Latest Ratios: P/E Ratio 25.5x · EV/EBITDA 20.0x · ROE 12.9%. (2016–2025 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 | $6.3B | $6.8B | $3.0B | $2.7B | $2.1B | $1.8B | — | — | — | — | — |
| Enterprise Value | $6.3B | $6.8B | $3.0B | $2.7B | $2.1B | $1.8B | — | — | — | — | — |
| P/E Ratio → | 25.51 | 27.68 | — | 73.94 | 39.31 | 39.19 | — | — | — | — | — |
| P/S Ratio | 15.99 | 17.14 | 11.26 | 13.02 | 14.13 | 11.96 | — | — | — | — | — |
| P/B Ratio | 3.06 | 3.32 | 1.74 | 1.47 | 1.63 | 1.39 | — | — | — | — | — |
| P/FCF | 68.18 | 73.09 | 19.41 | — | 32.47 | 26.16 | — | — | — | — | — |
| P/OCF | 20.06 | 21.51 | 14.18 | 17.23 | 18.13 | 14.99 | — | — | — | — | — |
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 | — | 17.07 | 11.13 | 13.22 | 13.67 | 11.69 | — | — | — | — | — |
| EV / EBITDA | 19.96 | 21.40 | 18.14 | 25.35 | 18.13 | 14.32 | — | — | — | — | — |
| EV / EBIT | 26.84 | 24.26 | 135.43 | 61.71 | 32.87 | 30.13 | — | — | — | — | — |
| EV / FCF | — | 72.80 | 19.18 | — | 31.42 | 25.58 | — | — | — | — | — |
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 | 67.6% | 67.6% | 85.8% | 50.0% | 57.3% | 55.3% | 44.5% | 20.6% | 2.9% | 89.2% | — |
| Operating Margin | 59.3% | 59.3% | -6.7% | 20.1% | 42.2% | 45.7% | 30.8% | -52.6% | -9.8% | -70.0% | — |
| Net Profit Margin | 61.7% | 61.7% | -8.6% | 17.8% | 36.3% | 30.3% | 49.4% | -23.3% | -0.1% | -70.7% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.9% | 12.9% | -1.3% | 2.3% | 4.2% | 3.9% | 6.9% | -2.7% | -0.0% | — | — |
| ROA | 12.6% | 12.6% | -1.3% | 2.2% | 4.2% | 3.5% | 5.7% | -2.2% | -0.0% | -8.6% | -2.6% |
| ROIC | 9.5% | 9.5% | -0.8% | 2.0% | 3.8% | 4.1% | 2.7% | -3.9% | -0.7% | -6.5% | -1.4% |
| ROCE | 12.3% | 12.3% | -1.0% | 2.6% | 4.9% | 5.3% | 3.6% | -5.1% | -1.6% | — | — |
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 | 0.00 | 0.00 | 0.00 | 0.03 | 0.00 | 0.00 | 0.27 | 0.10 | 0.27 | — | — |
| Debt / EBITDA | 0.01 | 0.01 | 0.01 | 0.56 | 0.02 | 0.01 | 3.13 | 5.39 | 3.93 | 14.03 | — |
| Net Debt / Equity | — | -0.01 | -0.02 | 0.02 | -0.05 | -0.03 | 0.25 | 0.08 | 0.25 | — | — |
| Net Debt / EBITDA | -0.08 | -0.08 | -0.21 | 0.39 | -0.60 | -0.32 | 2.90 | 4.40 | 3.62 | 13.93 | — |
| Debt / FCF | — | -0.29 | -0.22 | — | -1.05 | -0.58 | — | — | — | — | — |
| Interest Coverage | 64.87 | 64.87 | 3.93 | 5.97 | 19.08 | 9.09 | 6.98 | -3.30 | 1.69 | — | — |
Net cash position: cash ($29M) exceeds total debt ($3M)
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 | 3.92 | 3.92 | 2.79 | 3.29 | 7.20 | 16.20 | 14.22 | 11.74 | 7.05 | 0.05 | 0.00 |
| Quick Ratio | 3.80 | 3.80 | 2.65 | 3.21 | 7.20 | 15.90 | 14.22 | 11.19 | 6.30 | 0.05 | 0.00 |
| Cash Ratio | 3.14 | 3.14 | 1.45 | 1.36 | 6.44 | 12.16 | 11.71 | 8.39 | 4.30 | 0.03 | 0.00 |
| Asset Turnover | — | 0.19 | 0.15 | 0.11 | 0.11 | 0.12 | 0.09 | 0.09 | 0.08 | 0.10 | — |
| Inventory Turnover | 27.56 | 27.56 | 9.97 | 73.24 | — | 48.96 | — | 22.71 | 9.56 | 4.79 | — |
| Days Sales Outstanding | — | 23.35 | 23.93 | 41.38 | 19.94 | 39.01 | 32.80 | 47.67 | 87.54 | 63.98 | — |
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% | 0.7% | 1.4% | 1.6% | 1.4% | 0.8% | — | — | — | — | — |
| Payout Ratio | 19.1% | 19.1% | — | 113.9% | 55.2% | 32.6% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 3.6% | — | 1.4% | 2.5% | 2.6% | — | — | — | — | — |
| FCF Yield | 1.5% | 1.4% | 5.2% | — | 3.1% | 3.8% | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.3% | 0.8% | 0.2% | 0.1% | — | — | — | — | — |
| Total Shareholder Yield | 0.9% | 0.8% | 1.7% | 2.3% | 1.6% | 0.9% | — | — | — | — | — |
| Shares Outstanding | — | $204M | $201M | $200M | $156M | $148M | $155M | $155M | $155M | $72M | $72M |
Includes 30+ ratios · 10 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 TFPM stock.
