Latest Ratios: P/E Ratio -4.5x · 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 | $3.8B | $4.0B | $66M | $26M | $17M | $30M | $268M | $17M | $165M | $150M | — |
| Enterprise Value | $3.7B | $3.9B | $44M | $14M | $-23716475 | $-12152908 | $209M | $10M | $150M | $125M | — |
| P/E Ratio → | -4.53 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | 9.13 | 3651.84 | — |
| P/B Ratio | 51.45 | 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 |
Clinical trial binary outcome
As reported in financial statements, FBRX trades at a price-to-book ratio of 50.75, a figure that appears heavily distorted by the rapid erosion of equity capital rather than reflecting a premium valuation for the company's underlying clinical pipeline or future commercial potential.
The elevated P/B ratio is a mathematical artifact of the company's shrinking equity base following years of operating losses, rather than an indicator of market enthusiasm. Investors should monitor this metric with caution, as it suggests the market is pricing the firm closer to its net cash value than to any speculative value derived from the FB-102 program.
Based on historical data, the company's ROIC has consistently remained in negative territory, reaching -106.0% in 2025Q1, which underscores the structural inability of the current business model to generate returns on invested capital while the firm remains in a pre-revenue, clinical-stage development phase.
The persistent negative ROIC reflects the high cost of clinical development relative to the company's asset base. This trend suggests that until the FB-102 program reaches a commercial inflection point, capital efficiency will remain secondary to the primary objective of extending the cash runway.
According to recent SEC filings, the company's current ratio has contracted significantly from a peak of 11.74 in 2025Q2 to 2.75 in 2026Q1, indicating a narrowing margin of safety as the firm accelerates its cash burn to fund ongoing clinical trial activities.
While a current ratio of 2.75 remains technically adequate, the rapid downward trajectory warrants close monitoring by investors. The lack of revenue means that liquidity is entirely dependent on the existing cash pile, leaving the company vulnerable to any unforeseen delays in clinical milestones that would necessitate further dilutive capital raises.
As detailed in financial disclosures, the use of P/E or EV/EBITDA ratios is fundamentally inappropriate for FBRX, as these metrics obscure the reality that the company generates no revenue and is currently in a phase of pure capital consumption rather than operational profit generation.
Investors should instead focus on 'cash-plus-pipeline' valuation frameworks, which adjust for the company's net cash position and the probability-weighted value of its clinical assets. Relying on standard earnings-based multiples may lead to a misinterpretation of the company's financial health, as these ratios fail to account for the binary nature of biotech development.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying FBRX stock.
Forte Biosciences, Inc.'s current P/E ratio is -4.5x. 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 -4.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.