Latest Ratios: P/E Ratio -55.9x · EV/EBITDA N/A · ROE N/A. (2012–2025 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 | $14.2B | $12.9B | $8.0B | $7.1B | $6.8B | $7.4B | $8.4B | $6.5B | $2.6B | $1.3B | $538M |
| Enterprise Value | $14.4B | $13.2B | $8.3B | $7.4B | $7.0B | $7.1B | $7.9B | $5.9B | $2.3B | $1.2B | $357M |
| P/E Ratio → | -55.94 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 18.18 | 18.68 | 21.92 | 26.58 | 133.82 | 947.34 | 1214.13 | 483.74 | 243.27 | 880.44 | 116.73 |
| P/B Ratio | — | — | — | — | 26.00 | 8.34 | 10.07 | 10.84 | 9.19 | 7.20 | 3.04 |
| P/FCF | 288.36 | 296.28 | — | — | — | — | — | — | — | — | — |
| P/OCF | 242.97 | 249.64 | — | — | — | — | — | — | — | — | — |
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 | — | 19.05 | 22.73 | 27.90 | 137.20 | 916.96 | 1143.29 | 441.76 | 217.00 | 752.76 | 77.58 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 302.15 | — | — | — | — | — | — | — | — | — |
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 | 85.1% | 85.1% | 87.8% | 83.4% | 76.3% | 54.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -18.9% | -18.9% | -76.7% | -170.8% | -1097.9% | -5808.6% | -4755.1% | -1695.1% | -1462.6% | -7290.3% | -1583.2% |
| Net Profit Margin | -31.7% | -31.7% | -104.0% | -180.5% | -1139.6% | -4931.6% | -6025.5% | -1630.0% | -1229.5% | -8097.8% | -1487.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | -818.4% | -101.7% | -44.5% | -58.4% | -49.7% | -55.7% | -68.1% | -46.1% |
| ROA | -17.7% | -17.7% | -37.7% | -50.3% | -53.6% | -37.2% | -50.6% | -43.8% | -49.1% | -61.8% | -42.6% |
| ROIC | -69.1% | -69.1% | -105.4% | -106.5% | -77.8% | -68.2% | -129.9% | -899.3% | -5304.7% | — | — |
| ROCE | -51.9% | -51.9% | -154.6% | -197.2% | -82.8% | -47.3% | -42.5% | -49.9% | -66.2% | -61.3% | -49.1% |
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 | — | — | — | — | 2.35 | 0.24 | 0.11 | 0.06 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | 0.66 | -0.27 | -0.59 | -0.94 | -0.99 | -1.04 | -1.02 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 5.86 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1.64 | -1.64 | -4.70 | -9.76 | -17.83 | -97.17 | -217.55 | -177.75 | -1026.49 | -1281.21 | -13745.40 |
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 | 1.04 | 1.04 | 1.17 | 0.95 | 1.29 | 8.03 | 14.02 | 12.74 | 7.53 | 8.61 | 13.67 |
| Quick Ratio | 0.76 | 0.76 | 0.84 | 0.67 | 1.11 | 7.28 | 14.02 | 12.74 | 7.53 | 8.61 | 13.67 |
| Cash Ratio | 0.58 | 0.58 | 0.62 | 0.54 | 1.03 | 6.80 | 13.61 | 12.46 | 7.14 | 8.22 | 13.40 |
| Asset Turnover | — | 0.53 | 0.31 | 0.32 | 0.05 | 0.01 | 0.01 | 0.02 | 0.03 | 0.01 | 0.02 |
| Inventory Turnover | 0.34 | 0.34 | 0.15 | 0.21 | 0.09 | 0.05 | — | — | — | — | — |
| Days Sales Outstanding | — | 83.18 | 166.90 | 49.09 | 84.95 | 103.24 | 20.32 | 21.94 | 0.21 | 44.85 | 22.74 |
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 | 0.3% | 0.3% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.0% | 1.5% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.0% | 0.0% | 1.5% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $61M | $58M | $56M | $56M | $55M | $51M | $47M | $41M | $34M | $27M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying ASND stock.
