Latest Ratios: P/E Ratio 8.9x · EV/EBITDA 7.5x · ROE 9.1%. (2022–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Market Cap | $17M | — | — | — |
| Enterprise Value | $81M | — | — | — |
| P/E Ratio → | 8.86 | — | — | — |
| P/S Ratio | 0.02 | — | — | — |
| P/B Ratio | 0.87 | — | — | — |
| P/FCF | — | — | — | — |
| P/OCF | — | — | — | — |
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 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| EV / Revenue | — | — | — | — |
| EV / EBITDA | 7.49 | — | — | — |
| EV / EBIT | 13.46 | — | — | — |
| EV / FCF | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Gross Margin | 2.3% | 2.3% | 1.9% | 1.9% |
| Operating Margin | 0.9% | 0.9% | 0.4% | 0.6% |
| Net Profit Margin | 0.3% | 0.3% | 0.3% | 0.3% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| ROE | 9.1% | 9.1% | 9.4% | 11.8% |
| ROA | 1.8% | 1.8% | 2.1% | 2.9% |
| ROIC | 7.2% | 7.2% | 4.9% | 9.1% |
| ROCE | 28.2% | 28.2% | 11.3% | 19.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Debt / Equity | 4.17 | 4.17 | 1.11 | 1.41 |
| Debt / EBITDA | 7.41 | 7.41 | 3.60 | 3.78 |
| Net Debt / Equity | — | 3.33 | 0.90 | 0.85 |
| Net Debt / EBITDA | 5.92 | 5.92 | 2.90 | 2.28 |
| Debt / FCF | — | — | — | — |
| Interest Coverage | 1.76 | 1.76 | 2.69 | 2.62 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Current Ratio | 0.86 | 0.86 | 0.87 | 0.81 |
| Quick Ratio | 0.75 | 0.75 | 0.68 | 0.64 |
| Cash Ratio | 0.18 | 0.18 | 0.06 | 0.19 |
| Asset Turnover | — | 6.25 | 6.06 | 8.57 |
| Inventory Turnover | 69.57 | 69.57 | 39.28 | 67.08 |
| Days Sales Outstanding | — | 23.44 | 24.36 | 10.48 |
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 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Dividend Yield | — | — | — | — |
| Payout Ratio | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Earnings Yield | 11.3% | — | — | — |
| FCF Yield | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — |
| Shares Outstanding | — | $23M | $23M | $23M |
Razor-thin margin volatility
According to current market data, TMDE trades at a P/E of 8.86 and an EV/EBITDA of 7.49, suggesting that investors are pricing in significant risk regarding the company's ability to maintain profitability within the highly competitive and volatile Southeast Asian maritime fuel supply corridor.
The low P/S ratio of 0.02 is a direct consequence of the company's high-volume, low-margin bunkering business model, which inflates top-line revenue while masking the underlying lack of pricing power. This valuation appears to reflect a market skepticism toward the sustainability of the firm's earnings, given that the current multiples provide little premium for the capital-intensive nature of its 15-vessel fleet.
As reported in financial statements, TMDE operates with a gross margin of 2.33% and a net margin of 0.27%, indicating that the company functions as a price-taker where even minor fluctuations in fuel procurement costs can effectively eliminate all bottom-line profitability for the firm.
The disparity between gross and net margins highlights the heavy burden of operating expenses and financing costs inherent in the bunkering industry. Investors should monitor whether the company can successfully pivot toward higher-margin ship management services, as the current reliance on commodity fuel resale leaves the business highly vulnerable to regional price volatility.
Based on reported figures, TMDE maintains a debt-to-equity ratio of 4.17%, which suggests a highly leveraged capital structure that leaves the company with minimal financial flexibility to absorb shocks within the volatile Southeast Asian maritime fuel supply market and broader regional trade corridors.
This elevated leverage ratio is particularly concerning given the company's razor-thin net margin, as any increase in interest rates or tightening of credit facilities could rapidly erode the firm's ability to service its debt. The reliance on debt to fund inventory and fleet operations appears to be a structural risk that warrants further investigation into the company's long-term solvency.
The most commonly misapplied metric for TMDE is the Price-to-Sales ratio, which obscures the company's true economic reality by failing to account for the fact that the vast majority of revenue is derived from low-margin fuel procurement rather than high-value service delivery.
Analysts should instead focus on EV/EBITDA or return on invested capital to better understand the efficiency of the company's 15-vessel fleet. Relying on revenue multiples in this context is misleading, as it ignores the significant cost of goods sold and the underlying capital intensity required to maintain the firm's regional bunkering infrastructure.
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Quick answers to the most common questions about buying TMDE stock.
TMD Energy Limited's current P/E ratio is 8.9x. This places it at the 50th percentile of its historical range.
TMD Energy Limited's current EV/EBITDA is 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
TMD Energy Limited's return on equity (ROE) is 9.1%. The historical average is 10.1%.
Based on historical data, TMD Energy Limited is trading at a P/E of 8.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TMD Energy Limited has 2.3% gross margin and 0.9% operating margin.
TMD Energy Limited's Debt/EBITDA ratio is 7.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.