Latest Ratios: P/E Ratio -2.9x · EV/EBITDA N/A · ROE N/A. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $44M | $57M | $44M | $37M | $59M | $58M |
| Enterprise Value | $43M | $56M | $43M | $33M | $60M | $54M |
| P/E Ratio → | -2.94 | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — |
| P/B Ratio | — | — | 306.28 | 8.65 | 8.39 | — |
| 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 |
|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | — | — | -400.6% | -128.9% | -33.0% | — |
| ROA | -413.5% | -413.5% | -233.0% | -101.3% | -13.4% | -34.2% |
| ROIC | — | — | — | -143.6% | -98.1% | — |
| ROCE | — | — | -400.5% | -110.9% | -24.4% | -42.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.07 | — |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | — | -6.38 | -0.97 | 0.06 | — |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — |
Net cash position: cash ($1M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.12 | 0.12 | 0.55 | 24.65 | 0.05 | 5.20 |
| Quick Ratio | 0.12 | 0.12 | 0.55 | 24.65 | 0.05 | 5.20 |
| Cash Ratio | 0.10 | 0.10 | 0.31 | 23.05 | 0.04 | 4.32 |
| 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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 1.3% | 1.0% | 60.9% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 1.3% | 1.0% | 60.9% | 0.0% |
| Shares Outstanding | — | $37M | $37M | $35M | $6M | $6M |
Imminent liquidity and dilution
As reported in financial statements, Estrella's ROIC reached a negative 152.9% in 2024Q2, illustrating that the company's investment in its ARTEMIS platform has yet to yield any productive return, a trend consistent with the broader preclinical biotechnology sector's reliance on capital consumption rather than capital compounding.
The persistent negative ROIC figures suggest that the company is currently in a value-destructive phase, which is typical for early-stage firms but warrants caution given the lack of clinical validation. Investors should monitor whether future R&D expenditures can eventually translate into tangible asset value, as current returns on capital are entirely eclipsed by the high costs of clinical trial preparation.
According to recent SEC filings, the company's current ratio has deteriorated to 0.24 as of 2026Q1, a sharp decline from historical levels that indicates a severe inability to meet short-term obligations without immediate external capital injections or significant restructuring of existing payables.
The rapid compression of the current ratio suggests that the company's liquidity position is no longer sufficient to support ongoing research activities, leaving it highly vulnerable to operational disruption. This trend implies that the firm may be forced into dilutive financing rounds, as the current cash-to-liability profile provides little buffer against unforeseen clinical or regulatory delays.
Based on peer comparison data, Estrella's valuation metrics, including a P/E of -2.81, align with early-stage peers like Prime Medicine, suggesting that the market is applying a significant preclinical discount due to the company's lack of commercial revenue and its precarious cash runway relative to competitors.
While peers like TG Therapeutics demonstrate positive profitability and higher valuation multiples, Estrella remains trapped in a speculative valuation band where clinical progress is the only catalyst for re-rating. The gap between Estrella and more advanced peers appears structural, reflecting the heightened risk profile associated with its current developmental stage and limited financial resources.
Analysts often misapply P/E and EV/EBITDA ratios to Estrella, which obscures the reality that these metrics are fundamentally irrelevant for a pre-revenue entity where the primary value driver is the probability-weighted success of the ARTEMIS platform rather than current earnings or operational cash flow.
Using earnings-based multiples for a company with no revenue and negative equity leads to misleading conclusions about its intrinsic value. Instead, investors should focus on 'cash runway' and 'clinical milestone probability' as more accurate indicators of the company's potential, as traditional valuation ratios fail to capture the binary nature of the firm's developmental pipeline.
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Estrella Immunopharma, Inc.'s current P/E ratio is -2.9x. This places it at the 50th percentile of its historical range.
Based on historical data, Estrella Immunopharma, Inc. is trading at a P/E of -2.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.