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Latest Ratios: P/E Ratio -16.3x · EV/EBITDA N/A · ROE -122.3%. (2015–2025 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 | $1.8B | $4.0B | $66M | $26M | $17M | $30M | $268M | $17M | $165M | $150M | — |
| Enterprise Value | $1.8B | $3.9B | $44M | $14M | $-23716475 | $-12152908 | $209M | $10M | $150M | $125M | — |
| P/E Ratio → | -16.35 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | 9.13 | 3651.84 | — |
| P/B Ratio | 185.78 | 65.81 | 1.26 | 0.73 | 0.45 | 0.72 | 4.54 | 2.93 | 2.83 | 2.11 | — |
| 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 | — | — | — | — | — | — | — | — | 8.32 | 3039.45 | — |
| 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 | — | — | — | — | — | — | — | — | 100.0% | 100.0% | 100.0% |
| Operating Margin | — | — | — | — | — | — | — | — | -254.2% | -91778.0% | -64675.5% |
| Net Profit Margin | — | — | — | — | — | — | — | — | -271.4% | -94948.8% | -68322.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -122.3% | -122.3% | -80.8% | -84.9% | -34.5% | -43.2% | -143.6% | -12.7% | -75.8% | -99.7% | -145.3% |
| ROA | -96.1% | -96.1% | -70.6% | -77.7% | -32.5% | -41.5% | -134.9% | -7.3% | -50.2% | -61.1% | -68.7% |
| ROIC | -742.7% | -742.7% | -102.5% | -231.3% | — | — | — | -14.4% | -76.8% | -82.5% | -67.1% |
| ROCE | -123.4% | -123.4% | -83.4% | -87.6% | -34.6% | -42.7% | -44.0% | -8.8% | -56.9% | -78.6% | -82.1% |
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 | — | — | — | — | — | — | — | — | 0.45 | 0.15 | 3.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.26 | -0.42 | -0.34 | -1.06 | -1.01 | -1.00 | -1.21 | -0.25 | -0.35 | 2.21 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | -255.62 | -19.15 | -17.11 |
Net cash position: cash ($77M) exceeds total debt ($0)
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 | 3.88 | 3.88 | 6.76 | 10.45 | 13.06 | 24.19 | 26.52 | 3.93 | 5.91 | 5.23 | 2.26 |
| Quick Ratio | 3.88 | 3.88 | 6.76 | 10.45 | 13.06 | 24.19 | 26.52 | 3.93 | 5.91 | 5.23 | 2.26 |
| Cash Ratio | 3.71 | 3.71 | 6.43 | 10.13 | 12.93 | 23.92 | 26.01 | 3.63 | 5.81 | 5.12 | 2.17 |
| Asset Turnover | — | — | — | — | — | — | — | — | 0.17 | 0.00 | 0.00 |
| 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 | 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% | 0.0% | 0.0% | 0.0% | 0.1% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | — |
| Shares Outstanding | — | $147M | $3M | $1M | $695341 | $558712 | $294357 | $84330 | $53492 | $38953 | $52738 |
Includes 30+ ratios · 11 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FBRX stock.
Forte Biosciences, Inc.'s current P/E ratio is -16.3x. This places it at the 50th percentile of its historical range.
Forte Biosciences, Inc.'s return on equity (ROE) is -122.3%. The historical average is -82.0%.
Based on historical data, Forte Biosciences, Inc. is trading at a P/E of -16.3x. 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
Single-asset clinical failure risk
Metrics are mathematically derived from official filings.
Negative Returns Reflecting Pre-Revenue Burn
FBRX's return on equity has been consistently negative, ranging from -16.4% to -63.8% over the past ten quarters, indicating a persistent destruction of shareholder capital as the company funds its clinical-stage operations without any revenue.
The deeply negative ROE and ROIC figures are a direct mathematical consequence of the company's pre-revenue status and significant operating losses. These metrics are not indicative of operational inefficiency but rather reflect the 'burn' phase of a biotech firm investing heavily in R&D for its FB-102 program. The volatility in ROE, such as the sharp decline to -63.8% in 2024Q3, likely corresponds to periods of accelerated clinical spending or non-cash accounting adjustments, underscoring that these ratios are meaningless for valuation until the company achieves a commercial milestone.
High Current Ratio Masks Shrinking Cash Runway
Despite a current ratio of 10.01 in 2026Q2, FBRX's cash position has declined from $77.0M to $49.6M in two quarters, suggesting a quarterly cash burn rate that may exceed $13M and warrants close monitoring against the FB-102 clinical timeline.
The current and quick ratios are identical and exceptionally high because the company's assets are almost entirely liquid cash and equivalents, with minimal inventory or receivables. This provides a strong technical liquidity buffer in the near term. However, the primary risk is not a short-term liquidity crisis but the rate at which this cash is being consumed to fund operations, as the company's survival depends on reaching a value-inflection point before its cash reserves are depleted.
Valuation Anchored to Cash, Not Pipeline
With a P/B ratio of 185.78 and no meaningful P/E or EV/EBITDA multiples, FBRX's market capitalization appears to be valued primarily on its cash position rather than its speculative FB-102 pipeline, reflecting significant market skepticism.
The extreme price-to-book multiple is a mathematical artifact of the company's severely eroded tangible book value due to accumulated deficits, making it an unreliable valuation metric. The absence of forward earnings or EBITDA multiples is expected for a pre-revenue entity. The current valuation likely represents a 'cash-plus-pipeline' framework where the market assigns minimal value to the FB-102 program, pricing the stock near its liquidation value. A significant re-rating would require positive clinical data that de-risks the asset and attracts partnership interest.
The Misleading Safety of the Current Ratio
The current ratio of 10.01 is the most commonly misapplied ratio to FBRX's business model, as it obscures the critical risk of cash runway depletion relative to clinical milestones, which is the true measure of financial health for a pre-revenue biotech.
For a clinical-stage company with no revenue and high fixed costs, a high current ratio is a static snapshot that fails to capture the dynamic burn rate. It suggests extreme financial safety while the company is actively consuming its capital base to fund R&D. Analysts and investors should instead focus on the 'Cash Runway' metric—calculated as the current cash balance divided by the quarterly net cash burn from operations—to assess the true time remaining before a dilutive financing event becomes necessary.