Latest Ratios: P/E Ratio -0.4x · EV/EBITDA N/A · ROE -155.3%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $10M | $17M | $16M | — | — | — |
| Enterprise Value | $14M | $22M | $12M | — | — | — |
| P/E Ratio → | -0.43 | — | — | — | — | — |
| P/S Ratio | — | — | 59.32 | — | — | — |
| P/B Ratio | 0.86 | 1.39 | 0.80 | — | — | — |
| 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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | — | 43.26 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — |
| 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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | — | — | -620.1% | -335.3% | -363.0% | -328.9% |
| Operating Margin | — | — | -23226.8% | -9314.0% | -12652.4% | -7646.3% |
| Net Profit Margin | — | — | -19986.2% | -12715.3% | -12525.4% | -7384.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -155.3% | -155.3% | -270.0% | — | — | — |
| ROA | -54.7% | -54.7% | -194.5% | -491.5% | -157.1% | -93.0% |
| ROIC | -100.6% | -100.6% | — | — | — | — |
| ROCE | -57.8% | -57.8% | -37413.2% | — | -327.9% | -109.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 1.75 | 1.75 | 0.82 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.38 | -0.22 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | -7.63 | -7.63 | -49.79 | -16.84 | -171.80 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 2.44 | 2.44 | 3.27 | 0.11 | 0.52 | 7.62 |
| Quick Ratio | 2.24 | 2.24 | 2.93 | 0.04 | 0.49 | 7.49 |
| Cash Ratio | 2.08 | 2.08 | 2.65 | 0.03 | 0.43 | 7.28 |
| Asset Turnover | — | — | 0.01 | 0.04 | 0.02 | 0.01 |
| Inventory Turnover | 0.41 | 0.41 | 0.75 | 0.39 | 2.38 | 3.47 |
| Days Sales Outstanding | — | — | 47.49 | 86.38 | — | 44.61 |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $17M | $15M | $8M | $19M | $19M |
Capital Runway and Dilution
As reported in recent financial statements, ADGM's P/B ratio of 0.86 suggests the market is pricing the firm below its accounting book value, reflecting deep skepticism regarding the future commercial utility of its intellectual property portfolio in the face of rapid technological shifts toward pulsed field ablation.
The negative P/E multiple is a byproduct of the company's pre-revenue status, rendering traditional earnings-based valuation metrics entirely inapplicable. Investors should monitor whether the current discount to book value represents a genuine value opportunity or a rational market assessment of the high probability of future equity dilution.
Based on the latest quarterly data, ADGM's ROIC of -23.0% in 2026Q1 highlights a persistent inability to generate returns on invested capital, as the company continues to consume resources to fund clinical trials without achieving the commercial scale necessary to offset its heavy R&D expenditure base.
The trend of negative returns on capital appears structural rather than temporary, as the firm remains in a developmental phase. This persistent decay in capital efficiency warrants further investigation into whether the current R&D spend is successfully creating long-term value or merely sustaining an unviable business model.
According to recent SEC filings, ADGM's inventory days on hand reached 2554 in 2025Q4, an extreme figure that underscores the company's lack of commercial throughput and the significant accumulation of clinical-stage inventory that has yet to be converted into revenue-generating sales within the medical device market.
The lack of a stable cash conversion cycle suggests that the company's operational processes are not yet optimized for commercial manufacturing. Investors should monitor the transition from clinical prototype assembly to scalable production, as the current efficiency metrics are heavily distorted by the firm's pre-revenue status.
As reported in financial statements, ADGM's debt-to-equity ratio has surged to 4.21 in 2026Q1, indicating that the firm is increasingly relying on debt financing to bridge its liquidity gap as equity buffers continue to erode under the pressure of sustained, high-intensity clinical research and development costs.
The rapid increase in leverage appears to be a defensive measure to preserve cash, yet it introduces significant refinancing risk given the company's lack of operating cash flow. This trend suggests that the firm's balance sheet is becoming increasingly fragile, potentially limiting management's strategic flexibility in future quarters.
Based on the reported figures, ADGM's current ratio of 1.85 in 2026Q1, while seemingly adequate, masks a tightening liquidity position as cash reserves dwindle to $17.1 million, leaving the company with limited capacity to absorb unexpected regulatory delays or clinical trial cost overruns in the coming year.
The quick ratio of 1.66 further confirms that the firm's liquidity is heavily dependent on its current asset composition, which may not be easily liquidated in a stress scenario. Investors should monitor the cash burn rate closely, as the current trajectory suggests a high probability of a capital event.
The most commonly misapplied metric for ADGM is the P/S ratio, which is fundamentally flawed for a pre-revenue entity, as it obscures the company's true value driver: the clinical durability of its proprietary cryoablation technology compared to the rapidly emerging standard of pulsed field ablation.
Analysts should instead focus on 'cash runway' and 'clinical milestone progress' as the primary indicators of value. Relying on revenue-based multiples in this context is misleading, as it ignores the significant intellectual property and regulatory hurdles that define the company's current economic reality.
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Quick answers to the most common questions about buying ADGM stock.
Adagio Medical Holdings, Inc.'s current P/E ratio is -0.4x. This places it at the 50th percentile of its historical range.
Adagio Medical Holdings, Inc.'s return on equity (ROE) is -155.3%. The historical average is -212.6%.
Based on historical data, Adagio Medical Holdings, Inc. is trading at a P/E of -0.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.