Barings Participation Investors (the Trust) (MPV) Key Metrics
MPV valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $180.8M
- Enterprise value
- $213.6M
- P/E (TTM)
- 10.5 10-yr median 11.6
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 10.5 10-yr median 9.6
- Price / book
- 1.0 10-yr median 1.0
- EV / EBITDA
- — 10-yr median 12.0
- Dividend yield
- 8.84% $1.48 a year
- Beta
- 0.45
MPV key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMPV valuation Price multiples at each fiscal year-end price.
MPV returns How much profit the business earns on the capital it uses.
MPV per-share figures Results divided by the shares outstanding at year-end.
MPV financial health Debt, liquidity and how easily interest is covered.
MPV efficiency & capital use Working capital cycle and where the cash goes.
MPV valuation history
MPV returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MPV debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MPV cash returned to shareholders
MPV price vs earnings per share
MPV key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $170.9M | $182.5M | $165.4M | $130.6M | $156.9M | $125.9M | $170.0M | $156.5M | $146.7M | $147.5M |
| Enterprise value | $194.4M | $198.9M | $180.5M | $149.2M | $166.3M | $123.3M | $171.9M | $155.1M | $155.9M | $158.3M |
| P/E ratio | 12.9 | 10.6 | 9.1 | 18.8 | 6.2 | 19.8 | 9.5 | 43.0 | 7.7 | 12.7 |
| Price / sales | 10.0 | 9.0 | 8.2 | 15.8 | 5.9 | 17.9 | 9.1 | 34.0 | 7.3 | 11.5 |
| Price / book | 1.0 | 1.1 | 1.0 | 0.8 | 1.0 | 0.9 | 1.2 | 1.1 | 1.0 | 1.1 |
| Price / free cash flow | 16.0 | 14.1 | 10.4 | — | 103.6 | 14.8 | 23.8 | 7.4 | 12.4 | 18.7 |
| Price / operating cash flow | 16.0 | 14.1 | 10.4 | — | 103.6 | 14.8 | 23.8 | 7.4 | 12.4 | 18.7 |
| EV / sales | 11.4 | 9.8 | 9.0 | 18.1 | 6.3 | 17.5 | 9.2 | 33.7 | 7.8 | 12.4 |
| EV / EBITDA | 12.6 | 11.3 | 9.1 | 17.9 | 6.5 | 19.4 | 9.6 | 36.5 | 7.9 | 14.5 |
| EV / free cash flow | 18.2 | 15.4 | 11.4 | — | 109.8 | 14.5 | 24.1 | 7.4 | 13.2 | 20.1 |
| Earnings yield | 7.7% | 9.4% | 11.0% | 5.3% | 16.2% | 5.0% | 10.5% | 2.3% | 13.0% | 7.9% |
| Free cash flow yield | 6.2% | 7.1% | 9.6% | −0.4% | 1.0% | 6.8% | 4.2% | 13.4% | 8.1% | 5.3% |
| Dividend yield | 9.9% | 8.4% | 7.6% | 6.7% | 5.4% | 7.3% | 6.7% | 7.2% | 7.7% | 7.6% |
| Shareholder yield (dividends + buybacks) | 9.9% | 8.4% | 7.6% | 6.7% | 5.4% | 7.3% | 6.7% | 7.2% | 7.7% | 7.6% |
| Share price at fiscal year-end | $15.89 | $17.09 | $15.60 | $12.32 | $14.80 | $11.88 | $16.13 | $15.05 | $14.10 | $14.20 |
| Per share | ||||||||||
| Revenue per share | $1.59 | $1.90 | $1.90 | $0.78 | $2.49 | $0.66 | $1.76 | $0.44 | $1.92 | $1.23 |
| Earnings per share | $1.23 | $1.61 | $1.71 | $0.66 | $2.39 | $0.60 | $1.69 | $0.35 | $1.84 | $1.12 |
| Operating cash flow per share | $0.99 | $1.21 | $1.50 | −$0.05 | $0.14 | $0.80 | $0.68 | $2.02 | $1.14 | $0.76 |
| Free cash flow per share | $0.99 | $1.21 | $1.50 | −$0.05 | $0.14 | $0.80 | $0.68 | $2.02 | $1.14 | $0.76 |
| Cash per share | $1.28 | $0.66 | $0.61 | $0.46 | $1.10 | $1.66 | $1.25 | $1.58 | $0.56 | $0.40 |
| Book value per share | $15.23 | $15.46 | $15.41 | $14.99 | $15.19 | $13.60 | $13.86 | $13.34 | $13.99 | $13.15 |
| Tangible book value per share | $15.23 | $15.46 | $15.41 | $14.99 | $15.19 | $13.60 | $13.86 | $13.34 | $13.99 | $13.15 |
| Dividends per share | $1.57 | $1.44 | $1.18 | $0.82 | $0.80 | $0.87 | $1.08 | $1.09 | $1.08 | $1.08 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $3.47 | $2.19 | $2.03 | $2.22 | $1.98 | $1.41 | $1.42 | $1.44 | $1.44 | $1.44 |
