Latest Ratios: P/E Ratio -13.4x · EV/EBITDA N/A · ROE -5.7%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $22.0B | $23.0B | $27.4B | $25.6B | $37.5B | $67.0B | $20.3B | $7.2B | — | — |
| Enterprise Value | $13.7B | $15.6B | $17.9B | $14.2B | $23.9B | $65.6B | $19.3B | $6.7B | — | — |
| P/E Ratio → | -13.43 | — | — | 27.56 | 4.05 | 6.26 | 1430.18 | — | — | — |
| P/S Ratio | 8.17 | 8.35 | 9.96 | 6.71 | 2.17 | 3.53 | 42.01 | 65.98 | — | — |
| P/B Ratio | 0.99 | 1.20 | 1.41 | 1.27 | 1.87 | 5.63 | 14.77 | 14.52 | — | — |
| P/FCF | — | 85.28 | — | 5.49 | 2.84 | 91.00 | — | — | — | — |
| P/OCF | 45.02 | 52.53 | 131.89 | 4.77 | 2.76 | 75.25 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.66 | 6.50 | 3.71 | 1.38 | 3.45 | 40.00 | 61.88 | — | — |
| EV / EBITDA | — | — | — | 16.22 | 1.87 | 4.27 | — | — | — | — |
| EV / EBIT | — | — | — | 11.87 | 1.84 | 4.39 | — | — | — | — |
| EV / FCF | — | 57.84 | — | 3.04 | 1.81 | 89.11 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.6% | 77.6% | 80.3% | 84.3% | 82.7% | 84.7% | 87.7% | 84.0% | 89.3% | 84.9% |
| Operating Margin | -22.6% | -22.6% | -47.8% | 18.1% | 73.0% | 80.5% | -17.1% | -167.1% | -42.2% | -99.5% |
| Net Profit Margin | -39.6% | -39.6% | -24.2% | 24.4% | 54.5% | 54.2% | 3.2% | -164.9% | -37.6% | -139.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.7% | -5.7% | -3.4% | 4.6% | 59.1% | 155.2% | 1.6% | -47.1% | -43.9% | — |
| ROA | -4.9% | -4.9% | -2.9% | 4.0% | 48.2% | 113.4% | 1.0% | -24.7% | -9.3% | -22.9% |
| ROIC | -4.3% | -4.3% | -10.5% | 6.8% | 112.2% | 210.2% | -27.5% | -280.4% | — | — |
| ROCE | -3.1% | -3.1% | -6.4% | 3.3% | 77.4% | 217.4% | -6.9% | -30.6% | -14.5% | -28.3% |
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 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.18 | 0.15 | 0.20 | — |
| Debt / EBITDA | — | — | — | 0.25 | 0.02 | 0.02 | — | — | — | — |
| Net Debt / Equity | — | -0.39 | -0.49 | -0.57 | -0.68 | -0.12 | -0.71 | -0.90 | -1.34 | — |
| Net Debt / EBITDA | — | — | — | -13.10 | -1.07 | -0.09 | — | — | — | — |
| Debt / FCF | — | -27.44 | — | -2.45 | -1.03 | -1.89 | — | — | — | — |
| Interest Coverage | -73.00 | -73.00 | -50.53 | 153.85 | 819.96 | 2651.69 | -77.15 | -104.92 | -25.84 | -130.83 |
Net cash position: cash ($7.7B) exceeds total debt ($267M)
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.54 | 7.54 | 7.45 | 9.43 | 7.43 | 4.33 | 2.75 | 4.05 | 3.56 | 1.20 |
| Quick Ratio | 7.49 | 7.49 | 7.34 | 9.26 | 7.28 | 4.18 | 2.64 | 3.97 | 3.51 | 1.17 |
| Cash Ratio | 6.93 | 6.93 | 6.65 | 7.99 | 4.77 | 0.60 | 2.22 | 3.77 | 3.27 | 1.09 |
| Asset Turnover | — | 0.13 | 0.12 | 0.17 | 0.74 | 1.20 | 0.21 | 0.14 | 0.20 | 0.16 |
| Inventory Turnover | 5.57 | 5.57 | 1.91 | 1.68 | 6.81 | 5.79 | 0.93 | 1.44 | 2.36 | 2.40 |
| Days Sales Outstanding | — | 130.35 | 202.18 | 223.62 | 150.68 | 238.16 | 125.25 | 40.04 | 81.37 | 27.11 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 1.3% | — | — | — | — | — |
| Payout Ratio | — | — | — | — | 5.1% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 3.6% | 24.7% | 16.0% | 0.1% | — | — | — |
| FCF Yield | — | 1.2% | — | 18.2% | 35.2% | 1.1% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 2.9% | 2.6% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 2.9% | 3.9% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $242M | $240M | $243M | $250M | $260M | $249M | $211M | $227M | $227M |
Includes 30+ ratios · 9 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying BNTX stock.
