Latest Ratios: P/E Ratio 13.2x · EV/EBITDA 12.9x · ROE 8.0%. (2012–2025 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 | $175M | $171M | $183M | $165M | $131M | $157M | $126M | $170M | $157M | $147M | $147M |
| Enterprise Value | $199M | $194M | $199M | $180M | $149M | $166M | $113M | $157M | $140M | $156M | $158M |
| P/E Ratio → | 13.22 | 12.92 | 10.55 | 9.12 | 18.67 | 6.19 | 19.80 | 9.54 | 43.00 | 7.66 | 12.68 |
| P/S Ratio | 11.47 | 11.17 | 9.72 | 8.76 | 10.01 | 6.08 | 10.01 | 9.46 | 39.21 | 7.58 | 12.09 |
| P/B Ratio | 1.07 | 1.04 | 1.11 | 1.01 | 0.82 | 0.97 | 0.87 | 1.16 | 1.13 | 1.01 | 1.08 |
| P/FCF | 16.44 | 16.01 | 14.14 | 10.43 | — | 103.64 | 14.80 | 23.79 | 7.45 | 12.41 | 18.70 |
| P/OCF | 16.44 | 16.01 | 14.14 | 10.43 | — | 103.64 | 14.80 | 23.79 | 7.45 | 12.41 | 18.70 |
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 | — | 12.71 | 10.59 | 9.56 | 11.44 | 6.44 | 9.00 | 8.73 | 35.09 | 8.06 | 12.97 |
| EV / EBITDA | 12.94 | 12.65 | 10.82 | 10.29 | 8.88 | 6.06 | 17.47 | 8.26 | 7.90 | 7.29 | 14.47 |
| EV / EBIT | 12.94 | 12.65 | 10.29 | 9.11 | 17.46 | 6.06 | 17.47 | 8.26 | — | 7.29 | 14.47 |
| EV / FCF | — | 18.21 | 15.40 | 11.38 | — | 109.84 | 13.31 | 21.95 | 6.66 | 13.19 | 20.07 |
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 | 98.5% | 98.5% | 100.0% | 95.1% | 90.3% | 95.3% | 90.0% | 94.0% | 73.4% | 94.6% | 105.0% |
| Operating Margin | 100.5% | 100.5% | 98.2% | 93.1% | 89.7% | 38.9% | 89.3% | 99.1% | 106.5% | 102.1% | 89.7% |
| Net Profit Margin | 86.4% | 86.4% | 91.8% | 96.0% | 53.4% | 98.3% | 50.4% | 99.1% | 91.2% | 98.9% | 95.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.0% | 8.0% | 10.5% | 11.2% | 4.4% | 16.6% | 4.4% | 12.5% | 2.6% | 13.6% | 8.6% |
| ROA | 6.5% | 6.5% | 8.9% | 9.6% | 3.7% | 14.5% | 3.9% | 11.0% | 2.2% | 11.9% | 7.5% |
| ROIC | 5.9% | 5.9% | 7.4% | 7.2% | 4.8% | 4.4% | 5.5% | 9.4% | 2.1% | 9.5% | 5.4% |
| ROCE | 7.9% | 7.9% | 9.8% | 9.5% | 6.4% | 5.9% | 7.0% | 11.0% | 2.6% | 12.6% | 7.2% |
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 | 0.23 | 0.23 | 0.14 | 0.13 | 0.15 | 0.13 | 0.10 | — | — | 0.10 | 0.11 |
| Debt / EBITDA | 2.43 | 2.43 | 1.27 | 1.23 | 1.40 | 0.77 | 2.31 | — | — | 0.70 | 1.37 |
| Net Debt / Equity | — | 0.14 | 0.10 | 0.09 | 0.12 | 0.06 | -0.09 | -0.09 | -0.12 | 0.06 | 0.08 |
| Net Debt / EBITDA | 1.53 | 1.53 | 0.89 | 0.86 | 1.11 | 0.34 | -1.95 | -0.69 | -0.93 | 0.43 | 0.99 |
| Debt / FCF | — | 2.21 | 1.27 | 0.95 | — | 6.20 | -1.49 | -1.84 | -0.78 | 0.78 | 1.37 |
| Interest Coverage | 8.56 | 8.56 | 12.68 | 15.91 | 8.44 | 44.06 | 10.57 | 30.95 | 6.93 | 34.84 | — |
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 | 1.83 | 2.46 | 2.89 | 4.44 | — | — | — | 1.37 | 1.60 |
| Quick Ratio | 2.39 | 2.39 | 1.83 | 2.46 | 2.89 | 4.44 | — | — | — | 1.37 | 1.60 |
| Cash Ratio | 1.97 | 1.97 | 1.06 | 1.65 | 1.88 | 3.80 | 3.14 | — | — | 1.12 | 1.10 |
| Asset Turnover | — | 0.07 | 0.10 | 0.10 | 0.07 | 0.14 | 0.08 | 0.11 | 0.03 | 0.12 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | 9.7% | 9.9% | 8.4% | 7.6% | 6.7% | 5.4% | 7.3% | 6.7% | 7.2% | 7.7% | 7.6% |
| Payout Ratio | 127.9% | 127.9% | 89.4% | 69.0% | 124.9% | 33.4% | 145.2% | 64.0% | 311.1% | 58.8% | 96.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.6% | 7.7% | 9.5% | 11.0% | 5.4% | 16.1% | 5.1% | 10.5% | 2.3% | 13.0% | 7.9% |
| FCF Yield | 6.1% | 6.2% | 7.1% | 9.6% | — | 1.0% | 6.8% | 4.2% | 13.4% | 8.1% | 5.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.7% | 9.9% | 8.4% | 7.6% | 6.7% | 5.4% | 7.3% | 6.7% | 7.2% | 7.7% | 7.6% |
| Shares Outstanding | — | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $10M | $10M | $10M |
Includes 30+ ratios · 14 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MPV stock.
