Latest Ratios: P/E Ratio 10.4x · EV/EBITDA 2.5x · ROE 11.3%. (2014–2025 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 | $1.5B | $1.2B | $1.2B | $946M | $799M | $1.0B | $1.3B | $1.1B | $1.6B | $2.3B | — |
| Enterprise Value | $2.8B | $2.5B | $2.4B | $2.2B | $2.0B | $2.0B | $2.2B | $1.9B | $2.0B | $2.7B | — |
| P/E Ratio → | 10.38 | 8.85 | — | — | 10.40 | 6.66 | — | — | 21.25 | 13.81 | — |
| P/S Ratio | 0.42 | 0.39 | 0.42 | 0.37 | 0.26 | 0.40 | 0.65 | 0.46 | 0.64 | 0.93 | — |
| P/B Ratio | 1.17 | 0.91 | 1.10 | 0.65 | 0.47 | 0.63 | 0.79 | 0.43 | 0.55 | 0.79 | — |
| P/FCF | 10.12 | 22.55 | 12.85 | — | — | 133.78 | — | — | 33.17 | 12.60 | — |
| P/OCF | 3.74 | 2.90 | 3.33 | 3.69 | 3.00 | 2.11 | 4.38 | 8.79 | 4.56 | 6.03 | — |
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 | — | 0.83 | 0.87 | 0.86 | 0.65 | 0.77 | 1.15 | 0.82 | 0.79 | 1.12 | — |
| EV / EBITDA | 2.46 | 3.24 | 3.96 | 14.08 | 3.02 | 2.86 | — | 9.30 | 3.29 | 4.07 | — |
| EV / EBIT | 6.88 | 4.09 | 9.09 | — | 5.20 | 4.59 | — | — | 8.03 | 7.44 | — |
| EV / FCF | — | 47.78 | 26.50 | — | — | 259.11 | — | — | 41.37 | 15.10 | — |
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 | 17.9% | 17.9% | 19.4% | 11.6% | 21.1% | 24.1% | 19.2% | 16.5% | 24.2% | 31.4% | 27.5% |
| Operating Margin | 13.7% | 13.7% | 10.0% | -5.9% | 11.9% | 17.0% | -20.4% | -4.8% | 13.4% | 16.4% | 6.8% |
| Net Profit Margin | 4.4% | 4.4% | -7.4% | -11.3% | 1.6% | 4.4% | -28.7% | -6.2% | 3.0% | 5.2% | 4.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.3% | 11.3% | -16.3% | -18.4% | 3.0% | 7.0% | -27.3% | -5.4% | 2.6% | 4.1% | 2.7% |
| ROA | 2.7% | 2.7% | -4.3% | -6.0% | 1.0% | 2.3% | -10.6% | -2.6% | 1.3% | 2.1% | 1.6% |
| ROIC | 12.6% | 12.6% | 8.2% | -4.1% | 9.8% | 12.9% | -10.1% | -2.5% | 7.5% | 8.7% | 2.6% |
| ROCE | 11.2% | 11.2% | 7.6% | -3.9% | 9.1% | 11.0% | -8.9% | -2.3% | 6.5% | 7.7% | 2.5% |
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 | 1.42 | 1.42 | 1.75 | 1.19 | 0.98 | 1.05 | 1.26 | 0.62 | 0.49 | 0.51 | 0.35 |
| Debt / EBITDA | 2.38 | 2.38 | 3.06 | 10.99 | 2.56 | 2.44 | — | 7.46 | 2.37 | 2.19 | 2.89 |
| Net Debt / Equity | — | 1.02 | 1.17 | 0.88 | 0.69 | 0.59 | 0.59 | 0.34 | 0.14 | 0.16 | 0.08 |
| Net Debt / EBITDA | 1.71 | 1.71 | 2.04 | 8.09 | 1.80 | 1.38 | — | 4.08 | 0.65 | 0.67 | 0.63 |
| Debt / FCF | — | 25.23 | 13.65 | — | — | 125.32 | — | — | 8.20 | 2.50 | 0.63 |
| Interest Coverage | 2.21 | 2.21 | 1.26 | -0.57 | 2.25 | 3.09 | -3.78 | -1.09 | 2.90 | 5.70 | 7.14 |
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 | 0.87 | 0.87 | 1.05 | 0.99 | 1.36 | 1.49 | 1.97 | 1.97 | 2.60 | 2.39 | 1.82 |
| Quick Ratio | 0.58 | 0.58 | 0.77 | 0.67 | 0.92 | 1.11 | 1.68 | 1.55 | 2.19 | 1.97 | 1.48 |
| Cash Ratio | 0.36 | 0.36 | 0.56 | 0.44 | 0.57 | 0.77 | 1.28 | 1.08 | 1.73 | 1.59 | 1.18 |
| Asset Turnover | — | 0.57 | 0.60 | 0.53 | 0.62 | 0.53 | 0.39 | 0.43 | 0.43 | 0.41 | 0.31 |
| Inventory Turnover | 5.93 | 5.93 | 6.85 | 6.70 | 6.06 | 5.34 | 6.14 | 6.60 | 7.00 | 5.17 | 4.75 |
| Days Sales Outstanding | — | 29.31 | 19.58 | 22.28 | 27.21 | 33.39 | 45.27 | 33.65 | 25.38 | 27.23 | 42.56 |
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 | 2.3% | 2.9% | 1.3% | 2.5% | 8.6% | 5.0% | 4.4% | 10.5% | 0.2% | 2.7% | — |
| Payout Ratio | 25.8% | 25.8% | — | — | 137.8% | 45.8% | — | — | 4.6% | — | 64.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.6% | 11.3% | — | — | 9.6% | 15.0% | — | — | 4.7% | 7.2% | — |
| FCF Yield | 9.9% | 4.4% | 7.8% | — | — | 0.7% | — | — | 3.0% | 7.9% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 2.6% | 0.8% | 0.0% | 0.0% | 0.8% | 0.1% | 0.0% | — |
| Total Shareholder Yield | 2.3% | 2.9% | 1.3% | 5.2% | 9.3% | 5.0% | 4.4% | 11.3% | 0.3% | 2.7% | — |
| Shares Outstanding | — | $132M | $132M | $132M | $132M | $132M | $132M | $133M | $133M | $117M | $113M |
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying NEXA stock.