BioNTech SE's current P/E ratio is -13.4x. The historical average is 12.6x.
BioNTech SE's return on equity (ROE) is -5.7%. The historical average is 15.1%.
Based on historical data, BioNTech SE is trading at a P/E of -13.4x. Compare with industry peers and growth rates for a complete picture.
BioNTech SE has 77.6% gross margin and -22.6% operating margin.
Key Metrics
Top Statement Risk
Sustained operating losses and burn
Cash-Backed Valuation Sits Above Earnings Power
BNTX trades at a P/B of 0.97 and P/S of 7.00 on reported figures, while negative TTM P/E of -17.04 and P/FCF of 71.53 show that the market is pricing the company on its cash base and pipeline rather than current earnings.
A price-to-book near 1.0 alongside a P/S of 7.00 suggests investors are anchoring to the roughly $7.6 billion cash reserve rather than to earnings, which are negative. The P/FCF of 71.53 indicates very thin free cash flow relative to market capitalization, so the valuation rests on oncology optionality that remains unproven in the supplied data. Investors should monitor whether the cash cushion is being drawn down faster than pipeline milestones arrive, since that would erode the asset backing that currently supports the multiple.
Gross Margins Masked by Volatile Operating Losses
Quarterly gross margin swung from 8.1% in 2026Q2 to 92.0% in 2026Q3 while operating margin stayed negative in most periods, with the 2026Q2 operating margin at -9.0%, indicating that partner-driven revenue timing dominates headline profitability.
The wide gross margin range suggests that reported gross profit depends heavily on the composition of collaboration and profit-share revenue rather than on steady manufacturing economics. Because R&D spend remains fixed and large, operating margins stay negative even in quarters with high gross margins, which points to a cost base that is not scaling with revenue. Net margin in 2026Q3 of 14.3% should be treated cautiously, as it outpaces operating margin of 9.7% and likely reflects non-operating items rather than a durable change in earning power.
Returns Oscillate Around Zero, Not Compounding
ROIC ranged from -8.2% in 2026Q2 to 1.2% in 2026Q3 across the ten quarters, and ROE moved between -4.5% and 1.3%, indicating returns on invested capital have not established a consistent compounding trend.
Returns on capital hover near zero rather than building, which suggests that the large equity base is not yet generating value above its cost. The swing from negative to slightly positive ROIC in the latest quarter appears driven by a single profitable period, so it does not yet confirm a turn in capital efficiency. Investors should monitor whether pipeline spending eventually produces revenue that lifts ROIC sustainably above a reasonable cost of capital.
Negligible Debt Leaves Coverage Unmeasured
Debt-to-equity of roughly 0.01 to 0.02 and D/EBITDA of 0.79 to 4.44 indicate minimal leverage, although interest coverage is distorted by negative operating income in most quarters, leaving the coverage ratio of 27.75 in 2026Q3 as an outlier.
Leverage is effectively immaterial on the supplied balance sheet, so refinancing or covenant risk appears low based on reported figures. Interest coverage values such as -107.70 and -141.03 reflect negative operating earnings rather than meaningful debt service capacity, which makes the coverage metric uninformative in most periods. The more relevant question is whether operating burn, not debt service, becomes the binding constraint on the balance sheet.
Liquidity Remains Exceptionally Wide Under Stress
Current ratio of 7.4 to 10.2 and quick ratio nearly equal to current ratio across the period indicate that current assets, largely cash, overwhelmingly cover short-term obligations, based on reported figures.
Because the quick ratio tracks the current ratio closely, the liquidity position is not dependent on inventory conversion, which is a favorable structural feature. Even under a severe revenue shock, the cash balance relative to current liabilities would likely sustain operations for an extended period based on reported figures. The key uncertainty is not near-term solvency but the pace at which cash is consumed by pipeline spending.
Cash Reserves Overstate Self-Funded Capacity
Asset turnover of 0.01 to 0.07 and a shifting cash conversion cycle from -415 to 449 days suggest that headline cash strength depends on lumpy partner payments, so the bull case on self-funded optionality may be overstated.
The cash conversion cycle swinging between -415 and 449 days reflects erratic working capital tied to milestone and profit-share timing, which makes reported liquidity less representative of a stable operating base. Asset turnover near zero indicates that the balance sheet is dominated by cash and pipeline assets rather than productive operating assets, so cash is not being converted into revenue at a steady rate. The most common misapplication here would be using a trailing P/E or EBITDA multiple, which is meaningless with negative earnings; a pipeline-adjusted enterprise value that strips out cash and values the oncology programs separately is a more defensible alternative.