Latest Ratios: P/E Ratio -19.2x · 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 | $24.7B | $23.0B | $27.4B | $25.6B | $37.5B | $67.0B | $20.3B | $7.2B | — | — |
| Enterprise Value | $16.3B | $15.6B | $17.9B | $14.2B | $23.9B | $65.6B | $19.3B | $6.7B | — | — |
| P/E Ratio → | -19.18 | — | — | 27.56 | 4.05 | 6.26 | 1430.18 | — | — | — |
| P/S Ratio | 7.88 | 8.35 | 9.96 | 6.71 | 2.17 | 3.53 | 42.01 | 65.98 | — | — |
| P/B Ratio | 1.09 | 1.20 | 1.41 | 1.27 | 1.87 | 5.63 | 14.77 | 14.52 | — | — |
| P/FCF | 80.52 | 85.28 | — | 5.49 | 2.84 | 91.00 | — | — | — | — |
| P/OCF | 49.60 | 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% | 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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Quick answers to the most common questions about buying BNTX stock.
BioNTech SE's current P/E ratio is -19.2x. 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 -19.2x. 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
Oncology pipeline execution risk
Gross Margin Hides R&D Burn
BioNTech's gross margin averaged 77.6% over the last ten quarters, yet operating margin was -22.6% in 2026Q2, as R&D spending exceeded revenue by over fivefold, per reported financials.
The high gross margin reflects the efficiency of mRNA manufacturing, but the negative operating margin indicates that the company is reinvesting all product-level profits into clinical development. This disconnect suggests that the true earning power of the business is currently negative, and profitability will only emerge if oncology products reach commercialization with higher retained economics. Investors should monitor the R&D-to-revenue ratio, which remains elevated, as a key indicator of when the company might approach breakeven.
Capital Returns Decay Amid Transition
ROIC swung from +1.1% in 2024Q4 to -8.2% in 2026Q2, while ROE fell to -4.5%, reflecting the post-pandemic revenue collapse and sustained R&D investment, as per quarterly data.
The return on invested capital has turned sharply negative, indicating that the company is currently destroying value on its accumulated capital base. This is driven by the decline in COVID-19 vaccine revenue, which previously generated outsized returns, and the heavy investment in oncology trials that have yet to generate revenue. The trend suggests that returns will remain depressed until pipeline assets mature, and the market is likely pricing in a multi-year recovery, as evidenced by the low P/B ratio of 1.01.
Working Capital Swings Distort Efficiency
Cash conversion cycle swung from -203 days in 2024Q3 to +417 days in 2026Q1, driven by volatile DSO (up to 991 days) and DPO, per reported figures, indicating extreme timing effects in partner settlements.
The extreme volatility in DSO and DPO reflects the lumpy nature of Pfizer profit-share payments and the company's ability to defer payables. The negative CCC in some quarters suggests BioNTech is effectively using supplier financing, but the positive CCC in others indicates cash is tied up in receivables. This makes traditional efficiency metrics unreliable for assessing operational performance; instead, investors should focus on the underlying cash conversion over a longer horizon, which has been positive despite accounting losses.
Minimal Debt Masks Strategic Flexibility
Debt-to-equity stands at 0.02 with total debt of $316M, while interest coverage was -107.7x in 2026Q2, per the latest balance sheet, indicating negligible refinancing risk and ample liquidity.
BioNTech's fortress balance sheet, with over $9.7B in cash, provides a substantial buffer against the negative operating margins and ongoing R&D burn. The low leverage means the company is not exposed to interest rate hikes or covenant breaches, and it can fund its pipeline without external financing. However, the negative interest coverage ratio reflects the lack of operating income, so the company is relying on its cash pile rather than earnings to service debt, which is sustainable given the low absolute debt level.
Liquidity Buffer Remains Robust
Current ratio improved to 7.85 in 2026Q2 from 7.45 in 2024Q4, with cash covering over 30 quarters of current liabilities, per balance sheet data, providing a strong cushion against operational shocks.
The current and quick ratios are exceptionally high, indicating that BioNTech can easily meet its short-term obligations even if revenue continues to decline. The liquidity position is further supported by the minimal debt and the ability to cut R&D spending if needed, though such cuts would impair pipeline progress. This suggests that the company is not at risk of insolvency, but the high liquidity also implies that the market is assigning little value to the cash beyond its use in funding future growth.
P/E Misleads on Pipeline Value
The negative P/E of -17.84 is meaningless for BioNTech, as it ignores the $9.7B cash pile and the potential of the oncology pipeline, which is better assessed via EV/EBITDA or pipeline-adjusted metrics.
Traditional earnings multiples are inappropriate for a company in transition, where current losses mask the value of future cash flows. The P/B ratio of 1.01 suggests the market is valuing the company close to its book value, which is dominated by cash and investments, effectively pricing the pipeline at near zero. A more relevant metric is the forward EV/EBITDA of 25.09, which, while still high, reflects the market's expectation of future profitability from oncology products. Investors should use a sum-of-the-parts analysis, separating the cash position from the pipeline's risk-adjusted net present value, to avoid mispricing the stock.