Latest Ratios: P/E Ratio -2.3x · EV/EBITDA N/A · ROE -44.3%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $359M | $291M | $282M | $254M | $400M | $789M | $3.4B | — | — |
| Enterprise Value | $264M | $196M | $219M | $113M | $-243174698 | $25M | $2.6B | — | — |
| P/E Ratio → | -2.31 | — | — | — | — | 6.53 | — | — | — |
| P/S Ratio | — | — | — | — | — | 2.25 | 70.82 | — | — |
| P/B Ratio | 1.33 | 1.06 | 0.64 | 0.46 | 0.63 | 1.11 | 6.29 | — | — |
| P/FCF | — | — | — | — | — | — | 11.61 | — | — |
| P/OCF | — | — | — | — | — | — | 11.61 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | 0.07 | 53.34 | — | — |
| EV / EBITDA | — | — | — | — | — | 0.18 | — | — | — |
| EV / EBIT | — | — | — | — | — | 0.18 | — | — | — |
| EV / FCF | — | — | — | — | — | — | 8.74 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | 52.4% | 21.8% | — | — |
| Operating Margin | — | — | — | — | — | 39.4% | -22.7% | — | — |
| Net Profit Margin | — | — | — | — | — | 34.5% | -22.5% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -44.3% | -44.3% | -33.9% | -22.7% | -17.2% | 19.3% | -3.9% | -68.9% | — |
| ROA | -40.6% | -40.6% | -31.8% | -21.6% | -16.1% | 14.8% | -2.5% | -47.3% | -26.0% |
| ROIC | -48.8% | -48.8% | -36.7% | -59.9% | — | — | — | — | — |
| ROCE | -50.1% | -50.1% | -38.3% | -27.1% | -19.2% | 21.9% | -3.9% | -55.4% | -28.6% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | 0.00 | — | — | — |
| Net Debt / Equity | — | -0.34 | -0.14 | -0.25 | -1.00 | -1.08 | -1.55 | -1.11 | — |
| Net Debt / EBITDA | — | — | — | — | — | -5.52 | — | — | — |
| Debt / FCF | — | — | — | — | — | — | -2.87 | — | — |
| Interest Coverage | — | — | — | — | -9.96 | — | — | — | — |
Net cash position: cash ($96M) exceeds total debt ($843000)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.82 | 7.82 | 24.85 | 18.24 | 35.77 | 13.58 | 2.73 | 9.00 | 19.71 |
| Quick Ratio | 7.82 | 7.82 | 24.85 | 18.24 | 35.77 | 13.58 | 2.73 | 9.00 | 19.71 |
| Cash Ratio | 7.59 | 7.59 | 24.44 | 17.86 | 35.00 | 13.44 | 2.69 | 8.90 | 19.60 |
| Asset Turnover | — | — | — | — | — | 0.45 | 0.06 | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | 43.64 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 15.3% | — | — | — |
| FCF Yield | — | — | — | — | — | — | 8.6% | — | — |
| Buyback Yield | 7.1% | 8.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 7.1% | 8.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $81M | $84M | $83M | $83M | $88M | $82M | $83M | $10M |
Clinical trial funding shortfall
Based on reported figures, AVIR trades at a P/B of 1.33, which suggests the market is pricing the company near its liquidation value rather than as a going concern with a viable pipeline, a significant discount compared to peers like Relay Therapeutics or Cogent Biosciences.
The absence of meaningful P/S or P/E multiples underscores that investors are currently ignoring traditional valuation metrics in favor of cash-on-hand analysis. This valuation compression appears to reflect deep skepticism regarding the commercial viability of the company's lead antiviral candidates in a post-pandemic market environment.
As indicated by historical financial data, AVIR's ROIC has trended downward to -21.5% in 2026Q1, reflecting a consistent inability to generate positive returns on invested capital while the company continues to exhaust its balance sheet to fund late-stage clinical development programs.
The negative ROIC trend is a direct consequence of high R&D intensity coupled with a complete lack of revenue generation. Investors should monitor whether this decay in capital efficiency stabilizes as the company approaches potential data readouts, or if it signals a structural inability to create shareholder value.
According to recent SEC filings, the company's current ratio has contracted from a peak of 24.85 in 2024Q4 to 7.89 in 2026Q1, signaling that while the firm remains technically liquid, its cash runway is narrowing significantly under the weight of ongoing clinical trial expenditures.
The rapid decline in the current ratio suggests that the company's ability to withstand further operational delays is diminishing. Without a new source of non-dilutive capital or a successful milestone achievement, the current liquidity position may necessitate a dilutive equity raise to sustain operations through the next fiscal year.
Analysts frequently misapply P/E or EV/EBITDA ratios to AVIR, which obscures the reality that the company is a pre-revenue research entity where current earnings are non-existent and EBITDA is merely a proxy for the rate of cash destruction rather than operational performance.
Investors should instead focus on the 'Cash Runway to Data' metric, which provides a more accurate assessment of the company's survival probability. Relying on standard valuation multiples in this context is misleading, as it fails to account for the binary nature of clinical trial outcomes and the inherent volatility of biotech R&D.
Includes 30+ ratios · 8 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AVIR stock.
Atea Pharmaceuticals, Inc.'s current P/E ratio is -2.3x. The historical average is 6.5x.
Atea Pharmaceuticals, Inc.'s return on equity (ROE) is -44.3%. The historical average is -24.5%.
Based on historical data, Atea Pharmaceuticals, Inc. is trading at a P/E of -2.3x. Compare with industry peers and growth rates for a complete picture.