Latest Ratios: P/E Ratio -11.1x · EV/EBITDA N/A · ROE -27.1%. (2022–2025 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 |
|---|---|---|---|---|---|
| Market Cap | $939M | $475M | $208M | — | — |
| Enterprise Value | $756M | $292M | $-138073286 | — | — |
| P/E Ratio → | -11.14 | — | — | — | — |
| P/S Ratio | 104.43 | 52.85 | — | — | — |
| P/B Ratio | 3.30 | 1.75 | 0.64 | — | — |
| 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 |
|---|---|---|---|---|---|
| EV / Revenue | — | 32.47 | — | — | — |
| 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 |
|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | — | — | — |
| Operating Margin | -1031.5% | -1031.5% | — | — | — |
| Net Profit Margin | -896.1% | -896.1% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | -27.1% | -27.1% | -95.0% | — | — |
| ROA | -24.7% | -24.7% | -37.0% | -235.0% | -139.7% |
| ROIC | -210.2% | -210.2% | — | — | — |
| ROCE | -30.7% | -30.7% | -52.4% | — | -177.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.03 | — | — |
| Debt / EBITDA | — | — | — | — | — |
| Net Debt / Equity | — | -0.67 | -1.07 | — | — |
| Net Debt / EBITDA | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — |
| Interest Coverage | -114.65 | -114.65 | -29.04 | -7.19 | -163.82 |
Net cash position: cash ($189M) exceeds total debt ($6M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 14.24 | 14.24 | 12.86 | 0.44 | 4.78 |
| Quick Ratio | 14.24 | 14.24 | 12.86 | 0.44 | 4.78 |
| Cash Ratio | 13.96 | 13.96 | 12.76 | 0.37 | 4.72 |
| Asset Turnover | — | 0.03 | — | — | — |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | 31.20 | — | — | — |
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 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — |
| FCF Yield | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $36M | $36M | $34M | $34M |
Clinical Trial Execution Risk
Based on reported figures, BioAge Labs trades at a price-to-sales multiple of 99.45, a valuation that appears to be driven entirely by market anticipation of clinical milestones rather than any underlying commercial revenue or historical earnings performance typical of established healthcare sector participants.
The elevated P/S ratio suggests that investors are pricing the company as a high-stakes call option on the success of the azelaprag program. This valuation is disconnected from traditional fundamental metrics and instead relies on the potential for future partnership or acquisition premiums, which warrants caution regarding downside risk if clinical data fails to meet expectations.
As reported in financial statements, the company's ROIC has remained deeply negative, reaching -16.5% in 2026Q1, which underscores the structural reality that capital is being consumed to fund long-term clinical development rather than generating immediate returns on invested capital for shareholders.
The persistent decay in ROIC is a direct consequence of the heavy R&D burn required to advance the pipeline. Investors should monitor this metric not as a measure of current efficiency, but as a proxy for the intensity of the capital-intensive clinical trial phase the company is currently navigating.
According to recent SEC filings, the company's asset turnover remains negligible at 0.01, reflecting a business model that has yet to transition from a research-focused entity to a commercial operation with meaningful revenue-generating assets or inventory management requirements.
The lack of meaningful asset turnover is expected for a pre-commercial biotech, but the volatility in working capital metrics suggests that cash management is highly sensitive to the timing of milestone payments. This indicates that operational efficiency is currently secondary to the primary objective of clinical trial progression.
Based on the provided balance sheet data, BioAge Labs maintains a current ratio of 24.76 as of 2026Q1, which suggests a robust liquidity position that appears sufficient to fund ongoing clinical operations without immediate reliance on dilutive capital markets in the near term.
This high liquidity ratio provides a necessary safety net for the company's high-burn R&D model. However, investors should remain aware that this position is temporary and will likely erode as the company progresses through the expensive later stages of clinical development.
The most commonly misapplied metric for BioAge Labs is the gross margin, which, at 100% in recent filings, obscures the fact that the company lacks a commercial product and is instead relying on non-recurring milestone payments that do not represent sustainable earning power.
Analysts should prioritize R&D-to-cash burn ratios over traditional margin analysis, as the latter is an artifact of milestone accounting. Focusing on gross margin in this context may lead to an erroneous conclusion that the company possesses a high-margin business model, when in reality, it is currently a pure-play R&D investment.
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Quick answers to the most common questions about buying BIOA stock.
BioAge Labs, Inc.'s current P/E ratio is -11.1x. This places it at the 50th percentile of its historical range.
BioAge Labs, Inc.'s return on equity (ROE) is -27.1%. The historical average is -61.0%.
Based on historical data, BioAge Labs, Inc. is trading at a P/E of -11.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BioAge Labs, Inc. has 100.0% gross margin and -1031.5% operating margin.