Latest Ratios: P/E Ratio 14.1x · EV/EBITDA 10.6x · 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 | $3.8B | $2.9B | $1.4B | $1.5B | $1.3B | $1.4B | $1.5B | $1.7B | $608M | $394M | — |
| Enterprise Value | $4.3B | $3.5B | $2.0B | $1.8B | $1.5B | $1.3B | $1.6B | $1.8B | $741M | $482M | — |
| P/E Ratio → | 14.14 | 10.97 | — | 16.11 | 12.50 | 6.92 | 28.96 | 18.04 | — | 17.54 | — |
| P/S Ratio | 4.76 | 3.68 | 2.96 | 3.51 | 2.97 | 2.84 | 4.62 | 5.85 | 2.61 | 2.65 | — |
| P/B Ratio | 4.06 | 3.15 | 2.35 | 1.85 | 2.34 | 3.52 | 6.99 | 8.36 | 5.85 | 3.03 | — |
| P/FCF | 41.70 | 32.30 | — | — | — | 7.61 | 33.22 | 77.24 | — | — | — |
| P/OCF | 10.61 | 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 | 10.55 | 8.46 | 9.50 | 9.79 | 8.14 | 4.17 | 14.45 | 14.95 | 7.98 | 14.89 | — |
| EV / EBIT | 16.02 | 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 | 3.01 | 2.38 | 2.30 | 0.21 | 1.53 | 1.35 | 1.64 | 4.30 | — |
| 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 | 2.76 | 1.79 | 1.35 | -0.20 | 0.97 | 1.16 | 1.44 | 2.72 | — |
| 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 | 7.1% | 9.1% | — | 6.2% | 8.0% | 14.5% | 3.5% | 5.5% | — | 5.7% | — |
| FCF Yield | 2.4% | 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 14.1x. The historical average is 15.9x. This places it at the 43th percentile of its historical range.
Ero Copper Corp.'s current EV/EBITDA is 10.6x. 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 14.1x. This is at the 43th 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 cost inflation and FX exposure
Growth Priced at a Discount
ERO trades at 13.98x trailing P/E and 9.32x forward P/E, with a PEG of 0.39, suggesting the market is pricing in substantial earnings growth, as per recent filings.
The forward P/E of 9.32 implies the market expects a significant earnings increase from current levels, consistent with the 70% revenue growth reported in 2026Q2. The PEG of 0.39 indicates that the stock is undervalued relative to its growth rate, but this may be a value trap if growth is not sustainable. Compared to peers like SCCO at 37.19x P/E, ERO's multiple is lower, reflecting perhaps a discount for its smaller scale and Brazilian concentration.
Margins Reflect High-Grade Ore
Gross margin expanded to 42.7% in 2026Q2 from 41.2% a year earlier, while operating margin reached 37.6%, driven by high-grade ore and byproduct credits, as per financial statements.
The gross margin of 42.7% is well above the peer average, indicating a cost advantage from high-grade underground mining. Operating margin of 37.6% is also strong, but net margin of 31.5% is volatile due to non-operating items like FX and tax effects. The 2025Q4 gross margin of 50.9% suggests that margins can expand further if copper prices remain elevated, but investors should monitor cost inflation in Brazil.
ROIC Recovery Signals Efficiency
ROIC improved from 0.8% in 2024Q1 to 4.9% in 2026Q2, while ROE rose to 7.7%, indicating a recovery in capital efficiency, as reported in quarterly data.
The improvement in ROIC from 0.8% to 4.9% over ten quarters suggests that the company is generating better returns on its invested capital, likely due to increased production and higher copper prices. However, ROIC remains below the cost of capital, implying that the company is still in a growth phase where returns are not yet fully realized. The 2025Q4 ROIC of 7.3% indicates that the trend is positive, but sustainability depends on maintaining high grades and controlling costs.
Working Capital Efficiency Improves
Cash conversion cycle shortened from -15 days in 2024Q1 to 28 days in 2026Q2, with DSO down to 18 days, reflecting better receivables management, as per financial disclosures.
The CCC turned positive in 2025Q2 and has remained positive, indicating that the company is now funding its working capital needs, whereas previously it was receiving cash from suppliers. DSO improved from 44 days in 2025Q1 to 18 days in 2026Q2, suggesting faster collection of receivables, possibly due to higher copper prices. DPO has declined from 88 days to 58 days, indicating that the company is paying suppliers faster, which may be a sign of improved liquidity or a shift in supplier terms.
Leverage Declines as Equity Grows
Debt-to-equity fell from 0.62 in 2024Q1 to 0.47 in 2026Q2, while interest coverage improved to 21.57x, indicating a strengthening balance sheet, as per recent filings.
The decline in D/E from 0.62 to 0.47 over ten quarters reflects both debt repayment and equity growth from retained earnings. Interest coverage of 21.57x in 2026Q2 is comfortable, but it was as low as 6.91x in 2025Q3, indicating volatility in earnings. The D/EBITDA ratio of 3.94 in 2026Q2 is moderate, but it peaked at 14.74x in 2024Q2, showing that leverage is now more manageable. The company's low debt levels provide flexibility for future capital projects, but investors should monitor any increase in debt to fund Tucumã.
Liquidity Improves but Remains Thin
Current ratio improved from 0.82 in 2024Q1 to 1.37 in 2026Q2, but quick ratio of 0.82 indicates reliance on inventory, as per balance sheet data.
The current ratio of 1.37 suggests that the company can cover its short-term obligations, but the quick ratio of 0.82 indicates that excluding inventory, liquidity is tighter. This is typical for mining companies with significant inventory of concentrate. The improvement from a current ratio of 0.67 in 2024Q4 to 1.37 in 2026Q2 is notable, but cash of $101.7M is modest relative to debt of $573.4M. Under a severe copper price downturn, liquidity could be strained, but the low debt levels provide some cushion.
Premium Valuation vs. Peers
ERO's EV/EBITDA of 10.45 is below peers like SCCO at 21.06 and FCX at 12.62, but its P/B of 4.01 is higher than TECK's 1.75, as per market data.
ERO trades at a lower EV/EBITDA than most peers, suggesting that the market is not fully pricing in its growth potential. However, its P/B of 4.01 is higher than TECK's 1.75, indicating that investors are paying a premium for its return on equity. The ROE of 7.7% is lower than SCCO's 49.1%, but this is partly due to ERO's smaller scale and higher growth investments. The valuation gap may narrow as Tucumã ramps up and earnings grow.
Misapplied P/E Ratio
The trailing P/E of 13.98 is misleading due to volatile net income from non-operating items; EV/EBITDA or P/CF is more appropriate, as per financial analysis.
The P/E ratio is distorted by significant non-cash items such as FX gains/losses and deferred tax adjustments, which caused net income to swing from a loss in 2024Q2 to a profit in 2026Q2. For a mining company with high capital intensity and provisional pricing, EV/EBITDA or price-to-operating cash flow provides a clearer picture of valuation. The P/FCF of 41.23 is high, but this is due to heavy growth capex; as capex normalizes, FCF should improve, making the P/FCF more attractive.