Latest Ratios: P/E Ratio 30.4x · EV/EBITDA 5.6x · ROE 18.7%. (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 | $3.5B | $4.7B | $1.8B | $1.0B | $1.2B | $922M | $1.2B | $284M | $140M | $183M | — |
| Enterprise Value | $3.5B | $4.7B | $1.7B | $1.0B | $1.2B | $1.1B | $1.2B | $283M | $131M | $177M | — |
| P/E Ratio → | 30.39 | 43.45 | 20.52 | — | 25.25 | — | — | — | — | — | — |
| P/S Ratio | 3.29 | 4.41 | 5.38 | 4.33 | 6.12 | 223.59 | — | — | — | — | — |
| P/B Ratio | 5.07 | 7.24 | 3.65 | 2.53 | 2.98 | 5.00 | 7.29 | 1.70 | 0.85 | 1.13 | — |
| P/FCF | 5.28 | 7.08 | 12.74 | 22.78 | 15.30 | — | — | — | — | — | — |
| P/OCF | 4.45 | 5.97 | 10.59 | 15.50 | 12.41 | — | — | — | — | — | — |
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 | — | 4.36 | 4.92 | 4.31 | 6.28 | 258.08 | — | — | — | — | — |
| EV / EBITDA | 5.62 | 7.57 | 8.39 | 8.51 | 11.03 | — | — | — | — | — | — |
| EV / EBIT | 7.45 | 15.97 | 9.26 | 53.30 | 13.98 | — | — | — | — | — | — |
| EV / FCF | — | 7.00 | 11.65 | 22.66 | 15.69 | — | — | — | — | — | — |
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 | 48.7% | 48.7% | 63.3% | 60.6% | 66.2% | 66.3% | — | — | — | — | — |
| Operating Margin | 43.5% | 43.5% | 46.6% | 38.2% | 49.0% | -540.4% | — | — | — | — | — |
| Net Profit Margin | 10.1% | 10.1% | 25.9% | -11.6% | 23.7% | -637.2% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.7% | 18.7% | 19.6% | -6.8% | 15.7% | -15.2% | -17.8% | -13.7% | -13.5% | -5.3% | -4.2% |
| ROA | 8.1% | 8.1% | 15.7% | -4.7% | 9.4% | -8.7% | -13.2% | -12.1% | -13.0% | -5.2% | -4.1% |
| ROIC | 73.9% | 73.9% | 32.3% | 16.3% | 18.9% | -6.9% | -11.3% | -10.0% | -14.3% | -10.0% | -2.5% |
| ROCE | 44.7% | 44.7% | 30.4% | 17.4% | 22.5% | -8.0% | -11.4% | -11.6% | -17.8% | -11.9% | -2.7% |
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 | 0.56 | 0.56 | 0.00 | 0.23 | 0.32 | 0.88 | 0.44 | 0.18 | 0.03 | — | — |
| Debt / EBITDA | 0.59 | 0.59 | 0.01 | 0.77 | 1.15 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.08 | -0.31 | -0.01 | 0.08 | 0.77 | -0.01 | -0.00 | -0.06 | -0.04 | -0.19 |
| Net Debt / EBITDA | -0.09 | -0.09 | -0.79 | -0.05 | 0.28 | — | — | — | — | — | — |
| Debt / FCF | — | -0.08 | -1.09 | -0.12 | 0.39 | — | — | — | — | — | — |
| Interest Coverage | 10.50 | 10.50 | 28.60 | 1.67 | 10.35 | -17.58 | -6.28 | -17.38 | -92.54 | -1599.31 | -4510.19 |
Net cash position: cash ($420M) exceeds total debt ($365M)
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 | 1.08 | 1.08 | 3.97 | 5.07 | 1.36 | 1.28 | 9.46 | 9.77 | 4.72 | 3.13 | 9.90 |
| Quick Ratio | 0.92 | 0.92 | 3.40 | 4.04 | 1.13 | 1.02 | 9.46 | 9.77 | 4.72 | 3.13 | 9.90 |
| Cash Ratio | 0.79 | 0.79 | 3.12 | 3.37 | 0.98 | 0.54 | 9.34 | 9.71 | 4.56 | 2.72 | 9.62 |
| Asset Turnover | — | 0.52 | 0.57 | 0.44 | 0.31 | 0.01 | — | — | — | — | — |
| Inventory Turnover | 6.45 | 6.45 | 4.32 | 3.13 | 2.91 | 0.14 | — | — | — | — | — |
| Days Sales Outstanding | — | 9.00 | 9.24 | 24.92 | 17.05 | 1511.86 | — | — | — | — | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 3.3% | 2.3% | 4.9% | — | 4.0% | — | — | — | — | — | — |
| FCF Yield | 18.9% | 14.1% | 7.8% | 4.4% | 6.5% | — | — | — | — | — | — |
| Buyback Yield | 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% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $352M | $334M | $311M | $293M | $241M | $217M | $183M | $177M | $126M | $57M |
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying ORLA stock.
