Latest Ratios: P/E Ratio 10.3x · EV/EBITDA 25.0x · ROE 39.9%. (2000–2025 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 | $3.6B | $4.6B | $3.1B | $5.1B | $2.6B | $3.7B | $8.4B | $6.3B | $2.0B | $3.7B | $3.3B |
| Enterprise Value | $3.5B | $4.5B | $2.8B | $5.0B | $2.5B | $3.7B | $8.1B | $6.1B | $1.9B | $3.6B | $3.2B |
| P/E Ratio → | 10.28 | 11.66 | 13.49 | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.02 | 4.27 | 3.19 | 7.06 | 4.98 | 7.74 | 19.04 | 18.57 | 9.15 | 29.56 | 192.80 |
| P/B Ratio | 2.96 | 3.73 | 4.17 | 11.88 | 6.43 | 6.93 | 13.41 | 9.01 | 4.27 | 11.01 | 6.45 |
| P/FCF | 32.82 | 43.53 | 19.42 | — | — | — | — | — | — | — | — |
| P/OCF | 33.10 | 41.67 | 19.36 | 307.10 | — | — | — | — | — | — | — |
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 | — | 4.15 | 2.91 | 6.88 | 4.87 | 7.57 | 18.41 | 18.04 | 8.54 | 29.00 | 183.35 |
| EV / EBITDA | 25.05 | 38.19 | 11.29 | — | — | — | — | — | — | — | — |
| EV / EBIT | 33.49 | 32.05 | 33.05 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 42.34 | 17.72 | — | — | — | — | — | — | — | — |
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 | 91.7% | 91.7% | 91.5% | 93.7% | 98.0% | 96.0% | 95.3% | 94.2% | 91.8% | 89.5% | 74.6% |
| Operating Margin | 9.8% | 9.8% | 24.1% | -10.1% | -43.2% | -35.2% | -64.9% | -72.7% | -110.6% | -234.1% | -1574.1% |
| Net Profit Margin | 36.5% | 36.5% | 23.6% | -8.4% | -41.8% | -34.7% | -63.7% | -69.4% | -109.6% | -231.7% | -1565.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 39.9% | 39.9% | 38.9% | -14.7% | -45.9% | -28.7% | -42.5% | -39.9% | -60.2% | -67.8% | -75.6% |
| ROA | 28.4% | 28.4% | 23.4% | -9.2% | -33.5% | -22.6% | -36.0% | -35.6% | -53.0% | -61.2% | -69.3% |
| ROIC | 10.0% | 10.0% | 45.2% | -17.0% | -41.6% | -31.6% | -49.4% | -42.8% | -60.8% | -70.7% | -90.5% |
| ROCE | 10.1% | 10.1% | 35.8% | -15.3% | -41.9% | -26.6% | -41.4% | -41.5% | -60.6% | -68.5% | -75.9% |
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 | 0.04 | 0.04 | 0.07 | 0.13 | 0.15 | 0.12 | 0.08 | 0.01 | — | — | — |
| Debt / EBITDA | 0.45 | 0.45 | 0.21 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.10 | -0.37 | -0.30 | -0.13 | -0.15 | -0.44 | -0.26 | -0.28 | -0.21 | -0.32 |
| Net Debt / EBITDA | -1.08 | -1.08 | -1.08 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -1.19 | -1.70 | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($178M) exceeds total debt ($52M)
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 | 3.83 | 3.83 | 2.38 | 2.42 | 4.04 | 6.43 | 6.77 | 10.16 | 8.83 | 7.62 | 12.87 |
| Quick Ratio | 3.71 | 3.71 | 2.32 | 2.28 | 3.99 | 6.35 | 6.68 | 10.08 | 8.76 | 7.51 | 12.77 |
| Cash Ratio | 2.96 | 2.96 | 1.91 | 1.73 | 3.32 | 5.42 | 5.96 | 9.32 | 7.95 | 6.96 | 12.42 |
| Asset Turnover | — | 0.69 | 0.81 | 0.97 | 0.88 | 0.69 | 0.56 | 0.43 | 0.41 | 0.32 | 0.03 |
| Inventory Turnover | 2.57 | 2.57 | 3.73 | 1.28 | 1.53 | 2.43 | 2.12 | 3.09 | 4.50 | 2.49 | 1.06 |
| Days Sales Outstanding | — | 50.49 | 39.90 | 51.43 | 44.51 | 49.26 | 41.55 | 40.77 | 45.32 | 53.86 | 150.37 |
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 | 9.7% | 8.6% | 7.4% | — | — | — | — | — | — | — | — |
| FCF Yield | 3.0% | 2.3% | 5.1% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 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% | 0.0% |
| Shares Outstanding | — | $171M | $166M | $164M | $162M | $160M | $157M | $147M | $127M | $123M | $116M |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying ACAD stock.
