Latest Ratios: P/E Ratio -41.0x · EV/EBITDA N/A · ROE -5.1%. (2008–2025 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 | $447M | $381M | $95M | $45M | $63M | $101M | $288M | $861M | $619M | $964M | $251M |
| Enterprise Value | $391M | $325M | $59M | $28M | $14M | $62M | $239M | $827M | $577M | $882M | $223M |
| P/E Ratio → | -40.98 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 6.18 | 5.27 | 3.32 | 6.29 | — | 16.12 | 3.64 | 53.95 | 41.81 | 106.87 | — |
| P/B Ratio | 1.22 | 1.84 | 2.84 | 1.10 | 0.76 | 0.60 | 1.20 | 3.15 | 2.94 | 8.52 | 3.14 |
| P/FCF | — | — | — | 2.00 | — | — | — | — | — | 968.19 | — |
| P/OCF | — | — | — | 1.98 | — | — | — | — | — | 518.17 | — |
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 | — | 4.50 | 2.09 | 3.85 | — | 9.86 | 3.02 | 51.80 | 39.01 | 97.78 | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | 1.22 | — | — | — | — | — | 885.78 | — |
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 | 99.8% | 99.8% | -96.1% | -582.7% | — | 100.0% | -28.1% | -434.5% | -391.4% | -390.4% | — |
| Operating Margin | -16.8% | -16.8% | -159.3% | -902.5% | — | -2121.7% | -81.9% | -643.4% | -626.4% | -579.1% | — |
| Net Profit Margin | -8.5% | -8.5% | -140.9% | -854.8% | — | -2076.4% | -78.6% | -611.6% | -613.0% | -474.7% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.1% | -5.1% | -107.9% | -98.9% | -74.0% | -63.4% | -24.2% | -40.4% | -56.1% | -44.4% | -44.6% |
| ROA | -3.2% | -3.2% | -31.4% | -51.3% | -63.6% | -54.8% | -19.7% | -31.7% | -41.5% | -32.0% | -38.2% |
| ROIC | -12.2% | -12.2% | -313.9% | -169.2% | -86.3% | -62.0% | -22.6% | -37.8% | -69.5% | -95.1% | -47.5% |
| ROCE | -8.7% | -8.7% | -53.8% | -70.6% | -72.3% | -61.2% | -22.2% | -35.8% | -45.8% | -42.3% | -40.9% |
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 | 0.01 | 0.01 | 0.09 | 0.06 | 0.04 | 0.04 | 0.04 | 0.04 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.27 | -1.06 | -0.43 | -0.59 | -0.23 | -0.20 | -0.13 | -0.20 | -0.73 | -0.36 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | -0.78 | — | — | — | — | — | -82.40 | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($58M) exceeds total debt ($3M)
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 | 5.22 | 5.22 | 2.42 | 3.41 | 5.95 | 9.59 | 9.19 | 11.57 | 12.05 | 9.13 | 7.52 |
| Quick Ratio | 5.22 | 5.22 | 2.42 | 3.49 | 5.95 | 9.59 | 9.19 | 11.57 | 12.05 | 9.13 | 7.52 |
| Cash Ratio | 5.09 | 5.09 | 2.34 | 3.32 | 5.62 | 9.12 | 8.86 | 11.21 | 11.81 | 8.89 | 7.44 |
| Asset Turnover | — | 0.28 | 0.24 | 0.05 | — | 0.03 | 0.28 | 0.05 | 0.06 | 0.05 | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 4.92 | 5.12 | 2.19 | — | 19.61 | 5.68 | 77.15 | 59.91 | 92.03 | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | 49.9% | — | — | — | — | — | 0.1% | — |
| 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 | — | $11M | $6M | $5M | $4M | $4M | $4M | $4M | $2M | $2M | $2M |
Includes 30+ ratios · 18 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying ASMB stock.
Assembly Biosciences, Inc.'s current P/E ratio is -41.0x. This places it at the 50th percentile of its historical range.
