Latest Ratios: P/E Ratio -159.3x · EV/EBITDA 29.8x · ROE -2.3%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $48M | $102M | $9M | $7M | — | — | — |
| Enterprise Value | $61M | $112M | $28M | $12M | — | — | — |
| P/E Ratio → | -159.30 | — | — | 3.68 | — | — | — |
| P/S Ratio | 1.07 | 2.28 | 0.29 | 0.18 | — | — | — |
| P/B Ratio | 2.98 | 5.80 | 0.45 | 0.30 | — | — | — |
| P/FCF | 12.04 | 25.78 | — | — | — | — | — |
| P/OCF | 11.59 | 24.81 | — | 119.80 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.51 | 0.89 | 0.34 | — | — | — |
| EV / EBITDA | 29.82 | 54.69 | — | — | — | — | — |
| EV / EBIT | 77.69 | 89.32 | — | 4.40 | — | — | — |
| EV / FCF | — | 28.35 | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 24.8% | 24.8% | 31.3% | 23.3% | 25.4% | 28.0% | 22.9% |
| Operating Margin | 1.8% | 1.8% | -6.2% | -8.5% | 6.2% | 4.9% | -2.0% |
| Net Profit Margin | -1.0% | -1.0% | -9.2% | 5.0% | 2.5% | 5.4% | 4.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -2.3% | -2.3% | -13.6% | 12.7% | 16.8% | 17.1% | 8.4% |
| ROA | -0.7% | -0.7% | -4.5% | 3.2% | 1.8% | 3.4% | 2.5% |
| ROIC | 1.7% | 1.7% | -4.4% | -9.1% | 8.0% | 4.2% | -1.2% |
| ROCE | 3.5% | 3.5% | -7.6% | -16.1% | 18.7% | 8.2% | -2.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.85 | 0.85 | 1.09 | 0.58 | 2.79 | 3.35 | 1.35 |
| Debt / EBITDA | 7.30 | 7.30 | — | — | 4.94 | 6.36 | 34.98 |
| Net Debt / Equity | — | 0.58 | 0.93 | 0.26 | 2.63 | 3.06 | 1.33 |
| Net Debt / EBITDA | 4.96 | 4.96 | — | — | 4.66 | 5.81 | 34.45 |
| Debt / FCF | — | 2.57 | — | — | 1039.50 | 2.91 | 20.55 |
| Interest Coverage | 0.74 | 0.74 | -1.10 | 2.53 | 2.00 | 3.84 | 2.54 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.57 | 1.57 | 1.45 | 1.66 | 1.07 | 1.11 | 1.54 |
| Quick Ratio | 0.32 | 0.32 | 0.44 | 0.50 | 0.31 | 0.30 | 0.38 |
| Cash Ratio | 0.06 | 0.06 | 0.07 | 0.23 | 0.03 | 0.16 | 0.01 |
| Asset Turnover | — | 0.93 | 0.45 | 0.62 | 0.73 | 0.61 | 0.57 |
| Inventory Turnover | 0.96 | 0.96 | 0.47 | 0.75 | 0.91 | 0.73 | 0.76 |
| Days Sales Outstanding | — | 58.89 | 194.99 | 63.27 | 107.53 | 61.14 | 77.58 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 100.0% | — | — | — |
| Payout Ratio | — | — | — | 588.3% | 7.9% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 27.2% | — | — | — |
| FCF Yield | 8.3% | 3.9% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 100.0% | — | — | — |
| Shares Outstanding | — | $38M | $3M | $3M | $3M | $2M | $2M |
High liquidity and solvency strain
According to recent market data, MWG trades at a P/S of 1.07 and a negative P/E of -159.30, suggesting that investors are currently pricing the firm as a distressed asset rather than a growth-oriented industrial player, given the lack of consistent bottom-line profitability in recent quarters.
The negative P/E multiple reflects the company's inability to sustain positive net income, rendering traditional earnings-based valuation metrics largely irrelevant for assessing intrinsic value. Investors should monitor whether the current P/S ratio represents a floor for the business or if further multiple compression is warranted as the firm struggles to convert revenue into shareholder value.
Based on reported financial statements, MWG's ROIC has trended into negative territory, reaching -1.8% in 2025Q4, which indicates that the company is currently failing to generate returns that exceed its cost of capital, a significant departure from the positive returns observed in earlier periods.
The erosion of ROIC appears to be driven by the combination of shrinking margins and an inability to optimize asset utilization across its regional fleet. This trend suggests that the capital allocated to fleet expansion or maintenance is not yielding the expected operational efficiency, warranting further investigation into the firm's capital allocation strategy.
As reported in quarterly filings, MWG's cash conversion cycle has ballooned to 288 days in 2025Q4, primarily driven by an extremely high days inventory outstanding of 284 days, which highlights significant challenges in managing equipment turnover and liquidity within its heavy machinery rental and sales model.
The extended CCC suggests that capital is being trapped in idle or slow-moving inventory, which directly impairs the company's ability to fund operations without external support. This inefficiency appears structural, as the firm struggles to align its inventory procurement with the cyclical demand of the Singaporean and Australian infrastructure markets.
Based on the 2025Q4 data, MWG maintains a quick ratio of 0.32, which indicates a precarious liquidity position that leaves the company highly vulnerable to any sudden disruption in accounts receivable collections or a downturn in the secondary market for used heavy equipment.
The low quick ratio, when viewed alongside the company's negative net margins, suggests that the firm lacks the necessary financial cushion to navigate prolonged operational stress. Investors should monitor the company's ability to manage its current liabilities, as the current liquidity profile appears insufficient to support its high fixed-cost structure.
The P/E ratio is the most commonly misapplied metric for MWG, as it obscures the company's true operational performance by failing to account for the heavy depreciation and non-recurring equipment sales that frequently distort net income in this capital-intensive rental and leasing business model.
Instead of relying on P/E, analysts should focus on EV/EBITDA or FCF-based metrics to better understand the underlying cash-generating capacity of the rental fleet. Using P/E in this context is misleading because it ignores the significant non-cash charges and volatile disposal gains that characterize the firm's current financial reporting.
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Quick answers to the most common questions about buying MWG stock.
Multi Ways Holdings Limited's current P/E ratio is -159.3x. The historical average is 3.7x.
Multi Ways Holdings Limited's current EV/EBITDA is 29.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 54.7x.
Multi Ways Holdings Limited's return on equity (ROE) is -2.3%. The historical average is 6.5%.
Based on historical data, Multi Ways Holdings Limited is trading at a P/E of -159.3x. Compare with industry peers and growth rates for a complete picture.
Multi Ways Holdings Limited has 24.8% gross margin and 1.8% operating margin.
Multi Ways Holdings Limited's Debt/EBITDA ratio is 7.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.