Latest Ratios: P/E Ratio -196.8x · EV/EBITDA 395.7x · ROE -1.7%. (2007–2025 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 | $859M | $720M | $230M | $170M | $220M | $295M | $475M | $201M | $83M | $43M | $16M |
| Enterprise Value | $861M | $722M | $233M | $183M | $226M | $303M | $472M | $201M | $83M | $46M | $15M |
| P/E Ratio → | -196.79 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 73.15 | 61.31 | 39.05 | 37.02 | 91.14 | 99.34 | 212.13 | 72.58 | 10.61 | 5.85 | — |
| P/B Ratio | 3.38 | 2.86 | 0.91 | 0.67 | 1.86 | 2.93 | 6.40 | 4.45 | 1.90 | 3.65 | 2.14 |
| P/FCF | 435.69 | 365.16 | — | — | — | — | — | — | — | 28.52 | — |
| P/OCF | 194.81 | 163.28 | — | 328.36 | — | 986.78 | — | — | 49.28 | 19.73 | — |
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 | — | 61.51 | 39.55 | 39.74 | 93.64 | 102.09 | 211.13 | 72.55 | 10.53 | 6.28 | — |
| EV / EBITDA | 395.74 | 331.85 | — | — | — | — | — | — | 85.53 | 45.20 | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 366.37 | — | — | — | — | — | — | — | 30.58 | — |
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 | 80.9% | 80.9% | 57.3% | 48.0% | 25.1% | 21.0% | 35.3% | 36.5% | 61.8% | 60.2% | — |
| Operating Margin | -0.5% | -0.5% | -72.4% | -108.4% | -255.3% | -301.2% | -303.6% | -138.3% | -18.5% | -24.9% | — |
| Net Profit Margin | -36.1% | -36.1% | -88.6% | -127.0% | -452.8% | -351.1% | -382.8% | -169.7% | -31.1% | -34.8% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.7% | -1.7% | -2.1% | -3.1% | -10.0% | -11.9% | -14.4% | -10.6% | -8.8% | -26.4% | -87.9% |
| ROA | -1.6% | -1.6% | -1.9% | -2.9% | -9.0% | -10.9% | -13.2% | -9.7% | -7.4% | -19.0% | -82.4% |
| ROIC | -0.0% | -0.0% | -1.2% | -1.9% | -4.0% | -7.4% | -8.7% | -6.5% | -3.7% | -12.8% | -61.9% |
| ROCE | -0.0% | -0.0% | -1.7% | -2.6% | -5.2% | -9.5% | -10.7% | -8.4% | -4.7% | -14.0% | -74.6% |
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 | 0.05 | 0.05 | 0.05 | 0.11 | 0.09 | 0.10 | 0.04 | 0.07 | 0.06 | 0.58 | 0.00 |
| Debt / EBITDA | 5.60 | 5.60 | — | — | — | — | — | — | 2.90 | 6.69 | — |
| Net Debt / Equity | — | 0.01 | 0.01 | 0.05 | 0.05 | 0.08 | -0.03 | -0.00 | -0.01 | 0.26 | -0.12 |
| Net Debt / EBITDA | 1.09 | 1.09 | — | — | — | — | — | — | -0.62 | 3.04 | — |
| Debt / FCF | — | 1.21 | — | — | — | — | — | — | — | 2.06 | — |
| Interest Coverage | -1.21 | -1.21 | -1.93 | -2.83 | -4.78 | -10.93 | -6.15 | -6.07 | -4.00 | -6.64 | -15.01 |
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 | 2.41 | 2.41 | 0.93 | 0.86 | 1.46 | 5.99 | 5.82 | 2.83 | 0.88 | 9.70 | 5.60 |
| Quick Ratio | 2.41 | 2.41 | 0.93 | 0.86 | 1.13 | 4.03 | 5.82 | 2.83 | 0.88 | 9.70 | 5.60 |
| Cash Ratio | 1.53 | 1.53 | 0.70 | 0.69 | 0.70 | 2.15 | 2.99 | 2.54 | 0.77 | 8.99 | 3.41 |
| Asset Turnover | — | 0.04 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.06 | 0.17 | 0.39 | — |
| Inventory Turnover | — | — | — | — | 0.83 | 1.09 | — | — | — | — | — |
| Days Sales Outstanding | — | 136.16 | 156.13 | 223.29 | 227.76 | 159.92 | 251.65 | 22.05 | 6.04 | 9.71 | — |
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 | — | — | — | 0.7% | — | — | 0.3% | 0.8% | 2.2% | 0.7% | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 0.2% | 0.3% | — | — | — | — | — | — | — | 3.5% | — |
| 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 | 0.0% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.3% | 0.8% | 2.2% | 0.7% | 0.0% |
| Shares Outstanding | — | $93M | $92M | $55M | $45M | $43M | $38M | $34M | $26M | $18M | $10M |
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying MTA stock.