Assembly Biosciences, Inc.'s return on equity (ROE) is -5.1%. The historical average is -69.7%.
Based on historical data, Assembly Biosciences, Inc. is trading at a P/E of -41.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Assembly Biosciences, Inc. has 99.8% gross margin and -16.8% operating margin.
Key Metrics
Top Statement Risk
Finite cash runway for clinical milestones
Metrics are mathematically derived from official filings.
Artificial Margins Mask Operational Burn
The reported 99.9% gross margin in Q2 2026 is an accounting artifact of recognizing collaboration revenue without associated cost of goods sold, a common feature for pre-commercial biotech firms, while the -47.4% operating margin underscores the persistent high burn rate for clinical development.
The gross margin is meaningless for evaluating true earning power as it reflects the structure of collaboration accounting, not manufacturing efficiency. The more telling metric is the operating margin, which has been consistently and deeply negative, indicating that the company's fixed R&D cost structure far exceeds its recognized revenue. This margin profile confirms that financial health is a function of cash runway, not operational profitability.
Negative Returns Reflect Pre-Revenue Stage
Return on invested capital has been consistently negative, with ROIC at -2.1% in Q2 2026, indicating the company is not yet generating returns on the capital deployed for its clinical programs and is instead in a phase of value creation through R&D.
The negative ROIC trend is expected for a clinical-stage biotech and does not signal operational failure but rather the nature of its investment cycle. The volatility in ROIC, swinging from -10.2% in Q3 2025 to 9.5% in Q4 2025, is driven by lumpy milestone revenue recognition rather than changes in capital efficiency. Investors should focus on pipeline progress as the leading indicator of future return potential, not current capital returns.
Working Capital Swings Distort Cash Conversion
The cash conversion cycle is not meaningful due to the absence of inventory and the erratic nature of accounts payable, which swung from 7 days in Q3 2025 to 5,253 days in Q2 2026, reflecting the timing of collaboration-related payments rather than operational efficiency.
The extreme volatility in Days Payable Outstanding (DPO) suggests that payables are not tied to a regular procurement cycle but to the settlement of large, irregular collaboration obligations. This makes traditional efficiency metrics inapplicable. The company's asset turnover is also extremely low at 0.05, which is typical for a firm whose primary assets are intellectual property and cash, not productive operating assets.
Minimal Leverage, Maximum Dilution Risk
The debt-to-equity ratio of 0.01 in Q2 2026 indicates virtually no financial leverage, but this is misleading as the company's primary financing risk is equity dilution, not debt service, given its negative operating cash flow and reliance on capital raises.
The near-zero leverage is a function of the company's inability to service debt with negative earnings, not a strategic choice. The balance sheet strength is derived entirely from the $305.6M equity base built through recent financing. The key risk is not covenant breach but the need for further dilutive offerings to fund operations until a clinical catalyst or new partnership materializes.
Adequate Liquidity, Finite Runway
The current ratio of 13.99 in Q2 2026 appears exceptionally strong, but it is inflated by a large cash position that is being consumed by operating losses, with the FCF margin at -115.8% indicating a rapid burn rate relative to recognized revenue.
While the high current ratio suggests no near-term solvency issue, it does not account for the pace of cash consumption. The company's liquidity is a function of its last capital raise and will be determined by the timing of its next financing event or partnership milestone. The absence of inventory makes the quick ratio identical to the current ratio, simplifying the analysis to a pure cash-and-receivables coverage of liabilities.
The Misleading Power of Gross Margin
The single most misapplied ratio to ASMB's business model is the gross margin, which at 99.9% suggests exceptional profitability but is an accounting artifact that obscures the company's true financial state of high cash burn and negative operating leverage.
For a pre-commercial biotech recognizing collaboration revenue under ASC 606, gross margin is economically meaningless as there is no cost of goods sold. Analysts and investors should instead focus on the operating margin and, more critically, the net cash burn rate relative to the remaining cash runway. Using gross margin to assess ASMB's financial health would lead to a fundamentally incorrect conclusion about its sustainability and value creation.