Orla Mining Ltd.'s current P/E ratio is 30.4x. The historical average is 29.7x. This places it at the 67th percentile of its historical range.
Orla Mining Ltd.'s current EV/EBITDA is 5.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.9x.
Orla Mining Ltd.'s return on equity (ROE) is 18.7%. The historical average is -16.2%.
Based on historical data, Orla Mining Ltd. is trading at a P/E of 30.4x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Orla Mining Ltd. has 48.7% gross margin and 43.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Orla Mining Ltd.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Jurisdictional and Regulatory Exposure
Market Pricing Reflects Growth Expectations
According to current market data, Orla trades at a forward P/E of 5.81, which appears to discount the company's rapid production scaling and suggests that investors are prioritizing long-term life-of-mine value over the higher trailing P/E of 31.10, which is likely distorted by recent non-recurring acquisition-related accounting charges.
The significant spread between trailing and forward multiples indicates that the market expects a substantial earnings inflection as the Camino Rojo asset reaches full steady-state production. This valuation profile suggests that the stock is currently priced as a growth-oriented producer rather than a mature, stable-yield gold miner.
Compounding Returns Through Operational Efficiency
As reported in recent financial statements, Orla's ROIC has trended upward to 23.6% in 2026Q1, demonstrating that the company is successfully compounding capital by leveraging the low-complexity heap leach processing at Camino Rojo to generate superior returns compared to the broader mid-tier gold mining peer group.
The sharp recovery in ROIC from the 5.9% level seen in 2025Q1 highlights the successful transition from capital-intensive development to high-margin production. This trend suggests that management's focus on low-strip-ratio oxide deposits is effectively driving capital efficiency, provided that future reserve replacement does not require excessive capital reinvestment.
Working Capital Management Remains Volatile
Based on quarterly filings, Orla's cash conversion cycle has fluctuated significantly, reaching 22 days in 2026Q1, which reflects the inherent operational challenges of managing inventory levels and dore shipment timing in a high-volume mining environment compared to the more stable cycles observed in other industrial sectors.
The variability in the cash conversion cycle appears driven by the timing of gold dore shipments and the accumulation of stacked ounces on heap leach pads. While the current cycle is manageable, investors should monitor whether inventory build-ups begin to tie up excessive liquidity as the mine ages and processing requirements evolve.
Deleveraging Enhances Financial Flexibility
According to the company's balance sheet data, the debt-to-equity ratio has moderated to 0.42 as of 2026Q1, indicating that Orla has successfully utilized its robust operating cash flows to reduce leverage while simultaneously funding the ongoing capital requirements of its primary mining operations in Mexico.
The reduction in debt service burden, evidenced by a healthy interest coverage ratio of 30.04, provides the company with significant optionality to navigate geopolitical risks in Panama. This conservative capital structure appears to be a strategic choice to maintain a fortress-like balance sheet amidst an uncertain regulatory environment.
Misapplication of Traditional P/E Multiples
Based on an analysis of the company's business model, the trailing P/E ratio is frequently misapplied by market participants, as it fails to account for the lumpy nature of mining depletion and the significant non-cash charges associated with the acquisition of Gold Standard Ventures.
Investors should instead focus on EV/EBITDA or Net Asset Value (NAV) multiples, which better capture the underlying cash-generating capacity of the Camino Rojo asset. Relying on P/E in this context obscures the true earning power of the mine and may lead to an incorrect assessment of the company's valuation relative to its peers.