Latest Ratios: P/E Ratio -3.6x · EV/EBITDA N/A · ROE N/A. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $248M | $340M | $259M | $271M | $265M | $850M | $746M | — | — |
| Enterprise Value | $208M | $300M | $241M | $235M | $265M | $807M | $735M | — | — |
| P/E Ratio → | -3.58 | — | — | — | — | — | — | — | — |
| P/S Ratio | 8.02 | 11.00 | 11.46 | 7.93 | 13.80 | 644.51 | 1734.31 | — | — |
| P/B Ratio | — | — | — | — | 2369.11 | 8.78 | 5.10 | — | — |
| P/FCF | — | — | — | — | 1.38 | — | — | — | — |
| P/OCF | — | — | — | — | 1.37 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.72 | 10.65 | 6.89 | 13.76 | 612.05 | 1709.19 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | 1.38 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 89.2% | 89.2% | 100.0% | 100.0% | 100.0% | 100.0% | -13322.1% | — | — |
| Operating Margin | -265.6% | -265.6% | -454.3% | -315.9% | -609.2% | -7637.1% | -15937.4% | — | — |
| Net Profit Margin | -240.3% | -240.3% | -383.2% | -288.2% | -566.3% | -7681.6% | -16000.0% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -224.5% | -83.4% | -236.5% | — | — |
| ROA | -30.8% | -30.8% | -30.4% | -28.5% | -23.6% | -26.1% | -49.5% | -156.4% | -61.2% |
| ROIC | — | — | — | — | -328.6% | -79.8% | -209.7% | — | — |
| ROCE | -46.2% | -46.2% | -46.2% | -37.4% | -28.5% | -28.5% | -55.6% | -207.3% | -65.8% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 459.88 | 0.60 | 0.56 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | -6.31 | -0.44 | -0.07 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | -0.00 | — | — | — | — |
| Interest Coverage | — | — | — | — | — | -52.16 | -70.00 | -93.68 | -69.99 |
Net cash position: cash ($81M) exceeds total debt ($41M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.73 | 2.73 | 3.73 | 4.11 | 6.37 | 9.44 | 10.12 | 1.33 | 11.68 |
| Quick Ratio | 2.73 | 2.73 | 3.73 | 4.11 | 6.37 | 9.44 | 10.12 | 1.33 | 11.68 |
| Cash Ratio | 2.66 | 2.66 | 3.64 | 4.01 | 6.26 | 3.17 | 9.86 | 1.18 | 11.57 |
| Asset Turnover | — | 0.16 | 0.08 | 0.12 | 0.05 | 0.00 | 0.00 | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | 83017.44 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | 72.5% | — | — | — | — |
| 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 | — | $63M | $55M | $42M | $42M | $37M | $37M | $37M | $20M |
Clinical milestone funding dependency
Based on reported figures, FHTX trades at a price-to-sales ratio of 8.02, which appears to command a significant premium relative to its clinical-stage peers, suggesting that the market is pricing in substantial future success for the Gene Traffic Control platform rather than current operational performance.
The elevated P/S multiple reflects investor optimism regarding the proprietary BAF complex focus, yet this valuation remains disconnected from the company's lack of commercial revenue. Investors should monitor whether this premium can be sustained if clinical readouts for FHD-286 do not provide clear evidence of superior therapeutic efficacy.
As reported in financial statements, FHTX's operating margin of -265.64% highlights a deep structural deficit, where the high gross margins of 89.22% are insufficient to cover the massive R&D expenditures required to advance the company's clinical-stage pipeline toward potential commercialization.
The volatility in gross margins, which dipped into negative territory in 2025Q3, suggests that the underlying economics of collaboration agreements are highly sensitive to project-specific costs. This indicates that true earning power remains elusive and will likely remain negative until the company transitions from a research-focused entity to a commercial-stage organization.
According to recent SEC filings, the company's current ratio of 2.92 provides a superficial appearance of liquidity, yet this metric is heavily distorted by deferred revenue liabilities that do not represent immediate cash obligations but rather future performance requirements for existing pharmaceutical partnerships.
The liquidity position appears vulnerable when evaluated against the consistent quarterly cash burn required to sustain clinical trials. Investors should interpret the current ratio with caution, as it may overstate the company's ability to fund operations without seeking dilutive external financing in the near term.
Based on quarterly data, FHTX exhibits an asset turnover ratio consistently near 0.02, which underscores the extreme capital intensity of its research-driven business model compared to more mature industrial or commercial-stage healthcare firms that generate higher revenue per dollar of invested assets.
This low turnover is a direct consequence of the company's focus on long-term drug discovery rather than immediate product sales. The lack of meaningful asset utilization suggests that the company's efficiency is currently secondary to its primary objective of achieving clinical milestones to validate its proprietary platform.
As noted in financial analysis, the price-to-sales ratio is frequently misapplied to FHTX, as it obscures the lumpy, non-recurring nature of milestone-based revenue that does not reflect a sustainable or predictable commercial business model for the company's chromatin-regulatory platform.
Investors should instead focus on the cash runway and the probability-weighted net present value of the clinical pipeline. Relying on P/S multiples in a pre-commercial biotech context may lead to an overestimation of value by failing to account for the high probability of failure inherent in early-stage clinical development.
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Quick answers to the most common questions about buying FHTX stock.
Foghorn Therapeutics Inc.'s current P/E ratio is -3.6x. This places it at the 50th percentile of its historical range.
Based on historical data, Foghorn Therapeutics Inc. is trading at a P/E of -3.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Foghorn Therapeutics Inc. has 89.2% gross margin and -265.6% operating margin.