Latest Ratios: P/E Ratio -44.1x · EV/EBITDA N/A · ROE -252.1%. (2013–2025 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 | $6.8B | $9.1B | $4.1B | $3.6B | $3.1B | $1.4B | $3.0B | $3.5B | $76M | $127M | $129M |
| Enterprise Value | $6.7B | $9.0B | $3.9B | $3.4B | $3.0B | $1.4B | $2.9B | $3.3B | $69M | $103M | $102M |
| P/E Ratio → | -44.14 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 7.87 | 14.23 | 10.51 | 13.36 | 62.67 | — | — | — | — | — | — |
| P/B Ratio | 74.58 | 102.90 | 71.10 | 18.93 | 28.62 | 90.93 | 26.64 | 19.67 | 80.83 | 7.63 | 5.99 |
| 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 | — | 14.10 | 10.19 | 12.62 | 60.55 | — | — | — | — | — | — |
| 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 | 92.6% | 92.6% | 91.4% | 90.4% | 89.6% | — | — | — | — | — | — |
| Operating Margin | -26.5% | -26.5% | -72.7% | -85.7% | -359.3% | — | — | — | — | — | — |
| Net Profit Margin | -28.7% | -28.7% | -74.5% | -88.4% | -374.0% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -252.1% | -252.1% | -231.6% | -159.2% | -299.0% | -201.5% | -70.4% | -76.1% | -350.8% | -151.2% | -80.0% |
| ROA | -29.1% | -29.1% | -49.7% | -52.0% | -89.3% | -95.2% | -50.6% | -57.9% | -121.6% | -78.5% | -62.3% |
| ROIC | -1906.7% | -1906.7% | — | — | — | — | — | — | — | — | — |
| ROCE | -52.1% | -52.1% | -71.2% | -67.8% | -120.0% | -109.7% | -55.3% | -67.0% | -235.1% | -99.8% | -71.1% |
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 | 2.73 | 2.73 | 3.38 | 0.98 | 0.86 | 3.18 | 0.44 | 0.11 | 7.37 | 0.59 | 0.45 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.92 | -2.15 | -1.05 | -0.97 | -2.35 | -1.18 | -1.12 | -7.53 | -1.44 | -1.25 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -27.02 | -27.02 | -42.71 | -35.93 | -24.51 | -21.89 | -39.12 | -54.25 | -28.94 | -20.75 | -207.99 |
Net cash position: cash ($323M) exceeds total debt ($241M)
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 | 1.55 | 1.55 | 2.11 | 3.63 | 2.54 | 3.75 | 7.85 | 9.00 | 1.41 | 2.90 | 5.30 |
| Quick Ratio | 1.48 | 1.48 | 2.04 | 3.52 | 2.50 | 3.75 | 7.85 | 9.00 | 1.41 | 2.90 | 5.30 |
| Cash Ratio | 0.85 | 0.85 | 1.37 | 2.78 | 2.08 | 3.75 | 7.85 | 8.98 | 1.29 | 2.79 | 5.11 |
| Asset Turnover | — | 0.93 | 0.68 | 0.46 | 0.15 | — | — | — | — | — | — |
| Inventory Turnover | 1.70 | 1.70 | 2.12 | 1.72 | 1.20 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 128.32 | 134.38 | 127.90 | 275.00 | — | — | — | — | — | — |
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 | — | $50M | $48M | $45M | $41M | $38M | $37M | $34M | $27M | $23M | $19M |
Includes 30+ ratios · 13 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AXSM stock.
Axsome Therapeutics, Inc.'s current P/E ratio is -44.1x. This places it at the 50th percentile of its historical range.
Axsome Therapeutics, Inc.'s return on equity (ROE) is -252.1%. The historical average is -175.3%.
Based on historical data, Axsome Therapeutics, Inc. is trading at a P/E of -44.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Axsome Therapeutics, Inc. has 92.6% gross margin and -26.5% operating margin.
