Makstil AD (XMAE:STIL) Cyclically Adjusted PS Ratio: (As of Aug. 18, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

XMAE:STIL Makstil AD XMAE:STIL
77 GF Score
Price MKD118.00
GF Value MKD107.33
Valuation Fairly Valued
! 5 Warning Signs
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What is Makstil AD Cyclically Adjusted PS Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Makstil AD  (XMAE:STIL) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


Makstil AD Cyclically Adjusted PS Ratio Related Terms


Makstil AD Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for Makstil AD's Cyclically Adjusted PS Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Makstil AD Cyclically Adjusted PS Ratio Chart

Makstil AD Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.27 0.31 0.27 0.27 0.00

Makstil AD Quarterly Data
Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Dec25
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.28 0.27 0.27 0.29 0.00

XMAE:STIL vs NUE, STLD, RS: Cyclically Adjusted PS Ratio Comparison

For the Steel subindustry, Makstil AD's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Makstil AD Cyclically Adjusted PS Ratio vs Steel Industry

For the Steel industry and Basic Materials sector, Makstil AD's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Makstil AD's Cyclically Adjusted PS Ratio falls into.


XMAE:STIL
77GF Score
Makstil AD XMAE:STIL
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Makstil AD Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

Makstil AD's Cyclically Adjusted Revenue per Share for the quarter that ended in Dec. 2025 is calculated as:

For example, Makstil AD's adjusted Revenue per Share data for the three months ended in Dec. 2025 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Dec. 2025 (Change)*Current CPI (Dec. 2025)
=0/324.0540*324.0540
=0.000

Current CPI (Dec. 2025) = 324.0540.

Makstil AD Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201509 63.998 237.945 87.158
201512 63.368 236.525 86.818
201603 53.015 238.132 72.144
201606 69.084 241.018 92.885
201609 60.244 241.428 80.862
201612 69.005 241.432 92.620
201703 74.423 243.801 98.921
201706 102.156 244.955 135.143
201709 92.841 246.819 121.893
201712 122.356 246.524 160.836
201803 91.872 249.554 119.299
201806 110.926 251.989 142.649
201809 119.872 252.439 153.879
201812 128.351 251.233 165.554
201903 86.885 254.202 110.760
201906 89.765 256.143 113.564
201909 96.492 256.759 121.782
201912 86.259 256.974 108.776
202003 88.826 258.115 111.518
202006 62.797 257.797 78.937
202009 55.489 260.280 69.085
202012 63.141 260.474 78.553
202103 92.118 264.877 112.698
202106 110.704 271.696 132.038
202109 113.957 274.310 134.622
202112 166.663 278.802 193.714
202203 177.918 287.504 200.536
202206 194.702 296.311 212.932
202209 192.345 296.808 210.002
202212 194.530 296.797 212.395
202303 171.641 301.836 184.275
202306 117.373 305.109 124.661
202309 151.521 307.789 159.528
202312 125.327 306.746 132.399
202403 141.586 312.332 146.900
202406 134.510 314.175 138.740
202409 151.431 315.301 155.635
202412 140.936 315.605 144.709
202503 195.391 319.799 197.991
202512 0.000 324.054 0.000

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Makstil AD (XMAE:STIL) Overvalued in 2026?

Based on GuruFocus' analysis, Makstil AD stock appears to be overvalued. The current stock price of MKD118.00 is trading 9.9% above its estimated GF Value™ of MKD107.33. GuruFocus considers Makstil AD to be Fairly Valued.

Key valuation signals for XMAE:STIL:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: MKD107.33 vs. price of MKD118.00 (9.9% above fair value)
  • GF Score™: 77/100 with 5 warning signs

No single metric tells the full story. See the XMAE:STIL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Makstil AD Business Description

Address 16 Makedonska brigada, 18, Skopje, MKD, 1000
Makstil AD is a producer of hot-rolled heavy plates in the Balkan region. The company produces flat-rolled products such as hot rolled plates, hot rolled coils, cold rolled strips and sheets, galvanized strips and sheets and pre-painted coated strips.
77GF Score

Get the complete analysis for XMAE:STIL

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MKD118.00
Price
MKD107.33
GF Value