Latest Ratios: P/E Ratio -6.2x · EV/EBITDA N/A · ROE -27.6%. (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 | $784M | $434M | $300M | $793M | $719M | $608M | $1.1B | — | — | — |
| Enterprise Value | $745M | $396M | $176M | $558M | $682M | $472M | $829M | — | — | — |
| P/E Ratio → | -6.20 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 9.20 | 5.10 | 8120.72 | 38.26 | 229.63 | 33.73 | 81.25 | — | — | — |
| P/B Ratio | 1.72 | 0.86 | 0.59 | 2.58 | 3.11 | 1.91 | 4.31 | — | — | — |
| 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 | — | 4.64 | 4749.64 | 26.94 | 218.05 | 26.16 | 60.92 | — | — | — |
| 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 | 91.1% | 91.1% | -381789.2% | -368.5% | -2464.8% | -240.2% | -289.6% | -454.2% | -30.0% | -134.4% |
| Operating Margin | -187.2% | -187.2% | -507678.4% | -544.6% | -3516.5% | -395.5% | -416.3% | -726.7% | -73.6% | -194.7% |
| Net Profit Margin | -164.4% | -164.4% | -434778.4% | -486.6% | -3435.4% | -395.4% | -416.5% | -705.8% | -67.6% | -193.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -27.6% | -27.6% | -39.3% | -37.4% | -39.1% | -24.8% | -61.8% | — | — | — |
| ROA | -24.9% | -24.9% | -35.7% | -33.5% | -34.9% | -22.2% | -32.7% | -63.5% | -15.4% | -41.1% |
| ROIC | -28.1% | -28.1% | -61.4% | -63.1% | -43.7% | -66.0% | — | — | — | — |
| ROCE | -30.3% | -30.3% | -44.1% | -39.8% | -37.7% | -23.4% | -35.8% | -75.7% | -18.9% | -52.6% |
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 | 0.04 | 0.04 | 0.05 | 0.05 | 0.07 | 0.05 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.08 | -0.24 | -0.76 | -0.16 | -0.43 | -1.08 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | -3.11 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($60M) exceeds total debt ($21M)
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 | 9.39 | 9.39 | 14.92 | 15.65 | 14.02 | 15.69 | 16.88 | 4.05 | 11.68 | 4.15 |
| Quick Ratio | 9.39 | 9.39 | 14.92 | 15.65 | 14.02 | 15.69 | 16.88 | 4.05 | 11.68 | 4.15 |
| Cash Ratio | 9.15 | 9.15 | 14.58 | 15.21 | 13.58 | 15.17 | 16.53 | 3.83 | 11.39 | 4.04 |
| Asset Turnover | — | 0.15 | 0.00 | 0.06 | 0.01 | 0.05 | 0.05 | 0.12 | 0.15 | 0.21 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | 81.66 | 0.95 | 39.85 | 51.10 | 29.03 | 20.24 |
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 | — | $58M | $54M | $39M | $32M | $28M | $27M | $26M | $13M | $15M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying FDMT stock.
4D Molecular Therapeutics, Inc.'s current P/E ratio is -6.2x. This places it at the 50th percentile of its historical range.
4D Molecular Therapeutics, Inc.'s return on equity (ROE) is -27.6%. The historical average is -38.3%.
Based on historical data, 4D Molecular Therapeutics, Inc. is trading at a P/E of -6.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
4D Molecular Therapeutics, Inc. has 91.1% gross margin and -187.2% operating margin.
Key Metrics
Top Statement Risk
Cash runway dependent on milestones
Metrics are mathematically derived from official filings.
Valuation Reflects Platform Premium, Not Current Earnings
FDMT's P/S ratio of 8.66 and P/B of 1.62, as reported in recent financial statements, appear to price in significant future platform value rather than current financial performance, given the company's negative earnings and milestone-driven revenue.
The valuation multiples are disconnected from traditional earnings metrics, as the negative P/E and lack of forward estimates confirm. The P/S ratio, while high, is inflated by a non-recurring revenue spike, making it an unreliable indicator of sustainable commercial demand. The P/B ratio suggests the market is valuing the company's intellectual property and clinical pipeline at a modest premium to its tangible book value, which is typical for pre-commercial biotech firms but leaves little margin for clinical setbacks.
Milestone Accounting Masks Underlying Cost Structure
The reported 44.8% gross margin in Q2 2026 is a misleading artifact of milestone-based revenue recognition, as the underlying business model carries a high fixed-cost structure that will likely compress margins significantly upon commercialization.
The extreme volatility in gross margin, from negative thousands of percent to positive 97.7% in Q4 2025, confirms that profitability is entirely dictated by the timing of lump-sum payments against a steady R&D burn. The operating margin of -20.4% in the latest quarter is a more accurate reflection of the company's true earning power, as it captures the heavy investment in clinical programs like 4D-150. Investors should focus on the operating margin trend, which shows no signs of improvement as R&D spending scales faster than the volatile revenue base.
Negative Returns Reflect Pre-Revenue Investment Phase
FDMT's ROIC of -14.9% in Q2 2026, as reported in financial statements, indicates the company is in a phase of capital consumption, with invested capital generating negative returns as it funds clinical development.
The negative ROIC and ROE trends over the past ten quarters are consistent with a clinical-stage biotech company investing heavily in its pipeline without commercial revenue. The brief positive ROIC of 2.7% in Q4 2025 was solely due to a large milestone payment and is not indicative of sustainable capital efficiency. The primary driver of negative returns is the high operating loss relative to the asset base, which is expected to persist until a product achieves commercial success.
High Current Ratio Masks Declining Absolute Cash
While FDMT's current ratio of 8.03 appears robust, the underlying cash position has fallen to $70.4M from a peak of $275.6M, indicating a significant reduction in the absolute liquidity buffer available to fund ongoing operations.
The high current and quick ratios are driven by a large cash balance relative to minimal current liabilities, but the trajectory of cash depletion is the more critical metric. The company's cash burn rate, averaging over $40M per quarter, suggests the current liquidity buffer may only fund operations for approximately two more quarters without additional financing. This creates a potential liquidity crunch that could force dilutive capital raises before key clinical milestones are achieved.
The Misleading Power of the P/S Ratio
The P/S ratio of 8.66 is the most commonly misapplied metric for FDMT, as it is based on non-recurring milestone revenue and obscures the company's true cash burn and lack of sustainable commercial demand.
For a clinical-stage biotech with milestone-driven revenue, the P/S ratio is highly misleading because it implies a level of commercial scale that does not exist. The ratio spikes and collapses with each milestone payment, making it useless for valuation or comparison. A more appropriate alternative is to analyze the company's cash position relative to its quarterly burn rate (cash runway) and to value the pipeline based on risk-adjusted net present value (rNPV) of its clinical programs, which focuses on future potential rather than past, non-recurring income.