Latest Ratios: P/E Ratio -1.8x · EV/EBITDA N/A · ROE -51.1%. (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 | $667M | $461M | $510M | $3.3B | $2.8B | $11.3B | — | — |
| Enterprise Value | $917M | $711M | $416M | $2.6B | $2.0B | $9.8B | — | — |
| P/E Ratio → | -1.81 | — | — | — | — | — | — | — |
| P/S Ratio | 3.92 | 2.71 | 2.24 | 13.07 | 5.94 | 36.02 | — | — |
| P/B Ratio | 1.11 | 0.91 | 0.71 | 3.00 | 1.64 | 7.21 | — | — |
| 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 | — | 4.18 | 1.83 | 10.27 | 4.11 | 31.16 | — | — |
| 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 | 81.5% | 81.5% | 83.0% | 78.5% | 57.3% | 58.7% | 79.6% | 100.0% |
| Operating Margin | -185.3% | -185.3% | -246.5% | -343.8% | -462.4% | -582.6% | -178.8% | -132.1% |
| Net Profit Margin | -183.8% | -183.8% | -240.9% | -355.1% | -440.6% | -583.1% | -165.2% | -220.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -51.1% | -51.1% | -60.3% | -63.0% | -127.4% | -179.6% | -26.1% | -23.8% |
| ROA | -25.0% | -25.0% | -36.0% | -42.5% | -91.3% | -133.3% | -18.4% | -17.1% |
| ROIC | -34.3% | -34.3% | -82.8% | -103.3% | -366.7% | -1870.1% | -157.9% | -224.4% |
| ROCE | -27.5% | -27.5% | -40.4% | -44.7% | -102.7% | -144.1% | -21.8% | -10.9% |
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 | 0.82 | 0.82 | 0.65 | 0.22 | 0.25 | 0.01 | 0.04 | 0.03 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.49 | -0.13 | -0.64 | -0.50 | -0.97 | -0.77 | -0.95 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -5823.55 | -9600.51 | -20012.20 | -773.60 | -51.34 | -48.50 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.92 | 4.92 | 5.62 | 6.11 | 8.38 | 12.79 | 5.83 | 12.77 |
| Quick Ratio | 4.92 | 4.92 | 5.62 | 6.11 | 8.36 | 12.76 | 5.70 | 12.77 |
| Cash Ratio | 4.40 | 4.40 | 5.24 | 5.76 | 7.61 | 11.50 | 5.20 | 12.36 |
| Asset Turnover | — | 0.15 | 0.16 | 0.15 | 0.19 | 0.15 | 0.11 | 0.08 |
| Inventory Turnover | — | — | — | 1174.02 | 46.80 | 38.58 | 1.68 | — |
| Days Sales Outstanding | — | 51.54 | 36.08 | 25.98 | 64.20 | 174.34 | 104.30 | 51.72 |
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% | 0.2% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | — | — |
| Shares Outstanding | — | $55M | $52M | $49M | $42M | $34M | $32M | $29M |
Liquidity and capital exhaustion
Based on reported figures, Ginkgo trades at a price-to-sales multiple of 3.94, a valuation that appears disconnected from the company's negative revenue growth and the absence of a clear path to positive earnings, suggesting the market continues to price the firm as a speculative long-duration asset.
The lack of a positive P/E or EBITDA multiple reflects the market's struggle to anchor the company's valuation in current operational reality. Investors should monitor whether this premium is supported by the potential for future downstream value or if it represents a mispricing of the company's transition to a lower-margin service model.
As reported in financial statements, Ginkgo's ROIC has remained consistently negative, reaching -7.3% in 2026Q1, which indicates that the company is failing to generate adequate returns on its massive investments in foundry infrastructure and automated laboratory capabilities compared to its peers in the biotechnology sector.
The inability to achieve positive returns on invested capital suggests that the company's high fixed-cost base is not yet yielding the promised economies of scale. This trend warrants further investigation into whether the current foundry model is structurally capable of generating competitive returns or if it remains inherently capital-intensive.
According to recent SEC filings, Ginkgo's asset turnover ratio remains extremely low at 0.02, highlighting a significant disconnect between the company's heavy investment in physical laboratory assets and its current ability to generate revenue from those investments, signaling poor utilization of its core foundry infrastructure.
The erratic nature of the company's DSO and DPO metrics suggests that working capital management is highly sensitive to the lumpy, project-based nature of its contracts. This inefficiency appears to exacerbate the company's liquidity challenges, as cash is frequently tied up in long-duration service agreements rather than being recycled into operations.
Based on the company's reported figures, the debt-to-equity ratio has climbed to 0.93 as of 2026Q1, indicating that Ginkgo is increasingly relying on debt financing to sustain its operations as its equity base is steadily eroded by persistent, substantial net losses over the past ten quarters.
The rising leverage profile, combined with the absence of meaningful interest coverage, suggests that the company's financial flexibility is rapidly diminishing. Investors should monitor the risk of further dilutive financing or potential covenant pressure if the company cannot stabilize its cash burn in the near term.
The most commonly misapplied metric for Ginkgo is the price-to-sales ratio, which obscures the company's underlying economic reality by failing to account for the high proportion of related-party revenue and the massive, non-cash stock-based compensation expenses that distort the true cost of generating that revenue.
Analysts should instead focus on cash-burn-adjusted metrics or the net present value of verified downstream milestones to better assess the company's viability. Relying on headline revenue figures may lead to an overestimation of the platform's scalability, as it ignores the significant operational costs required to maintain the foundry.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying DNA stock.
Ginkgo Bioworks Holdings, Inc.'s current P/E ratio is -1.8x. This places it at the 50th percentile of its historical range.
Ginkgo Bioworks Holdings, Inc.'s return on equity (ROE) is -51.1%. The historical average is -75.9%.
Based on historical data, Ginkgo Bioworks Holdings, Inc. is trading at a P/E of -1.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ginkgo Bioworks Holdings, Inc. has 81.5% gross margin and -185.3% operating margin.