E of 7.54 and EV/EBITDA of 8.75, below the peer median near 14 times earnings, suggesting the market applies a meaningful jurisdictional discount to the stock.
The forward P/E of 13.62 implies earnings are expected to normalize well below the elevated trailing figure, which is consistent with the net margin being driven partly by non-recurring items rather than repeatable operating strength. The PEG of 0.51 would appear attractive only if projected growth proves durable, and investors should monitor whether the Öksüt recovery sustains earnings. The high P/FCF of 45.03 contrasts sharply with the low P/E, suggesting reported profits have not converted into free cash flow at the same rate.
Net Margin Outruns Operating Earnings Power
According to reported quarterly figures, CGAU's 2026Q3 operating margin of 22.2% sits well below its 17.7% net margin in the same quarter, indicating that core mine economics, not non-operating items, are the more reliable gauge of earning power.
Gross margin of 35.2% in the latest quarter compares with a range of 25.6% to 40.8% over the ten quarters shown, pointing to sensitivity to shipment timing and concentrate pricing. The quarterly net margin swings from negative to above 70% in earlier periods suggest the earnings base is not fully recurring, so operating margin is likely the more reliable measure. Investors should treat the trailing net margin with caution until the source of non-operating volatility is clearer.
Returns Recovering From Near-Zero Base
Based on the quarterly ratio data, CGAU's ROIC moved from 2.7% in 2024Q4 to 4.6% in 2026Q3, while ROE peaked at 16.0% in 2025Q3 before retreating to 4.0%, suggesting returns remain modest relative to the asset base.
Mid-single-digit ROIC is low for a producer, likely reflecting a heavy capital base of roughly $3.2B in total assets against earnings that have been volatile. The elevated ROE peak appears inflated by the modest equity structure and non-recurring gains rather than a sustained compounding trend. Management's ability to lift returns will depend on converting the Öksüt restart into durable operating cash flow.
Negligible Debt Eliminates Solvency Concern
As reported in financial statements, CGAU's debt-to-equity ratio of 0.02 and debt-to-EBITDA of 0.30 indicate leverage is effectively immaterial, leaving debt service with no meaningful pressure on the income statement.
Interest coverage readings that swung from roughly 15 times to above 100 times reflect minimal interest expense rather than improving operating strength, so the coverage metric carries limited analytical signal here. The near-zero leverage removes refinancing and covenant risk, a structural advantage among mid-tier gold producers. The absence of debt does not, however, address the commodity and jurisdictional risks embedded in the operating asset base.
Liquidity Cushion Thins From Peak
According to recent filings, CGAU's current ratio declined from 3.79 in 2024Q2 to 2.07 in 2026Q3, while the quick ratio of 1.25 remains above 1.0, suggesting the company still holds a comfortable but narrowing liquidity buffer.
The decline in current and quick ratios appears to reflect cash deployed into the asset base, with cash reserves falling from roughly $625M to about $398M over the period. A quick ratio above 1.0 indicates current liabilities can be covered without relying on inventory, a meaningful strength for a producer exposed to price volatility. Investors should monitor whether the cash drawdown continues, as the buffer would narrow further under a prolonged commodity downturn.
Single-Quarter Ratios Mislead Trend Reading
Based on reported figures, quarter-to-quarter swings in ROE from 1.8% to 16.0% and net margin from negative to above 70% suggest that annualizing any single quarter for CGAU would materially overstate or understate underlying returns.
Applying a trailing P/E or ROE to one unusual quarter, such as the 2025Q3 peak, would embed timing effects tied to concentrate shipments and inventory movements into a valuation conclusion. A more reliable approach is to use multi-quarter averages of operating margin and ROIC, which appear more stable across the ten-quarter window than headline net margin. Analysts should treat the earnings-based multiples as provisional until the non-recurring components of net income are identified.