Barings Participation Investors's current P/E ratio is 13.2x. The historical average is 13.8x. This places it at the 71th percentile of its historical range.
Barings Participation Investors's current EV/EBITDA is 12.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
Barings Participation Investors's return on equity (ROE) is 8.0%. The historical average is 9.7%.
Based on historical data, Barings Participation Investors is trading at a P/E of 13.2x. This is at the 71th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Barings Participation Investors's current dividend yield is 9.68% with a payout ratio of 127.9%.
Barings Participation Investors has 98.5% gross margin and 100.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Barings Participation Investors's Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Concentrated Private Credit Exposure
Premium Valuation Amidst Stagnant Growth
According to current market data, MPV trades at a P/B of 1.10 and a P/E of 13.59, suggesting that investors are paying a premium for the fund's historical dividend consistency despite the -15.80% revenue contraction observed in recent financial filings.
The current valuation appears to reflect a market preference for the fund's legacy income profile rather than its recent inability to expand its asset base. Investors should monitor whether this premium is sustainable if the underlying warrant portfolio fails to deliver the capital appreciation necessary to justify a price-to-book ratio above parity.
Diminishing Returns on Invested Capital
Based on reported figures, MPV's ROIC has trended downward from 3.9% in 2024Q4 to 3.0% in 2025Q4, indicating that the fund is struggling to maintain efficient capital compounding within its specialized middle-market private credit mandate.
The compression in ROIC suggests that the fund's proprietary deal flow may be facing increased competition or that the quality of new originations has declined. This trend warrants further investigation into whether the management team is forced to accept lower-yielding assets to keep the fund fully invested.
Asset Turnover Reflects Portfolio Stagnation
As reported in financial statements, MPV's asset turnover ratio has remained consistently low at approximately 0.04 to 0.06 over the last ten quarters, highlighting the inherently slow-moving nature of its private placement portfolio compared to more liquid investment vehicles.
This low turnover is a structural feature of the fund's private credit focus, yet it also implies that the fund lacks the agility to quickly rotate capital into higher-yielding opportunities. The lack of improvement in this metric suggests that the fund's operational efficiency is largely dictated by the maturity profiles of its underlying debt holdings.
Conservative Leverage Limits Return Potential
According to recent balance sheet data, MPV maintains a debt-to-equity ratio of 0.23, which, while providing a significant safety buffer, appears to limit the fund's ability to enhance total returns through leverage in the current high-interest-rate environment.
While this conservative posture protects the fund from credit-related volatility, it may be an inefficient use of capital that prevents the fund from maximizing income for shareholders. Investors should consider whether this low leverage is a strategic choice to mitigate risk or a sign of limited access to cost-effective financing.
Misapplication of Dividend Yield Metrics
The 9.4% dividend yield is frequently misapplied as a measure of total return, obscuring the fact that the fund's distributions often exceed operating cash flow, as evidenced by the 2025Q4 payout of $7.9M against only $5.0M in operating cash flow.
Investors should prioritize the 'Cash Flow Coverage Ratio' over the headline dividend yield to assess the sustainability of distributions. Relying on the yield alone ignores the potential for capital erosion if the fund must liquidate assets or rely on balance sheet cash to maintain its dividend policy.