| Shares outstanding | 10.8M | 10.7M | 10.6M | 10.6M | 10.6M | 10.6M | 10.5M | 10.4M | 10.4M | 10.4M |
| Change in shares outstanding | +0.7% | +0.7% | 0.0% | 0.0% | 0.0% | +0.6% | +1.3% | −0.0% | +0.1% | +0.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 8.0% | 10.5% | 11.2% | 4.4% | 16.6% | 4.4% | 12.5% | 2.6% | 13.6% | 8.6% |
| Return on invested capital (ROIC) | 8.1% | 10.0% | 9.6% | 4.6% | 16.3% | 4.4% | 12.1% | 2.9% | 6.5% | 7.1% |
| Return on assets (ROA) | 6.5% | 8.9% | 9.6% | 3.7% | 14.5% | 3.9% | 11.0% | 2.2% | 11.9% | 7.5% |
| Return on tangible assets | 6.3% | 8.8% | 9.5% | 3.7% | 13.6% | 3.9% | 10.8% | 2.3% | 11.5% | 7.5% |
| Free cash flow margin | 62.4% | 63.6% | 78.9% | −6.7% | 5.7% | 120.9% | 38.4% | 456.4% | 59.2% | 61.5% |
| Income quality (OCF / net income) | 0.81 | 0.75 | 0.88 | −0.08 | 0.06 | 1.34 | 0.40 | 5.77 | 0.62 | 0.68 |
| Financial health | ||||||||||
| Total debt | $37.3M | $23.4M | $21.6M | $23.5M | $21.0M | $15.0M | $15.0M | $15.0M | $15.0M | $15.0M |
| Cash & short-term investments | $13.8M | $7.0M | $6.5M | $4.9M | $11.6M | $17.6M | $13.1M | $16.4M | $5.8M | $4.2M |
| Net debt | $23.5M | $16.4M | $15.1M | $18.6M | $9.4M | −$2.6M | $1.9M | −$1.4M | $9.2M | $10.8M |
| Debt / equity | 0.23 | 0.14 | 0.13 | 0.15 | 0.13 | 0.10 | 0.10 | 0.11 | 0.10 | 0.11 |
| Debt / assets | 0.18 | 0.12 | 0.11 | 0.13 | 0.11 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 |
| Net debt / EBITDA | 1.53 | 0.93 | 0.76 | 2.23 | 0.37 | −0.42 | 0.11 | −0.34 | 0.47 | 0.99 |
| Current ratio | 2.39 | 1.83 | 2.46 | 2.89 | 4.44 | 3.42 | 4.92 | 4.63 | 1.37 | 1.60 |
| Quick ratio | 2.39 | 1.83 | 2.46 | 0.00 | 0.00 | −1.24 | −2.01 | 46.33 | 33.71 | 1.60 |
| Interest coverage | 8.6 | 12.1 | 14.1 | 8.3 | 41.2 | 10.3 | 29.0 | 6.9 | 32.2 | — |
| Working capital | $9.7M | $5.5M | $5.7M | $4.9M | $10.5M | $9.7M | $11.3M | $13.8M | $1.9M | $2.3M |
| Invested capital | $187.4M | $181.5M | $178.5M | $177.5M | $170.5M | $141.5M | $148.0M | $137.3M | $154.7M | $147.4M |
| Tangible asset value | $163.8M | $165.1M | $163.4M | $158.9M | $161.1M | $144.2M | $146.1M | $138.7M | $145.5M | $136.6M |
| Net current asset value | −$27.8M | −$19.0M | −$17.4M | −$19.7M | −$12.3M | −$5.3M | −$4.5M | −$2.4M | −$13.8M | −$13.1M |
| Graham number | $20.53 | $23.70 | $24.34 | $14.88 | $28.61 | $13.54 | $22.96 | $10.25 | $24.06 | $18.21 |
| Graham net-net per share | −$2.66 | −$1.90 | −$1.72 | −$1.56 | −$0.57 | $0.83 | $0.49 | −$7.90 | −$9.36 | −$1.31 |
| Capital allocation | ||||||||||
| Dividends paid | $16.9M | $15.4M | $12.5M | $8.7M | $8.5M | $9.2M | $11.4M | $11.3M | $11.2M | $11.2M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Dividend payout ratio | 127.9% | 89.4% | 69.0% | 124.9% | 33.4% | 145.2% | 64.0% | 311.1% | 58.8% | 96.0% |
| Dividends + buybacks / free cash flow | 158.5% | 119.4% | 78.9% | — | 560.2% | 108.3% | 159.5% | 53.9% | 95.2% | 141.7% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / operating cash flow | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / depreciation | — | — | — | — | — | — | — | 0.00 | 0.00 | — |
| Stock-based compensation / revenue | — | — | −0.7% | — | — | — | — | — | — | — |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| SG&A / revenue | 6.4% | 5.5% | 12.7% | 11.2% | 3.1% | 9.8% | 4.2% | 21.0% | 4.1% | 14.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 85.6 | 74.6 | 52.8 | 101.3 | 21.2 | 56.9 | 22.2 | 98.3 | 29.2 | 50.0 |
| Days of inventory on hand | — | — | — | 2,052.6 | 3,200.2 | 4,313.5 | -14,971.5 | -35,418.7 | -18,318.2 | — |
