Latest Ratios: P/E Ratio -4.2x · EV/EBITDA N/A · ROE -81.9%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $779M | $705M | $344M | $283M | $440M | $425M | — | — | — |
| Enterprise Value | $946M | $643M | $684M | $150M | $176M | $400M | $156M | — | — | — |
| P/E Ratio → | -4.16 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 4.08 | 3.68 | 2.40 | 1.37 | 1.22 | 1.90 | 1.23 | — | — | — |
| 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — | — |
| 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -81.9% | -81.9% | -50.8% | -55.7% | -61.3% | -45.2% | -32.7% | -91.3% | -48.3% | — |
| ROA | -65.9% | -65.9% | -42.7% | -46.1% | -49.6% | -40.5% | -31.2% | -75.8% | -65.4% | -239.2% |
| ROIC | -93.2% | -93.2% | -70.2% | -119.2% | -69.2% | -73.3% | -126.4% | -48.5% | -28.5% | — |
| ROCE | -78.1% | -78.1% | -51.4% | -53.0% | -55.1% | -42.8% | -32.5% | -72.4% | -77.0% | -417.5% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.12 | 0.12 | 0.10 | 0.13 | 0.14 | 0.15 | — | — | 2.83 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.64 | -0.07 | -0.77 | -0.46 | -0.17 | -0.78 | -1.01 | 1.66 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($162M) exceeds total debt ($26M)
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.68 | 5.68 | 10.37 | 14.72 | 11.10 | 11.39 | 33.33 | 9.21 | 13.74 | 1.68 |
| Quick Ratio | 5.68 | 5.68 | 10.37 | 14.72 | 11.10 | 11.39 | 33.33 | 9.21 | 13.74 | 1.68 |
| Cash Ratio | 5.59 | 5.59 | 10.23 | 14.49 | 10.85 | 11.16 | 33.06 | 8.91 | 13.28 | 1.02 |
| Asset Turnover | — | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.2% | — | — | — | — | 1.5% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 1.5% | — | — | — |
| Shares Outstanding | — | $155M | $137M | $76M | $55M | $38M | $17M | $38M | $11M | $38M |
Clinical trial funding dependency
Based on reported figures, Annexon trades at a price-to-book ratio of 4.02, which suggests that investors are pricing the firm primarily on its intellectual property and clinical pipeline potential rather than any near-term earnings, as the company currently lacks the revenue streams to support traditional valuation multiples.
The absence of meaningful P/E or EV/EBITDA metrics highlights the speculative nature of the valuation, which is heavily dependent on the successful progression of ANX005 and ANX007. Compared to peers like Apellis, which command higher multiples due to commercial-stage status, Annexon's valuation appears to incorporate a significant discount for execution risk in its neuro-pipeline.
As reported in financial statements, Annexon's ROIC has remained deeply negative, fluctuating between -11.5% and -60.4% over the last ten quarters, which underscores the company's current inability to generate returns on invested capital while it remains in a capital-intensive, pre-revenue clinical development phase.
The volatility in ROIC reflects the lumpy nature of R&D spending and the lack of operational scale. Investors should monitor whether the recent positive Phase III data for ANX005 can eventually lead to a pivot toward positive capital returns, though current trends suggest that capital is being consumed rather than compounded.
According to recent SEC filings, Annexon's current ratio has compressed from a peak of 21.81 in 2024Q2 to 6.35 in 2026Q1, indicating that while the firm maintains a sufficient short-term liquidity cushion, the rapid consumption of cash reserves warrants close monitoring by stakeholders.
The decline in the current ratio is a direct consequence of the persistent operating burn required to fund late-stage clinical trials. While the current liquidity position appears adequate for immediate operations, the lack of revenue-generating assets means the company remains structurally dependent on external capital markets to maintain its current liquidity profile.
Based on the provided financial data, the most commonly misapplied metric for Annexon is the net margin, which, at consistently negative levels, obscures the company's progress in clinical development and fails to account for the non-cash nature of stock-based compensation that supports its specialized scientific workforce.
Using net margin to evaluate a pre-revenue biotech firm is misleading because it treats R&D investment as a standard operating expense rather than a capital-like investment in future value. Analysts should instead focus on the cash burn rate and the progress of clinical milestones, which are the true drivers of value for this business model.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying ANNX stock.
Annexon, Inc.'s current P/E ratio is -4.2x. This places it at the 50th percentile of its historical range.
Annexon, Inc.'s return on equity (ROE) is -81.9%. The historical average is -58.4%.
Based on historical data, Annexon, Inc. is trading at a P/E of -4.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Annexon, Inc.'s current dividend yield is 0.21%.