Key Metrics
Top Statement Risk
Persistent operating losses and leverage
Metrics are mathematically derived from official filings.
Premium Multiples Priced for Pipeline Success
Based on reported figures, AXSM trades at a P/S of 10.46 and P/B of 73.13 with negative trailing earnings, meaning the market is pricing future commercial scale and pipeline outcomes rather than current earnings power.
With trailing P/E at -35.27 and no forward estimates available, earnings-based valuation cannot be applied, so the investment case rests on revenue multiples. The 73x price-to-book multiple reflects a thin equity base of roughly $105M rather than an expensive asset position, and it should not be read as a premium on tangible value. Investors should monitor whether revenue growth above 50% year-over-year can narrow the gap between current pricing and the operating earnings required to justify it.
Debt Load Outpaces Thin Equity Base
As reported in financial statements, AXSM's debt-to-equity ratio stood at 2.07 in Q3 2026, down from 4.03 in Q1 2026 but still elevated, with interest coverage negative at -6.43 because operating income remains below zero.
The improvement in leverage from the Q1 2026 peak appears driven more by equity recovery than by debt reduction, since total liabilities remain sizable against a $105.4M equity cushion. Negative interest coverage suggests debt service is currently being met from cash reserves rather than operating earnings, which points to a structural dependence rather than a temporary strain. Refinancing and covenant risk warrant further investigation given the reliance on the $313.9M cash balance.
Returns Deeply Negative Despite Narrowing Losses
Based on reported figures, ROE improved from -107.8% in Q1 2025 to -13.6% in Q3 2026, while ROIC remains at -81.0%, indicating the capital base is still not generating operating returns despite the narrowing loss.
The sharp recovery in ROE largely reflects the reduction in net losses against a recovering equity base, rather than any improvement in asset productivity. ROIC at -81.0% in the latest quarter suggests invested capital is not yet producing operating returns, and the ratio has not turned positive across the ten quarters analyzed. The trend appears to be directional improvement from a deeply negative starting point rather than evidence of compounding returns.
Negative Cash Conversion Cycle Sustains Liquidity
According to recent SEC filings, AXSM's cash conversion cycle stood at -134 days in Q3 2026, reflecting payables of 452 days against receivables of 110 days, which allows the company to fund operations partly through supplier credit.
A negative cash conversion cycle is unusual for a commercial biotech and suggests reliance on deferred supplier payments, which may be sustainable but is not free financing. DPO fell from 623 days in Q2 2026 to 452 days in Q3 2026, indicating part of this support is unwinding. Investors should monitor whether payables normalization accelerates, since a shift toward standard terms would absorb working capital at the same time the company is still burning cash.
Current Ratio Erodes Under Commercial Scaling
As reported in financial statements, AXSM's current ratio declined from 2.48 in Q3 2024 to 1.42 in Q3 2026, while the quick ratio followed the same path to 1.34, suggesting liabilities have expanded faster than liquid assets.
The erosion in both current and quick ratios is consistent with the commercial buildout, where payables and accrued expenses scale with SG&A of $203.1M per quarter. The position remains above 1.0, but the cushion has narrowed materially over two years. Under a severe stress scenario in which prescription growth stalls, liquidity would depend heavily on the cash balance rather than on current assets converting efficiently.
Cash Trend Could Mask Structural Dependence
Based on reported figures, the improving quarterly ratios rest on a short recent run, and the 1.42 current ratio and 2.07 debt-to-equity could deteriorate quickly if prescription growth slows or supplier terms normalize.
The headline improvement in ROE and leverage since Q1 2026 may overstate underlying progress, because it is driven by a recovering equity base and a narrowing loss rather than by sustained operating profitability. A negative cash conversion cycle that depends on stretched payables is a fragile source of funding, and its reversal would consume working capital. Investors should treat the recent trend as provisional until operating margins and free cash flow stay positive over several consecutive quarters.