Latest Ratios: P/E Ratio -2.0x · EV/EBITDA N/A · ROE -310.8%. (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 | $2.1B | $1.2B | $3.4B | $3.0B | $621M | — | — | — |
| Enterprise Value | $2.1B | $1.3B | $3.3B | $2.8B | $450M | — | — | — |
| P/E Ratio → | -1.99 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — |
| P/B Ratio | 28.25 | 23.33 | 8.05 | 7.12 | 1.15 | — | — | — |
| 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 | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -310.8% | -310.8% | -198.8% | -84.4% | -180.1% | -249.4% | -342.2% | — |
| ROA | -138.5% | -138.5% | -150.0% | -69.5% | -141.9% | -168.6% | -52.1% | -153.6% |
| ROIC | -239.1% | -239.1% | -232.4% | -113.2% | -218.8% | -1662.6% | — | — |
| ROCE | -187.2% | -187.2% | -192.7% | -84.7% | -169.1% | -240.9% | -63.7% | -172.3% |
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 | 5.47 | 5.47 | 0.09 | 0.07 | 0.06 | 0.03 | 0.05 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 1.05 | -0.15 | -0.51 | -0.32 | -0.77 | -1.03 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | -42.57 |
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 | 3.18 | 3.18 | 3.49 | 7.98 | 6.52 | 2.26 | 3.00 | 4.96 |
| Quick Ratio | 3.18 | 3.18 | 3.49 | 7.98 | 6.52 | 2.26 | 3.00 | 4.96 |
| Cash Ratio | 2.75 | 2.75 | 3.15 | 6.89 | 5.17 | 1.81 | 2.76 | 4.79 |
| Asset Turnover | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
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% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $108M | $91M | $71M | $45M | $36M | $36M | $48M |
Includes 30+ ratios · 7 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 BHVN stock.
Biohaven Ltd.'s current P/E ratio is -2.0x. This places it at the 50th percentile of its historical range.
Biohaven Ltd.'s return on equity (ROE) is -310.8%. The historical average is -227.6%.
Based on historical data, Biohaven Ltd. is trading at a P/E of -2.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Dilution risk from cash burn
Metrics are mathematically derived from official filings.
Deepening Losses Reflect Trial Expansion
Biohaven's net margin remains deeply negative, with quarterly net losses averaging over $150M, as reported in financial statements. The 2026Q2 ROE of -193.8% underscores the severity of the burn relative to a shrinking equity base.
The absence of gross and operating margins is consistent with a pre-revenue clinical-stage entity, but the trend in net losses is the key profitability signal. The 2024Q2 R&D spike to $314.8M, which drove net loss to $319.8M, indicates a deliberate acceleration into late-stage trials, yet the lack of any revenue means these losses are structural, not cyclical. The widening losses are not a sign of operational deterioration but rather a function of the company's investment phase; however, the pace of burn relative to the cash balance is the critical constraint.
Capital Efficiency Decaying with Negative Equity
ROIC has been consistently negative, ranging from -45.8% to -154.7% over the past ten quarters, as per reported figures. The 2026Q2 ROIC of -89.6% reflects a high burn rate against a shrinking invested capital base.
The return on capital metrics are meaningless in the traditional sense because the company is pre-revenue and burning cash, but the trend is informative. The deterioration in ROE from -50.5% in 2024Q4 to -193.8% in 2026Q2 is driven by the erosion of equity from $423.4M to $12.2M, as cumulative losses outpace any capital raises. This suggests that the company is not compounding capital but rather consuming it, and the negative equity base amplifies the negative returns. Investors should monitor whether future capital raises can reset the equity base and provide a runway to clinical catalysts.
Working Capital Efficiency Masked by Pre-Revenue Model
Asset turnover and cash conversion cycle data are largely unavailable, but the current ratio of 4.73 in 2026Q2 suggests ample short-term liquidity, as per balance sheet data. However, the high ratio is misleading given the lack of revenue and the debt overhang.
The efficiency ratios are not meaningful for a company with no sales, but the working capital position is critical. The current ratio has remained above 2.3 over the past ten quarters, indicating that current assets comfortably cover current liabilities, but this is a function of cash holdings rather than operational efficiency. The DPO of 1396 days in 2025Q4 is an artifact of the pre-revenue model, as there are no cost of goods sold to offset payables. The real efficiency concern is the cash burn rate relative to the cash balance, which dropped from $273.1M in 2026Q1 to $238.0M in 2026Q2, implying a runway of less than two quarters at the current burn pace.
Leverage Spikes as Equity Erodes
Debt-to-equity surged from 0.09 in 2024Q4 to 23.92 in 2026Q2, with total debt of $292.4M exceeding cash, as reported in the balance sheet. This indicates a fragile capital structure heavily reliant on debt financing.
The leverage ratio is distorted by the near-zero equity base, but the absolute debt level of $292.4M against $238.0M cash is a red flag. The company has no revenue to service this debt, and interest coverage is not calculable, but the lack of operating cash flow suggests that debt service will require either refinancing or equity issuance. The spike in D/E from 2.21 in 2026Q1 to 23.92 in 2026Q2 is primarily due to the equity base shrinking to $12.2M, not a massive increase in debt. This implies that the company is increasingly reliant on external capital, and the risk of covenant breaches or forced dilution is elevated.
Cash Buffer Thins Despite High Current Ratio
The current ratio of 4.73 in 2026Q2 appears healthy, but cash dropped to $238.0M from $273.1M in 2026Q1, as per balance sheet data. With quarterly burn exceeding $150M, the runway is likely under two quarters.
The liquidity position is precarious when viewed through the lens of cash burn. The current ratio is high because current assets are mostly cash, but the rapid depletion of that cash is the real concern. The company's ability to fund operations through key data readouts is questionable without a near-term capital raise. The high current ratio may provide a false sense of security, as it does not account for the lack of revenue or the need to refinance debt. Investors should monitor the cash balance closely, as any delay in financing could force a dilutive offering at unfavorable terms.
Misapplied P/B Ratio Obscures True Value
The price-to-book ratio of 30.05 is often used to gauge valuation, but for a pre-revenue biotech with negative equity, it is meaningless, as per reported figures. The metric fails to capture the value of the pipeline and clinical milestones.
The P/B ratio is commonly misapplied to clinical-stage biotechs because book value is dominated by cash and accumulated deficits, not the intellectual property or platform value. For Biohaven, the negative equity base makes P/B misleading, as it suggests extreme overvaluation when in fact the market is pricing the probability of success of the pipeline. A more appropriate metric would be EV/Invested Capital or a risk-adjusted NPV of the pipeline, which accounts for the potential of BHV-7000 and the MoDE platform. Investors should focus on cash runway and clinical catalysts rather than book value multiples.