Latest Ratios: P/E Ratio -9.2x · EV/EBITDA N/A · ROE -86.7%. (2022–2025 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 |
|---|---|---|---|---|---|
| Market Cap | $3.3B | $8.3B | $223M | — | — |
| Enterprise Value | $3.2B | $8.2B | $84M | — | — |
| P/E Ratio → | -9.23 | — | — | — | — |
| P/S Ratio | 137.27 | 345.07 | — | — | — |
| P/B Ratio | 74.50 | 27.54 | 0.86 | — | — |
| 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 |
|---|---|---|---|---|---|
| EV / Revenue | — | 342.87 | — | — | — |
| 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 |
|---|---|---|---|---|---|
| Gross Margin | 85.5% | 85.5% | — | — | — |
| Operating Margin | -1776.3% | -1776.3% | — | — | — |
| Net Profit Margin | -1011.7% | -1011.7% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | -86.7% | -86.7% | -113.1% | — | — |
| ROA | -64.6% | -64.6% | -136.7% | -156.7% | -103.5% |
| ROIC | -173.3% | -173.3% | — | — | — |
| ROCE | -135.9% | -135.9% | -167.6% | -193.4% | -120.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.12 | 0.12 | 0.12 | — | — |
| Debt / EBITDA | — | — | — | — | — |
| Net Debt / Equity | — | -0.18 | -0.53 | — | — |
| Net Debt / EBITDA | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — |
Net cash position: cash ($90M) exceeds total debt ($37M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 4.34 | 4.34 | 6.01 | 2.56 | 7.68 |
| Quick Ratio | 4.34 | 4.34 | 6.01 | 2.56 | 7.68 |
| Cash Ratio | 4.21 | 4.21 | 5.66 | 2.35 | 6.96 |
| Asset Turnover | — | 0.06 | — | — | — |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | 31.61 | — | — | — |
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 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — |
| FCF Yield | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $850M | $28M | $52M | $7M |
Imminent clinical funding gap
As reported in financial statements, Alumis trades at a price-to-sales ratio of 137.27, a figure that appears detached from fundamental performance and instead reflects market anticipation of clinical trial success rather than any current ability to generate sustainable, recurring revenue streams from its TYK2 inhibitor pipeline.
The extreme P/S multiple suggests that investors are pricing the company as a binary option on future drug approval rather than a traditional operating entity. This valuation level warrants caution, as any delay in clinical milestones could lead to a significant contraction in multiples as the market re-evaluates the probability of commercialization.
Based on reported figures, Alumis's ROIC has consistently trended in negative territory, reaching -18.7% in 2026Q1, which underscores the structural reality that the company is currently consuming, rather than compounding, invested capital to fund its intensive research and development programs.
The persistent negative ROIC is a hallmark of a pre-commercial biotech firm where capital is deployed into long-gestation clinical assets. Investors should monitor whether the company can eventually pivot to positive returns, though current trends suggest that capital efficiency remains secondary to the primary objective of achieving clinical proof-of-concept.
According to historical data, Alumis's days sales outstanding reached 124 days in 2026Q1, a metric that appears highly volatile and suggests that the timing of milestone-based revenue recognition is creating significant friction in the company's ability to manage its working capital cycle effectively.
The lack of a stable cash conversion cycle is typical for milestone-dependent entities, yet it complicates the assessment of operational efficiency. The high DPO levels observed in recent quarters may indicate that the company is stretching payables to preserve cash, a strategy that may become unsustainable if liquidity continues to tighten.
As indicated by the current ratio of 7.51 in 2026Q1, Alumis maintains a high nominal liquidity position, yet this figure masks the reality that the company's cash reserves are being depleted at an accelerating rate to support late-stage clinical trial expenditures and ongoing operational requirements.
While the current ratio appears robust compared to broader industrial peers, it is misleading in a biotech context where cash burn is the primary constraint. The rapid decline in liquidity suggests that the company may face a funding gap in the near term, necessitating further dilutive equity issuance to maintain operations.
Based on the provided financial data, the P/E ratio of -9.23 is a fundamentally misapplied metric for Alumis, as it fails to account for the company's pre-commercial status and the fact that earnings are currently a function of non-recurring milestone payments rather than core operational profitability.
Investors should instead focus on the cash burn rate and the remaining runway, as these metrics provide a more accurate picture of the company's survival and potential for future value creation. Using P/E to value a clinical-stage firm like Alumis obscures the underlying risk of capital depletion and the binary nature of its therapeutic pipeline.
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Quick answers to the most common questions about buying ALMS stock.
Alumis Inc. Common Stock's current P/E ratio is -9.2x. This places it at the 50th percentile of its historical range.
Alumis Inc. Common Stock's return on equity (ROE) is -86.7%. The historical average is -99.9%.
Based on historical data, Alumis Inc. Common Stock is trading at a P/E of -9.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Alumis Inc. Common Stock has 85.5% gross margin and -1776.3% operating margin.