Latest Ratios: P/E Ratio -0.0x · EV/EBITDA N/A · ROE -200.0%. (1996–2025 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 | $22M | $133M | $434M | $630M | $775M | $795M | $674M | $806M | $687M | $935M | $693M |
| Enterprise Value | $1.5B | $1.6B | $1.7B | $1.9B | $1.8B | $1.7B | $1.5B | $1.6B | $1.5B | $1.8B | $1.2B |
| P/E Ratio → | -0.04 | — | — | — | 3.14 | 4.65 | — | — | 5.33 | 13.24 | 19.72 |
| P/S Ratio | 0.01 | 0.07 | 0.21 | 0.32 | 0.34 | 0.44 | 0.47 | 0.50 | 0.47 | 0.80 | 0.74 |
| P/B Ratio | 0.32 | 1.95 | 1.01 | 0.99 | 0.92 | 1.15 | 1.12 | 1.46 | 1.18 | 1.70 | 1.83 |
| P/FCF | — | — | 73.79 | — | 4.26 | 37.16 | — | 7.22 | 4.61 | 11.37 | 7.19 |
| P/OCF | 2.52 | 15.43 | 4.81 | — | 2.15 | 4.36 | 16.22 | 3.30 | 2.90 | 6.59 | 4.92 |
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 | — | 0.84 | 0.85 | 0.98 | 0.78 | 0.95 | 1.07 | 0.98 | 1.05 | 1.52 | 1.29 |
| EV / EBITDA | — | — | 9.37 | — | 3.34 | 3.56 | 7.88 | 7.53 | 4.19 | 7.05 | 6.47 |
| EV / EBIT | — | — | 78.28 | — | 4.29 | 5.16 | 23.82 | 18.87 | 5.64 | 10.55 | 10.43 |
| EV / FCF | — | — | 295.69 | — | 9.84 | 79.71 | — | 14.20 | 10.24 | 21.62 | 12.45 |
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 | -3.6% | -3.6% | 9.3% | -1.6% | 21.8% | 23.6% | 9.2% | 9.7% | 22.6% | 18.5% | 17.0% |
| Operating Margin | -9.7% | -9.7% | 0.7% | -9.5% | 17.2% | 19.2% | 4.5% | 5.2% | 18.4% | 14.3% | 12.2% |
| Net Profit Margin | -26.7% | -26.7% | -4.2% | -12.1% | 10.8% | 9.5% | -1.2% | -0.6% | 8.8% | 6.0% | 3.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -200.0% | -200.0% | -16.0% | -32.8% | 32.2% | 26.4% | -3.0% | -1.7% | 22.7% | 15.2% | 9.2% |
| ROA | -23.1% | -23.1% | -3.5% | -9.0% | 9.7% | 7.6% | -0.8% | -0.5% | 6.9% | 4.9% | 3.0% |
| ROIC | -8.4% | -8.4% | 0.6% | -7.4% | 17.0% | 17.0% | 3.4% | 4.6% | 14.3% | 11.0% | 9.4% |
| ROCE | -9.7% | -9.7% | 0.7% | -8.0% | 17.8% | 17.4% | 3.4% | 4.7% | 17.4% | 14.2% | 10.6% |
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 | 23.89 | 23.89 | 3.47 | 2.56 | 1.63 | 1.81 | 2.01 | 2.05 | 1.86 | 1.79 | 1.70 |
| Debt / EBITDA | — | — | 8.03 | — | 2.55 | 2.62 | 6.26 | 5.37 | 2.96 | 3.91 | 3.47 |
| Net Debt / Equity | — | 21.14 | 3.04 | 2.07 | 1.21 | 1.31 | 1.40 | 1.41 | 1.44 | 1.53 | 1.34 |
| Net Debt / EBITDA | — | — | 7.03 | — | 1.89 | 1.90 | 4.38 | 3.70 | 2.30 | 3.34 | 2.73 |
| Debt / FCF | — | — | 221.91 | — | 5.58 | 42.55 | — | 6.97 | 5.63 | 10.25 | 5.26 |
| Interest Coverage | -3.45 | -3.45 | 0.20 | -2.06 | 5.83 | 4.72 | 0.79 | 1.11 | 5.26 | 3.08 | 2.23 |
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 | 3.05 | 3.05 | 3.55 | 3.82 | 3.12 | 3.76 | 4.13 | 3.30 | 4.15 | 1.98 | 4.31 |
| Quick Ratio | 1.79 | 1.79 | 2.14 | 2.37 | 1.92 | 2.50 | 2.85 | 2.23 | 2.59 | 1.57 | 2.88 |
| Cash Ratio | 0.66 | 0.66 | 0.72 | 1.10 | 0.94 | 1.22 | 1.70 | 1.37 | 1.23 | 0.33 | 1.47 |
| Asset Turnover | — | 0.92 | 0.90 | 0.75 | 0.84 | 0.77 | 0.67 | 0.79 | 0.74 | 0.68 | 0.80 |
| Inventory Turnover | 5.39 | 5.39 | 5.13 | 4.89 | 3.96 | 3.86 | 4.76 | 5.38 | 3.71 | 5.39 | 5.80 |
| Days Sales Outstanding | — | 58.40 | 58.47 | 56.05 | 56.33 | 69.90 | 58.23 | 46.90 | 63.27 | 64.32 | 48.54 |
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 | 46.5% | 7.6% | 4.6% | 3.2% | 2.6% | 2.2% | 3.2% | 4.4% | 5.9% | 3.2% | 4.3% |
| Payout Ratio | — | — | — | — | 8.0% | 10.0% | — | — | 31.7% | 42.4% | 85.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 31.9% | 21.5% | — | — | 18.8% | 7.6% | 5.1% |
| FCF Yield | — | — | 1.4% | — | 23.5% | 2.7% | — | 13.8% | 21.7% | 8.8% | 13.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 46.5% | 7.6% | 4.6% | 3.2% | 2.6% | 2.2% | 3.3% | 4.5% | 5.9% | 3.2% | 4.3% |
| Shares Outstanding | — | $67M | $67M | $66M | $67M | $66M | $66M | $66M | $66M | $65M | $65M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MERC stock.