Triple Flag Precious Metals Corp.'s current P/E ratio is 25.5x. The historical average is 45.0x.
Triple Flag Precious Metals Corp.'s current EV/EBITDA is 20.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.5x.
Triple Flag Precious Metals Corp.'s return on equity (ROE) is 12.9%. The historical average is 3.3%.
Based on historical data, Triple Flag Precious Metals Corp. is trading at a P/E of 25.5x. Compare with industry peers and growth rates for a complete picture.
Triple Flag Precious Metals Corp.'s current dividend yield is 0.75% with a payout ratio of 19.1%.
Triple Flag Precious Metals Corp. has 67.6% gross margin and 59.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Triple Flag Precious Metals Corp.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Non-Recurring Income Volatility Distorts Valuation
Premium Multiple Reflects Growth, Not Earnings Quality
Triple Flag trades at a significant premium to its royalty peers, with a P/E of 29.75 versus a peer median of 42.9, yet this appears to price in accelerating growth rather than core earnings power, as recent net margins are heavily inflated by non-operating gains.
The company's P/E of 29.75 is actually below the peer median of 42.9, but this is a misleading comparison driven by TFPM's inflated TTM net income. On an EV/EBITDA basis, its 23.29 multiple is substantially below the peer range of 27.87-37.92, suggesting the market is correctly applying a discount for its smaller scale and perceived quality gap. The PEG ratio of 1.09 indicates the market is pricing in sustained growth, which must be validated by continued portfolio expansion and commodity price tailwinds to justify the premium over pure-play royalty models.
Operational Excellence Masked by Earnings Noise
Core operational profitability is robust, with an operating margin of 65.3% in 2026Q2 that has steadily expanded from 41.6% a year prior, demonstrating powerful leverage within its royalty and streaming business model.
The gross margin of 68.3% and operating margin of 65.3% in the latest quarter indicate exceptional conversion of revenue to operating profit, consistent with a low-cost, royalty-based structure. However, the net margin of 121.0% is meaningless as a measure of sustainable earning power, as it confirms the presence of substantial non-operating items that dwarf operational results. Investors should focus on the operating margin trend as the clearest indicator of the business's intrinsic profitability.
Capital Efficiency Nascent Amid Asset-Heavy Accounting
Return on invested capital remains modest at 2.8% in 2026Q2, reflecting the accounting treatment that lumps royalty interests into the asset base, rather than signaling operational inefficiency in its cash-generative model.
The ROIC of 2.8% is suppressed by the significant asset base required to fund royalty acquisitions, which are capitalized on the balance sheet. This is not indicative of poor operational returns, but rather the capital-intensive nature of acquiring the revenue streams. The trend is positive, improving from 0.8% in 2024Q1, and tracks the growth in operating income as the portfolio scales, suggesting returns are beginning to compound as more assets come into production.
Fortress Balance Sheet Enables Strategic Agility
With a debt-to-equity ratio of just 0.10 and a robust interest coverage ratio of 1,431.82x, Triple Flag maintains negligible financial leverage, providing substantial capacity for debt-funded acquisitions or to weather commodity downturns.
The company's minimal debt load of $235.0M relative to its equity base results in an exceptionally strong interest coverage ratio, which has improved dramatically from 16.57x in 2024Q1. This conservative capital structure is a key strategic advantage in the royalty sector, where financial flexibility is paramount. The low leverage also suggests that current valuation multiples are not inflated by financial engineering, but rather reflect the market's assessment of the asset portfolio's value and growth prospects.
The P/E Trap in a Volatile Royalty Model
The most commonly misapplied ratio is the P/E multiple, as Triple Flag's earnings are subject to extreme volatility from non-cash gains and the lumpy recognition of royalty income, making it a poor basis for relative or absolute valuation.
The P/E of 29.75 is derived from net income that includes significant non-operating items, as evidenced by the 121% net margin in 2026Q2. This creates a high-risk comparison, as a single quarter of reduced non-cash gains could cause the P/E to spike dramatically, making the company appear overvalued on a misleadingly low multiple. Analysts should instead focus on EV/EBITDA or EV/Cash Flow from Operations, which strip out these volatile items and better reflect the recurring cash yield from the royalty portfolio.