ACADIA Pharmaceuticals Inc.'s current P/E ratio is 10.3x. The historical average is 9.4x. This places it at the 33th percentile of its historical range.
ACADIA Pharmaceuticals Inc.'s current EV/EBITDA is 25.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.3x.
ACADIA Pharmaceuticals Inc.'s return on equity (ROE) is 39.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -46.5%.
Based on historical data, ACADIA Pharmaceuticals Inc. is trading at a P/E of 10.3x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ACADIA Pharmaceuticals Inc. has 91.7% gross margin and 9.8% operating margin.
ACADIA Pharmaceuticals Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Medicare pricing pressure on NUPLAZID
Metrics are mathematically derived from official filings.
Trailing Multiples Mask Forward Compression
Based on reported figures, ACAD trades at a trailing P/E of 9.27 but a forward P/E of 34.06, a gap that suggests trailing earnings were inflated by non-recurring items rather than representing sustainable profitability.
The trailing P/E of 9.27 appears low only because 2025Q4 net income of $273.6M far exceeded operating income, a distortion that investors should not capitalize. The forward P/E of 34.06 and forward EV/EBITDA of 24.42 imply the market is pricing in sustained operating growth well above current normalized earnings, which warrants scrutiny of whether the Daybue ramp can justify that expectation. Against peers such as Intra-Cellular and Neurocrine, which are not captured in the supplied peer table, ACAD's forward multiples appear demanding, suggesting the valuation depends heavily on continued commercial execution.
High Gross Margin, Thin Operating Conversion
As reported in the income statements, ACAD's gross margin held near 90% across the period while operating margin ranged from negative 1.7% to 21.0%, indicating that SG&A and R&D absorb nearly all structural gross profit advantage.
The gap between gross and operating margin reflects the high fixed cost of a specialty sales force and ongoing pipeline spending typical of commercial-stage rare disease franchises. Operating margin of 21.0% in 2026Q3 is the most representative recent measure of earning power, while the 59.1% operating margin in 2024Q4 appears to reflect a non-recurring benefit and should be excluded from run-rate assessments. Net margin of 15.6% in the latest quarter remains below operating margin on a normalized basis, suggesting tax and royalty leakage will continue to constrain bottom-line conversion.
Returns Oscillate Without Clear Compounding
Based on ACAD's reported quarterly figures, ROIC moved between negative 0.3% and 24.6% over ten quarters, with the latest reading of 5.0% suggesting returns on invested capital have not yet established a durable upward trend.
The volatility in ROIC and ROE appears driven more by episodic non-operating gains than by steady margin expansion or capital efficiency improvement. With equity rising from $516.7M to $1.4B while ROE in recent quarters remained in the low single digits, incremental capital is being retained without a clear corresponding increase in earnings power. Investors should monitor whether operating margin can sustain the mid-to-high teens before judging return trajectory as compounding.
Negligible Leverage Limits Financial Risk
According to recent SEC filings, ACAD's total debt of $71.9M against $1.4B in equity produced a debt-to-equity ratio of 0.05, placing the company among the least leveraged names in its supplied peer set.
A debt-to-equity ratio of 0.05 against peers such as Inter & Co at 2.85 and Axsome at 2.73 suggests refinancing and covenant risk is minimal on current reported figures. Interest coverage is not reported for most recent quarters, so the adequacy of debt service cannot be fully quantified from the supplied data, though the small debt balance appears to make this a lower-priority concern. The more relevant constraint is the dependence on reimbursement and commercial execution rather than on debt service capacity.
Gross Margin Overstates Commercial Economics
Gross margin of roughly 90% is the most commonly cited strength for ACAD, yet it obscures the high SG&A intensity and gross-to-net deductions that determine realized economics for specialty CNS products.
Gross margin is frequently applied to biotech companies as a proxy for pricing power, but for a product sold through government-facing channels, reported revenue is already net of rebates and chargebacks, and the true cost of patient access sits in SG&A. A more informative measure is operating margin after commercial spend, combined with free cash flow margin, which the supplied data shows is volatile. Investors should prioritize normalized operating margin and cash conversion over gross margin when assessing the durability of the franchise.