Latest Ratios: P/E Ratio -6.2x · EV/EBITDA N/A · ROE -43.2%. (2002–2025 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 | $83M | $44M | $11M | $11M | $24M | $37M | $18M | $13M | $17M | $20M | $42M |
| Enterprise Value | $60M | $11M | $-1472399 | $-4273935 | $-10228414 | $9M | $9M | $-955544 | $2M | $-1508102 | $14M |
| P/E Ratio → | -6.22 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 22.09 | 8.02 | 2.74 | 2.88 | 4.77 | 8.47 | — | 123.87 | 83.60 | 153.91 | 295.66 |
| P/B Ratio | 1.78 | 1.03 | 0.80 | 0.49 | 0.69 | 1.21 | 1.68 | 0.81 | 1.05 | 0.86 | 1.34 |
| 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 | — | 1.95 | -0.37 | -1.09 | -2.00 | 2.01 | — | -8.80 | 7.86 | -11.39 | 95.22 |
| 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 | 97.7% | 97.7% | 94.7% | 92.7% | 92.9% | 91.7% | — | 72.6% | 89.2% | 83.9% | 84.0% |
| Operating Margin | -268.0% | -268.0% | -487.7% | -373.7% | -302.6% | -349.8% | — | -11713.7% | -3862.5% | -5197.9% | -6019.2% |
| Net Profit Margin | -223.4% | -223.4% | -475.8% | -352.5% | -250.7% | -352.8% | — | -11020.8% | -4108.8% | -5696.6% | -5418.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -43.2% | -43.2% | -104.5% | -47.4% | -39.0% | -74.6% | -74.2% | -73.3% | -41.6% | -27.4% | -21.9% |
| ROA | -37.2% | -37.2% | -82.2% | -40.2% | -34.3% | -65.3% | -60.6% | -61.9% | -37.6% | -25.6% | -20.5% |
| ROIC | -204.0% | -204.0% | -343.2% | -273.4% | -726.7% | -598.3% | -441.3% | -635.6% | -439.7% | -225.5% | -184.6% |
| ROCE | -51.7% | -51.7% | -106.6% | -50.1% | -46.9% | -73.8% | -76.6% | -77.8% | -39.1% | -25.0% | -24.4% |
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 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.78 | -0.90 | -0.68 | -0.98 | -0.92 | -0.87 | -0.87 | -0.95 | -0.92 | -0.91 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($33M) exceeds total debt ($155457)
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 | 12.98 | 12.98 | 3.54 | 6.17 | 7.07 | 10.92 | 4.88 | 5.98 | 7.06 | 15.88 | 14.28 |
| Quick Ratio | 12.98 | 12.98 | 3.54 | 6.17 | 7.07 | 10.92 | 4.67 | 5.79 | 6.96 | 15.72 | 14.17 |
| Cash Ratio | 11.50 | 11.50 | 2.35 | 3.60 | 5.98 | 9.17 | 3.39 | 4.34 | 5.77 | 13.79 | 12.13 |
| Asset Turnover | — | 0.12 | 0.21 | 0.14 | 0.12 | 0.13 | — | 0.01 | 0.01 | 0.01 | 0.00 |
| Inventory Turnover | — | — | — | — | — | — | 0.20 | 0.05 | 0.08 | 0.09 | 0.09 |
| Days Sales Outstanding | — | 264.25 | 367.03 | 806.07 | 332.65 | 347.06 | — | 16241.01 | 5719.57 | 8368.71 | 12247.34 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | $4M | $4M | $3M | $1M | $1M | $889819 | $889819 | $889819 |
Clinical trial binary outcome
According to recent market data, Alterity trades at a price-to-book ratio of 1.76, which suggests that investors are assigning a premium to the firm's intellectual property and clinical pipeline rather than its tangible asset base, despite the absence of any commercialized revenue streams or positive earnings.
The P/S ratio of 21.75 appears disconnected from fundamental performance, reflecting market anticipation of clinical trial outcomes rather than current operational output. This valuation level implies that the market is pricing in a high probability of success for the ATH434 program, which warrants caution given the historical volatility of biotech valuations.
Based on reported figures, the company's ROIC has fluctuated significantly, reaching a low of -132.0% in 2026Q2, which indicates that the firm is currently destroying invested capital as it funds high-cost clinical research without generating any offsetting returns from commercial operations or product sales.
The persistent negative return on capital is a structural feature of the pre-revenue biotech model, where capital is consumed to build intangible value through clinical data. Investors should monitor whether the upcoming trial readouts can eventually justify this capital intensity, as current trends suggest a continued reliance on external funding to sustain operations.
As reported in financial statements, the company maintains a current ratio of 21.98 as of 2026Q2, which provides a substantial short-term buffer against insolvency, though this liquidity is primarily a function of recent capital raises rather than operational efficiency or cash-generating activities from the core business.
While the quick ratio mirrors the current ratio due to the lack of inventory, this liquidity position is inherently temporary and will erode as clinical trial expenses continue to accelerate. The firm's ability to maintain this liquidity is entirely dependent on its access to equity markets, which may become more restrictive if clinical milestones are not met.
As indicated by the company's financial history, the use of price-to-sales multiples is fundamentally misapplied to Alterity, as the reported revenue is derived from non-recurring R&D tax incentives rather than commercial activity, thereby obscuring the firm's true lack of market-validated product demand or sustainable earning power.
Analysts should instead focus on the cash burn rate relative to the clinical trial timeline, as this is the only metric that accurately reflects the company's operational reality. Relying on revenue-based valuation metrics may lead to an overestimation of the firm's commercial maturity and a misunderstanding of its underlying financial health.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying ATHE stock.
Alterity Therapeutics Limited's current P/E ratio is -6.2x. This places it at the 50th percentile of its historical range.
Alterity Therapeutics Limited's return on equity (ROE) is -43.2%. The historical average is -70.8%.
Based on historical data, Alterity Therapeutics Limited is trading at a P/E of -6.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Alterity Therapeutics Limited has 97.7% gross margin and -268.0% operating margin.