Latest Ratios: P/E Ratio -0.2x · EV/EBITDA N/A · ROE N/A. (2016–2025 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 | $40M | $20M | $15M | $86M | $602M | $536M | $1.0B | $238M | $56M | — | — |
| Enterprise Value | $121M | $101M | $88M | $122M | $502M | $305M | $790M | $207M | $14M | — | — |
| P/E Ratio → | -0.23 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 62.28 | 30.42 | 6.69 | 62.27 | 1604.70 | — | — | — | — | — | — |
| P/B Ratio | — | — | — | — | 7.84 | 2.42 | 4.85 | 8.85 | 1.45 | — | — |
| 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 | — | 156.87 | 38.95 | 88.47 | 1339.18 | — | — | — | — | — | — |
| 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 | 74.5% | 74.5% | 5.4% | 8.7% | 94.7% | — | — | — | — | — | — |
| Operating Margin | -7829.8% | -7829.8% | -2967.6% | -12448.0% | -42572.0% | — | — | — | — | — | — |
| Net Profit Margin | -10887.4% | -10887.4% | -2630.1% | -12974.9% | -44201.9% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | -1766.9% | -111.1% | -49.9% | -70.4% | -98.3% | -101.7% | — | — |
| ROA | -167.9% | -167.9% | -106.4% | -128.1% | -74.4% | -46.6% | -64.1% | -80.9% | -85.8% | -666.5% | -30285.7% |
| ROIC | — | — | — | — | — | — | — | — | — | — | — |
| ROCE | -1417.0% | -1417.0% | -215.0% | -156.6% | -80.7% | -49.6% | -69.7% | -100.6% | -105.3% | — | — |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 1.23 | 0.01 | 0.01 | 0.04 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | -1.30 | -1.04 | -1.02 | -1.17 | -1.09 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -3.12 | -3.12 | -2.94 | -12.45 | -19.18 | -2672.30 | -3048.04 | — | — | -2268.50 | — |
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 | 0.83 | 0.83 | 1.68 | 2.65 | 6.17 | 14.21 | 18.33 | 4.03 | 9.26 | 0.38 | 0.01 |
| Quick Ratio | 0.82 | 0.82 | 1.65 | 2.57 | 6.11 | 14.21 | 18.33 | 4.03 | 9.26 | 0.38 | 0.01 |
| Cash Ratio | 0.53 | 0.53 | 1.34 | 2.39 | 5.89 | 13.98 | 18.00 | 3.83 | 9.13 | 0.38 | — |
| Asset Turnover | — | 0.01 | 0.06 | 0.02 | 0.00 | — | — | — | — | — | — |
| Inventory Turnover | 0.23 | 0.23 | 3.16 | 0.63 | 0.01 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 132.47 | 21.10 | 18.78 | 241.39 | — | — | — | — | — | — |
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% | 0.9% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $12M | $3M | $2M | $2M | $2M | $1M | $1M | $910722 | $1M | $1M |
Liquidity and dilution risk
According to current market data, BTAI trades at a P/S multiple of 62.28, a valuation that appears disconnected from the company's nascent revenue base and suggests investors are pricing in speculative clinical success rather than the underlying commercial reality of the IGALMI product launch.
The elevated P/S ratio relative to the broader biotech sector implies that the market is assigning significant value to the company's AI-driven platform and potential label expansions. However, given the lack of positive earnings or EBITDA, this valuation remains highly sensitive to clinical trial outcomes and the company's ability to secure non-dilutive funding.
Based on recent financial disclosures, the company's cash conversion cycle remains deeply negative and erratic, with DIO figures frequently exceeding 1,000 days, which highlights significant challenges in managing inventory and converting commercial efforts into actual cash inflows within the current hospital-focused sales model.
The extreme volatility in the cash conversion cycle suggests that the company's supply chain and distribution logistics are not yet optimized for a commercial-scale operation. Investors should monitor whether these metrics stabilize as the company attempts to refine its formulary adoption strategy and reduce its reliance on high-cost inventory holding.
As reported in recent quarterly filings, the current ratio has compressed to 0.62, signaling a deteriorating liquidity position that leaves the firm with limited flexibility to cover its short-term obligations without immediate access to external capital markets or significant restructuring of its current cost base.
The decline in the quick ratio to 0.61 further underscores the company's dependence on liquid assets to sustain its high-burn operating model. This trend warrants close attention, as the current liquidity profile may force management into dilutive financing arrangements that could significantly impact existing shareholder value.
The most commonly misapplied metric for BTAI is the Price-to-Sales ratio, which obscures the company's true financial health by ignoring the massive R&D and SG&A expenditures required to maintain the current commercial infrastructure and the underlying clinical development pipeline for future drug indications.
Using P/S to value a pre-scale biotech like BTAI is misleading because it fails to account for the high probability of future equity dilution required to fund operations. A more appropriate analytical framework would focus on the cash runway and the net present value of clinical assets, rather than current transactional revenue.
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Quick answers to the most common questions about buying BTAI stock.
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