Metalla Royalty & Streaming Ltd.'s current P/E ratio is -196.8x. This places it at the 50th percentile of its historical range.
Metalla Royalty & Streaming Ltd.'s current EV/EBITDA is 395.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 45.4x.
Metalla Royalty & Streaming Ltd.'s return on equity (ROE) is -1.7%. The historical average is -38.3%.
Based on historical data, Metalla Royalty & Streaming Ltd. is trading at a P/E of -196.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Metalla Royalty & Streaming Ltd. has 80.9% gross margin and -0.5% operating margin.
Metalla Royalty & Streaming Ltd.'s Debt/EBITDA ratio is 5.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Persistent negative net margins
Valuation Reflects Growth, Not Current Earnings
Metalla's forward P/E of 216.18 and EV/EBITDA of 84.98, as reported in recent financial statements, suggest the market is pricing in significant future production ramp-up from its development-stage assets rather than its current, minimal profitability.
The extreme valuation multiples are a direct consequence of the company's early-stage cash flow generation, with a trailing twelve-month revenue of only $11.7 million. The forward multiples imply a substantial earnings inflection, likely tied to the successful ramp-up of assets acquired in the Nova Royalty deal. This pricing is highly sensitive to execution risk and commodity price assumptions, as any delay in production timelines could lead to a significant de-rating.
High Gross Margins Mask Structural Overhead
While Metalla's gross margin has expanded to 91.0% in Q2 2026, reflecting the royalty model's inherent profitability, the persistent negative operating and net margins indicate corporate overhead is not yet covered by the portfolio's cash flow.
The 91.0% gross margin is a structural feature, as the company incurs no direct operating costs for the mines. However, the negative operating margin of -0.55% on a trailing basis reveals that SG&A and depletion charges are consuming all gross profit. This suggests the company has not yet achieved the scale necessary to cover its fixed corporate costs, a critical milestone for long-term value creation.
Returns Inflect Positive but Remain Minimal
After years of negative returns, Metalla's ROE and ROIC turned positive at 0.5% and 0.7% respectively in Q2 2026, a nascent sign that the capital deployed into acquisitions is beginning to generate a return.
The shift from negative to marginally positive returns is a positive inflection, but the absolute levels are negligible compared to mature peers like Wheaton Precious Metals (ROE 23.0%). This indicates the portfolio is still in a ramp-up phase, and significant further growth in production is required to generate a cost-of-capital return on the substantial equity base of $255 million.
Fortress Balance Sheet Preserves Optionality
With a debt-to-equity ratio of just 0.05 and interest coverage of 6.25x in Q2 2026, Metalla maintains an exceptionally conservative capital structure that appears designed to preserve maximum flexibility for future acquisitions.
The near-zero leverage is a strategic choice, allowing the company to use its strong equity currency for deals without incurring significant debt service costs. This low-risk profile is a key differentiator from more leveraged mining operators, but it also means the company is not using financial leverage to enhance returns for shareholders, which may be a drag on ROE until the asset base matures.
The Misleading Power of Gross Margin
The most commonly misapplied ratio for Metalla is its 91.0% gross margin, which obscures the company's true economic state by ignoring the substantial corporate overhead required to manage a global portfolio of royalties.
Investors often extrapolate the high gross margin to imply high profitability, but for a royalty company in its growth phase, this metric is misleading. The relevant metric is the operating margin or, more accurately, the Adjusted EBITDA margin, which accounts for the G&A necessary to source, diligence, and manage the assets. Focusing solely on gross margin ignores the significant fixed costs that must be covered before any value accrues to equity holders.