Latest Ratios: P/E Ratio -2.5x · EV/EBITDA N/A · ROE -389.9%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $927M | $213M | $224M | $414M | $1.2B | — | — |
| Enterprise Value | $2.6B | $843M | $220M | $198M | $239M | $864M | — | — |
| P/E Ratio → | -2.53 | — | — | — | — | — | — | — |
| P/S Ratio | 664.99 | 226.59 | 691.60 | 713.23 | 1777.74 | 60.17 | — | — |
| P/B Ratio | 7.50 | 4.17 | 1.83 | 0.92 | 1.56 | 3.18 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 206.23 | 714.98 | 630.78 | 1025.50 | 42.42 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.3% | 75.3% | -53.6% | -1.6% | 27.9% | 99.8% | — | — |
| Operating Margin | -2439.7% | -2439.7% | -33341.2% | -39958.9% | -61987.1% | -590.5% | — | — |
| Net Profit Margin | -16142.0% | -16142.0% | -48464.0% | -12810.2% | -65401.3% | -823.6% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -389.9% | -389.9% | -82.7% | -15.8% | -46.8% | -69.7% | -218.9% | -23.7% |
| ROA | -280.9% | -280.9% | -65.9% | -13.4% | -42.4% | -63.8% | -195.6% | -22.8% |
| ROIC | -57.0% | -57.0% | -45.0% | -60.9% | -188.5% | -729.7% | -517.8% | -44.8% |
| ROCE | -47.3% | -47.3% | -50.4% | -44.9% | -42.6% | -48.9% | -130.4% | -29.5% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.21 | 0.08 | 0.06 | 0.00 | 0.02 | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.37 | 0.06 | -0.11 | -0.66 | -0.94 | -1.00 | -0.50 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -566.86 | -566.86 | -47.31 | -15.14 | -162.80 | — | — | — |
Net cash position: cash ($85M) exceeds total debt ($2M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 11.74 | 11.74 | 3.21 | 9.22 | 14.43 | 17.92 | 8.09 | 24.36 |
| Quick Ratio | 11.74 | 11.74 | 3.21 | 9.22 | 14.43 | 17.92 | 8.09 | 24.36 |
| Cash Ratio | 10.91 | 10.91 | 2.50 | 8.91 | 13.73 | 17.30 | 7.91 | 18.71 |
| Asset Turnover | — | 0.01 | 0.00 | 0.00 | 0.00 | 0.05 | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 1287.81 | 1597.47 | 2623.58 | 8821.09 | 113.19 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $227M | $160M | $159M | $156M | $161M | $153M | $153M |
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying ATAI stock.
Atai Beckley Inc.'s current P/E ratio is -2.5x. This places it at the 50th percentile of its historical range.
Atai Beckley Inc.'s return on equity (ROE) is -389.9%. The historical average is -121.1%.
Based on historical data, Atai Beckley Inc. is trading at a P/E of -2.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Atai Beckley Inc. has 75.3% gross margin and -2439.7% operating margin.
Key Metrics
Top Statement Risk
Cash runway and clinical execution
Metrics are mathematically derived from official filings.
Valuation Reflects High-Risk Pipeline Optionality
The current P/S ratio of 659.57, as reported in recent financial statements, prices in significant future commercial success from a pipeline that is still in early clinical stages, creating a valuation highly sensitive to binary outcomes.
The extreme price-to-sales multiple is a function of ATAI's minimal revenue base ($4.09M TTM) against a market capitalization that reflects the option value of its entire portfolio. This valuation is not comparable to traditional biotech peers on a P/E basis, as the company is pre-profit, and the negative P/E of -2.51 simply confirms ongoing losses. Investors are effectively paying for the potential of future drugs, not current cash flows, making the stock a high-beta play on regulatory and clinical success.
Gross Margins Irrelevant to Core Cash Burn
While gross margins have recovered to 87.4% in Q2 2026, the operating margin remains deeply negative at -25.9%, indicating that the high gross margin is a misleading indicator of business health given the massive R&D cost structure.
The decomposition reveals a stark disconnect: the 87.4% gross margin suggests a highly profitable underlying product, but the -25.9% operating margin shows that R&D and SG&A expenses completely overwhelm this. The true earning power is currently negative, and the gross margin is only meaningful if a drug achieves commercial scale. The volatility in gross margin (from -107.5% in Q3 2024 to 100% in Q4 2025) further underscores that it is driven by accounting for milestone payments or IP transfers, not consistent product sales.
Negative Returns Reflect Pre-Revenue Investment Phase
ROIC has been consistently negative, ranging from -8.1% to -39.0% over the last ten quarters, confirming that the company is destroying capital in its current form as it funds clinical trials without commercial returns.
The negative ROIC trend is expected for a clinical-stage biotech and does not necessarily indicate poor management, but rather the nature of the business model. The driver is overwhelmingly the negative operating margin, not asset efficiency. The ROIC will only become a meaningful metric upon successful commercialization of a lead asset. Until then, the focus should be on the cash burn rate relative to the remaining runway, as the return on invested capital is structurally negative.
High Current Ratio Masks Episodic Cash Volatility
The current ratio of 8.58 in Q2 2026 appears robust, but the history shows it has swung from 3.21 to 11.74 in recent quarters, indicating that liquidity is dependent on financing events rather than operational cash generation.
The high current ratio is driven by a cash position that surged to $168.8M in Q2 2026 from $43.1M in Q1, likely from a capital raise. This creates a misleading picture of stability. Under severe stress, such as a failed clinical trial or a frozen capital market, the company's ability to fund operations would be immediately challenged. The quick ratio equals the current ratio, confirming no inventory dependence, but the extreme volatility in the cash balance is the primary liquidity risk.
The Misleading Power of the Gross Margin
The gross margin is the ratio most commonly misapplied to ATAI's business model, as its high level (87.4%) obscures the reality that the company is in a pre-commercial phase where operating losses are the dominant financial feature.
For a typical industrial or software company, a high gross margin signals pricing power and scalability. For ATAI, it is an accounting artifact of how collaboration revenue or milestone payments are recognized against minimal direct costs. The metric is misleading because it suggests a profitable core business, while the operating margin of -25.9% reveals the true economic picture: a heavy, fixed-cost R&D engine burning cash. Analysts should instead focus on the operating cash burn rate and the cash runway as the primary metrics of financial health.