Latest Ratios: P/E Ratio -30.6x · EV/EBITDA N/A · ROE -66.8%. (2000–2025 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 | $315M | $220M | $172M | $298M | $252M | $114M | $177M | $129M | $121M | $150M | — |
| Enterprise Value | $278M | $183M | $165M | $316M | $253M | $98M | $146M | $115M | $99M | $122M | — |
| P/E Ratio → | -30.61 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 7.06 | 4.93 | 3.63 | 14.03 | 164.33 | — | 1038.79 | — | — | — | — |
| P/B Ratio | 8.98 | 6.28 | — | — | — | 7.26 | 6.07 | 10.87 | 5.69 | 5.62 | — |
| P/FCF | — | — | 6.39 | — | — | — | — | — | — | — | — |
| P/OCF | — | — | 6.39 | — | — | — | — | — | — | — | — |
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 | — | 4.11 | 3.48 | 14.86 | 165.06 | — | 860.30 | — | — | — | — |
| EV / EBITDA | — | — | 50.38 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | 41.32 | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | 6.12 | — | — | — | — | — | — | — | — |
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 | 91.6% | 91.6% | 93.3% | 94.1% | 94.4% | — | 100.0% | — | — | — | — |
| Operating Margin | -14.2% | -14.2% | 5.2% | -61.4% | -1481.3% | — | -10520.6% | — | — | — | — |
| Net Profit Margin | -21.8% | -21.8% | -0.9% | -75.5% | -1544.9% | — | -10652.4% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -66.8% | -66.8% | — | — | -359.2% | -77.4% | -88.5% | -78.8% | -41.1% | -46.5% | -135.5% |
| ROA | -16.9% | -16.9% | -1.2% | -59.6% | -96.1% | -64.4% | -79.5% | -70.5% | -38.5% | -43.5% | -111.8% |
| ROIC | — | — | — | -424.1% | — | — | — | — | — | — | — |
| ROCE | -13.0% | -13.0% | 8.6% | -62.7% | -105.5% | -69.1% | -87.4% | -80.2% | -43.3% | -45.8% | -139.4% |
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 | — | — | — | — | — | 0.32 | — | — | — | — | — |
| Debt / EBITDA | — | — | 5.90 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.05 | — | — | — | -1.02 | -1.04 | -1.15 | -1.07 | -1.06 | -1.10 |
| Net Debt / EBITDA | — | — | -2.22 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | -0.27 | — | — | — | — | — | — | — | — |
| Interest Coverage | -3.63 | -3.63 | 0.98 | -3.73 | -23.25 | -136.67 | — | — | — | — | — |
Net cash position: cash ($37M) 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 | 6.34 | 6.34 | 6.38 | 3.56 | 5.80 | 13.54 | 13.39 | 6.11 | 14.02 | 17.28 | 9.88 |
| Quick Ratio | 6.19 | 6.19 | 6.22 | 3.27 | 5.67 | 13.54 | 13.39 | 6.11 | 14.02 | 17.28 | 9.88 |
| Cash Ratio | 3.50 | 3.50 | 3.85 | 1.76 | 5.16 | 12.76 | 12.93 | 6.01 | 13.92 | 17.19 | 9.77 |
| Asset Turnover | — | 0.64 | 1.06 | 0.79 | 0.06 | — | 0.01 | — | — | — | — |
| Inventory Turnover | 2.41 | 2.41 | 3.00 | 0.58 | 0.15 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 189.51 | 98.92 | 151.38 | 367.38 | — | — | — | — | — | — |
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 | — | — | 15.6% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $29M | $27M | $27M | $26M | $26M | $24M | $20M | $19M | $15M | $13M |
Liquidity and dilution risk
Based on reported figures, Fennec's P/S ratio of 7.06 suggests that investors are pricing the company as a potential acquisition target rather than a standalone commercial entity, given the lack of a positive P/E and the inherent volatility in its single-product revenue stream.
The forward P/E of 44.38 implies significant market expectations for future earnings growth that may not be supported by current adoption trends. Investors should monitor whether this premium valuation is sustainable if revenue growth continues to stagnate or if the company requires further dilutive capital raises.
According to recent financial statements, Fennec's asset turnover remains low at 0.21, reflecting the difficulty of scaling a niche orphan drug product against a heavy fixed-cost commercial infrastructure that has yet to demonstrate meaningful operational efficiency or consistent inventory turnover.
The erratic nature of the cash conversion cycle, which frequently swings into negative territory, suggests that the company's working capital management is highly sensitive to lumpy distributor procurement cycles. This lack of operational rhythm complicates the forecasting of cash requirements and highlights the structural challenges of the current commercial model.
As reported in recent filings, Fennec maintains a current ratio of 6.98, which appears superficially strong, yet this liquidity position is heavily influenced by deferred revenue and does not account for the persistent cash burn required to sustain the company's specialized sales force.
While the absence of debt provides some breathing room, the company's reliance on equity-based financing to cover operating losses warrants caution. Investors should monitor the cash runway closely, as the current liquidity buffer may be depleted rapidly if the company fails to achieve a sustainable break-even point.
The Price-to-Sales ratio is frequently misapplied to Fennec, as it obscures the significant gross-to-net adjustments and the high fixed-cost burden that prevent revenue from translating into meaningful bottom-line performance for this niche, single-product biotechnology firm.
Analysts should instead focus on the cash-burn rate relative to the addressable market penetration, as the P/S multiple fails to capture the underlying economic reality of the company's commercialization phase. Relying on revenue multiples in this context may lead to an overestimation of the company's intrinsic value.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying FENC stock.
Fennec Pharmaceuticals Inc.'s current P/E ratio is -30.6x. This places it at the 50th percentile of its historical range.
Fennec Pharmaceuticals Inc.'s return on equity (ROE) is -66.8%. The historical average is -116.8%.
Based on historical data, Fennec Pharmaceuticals Inc. is trading at a P/E of -30.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Fennec Pharmaceuticals Inc. has 91.6% gross margin and -14.2% operating margin.