| Days payables outstanding | 1,167.2 | 1,263.4 | 550.0 | 550.5 | 657.0 | 719.4 | 722.0 | 725.3 | 313.9 | — |
| Cash conversion cycle (days) | -1,081.6 | -1,188.8 | -497.3 | 1,603.5 | 2,564.5 | 3,651.0 | -15,671.3 | -36,045.7 | -18,602.9 | — |
| Receivables turnover | 4.26 | 4.89 | 6.92 | 3.60 | 17.18 | 6.41 | 16.45 | 3.71 | 12.49 | 7.29 |
| Payables turnover | 0.31 | 0.29 | 0.66 | 0.66 | 0.56 | 0.51 | 0.51 | 0.50 | 1.16 | — |
| Inventory turnover | — | — | — | 0.18 | 0.11 | 0.08 | — | — | — | — |
| Asset turnover | 0.08 | 0.11 | 0.11 | 0.04 | 0.15 | 0.04 | 0.11 | 0.03 | 0.12 | 0.08 |
| Average receivables | $4.0M | $4.2M | $2.9M | $2.3M | $1.5M | $1.1M | $1.1M | $1.2M | $1.6M | $1.8M |
| Average payables | $6.5M | $5.3M | $3.3M | $2.8M | $3.3M | $3.2M | $3.3M | $3.3M | $1.4M | $0 |
| Average inventory | — | — | — | $10.5M | $16.2M | $19.4M | −$69.4M | −$162.6M | −$83.2M | $0 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from MPV's annual financial statements (latest annual report filed December 31, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MPV valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Barings Participation Investors traded at 12.9 times earnings, against a 10-year median of 11.6. Based on the latest twelve months, the trailing P/E is 10.5. Barings Participation Investors earned a return on equity of 8.0% and a return on invested capital of 8.1% in fiscal 2025. It ended the year with $37.3 million of debt and $13.8 million in cash and short-term investments, net debt of $23.5 million. It returned $16.9 million to shareholders: $16.9 million in dividends and $0 in share buybacks, 158% of free cash flow. The share count rose 3.5% from 10.4M to 10.8M over 9 years.
See the MPV income statement, the MPV chart for price history, or the MPV stock overview for the latest quote and news.
MPV key metrics FAQ
What is Barings Participation Investors's P/E ratio?
Barings Participation Investors's trailing P/E ratio is 10.5 based on the last twelve months of earnings (as of October 17, 2026). At the end of fiscal 2025 it was 12.9, compared with a 10-year median of 11.6.
What is Barings Participation Investors's EV/EBITDA?
Barings Participation Investors's enterprise value was 12.6 times EBITDA at the end of fiscal 2025 (enterprise value $194.4 million, EBITDA $15.4 million).
What is Barings Participation Investors's return on equity?
Barings Participation Investors's return on equity (ROE) was 8.0% in fiscal 2025: net income of $13.2 million on average shareholders' equity of $164.5 million.
What is Barings Participation Investors's ROIC?
Barings Participation Investors's return on invested capital was 8.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Barings Participation Investors have?
Barings Participation Investors had total debt of $37.3 million at the end of fiscal 2025, a debt-to-equity ratio of 0.23 and $23.5 million of net debt (1.53 times EBITDA).
What is Barings Participation Investors's dividend yield?
Barings Participation Investors's forward dividend yield is 8.84%. Barings Participation Investors paid $16.9 million in dividends in fiscal 2025 ($1.57 per share), a payout ratio of 127.9%.
What is Barings Participation Investors's free cash flow yield?
Barings Participation Investors generated $10.7 million of free cash flow in fiscal 2025, a free cash flow yield of 6.2% on its market value at year-end ($170.9 million).
What is Barings Participation Investors's current ratio?
Barings Participation Investors's current ratio was 2.39 at the end of fiscal 2025: current assets were 2.39 times current liabilities.