Latest Ratios: P/E Ratio -40.9x · EV/EBITDA N/A · ROE 22.5%. (2009–2025 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 | $106M | $1.0B | $42M | $24M | $59M | $204M | $228M | $141M | $37M | $166M | $108M |
| Enterprise Value | $101M | $1.0B | $61M | $32M | $8M | $-26504500 | $84M | $119M | $51M | $119M | $48M |
| P/E Ratio → | -40.95 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.68 | 16.14 | 0.73 | 0.29 | 0.77 | 2.97 | 5.01 | 3.84 | 1.39 | 0.89 | 6.55 |
| P/B Ratio | 12.38 | 16.42 | — | 15.38 | 1.17 | 0.90 | 1.16 | 1.94 | 1.89 | 1.38 | 1.30 |
| 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 | — | 16.06 | 1.06 | 0.38 | 0.10 | -0.39 | 1.84 | 3.25 | 1.91 | 0.63 | 2.90 |
| 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 | 66.9% | 66.9% | 63.8% | 72.9% | 59.4% | 53.4% | 68.0% | 71.2% | 77.2% | 14.1% | 31.1% |
| Operating Margin | -111.0% | -111.0% | -191.4% | -168.4% | -268.8% | -274.1% | -206.7% | -302.5% | -446.4% | -47.9% | -398.7% |
| Net Profit Margin | 10.8% | 10.8% | -79.8% | -71.7% | -114.3% | -94.1% | -102.0% | -109.1% | -313.0% | -35.7% | -334.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.5% | 22.5% | — | -235.0% | -62.8% | -30.6% | -34.5% | -86.6% | -120.0% | -65.7% | -65.9% |
| ROA | 4.1% | 4.1% | -29.5% | -26.3% | -25.1% | -17.7% | -16.6% | -21.8% | -43.5% | -32.1% | -38.1% |
| ROIC | -142.0% | -142.0% | -629.4% | -2555.5% | — | -591.2% | -136.6% | -196.6% | -175.1% | -146.4% | -306.5% |
| ROCE | -67.3% | -67.3% | -142.0% | -114.2% | -88.1% | -65.3% | -40.8% | -83.3% | -92.3% | -62.2% | -59.1% |
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 | 1.19 | 1.19 | — | 55.82 | 2.55 | 0.33 | 0.45 | 1.59 | 4.03 | 0.52 | 0.34 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.08 | — | 4.83 | -1.02 | -1.02 | -0.73 | -0.30 | 0.71 | -0.39 | -0.72 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -2.85 | -2.85 | -10.98 | -11.32 | -14.88 | -9.99 | -6.08 | -7.86 | -11.65 | -11.69 | -18.32 |
Net cash position: cash ($79M) exceeds total debt ($74M)
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 | 2.49 | 2.49 | 1.27 | 1.38 | 1.80 | 3.43 | 5.14 | 3.43 | 2.00 | 2.56 | 1.94 |
| Quick Ratio | 2.30 | 2.30 | 1.06 | 1.26 | 1.69 | 3.33 | 5.11 | 3.41 | 1.99 | 2.56 | 1.93 |
| Cash Ratio | 1.60 | 1.60 | 0.80 | 0.95 | 1.40 | 3.03 | 4.51 | 3.00 | 1.49 | 2.14 | 1.62 |
| Asset Turnover | — | 0.34 | 0.40 | 0.50 | 0.26 | 0.17 | 0.14 | 0.16 | 0.19 | 0.76 | 0.10 |
| Inventory Turnover | 2.17 | 2.17 | 1.45 | 2.24 | 2.17 | 3.25 | 10.39 | 12.29 | 9.03 | 942.70 | 55.91 |
| Days Sales Outstanding | — | 172.75 | 65.83 | 66.46 | 136.60 | 126.23 | 197.49 | 143.53 | 74.65 | 29.48 | 114.88 |
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 | 0.1% | 0.1% | 1.6% | 3.0% | 1.3% | 0.4% | 0.1% | 1.8% | 6.3% | 0.2% | — |
| Payout Ratio | 9.7% | 9.7% | — | — | — | — | — | — | — | — | — |
| 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 | 0.3% | 0.0% | 0.0% | 0.0% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.3% | 0.1% | 1.6% | 3.0% | 3.2% | 0.4% | 0.1% | 1.8% | 6.3% | 0.2% | 0.0% |
| Shares Outstanding | — | $279M | $21M | $8M | $6M | $5M | $5M | $4M | $3M | $3M | $3M |
Subsidiary Capital Dependency
According to current market data, FBIO trades at a P/S of 1.68, which appears to reflect a significant conglomerate discount when compared to the broader biotech sector and the company's own historical valuation ranges observed in recent SEC filings.
The forward P/E of 1.15 suggests that the market is pricing in extreme skepticism regarding the company's ability to convert its clinical pipeline into sustainable earnings. Investors should monitor whether this valuation gap persists as the dermatology segment matures, as the current multiple may fail to account for the long-term optionality of the subsidiary portfolio.
Based on reported figures, FBIO's ROIC has remained consistently negative, bottoming out at -159.0% in 2023Q4, which indicates that the company is currently destroying rather than compounding invested capital across its hub-and-spoke subsidiary architecture.
The extreme volatility in ROE, which swung from -68.6% in 2025Q1 to 83.4% in 2026Q1, suggests that returns are driven by non-recurring accounting events rather than operational efficiency. This pattern warrants further investigation into whether the company can ever achieve a positive, stable return on capital without a fundamental shift in its R&D funding model.
As reported in financial statements, the company's cash conversion cycle has shown extreme volatility, ranging from -392 days to 98 days, reflecting the lumpy nature of milestone-driven receivables and the inherent difficulty of managing inventory across multiple independent subsidiary entities.
The high DSO and DIO figures suggest that the company faces significant challenges in optimizing its working capital, likely due to the specialized nature of its dermatology product distribution. Investors should note that these inefficiencies place additional pressure on the parent company's liquidity, as cash remains tied up in the operational cycles of its various spokes.
Based on the company's reported financial data, the interest coverage ratio has frequently dipped into negative territory, reaching -14.23 in 2024Q1, which suggests that the company's ability to service its debt obligations is highly dependent on external financing rather than internal cash generation.
The D/E ratio, which spiked to 55.82 in 2023Q4, highlights a reliance on leverage that appears unsustainable without consistent milestone payments or equity infusions. This leverage profile warrants caution, as any disruption in the biotech funding environment could severely limit the company's ability to refinance its existing obligations.
The P/E ratio is the most commonly misapplied metric for FBIO, as it obscures the company's true economic reality by failing to account for the massive, non-operating accounting gains and losses inherent in its deconsolidation-heavy hub-and-spoke business model.
Analysts should instead focus on a sum-of-the-parts valuation or an adjusted EV/Revenue metric that accounts for the cash-generating dermatology segment separately from the high-burn clinical pipeline. Relying on P/E in this context may lead to a fundamental misunderstanding of the company's actual earning power and its long-term viability.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying FBIO stock.
Fortress Biotech, Inc.'s current P/E ratio is -40.9x. This places it at the 50th percentile of its historical range.
Fortress Biotech, Inc.'s return on equity (ROE) is 22.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -85.6%.
Based on historical data, Fortress Biotech, Inc. is trading at a P/E of -40.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Fortress Biotech, Inc.'s current dividend yield is 0.09% with a payout ratio of 9.7%.
Fortress Biotech, Inc. has 66.9% gross margin and -111.0% operating margin.