Latest Ratios: P/E Ratio 7.8x · EV/EBITDA 5.4x · ROE 35.1%. (2016–2025 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 | $3.0B | $2.9B | $1.4B | $1.5B | $1.3B | $1.4B | $1.5B | $1.7B | $608M | $394M | — |
| Enterprise Value | $3.5B | $3.5B | $2.0B | $1.8B | $1.5B | $1.3B | $1.6B | $1.8B | $741M | $482M | — |
| P/E Ratio → | 7.82 | 10.97 | — | 16.11 | 12.50 | 6.92 | 28.96 | 18.04 | — | 17.54 | — |
| P/S Ratio | 2.47 | 3.68 | 2.96 | 3.51 | 2.97 | 2.84 | 4.62 | 5.85 | 2.61 | 2.65 | — |
| P/B Ratio | 3.21 | 3.15 | 2.35 | 1.85 | 2.34 | 3.52 | 6.99 | 8.36 | 5.85 | 3.03 | — |
| P/FCF | 12.26 | 32.30 | — | — | — | 7.61 | 33.22 | 77.24 | — | — | — |
| P/OCF | 8.39 | 8.22 | 9.56 | 9.19 | 8.84 | 3.81 | 9.19 | 13.03 | 7.33 | 18.53 | — |
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 | — | 4.34 | 4.17 | 4.29 | 3.56 | 2.71 | 4.95 | 6.34 | 3.18 | 3.25 | — |
| EV / EBITDA | 5.43 | 8.46 | 9.40 | 9.79 | 8.14 | 4.17 | 14.45 | 14.48 | 8.09 | 15.75 | — |
| EV / EBIT | 13.08 | 9.68 | 18.39 | 14.02 | 10.30 | 5.47 | 22.40 | 18.70 | 42.03 | 26.81 | — |
| EV / FCF | — | 38.06 | — | — | — | 7.26 | 35.60 | 83.74 | — | — | — |
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 | 43.2% | 43.2% | 38.4% | 36.7% | 43.9% | 65.1% | 58.1% | 41.1% | 35.3% | 12.1% | — |
| Operating Margin | 33.8% | 33.8% | 25.7% | 22.3% | 29.9% | 55.3% | — | 27.5% | 19.8% | -5.1% | — |
| Net Profit Margin | 33.6% | 33.6% | -14.6% | 21.7% | 23.9% | 41.0% | 15.9% | 32.3% | -1.4% | 15.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 35.1% | 35.1% | -9.8% | 13.7% | 21.7% | 66.0% | 25.0% | 60.7% | -2.7% | 29.2% | -12.3% |
| ROA | 15.9% | 15.9% | -4.6% | 6.9% | 10.8% | 33.9% | 10.8% | 22.3% | -0.9% | 6.4% | -0.9% |
| ROIC | 15.5% | 15.5% | 7.9% | 7.4% | 17.0% | 62.3% | — | 20.4% | 15.2% | -2.9% | -2.4% |
| ROCE | 18.6% | 18.6% | 9.4% | 7.9% | 15.7% | 55.8% | — | 23.0% | 14.8% | -3.3% | -4.1% |
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 | 0.67 | 0.67 | 1.05 | 0.55 | 0.79 | 0.17 | 0.79 | 0.82 | 1.47 | 1.07 | 6.65 |
| Debt / EBITDA | 1.54 | 1.54 | 2.98 | 2.38 | 2.30 | 0.21 | 1.53 | 1.31 | 1.66 | 4.55 | — |
| Net Debt / Equity | — | 0.56 | 0.96 | 0.41 | 0.46 | -0.16 | 0.50 | 0.70 | 1.28 | 0.68 | 5.90 |
| Net Debt / EBITDA | 1.28 | 1.28 | 2.73 | 1.79 | 1.35 | -0.20 | 0.97 | 1.12 | 1.46 | 2.88 | — |
| Debt / FCF | — | 5.77 | — | — | — | -0.35 | 2.38 | 6.50 | — | — | — |
| Interest Coverage | 16.27 | 16.27 | 58.76 | 10.23 | 6.98 | 43.38 | 5.99 | 6.41 | 1.18 | 0.85 | — |
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 | 1.06 | 1.06 | 0.67 | 1.15 | 3.04 | 1.70 | 1.39 | 0.94 | 0.85 | 1.77 | 0.29 |
| Quick Ratio | 0.63 | 0.63 | 0.47 | 0.90 | 2.80 | 1.49 | 1.11 | 0.69 | 0.60 | 1.62 | 0.27 |
| Cash Ratio | 0.40 | 0.40 | 0.24 | 0.64 | 2.46 | 1.06 | 0.68 | 0.29 | 0.31 | 0.92 | 0.10 |
| Asset Turnover | — | 0.42 | 0.32 | 0.28 | 0.36 | 0.71 | 0.65 | 0.62 | 0.65 | 0.39 | — |
| Inventory Turnover | 4.11 | 4.11 | 6.88 | 6.40 | 7.73 | 6.57 | 5.23 | 8.22 | 10.30 | 15.36 | 0.16 |
| Days Sales Outstanding | — | 22.54 | 31.25 | 24.14 | 28.06 | 34.13 | 41.00 | 35.08 | 17.47 | 9.64 | — |
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 | 12.8% | 9.1% | — | 6.2% | 8.0% | 14.5% | 3.5% | 5.5% | — | 5.7% | — |
| FCF Yield | 8.2% | 3.1% | — | — | — | 13.1% | 3.0% | 1.3% | — | — | — |
| Buyback Yield | 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% | — |
| Shares Outstanding | — | $104M | $103M | $95M | $92M | $91M | $92M | $91M | $84M | $66M | $49M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying ERO stock.
