Latest Ratios: P/E Ratio -0.1x · EV/EBITDA N/A · ROE -234.6%. (2014–2025 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 | $5M | $29752 | $66115 | $123761 | $679853 | $2M | $6M | — | — | — | — |
| Enterprise Value | $-12163915 | $-16960248 | $-4018885 | $-11383239 | $-12420147 | $-26279022 | $-6565006 | — | — | — | — |
| P/E Ratio → | -0.05 | — | — | — | 0.08 | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | 0.22 | 0.17 | 1.39 | — | — | — | — |
| P/B Ratio | 0.00 | 0.00 | 0.01 | 0.01 | 0.08 | 1.69 | 1.00 | 1140763.12 | 19.04 | 12.19 | 19.78 |
| 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | -3.99 | -2.14 | -1.52 | — | — | — | — |
| 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | 100.0% | 100.0% | -314.3% | — | 51.4% | 65.8% | 33.6% |
| Operating Margin | — | — | — | — | -919.7% | -174.1% | -638.1% | — | -224.0% | -368.1% | -348.4% |
| Net Profit Margin | — | — | — | — | 257.8% | -231.5% | -411.9% | — | -232.8% | 47.6% | -308.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -234.6% | -234.6% | -284.3% | -115.3% | 83.7% | -319.6% | -124.8% | -211.6% | -95.5% | 10.5% | -161.5% |
| ROA | -121.4% | -121.4% | -119.4% | -59.0% | 17.7% | -51.7% | -33.2% | -73.9% | -58.2% | 6.7% | -110.0% |
| ROIC | -3719.9% | -3719.9% | -2666.4% | -775.2% | — | — | -155.0% | -147.6% | -68.6% | -52.8% | -132.9% |
| ROCE | -172.4% | -172.4% | -182.2% | -133.9% | -121.0% | -70.3% | -101.5% | -125.9% | -69.6% | -63.2% | -154.0% |
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 | 0.27 | 0.27 | 0.97 | 0.44 | 0.53 | 13.75 | 1.65 | 1.96 | 0.63 | 0.23 | 0.36 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.98 | -0.86 | -0.94 | -0.73 | -23.30 | -0.76 | 0.91 | -0.37 | 0.15 | 0.17 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($22M) exceeds total debt ($5M)
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 | 3.82 | 3.82 | 1.72 | 2.64 | 3.15 | 1.51 | 3.25 | 0.78 | 2.76 | 5.14 | 3.65 |
| Quick Ratio | 3.82 | 3.82 | 1.72 | 2.64 | 3.15 | 1.51 | 3.25 | 0.62 | 2.66 | 5.08 | 3.31 |
| Cash Ratio | 3.57 | 3.57 | 1.40 | 2.34 | 2.60 | 1.30 | 2.75 | 0.33 | 1.74 | 4.36 | 2.79 |
| Asset Turnover | — | — | — | — | 0.09 | 0.22 | 0.08 | — | 0.34 | 0.13 | 0.40 |
| Inventory Turnover | — | — | — | — | — | — | — | 0.36 | 6.28 | 4.87 | 3.64 |
| Days Sales Outstanding | — | — | — | — | 293.03 | 108.80 | 200.67 | — | 82.60 | 53.31 | 3.08 |
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 | — | — | — | — | 1220.4% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | — | — | — | — |
| Shares Outstanding | — | $3155 | $767 | $21 | $9 | $8 | $6 | $0 | $0 | $0 | $0 |
Clinical Trial Funding Gap
According to reported financial data, Aptevo's ROIC has remained consistently negative over the last ten quarters, bottoming at -12.6% in 2025Q4, which highlights the company's inability to generate productive returns while it continues to deploy capital into high-cost, early-stage clinical development programs without commercial revenue.
The persistent negative ROIC reflects a structural inability to convert R&D spending into tangible economic value. Investors should monitor whether future clinical readouts can shift this trajectory, as current returns on capital suggest that the company is effectively consuming its equity base to fund ongoing operations.
Based on recent SEC filings, the company's current ratio has fluctuated significantly, reaching a low of 0.67 in 2025Q1 before recovering to 3.36 in 2026Q1, a volatility that underscores the precarious nature of its liquidity position as it relies on periodic capital raises to maintain operations.
While the current ratio appears improved in the most recent quarter, this metric is heavily influenced by the timing of equity financing rather than operational cash generation. The lack of a stable liquidity cushion suggests that the company remains highly vulnerable to market conditions and clinical trial delays.
As reported in financial statements, the company's debt-to-equity ratio has shown extreme variance, peaking at 1.13 in 2024Q2, which indicates that management has utilized debt instruments to bridge funding gaps during periods where equity markets were less receptive to dilutive financing.
The reliance on debt in a pre-revenue context warrants further investigation, as interest coverage remains non-existent due to the absence of operating income. This leverage profile increases the risk of insolvency should the company fail to secure non-dilutive partnerships or achieve positive clinical milestones.
The P/B ratio is the most commonly misapplied metric for Aptevo, as it fails to account for the intangible nature of the ADAPTIR platform and the high probability of future equity dilution, which renders book value an unreliable proxy for the company's true long-term enterprise value.
Investors should instead focus on the cash-runway-to-data ratio, as traditional valuation multiples like P/B or P/E are distorted by the company's lack of commercial revenue and the non-cash nature of its R&D-heavy cost structure. Relying on book value ignores the binary risk inherent in clinical-stage biotech.
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Quick answers to the most common questions about buying APVO stock.
Aptevo Therapeutics Inc.'s current P/E ratio is -0.1x. The historical average is 0.1x.
Aptevo Therapeutics Inc.'s return on equity (ROE) is -234.6%. The historical average is -131.0%.
Based on historical data, Aptevo Therapeutics Inc. is trading at a P/E of -0.1x. Compare with industry peers and growth rates for a complete picture.