Latest Ratios: P/E Ratio -34.0x · EV/EBITDA N/A · ROE -27.0%. (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 | $3.5B | $873M | $1.1B | $492M | $102M | $70M | $387M | — | — | — |
| Enterprise Value | $3.4B | $774M | $935M | $392M | $27M | $-39530000 | $340M | — | — | — |
| P/E Ratio → | -33.97 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 6.09 | 1.90 | 3.42 | 2.00 | — | 0.66 | 4.59 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -27.0% | -27.0% | -32.0% | -84.7% | -250.8% | -25.9% | -33.5% | -1804.8% | — | — |
| ROA | -25.9% | -25.9% | -29.8% | -40.3% | -38.3% | -24.2% | -30.6% | -114.4% | -126.5% | — |
| ROIC | -32.8% | -32.8% | -47.3% | — | — | -110.1% | -23.0% | — | — | — |
| ROCE | -31.1% | -31.1% | -37.6% | -52.3% | -42.8% | -25.8% | -16.4% | -137.9% | -139.8% | -94.8% |
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 | 0.00 | 0.00 | — | 0.00 | — | 0.00 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | 2.99 |
| Net Debt / Equity | — | -0.21 | -0.40 | -0.41 | — | -1.03 | -0.56 | -0.17 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | -40.77 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($99M) exceeds total debt ($399000)
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 | 28.66 | 28.66 | 19.99 | 10.28 | 8.00 | 19.24 | 14.47 | 7.29 | 4.21 | 12.38 |
| Quick Ratio | 28.66 | 28.66 | 19.99 | 10.28 | 8.00 | 19.24 | 14.47 | 7.29 | 4.21 | 12.38 |
| Cash Ratio | 27.92 | 27.92 | 19.69 | 9.78 | 7.78 | 19.12 | 14.12 | 6.89 | 4.03 | 11.71 |
| Asset Turnover | — | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — |
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 | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $57M | $47M | $36M | $6M | $8M | $4M | $4M | $4M | $4M |
Includes 30+ ratios · 9 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ELVN stock.
Enliven Therapeutics, Inc.'s current P/E ratio is -34.0x. This places it at the 50th percentile of its historical range.
Enliven Therapeutics, Inc.'s return on equity (ROE) is -27.0%. The historical average is -75.6%.
Based on historical data, Enliven Therapeutics, Inc. is trading at a P/E of -34.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Cash runway and clinical execution
Metrics are mathematically derived from official filings.
Liquidity Buffer Thins Rapidly
Current ratio fell from 64.07 in 2026Q2 to 40.32 in 2026Q1, still ample but declining. According to the latest balance sheet, cash of $135.5M supports roughly four quarters of burn.
The current ratio, while extremely high, is declining as cash is consumed by clinical trials. The 2026Q2 ratio of 64.07 reflects a post-equity-raise peak, but the sequential drop to 40.32 in 2026Q1 indicates a rapid drawdown. With quarterly net losses around $32.5M, the liquidity cushion is adequate for now but will erode quickly without additional financing.
Zero Debt Masks Equity Dependence
Debt-to-equity remains 0.00, with total debt of only $1.5M, per the latest balance sheet. This indicates the company relies entirely on equity financing, a common but risky structure for pre-revenue biotechs.
The absence of debt provides no interest coverage concerns, but it also means the company has no financial leverage to buffer operational losses. The $445M equity raise in 2026Q2 temporarily strengthened the balance sheet, yet the reliance on equity markets for survival is a key vulnerability. Investors should monitor the pace of cash burn relative to the remaining cash, as future dilution is likely.
Asset-Light Model, No Working Capital
Asset turnover is not meaningful due to zero revenue, but PP&E is only $1.6M, per the latest balance sheet. This confirms an asset-light model where efficiency is measured by cash burn per clinical milestone.
With no revenue, traditional efficiency ratios like asset turnover are inapplicable. The minimal tangible asset base indicates that the company's value lies in its intellectual property and clinical pipeline, not physical assets. The absence of inventory and receivables simplifies working capital, but the negative cash conversion cycle (as seen in DPO spikes) reflects timing of payables rather than operational efficiency.
Returns Deeply Negative, Expected
ROIC worsened from -10.8% in 2024Q4 to -5.2% in 2026Q2, but this improvement is misleading due to the equity raise. As reported in financial statements, returns are negative across all metrics, reflecting pre-revenue status.
ROE, ROA, and ROIC are all deeply negative, as expected for a clinical-stage company with no revenue. The apparent improvement in 2026Q2 (ROIC -5.2% vs -12.8% in 2025Q1) is driven by a larger equity base, not operational improvement. The company is not compounding returns; it is burning capital to advance its pipeline. The key metric to watch is the probability-adjusted return on invested capital once clinical data matures.
Peer Comparison: Burn Efficiency
ELVN's ROE of -4.8% in 2026Q2 is far less negative than peers like RVMD (-96.4%) and IMVT (-69.6%), per the peer table. This suggests a leaner cost structure, but it also reflects a larger equity base.
Relative to precision oncology peers, ELVN's negative returns are less severe, which may indicate more disciplined spending. However, this is partly due to the recent $445M equity raise that inflated the denominator. The company's cash burn of ~$32.5M per quarter is comparable to peers, but its market cap and stage suggest a higher risk of dilution. Investors should compare cash runway and clinical milestones, not just return ratios.
Misapplied P/B in Pre-Revenue Biotech
Price-to-book of 7.14 is often used to gauge value, but for ELVN it is meaningless because book value is dominated by cash and equity raises. As reported in financial statements, tangible assets are minimal.
The P/B ratio is commonly misapplied to clinical-stage biotechs because book value is largely cash from equity raises, not productive assets. For ELVN, a P/B of 7.14 reflects the market's valuation of its pipeline, not its balance sheet. A more appropriate metric is enterprise value divided by invested capital adjusted for cash, or better, a probability-adjusted net present value (rNPV) of the pipeline. Investors should focus on cash runway and clinical data, not P/B.