Mercer International Inc.'s current P/E ratio is -0.0x. The historical average is 7.7x.
Mercer International Inc.'s return on equity (ROE) is -200.0%. The historical average is -5.3%.
Based on historical data, Mercer International Inc. is trading at a P/E of -0.0x. Compare with industry peers and growth rates for a complete picture.
Mercer International Inc.'s current dividend yield is 46.49%.
Mercer International Inc. has -3.6% gross margin and -9.7% operating margin.
Key Metrics
Top Statement Risk
Liquidity and solvency pressure
Metrics are mathematically derived from official filings.
Distorted Multiples Reflect Cyclical Trough
According to recent market data, Mercer's P/S ratio of 0.02 and negative P/E multiples suggest that investors are pricing the company for extreme distress, as the current valuation fails to account for the potential long-term value of its integrated European bio-refinery and energy infrastructure assets.
The current valuation appears heavily influenced by the company's recent net losses, rendering traditional earnings-based metrics like P/E effectively useless for fundamental assessment. Investors should monitor the forward EV/EBITDA of 7.01, which suggests that the market may be anticipating a cyclical recovery in pulp prices that has yet to materialize in the spot market.
Capital Efficiency Decaying Under Pressure
Based on reported financial statements, Mercer's ROIC has trended into negative territory, reaching -1.6% in 2026Q1, which indicates that the company is currently failing to generate returns that exceed its cost of capital during this prolonged period of operational margin compression.
The decay in ROIC reflects the dual impact of high fixed-cost overhead and the inability to maintain pricing power in the NBSK pulp market. This trend warrants further investigation into whether the company's recent capital allocation toward wood products has structurally impaired its ability to compound returns compared to its historical performance.
Working Capital Cycles Remain Stretched
As indicated by quarterly filings, Mercer's cash conversion cycle has expanded to 91 days in 2026Q1, reflecting persistent inefficiencies in inventory management and a challenging environment for optimizing the timing of supplier payments relative to customer collections in the current commodity downturn.
The increase in the cash conversion cycle suggests that the company is struggling to convert its inventory into cash, which exacerbates the liquidity strain during periods of negative operating margins. Investors should monitor whether management can tighten these cycles, as any further expansion may necessitate additional external financing to support ongoing operations.
Solvency Risks Amidst Equity Erosion
According to recent balance sheet data, the company's debt-to-EBITDA metrics have become increasingly volatile, with interest coverage falling to -1.13 in 2026Q1, signaling that the current debt load is becoming difficult to service without a meaningful recovery in commodity prices or operational cash flow.
The erosion of the equity base to a deficit position suggests that Mercer's financial flexibility is severely constrained, leaving little room for error in its debt-servicing obligations. This vulnerability appears structural rather than temporary, as the company's high operating leverage continues to amplify the impact of declining pulp and lumber prices on its ability to meet interest payments.
Misapplied Focus on Book Value
Based on the provided figures, the P/B ratio of 0.67 is the most commonly misapplied metric for Mercer, as it obscures the reality that the company's asset base is currently undergoing significant impairment and may not reflect the true liquidation value of its specialized European energy assets.
Relying on book value in a capital-intensive, cyclical industry like pulp and paper often leads to a false sense of security regarding the company's floor valuation. Instead, analysts should focus on the net cash cost of production and the sustainability of energy-related revenue streams, which provide a more accurate picture of the company's underlying earning power than accounting-based equity measures.