Ascendis Pharma A/S's current P/E ratio is -55.9x. This places it at the 50th percentile of its historical range.
Based on historical data, Ascendis Pharma A/S is trading at a P/E of -55.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ascendis Pharma A/S has 85.1% gross margin and -18.9% operating margin.
Key Metrics
Top Statement Risk
Sustainability of cash flow inflection
Gross Margin Strength Amidst Operating Leverage
Gross margins have stabilized at a structurally high level, averaging approximately 90% over the last two quarters, which is consistent with the pricing power typical of proprietary biologics for rare diseases.
The consistent 90%+ gross margin is a key indicator of the company's pricing power and the high barriers to entry for its TransCon platform. This structural strength provides a significant buffer to absorb the high fixed costs of R&D and commercialization. The recent improvement in operating margin to 18.4% in Q2 2026, from negative levels, suggests that operating leverage is beginning to emerge as revenue scales, though the path to sustained profitability remains contingent on continued commercial execution.
ROIC Inflection Signals Capital Efficiency
Return on Invested Capital has swung from deeply negative to a positive 5.0% in Q2 2026, indicating the initial stages of value creation as the commercial ramp of SKYTROFA and YORVIPATH gains traction.
The dramatic turnaround in ROIC from -98.3% in Q2 2024 to 5.0% in Q2 2026 is a critical inflection point, suggesting the company's significant prior investments are beginning to generate returns. This improvement is driven by the rapid revenue growth outpacing the growth in invested capital. However, the current ROIC level remains modest and warrants monitoring to ensure it continues to expand towards a cost of capital threshold, which would confirm sustainable value creation.
Working Capital Dynamics Drive Cash Flow Volatility
The cash conversion cycle has improved significantly to 679 days in Q2 2026 from 1,555 days in Q1 2024, primarily driven by a reduction in days inventory outstanding, which suggests improving inventory management.
The substantial reduction in the CCC, while still lengthy, is a positive trend for a commercial-stage biotech. The improvement is largely attributable to a decrease in DIO from 2,655 days to 881 days, indicating more efficient inventory turnover as the commercial operation matures. However, the DSO of 56 days and DPO of 257 days suggest the company has limited leverage with customers and extends favorable terms to suppliers, which is typical for a growing company in a specialized market.
Debt Burden Recedes Amidst Equity Infusion
The debt-to-equity ratio has fallen sharply to 0.31 in Q2 2026 from 1.84 in Q1 2026, as a significant equity raise or retained earnings surge has diluted the relative burden of the $449.9M in total debt.
The rapid deleveraging appears to be driven by a substantial equity infusion rather than debt repayment, as evidenced by the swing in total equity from negative to positive. This has dramatically improved the interest coverage ratio to 4.40x, making debt service more comfortable. However, the reliance on equity markets for capital raises dilution risk, and the sustainability of this improved leverage profile depends on the company's ability to generate consistent operating cash flow to avoid future dilutive financing.
Liquidity Buffer Expands to Multi-Year High
The current ratio has surged to 2.99 in Q2 2026, supported by a cash position of $811.9M, which represents a substantial buffer against operational volatility and provides ample runway for continued commercial investment.
The significant improvement in liquidity, with the current ratio now well above 2.0x, provides a strong cushion to fund ongoing operations and commercial expansion without immediate need for external financing. The quick ratio of 2.32x further confirms that this liquidity is not dependent on inventory liquidation. This robust position should allow the company to navigate the inherent volatility of a commercial ramp and invest in its pipeline without financial distress.
The Peril of Misapplying P/E to a Growth Story
The trailing P/E ratio of -62.53 is a misleading metric for Ascendis Pharma, as it reflects historical losses and non-recurring items, obscuring the company's forward growth potential and current operational inflection.
For a high-growth, recently unprofitable biotech like ASND, the trailing P/E is often negative or distorted and provides little analytical value. Investors should instead focus on forward multiples like the Forward P/E of 17.99, which incorporates expected earnings from the commercial ramp. The most relevant metrics are likely EV/Revenue or EV/EBITDA on a forward basis, as they better capture the value of the company's pipeline and platform potential, rather than its past investment phase.