Latest Ratios: P/E Ratio 5.5x · EV/EBITDA 7.3x · ROE 32.0%. (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 | $3.2B | $3.0B | $1.2B | $1.3B | $1.4B | $2.3B | $3.4B | $2.3B | $1.2B | $1.5B | $1.2B |
| Enterprise Value | $2.7B | $2.5B | $626M | $716M | $855M | $1.4B | $2.9B | $2.4B | $1.3B | $1.4B | $1.5B |
| P/E Ratio → | 5.49 | 4.97 | 16.26 | — | — | 5.09 | 7.99 | — | 11.43 | 7.10 | 7.75 |
| P/S Ratio | 2.38 | 2.22 | 1.01 | 1.19 | 1.62 | 2.53 | 4.78 | 1.69 | 1.10 | 1.25 | 1.54 |
| P/B Ratio | 1.59 | 1.44 | 0.74 | 0.78 | 0.76 | 1.12 | 1.40 | 1.13 | 0.58 | 0.74 | 0.64 |
| P/FCF | 33.48 | 31.22 | 10.78 | 8.12 | — | 7.07 | 5.71 | 67.02 | — | 6.38 | 7.39 |
| P/OCF | 8.98 | 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 | — | 1.85 | 0.52 | 0.65 | 1.01 | 1.50 | 4.05 | 1.73 | 1.13 | 1.14 | 1.98 |
| EV / EBITDA | 7.28 | 6.70 | 1.57 | 4.85 | 12.84 | 2.94 | 20.01 | 14.85 | 3.86 | 3.28 | 4.06 |
| EV / EBIT | 11.25 | 10.35 | 8.70 | 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 | 24.5% | 24.5% | 39.7% | 24.1% | 21.0% | 32.4% | 29.9% | 32.7% | 31.6% | 42.6% | 45.5% |
| Operating Margin | 17.9% | 17.9% | 6.3% | 1.6% | -4.3% | 37.1% | 6.1% | -6.2% | 8.7% | 17.4% | 22.0% |
| Net Profit Margin | 44.7% | 44.7% | 6.6% | -7.6% | -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 | 32.0% | 32.0% | 4.8% | -4.8% | -4.0% | -16.9% | 18.0% | -4.4% | 5.2% | 10.9% | 9.3% |
| ROA | 22.8% | 22.8% | 3.5% | -3.6% | -3.2% | -13.4% | 13.9% | -3.4% | 3.8% | 7.7% | 7.0% |
| ROIC | 13.6% | 13.6% | 5.4% | 1.1% | -2.3% | 16.4% | 1.6% | -3.0% | 3.6% | 7.7% | 7.6% |
| ROCE | 10.6% | 10.6% | 3.8% | 0.9% | -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 | 0.08 | 0.08 | 0.05 | 0.16 | 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 | -1.36 | -1.36 | -1.52 | -3.97 | -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 | 60.57 | 60.57 | 16.45 | 2.20 | -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 | — | 0.45 | 0.54 | 0.47 | 0.37 | 0.35 | 0.23 | 0.50 | 0.40 | 0.43 | 0.29 |
| Inventory Turnover | 3.01 | 3.01 | 3.13 | 3.25 | 2.12 | 2.75 | 0.87 | 1.20 | 1.29 | 1.36 | 0.77 |
| Days Sales Outstanding | — | 37.69 | 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 | 1.3% | 1.4% | 3.5% | 3.4% | 3.5% | 2.0% | 1.2% | — | — | — | 2.0% |
| Payout Ratio | 7.0% | 7.0% | 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 | 18.2% | 20.1% | 6.2% | — | — | 19.7% | 12.5% | — | 8.7% | 14.1% | 12.9% |
| FCF Yield | 3.0% | 3.2% | 9.3% | 12.3% | — | 14.1% | 17.5% | 1.5% | — | 15.7% | 13.5% |
| Buyback Yield | 3.0% | 3.2% | 3.6% | 1.6% | 7.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.3% | 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 |
Geopolitical and Regulatory Exposure
According to current market data, Centerra Gold trades at a forward P/E of 8.37 and an EV/EBITDA of 4.59, suggesting that investors are applying a significant jurisdictional discount compared to North American peers like Agnico Eagle, despite the company's recent operational stabilization and strong cash position.
The low valuation multiples appear to reflect lingering market caution regarding the company's history of asset disputes in Central Asia and ongoing regulatory oversight in Turkey. While the forward EV/EBITDA of 4.59 implies an expectation of earnings growth, the market remains hesitant to assign a premium until the company demonstrates a sustained track record of reserve replacement and conflict-free production.
Based on reported financial statements, Centerra's ROIC has fluctuated significantly, reaching 7.0% in 2026Q1, which indicates that the company is still in the process of normalizing its returns on invested capital following the disruptive operational hurdles encountered at the Öksüt mine over the past two years.
The inconsistency in ROIC, which swung from negative levels in 2024 to 19.0% in 2025Q3, suggests that the company's ability to compound capital is highly sensitive to the timing of concentrate shipments and non-recurring accounting gains. Investors should monitor whether the company can maintain a stable ROIC above its cost of capital as it transitions from a recovery phase to a steady-state production profile.
As reported in quarterly filings, the company's cash conversion cycle remains elevated at 21 days in 2026Q1, driven by a high days-inventory-outstanding metric of 112, which reflects the inherent logistical complexities of managing polymetallic concentrate production and the timing of international smelter deliveries.
The high DIO suggests that the company carries significant capital tied up in inventory, which is a structural reality of the Mount Milligan operation's throughput requirements. While the current DPO of 116 provides some relief by delaying cash outflows to suppliers, any disruption in the concentrate supply chain could quickly strain liquidity and increase the cash conversion cycle.
According to recent balance sheet data, Centerra maintains a negligible debt-to-equity ratio of 0.02, a position that stands in stark contrast to more leveraged gold producers and provides the company with substantial financial flexibility to navigate commodity price cycles or pursue inorganic growth opportunities.
The company's interest coverage ratio of 29.19 in 2026Q1 underscores a comfortable debt-service profile that effectively eliminates refinancing risk in the near term. This lack of leverage is a critical differentiator, allowing the firm to prioritize capital allocation toward operational maintenance and shareholder returns without the pressure of servicing significant debt obligations.
Based on an analysis of historical financial data, the net margin is the most commonly misapplied metric for Centerra Gold, as it frequently captures non-recurring gains from legal settlements or divestitures that mask the underlying profitability of the company's core mining operations.
Investors relying on net margin to gauge performance may be misled by the 73.9% peak observed in 2025Q3, which does not reflect sustainable earning power. A more accurate assessment of the business model requires focusing on AISC per ounce and EBITDA, which strip away the noise of non-operating items and provide a clearer view of the company's true cost structure.
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Quick answers to the most common questions about buying CGAU stock.
Centerra Gold Inc.'s current P/E ratio is 5.5x. The historical average is 12.4x. This places it at the 15th percentile of its historical range.
Centerra Gold Inc.'s current EV/EBITDA is 7.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.8x.
Centerra Gold Inc.'s return on equity (ROE) is 32.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 6.6%.
Based on historical data, Centerra Gold Inc. is trading at a P/E of 5.5x. This is at the 15th 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 1.28% with a payout ratio of 7.0%.
Centerra Gold Inc. has 24.5% gross margin and 17.9% operating margin. Operating margin between 10-20% is typical for established companies.
Centerra Gold Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.