Ero Copper Corp.'s current P/E ratio is 7.8x. The historical average is 15.9x. This places it at the 14th percentile of its historical range.
Ero Copper Corp.'s current EV/EBITDA is 5.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.3x.
Ero Copper Corp.'s return on equity (ROE) is 35.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 22.7%.
Based on historical data, Ero Copper Corp. is trading at a P/E of 7.8x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ero Copper Corp. has 43.2% gross margin and 33.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ero Copper Corp.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Brazilian jurisdiction and BRL exposure
Discounted Multiples Price in Execution Risk
Based on reported figures, ERO trades at a trailing P/E of 11.19 and a forward P/E of 7.17, well below SCCO's 31.92 and FCF's 39.09, suggesting the market is pricing in durable copper earnings but applying a meaningful discount for Brazilian jurisdiction risk.
The gap between trailing and forward P/E implies the market expects earnings to rise sharply from current levels, which is consistent with the recent revenue step-change. Against Hudbay at 14.32 and Teck at 30.04, the discount appears to reflect jurisdictional exposure rather than weaker profitability, since ERO's ROE of 9.1 percent and net margin of 33.4 percent are competitive. Investors should monitor whether forward estimates hold, because a forward multiple this low depends heavily on sustained high-grade feed.
Peak Margins Versus Volatile Earnings Base
As reported in quarterly filings, ERO's operating margin climbed from 12.5 percent in 2024Q2 to 41.7 percent in 2026Q3, a range that suggests current earnings power is strong but highly sensitive to grade and pricing swings.
The gross margin recovery to 48.7 percent in 2026Q3 appears to reflect higher-grade ore offsetting largely fixed Brazilian operating costs, which may indicate operating leverage working in the company's favor. Net margin volatility, which swung from negative 45.5 percent to positive 43.1 percent over the period, suggests non-operating items such as derivative and FX effects distort reported bottom-line results. Operating margin is therefore a more reliable gauge of underlying earning power than net margin.
ROIC Recovery Lags Equity Base Expansion
Based on Ero's reported figures, ROIC rose to 6.4 percent in 2026Q3 from a 0.9 percent trough, yet remains well below SCCO's 38.6 percent and HBM's 12.0 percent, indicating the expanded capital base is not yet earning peer-level returns.
Total equity more than doubled from 2024Q4 to 2026Q3 while ROIC improved only modestly, suggesting much of the new capital is still in construction or ramp-up and not yet producing returns. ROE of 9.1 percent is more flattering than ROIC because leverage has been falling, which narrows the gap between the two measures. The trend is directionally positive, but returns are compounding from a low base rather than demonstrating established capital efficiency.
Deleveraging Strengthens Coverage Trajectory
As reported in financial statements, ERO's debt-to-equity ratio fell from 1.05 in 2024Q4 to 0.36 in 2026Q3, while interest coverage stood at 20.25 times, suggesting debt service has become substantially more comfortable.
Debt-to-EBITDA improved from 10.94 times in 2025Q1 to 2.59 times in 2026Q3, a shift that appears driven more by earnings growth than by debt repayment since absolute debt has been broadly stable. The falling leverage ratio reduces refinancing and covenant risk, though the Brazilian operating base still warrants monitoring. Coverage this high provides a meaningful cushion should copper prices or BRL conditions deteriorate.
Liquidity Rebuilt but Quick Ratio Thin
Based on ERO's reported figures, the current ratio improved to 1.38 in 2026Q3 from 0.67 a year earlier, while the quick ratio of 0.78 suggests inventory and receivables still carry meaningful weight in near-term liquidity.
The rebound in cash to $114.1 million from a $20.2 million low appears to have restored a more adequate buffer, but a quick ratio below 1.0 means the company relies on converting inventory and receivables to meet short-term obligations. Under severe copper price stress, receivable timing tied to provisional pricing could compress this cushion quickly. The position looks serviceable under base conditions but would be tested in a prolonged downturn.
Low Multiples May Mask Cyclical Peak
Ero's sub-8 forward P/E and recent margin expansion may suggest the market is correctly discounting a cyclical peak, as the 2026Q3 operating margin of 41.7 percent sits far above its own 12.5 percent trough.
The most commonly misapplied metric here is the trailing P/E, because it captures a period of unusually high copper pricing and grade-driven margins rather than a normalized earnings base. Applying a peer multiple to peak earnings would overstate value, which is why EV/EBITDA on normalized cash flow or free cash flow yield offers a more defensible view. Investors should test whether the 33.3 percent FCF margin persists across a full copper cycle before treating the low multiple as undervaluation.