Nexa Resources S.A.'s current P/E ratio is 10.4x. The historical average is 12.2x. This places it at the 40th percentile of its historical range.
Nexa Resources S.A.'s current EV/EBITDA is 2.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.5x.
Nexa Resources S.A.'s return on equity (ROE) is 11.3%. The historical average is -3.4%.
Based on historical data, Nexa Resources S.A. is trading at a P/E of 10.4x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nexa Resources S.A.'s current dividend yield is 2.27% with a payout ratio of 25.8%.
Nexa Resources S.A. has 17.9% gross margin and 13.7% operating margin. Operating margin between 10-20% is typical for established companies.
Nexa Resources S.A.'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
Leverage amplified by commodity volatility
Deep Discount Prices Leverage and Commodity Risk
Based on reported figures, NEXA trades at a trailing P/E of 11.40 and EV/EBITDA of 3.68, a discount that may reflect market skepticism toward its leveraged balance sheet and volatile earnings base rather than a clear mispricing.
The forward P/E of 3.79 implies the market expects earnings to rise sharply, but this rests on a volatile base that swung from positive net income to a loss in 2026Q3. Relative to peers such as Teck at 12.65x EV/EBITDA and Hecla at 14.13x, NEXA's multiple appears compressed, which investors should monitor against whether the discount is structural or reflects temporary earnings noise. A 2.3% dividend yield alongside a P/FCF of 29.05 suggests limited free cash flow coverage of valuation.
Margin Recovery Outpaces Net Earnings Conversion
According to reported quarterly figures, gross margin expanded from 16.6% to 30.6% before easing to 26.1%, yet net margin remained erratic, moving from 10.1% in 2026Q1 to negative 6.7% in 2026Q3, suggesting significant below-the-line pressure.
Operating margin peaked at 24.5% in 2026Q1 and compressed to 19.3%, indicating operating leverage that reverses quickly when gross profit softens. The gap between operating and net margins suggests non-operating charges, interest costs, or tax effects may be absorbing a meaningful share of operating income. Operating margin, rather than net margin, appears to better reflect underlying earning power in this cyclical zinc business.
Returns Volatile Despite Recent Recovery
Based on reported figures, ROIC rose from 0.5% in 2024Q2 to 5.9% in 2026Q1 before dipping to 4.6%, while ROE swung from 6.5% to negative 4.2%, indicating returns that remain thin relative to a capital-intensive asset base.
ROIC levels in the mid single digits appear low for a business carrying roughly $3.1B of net PPE and nearly $1.9B of debt, suggesting capital deployed in Aripuanã and other assets has not yet generated proportionate returns. The negative ROE in the latest quarter reflects the net loss rather than structural decay, but the trend warrants monitoring. Peers such as Coeur and Hecla achieve ROIC above 15%, highlighting a material efficiency gap.
Deleveraging Driven by Equity, Not Debt Reduction
According to reported quarterly figures, debt-to-equity fell from 1.75 to 1.29, yet total debt has remained near $1.9B, while debt-to-EBITDA of 6.92 and interest coverage of 0.52 in 2026Q3 suggest debt service remains uncomfortable.
The improvement in debt-to-equity reflects equity rebuilding rather than meaningful debt paydown, which means the absolute claim on earnings has not decreased. An interest coverage ratio near 0.5 suggests operating income in the latest quarter did not fully cover interest expense, a pattern investors should treat as a warning sign warranting further investigation. Refinancing and covenant exposure cannot be assessed from the supplied data alone.
Thin Working Capital Buffer Under Pressure
As reported in the quarterly statements, the current ratio of 0.82 and quick ratio of 0.48 in 2026Q3 indicate short-term obligations exceed liquid current assets, leaving a narrow cushion against operating shocks.
Inventory dependence is material, as the gap between current and quick ratios implies a significant share of current assets sits in inventory that may not convert quickly under stress. Cash of roughly $404.5M provides some offset, but the current ratio has remained below 1.2 throughout the ten-quarter window. Under a severe zinc price decline, this liquidity profile could tighten meaningfully, though the data does not disclose committed credit facilities.
Misapplied P/E in Cyclical Earnings
Based on reported figures, the trailing P/E of 11.40 appears attractive, but it is most commonly misapplied to this business because earnings swing from profit to loss across quarters, making a single-period multiple unreliable.
A low P/E on volatile, commodity-linked earnings can mask peak-cycle or trough-cycle distortions, and the forward P/E of 3.79 may reflect expectations of a recovery that has not yet been demonstrated. EV/EBITDA on normalized or through-cycle EBITDA, combined with price-to-book and net debt adjustments, is a more appropriate framework for a leveraged, capital-intensive miner-smelter. Investors should treat headline multiples as a starting point rather than a valuation conclusion.