Latest Ratios: P/E Ratio -2.0x · 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 | $110M | $340M | $259M | $271M | $265M | $850M | $746M | — | — |
| Enterprise Value | $70M | $300M | $241M | $235M | $265M | $807M | $735M | — | — |
| P/E Ratio → | -2.05 | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.99 | 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 |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FHTX stock.
Foghorn Therapeutics Inc.'s current P/E ratio is -2.0x. 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 -2.0x. 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.
Key Metrics
Top Statement Risk
Sustained cash burn with deficit
Metrics are mathematically derived from official filings.
Negative Earnings Make Multiples Unreliable
Based on the supplied valuation data, FHTX trades at a trailing P/E of -1.58 and a price-to-sales ratio of 3.55, but with losses persisting, earnings multiples offer little guidance on relative value.
A negative trailing P/E of -1.58 reflects losses rather than a meaningful earnings yield, so it cannot be compared against history or peers in a conventional way. The 3.55 price-to-sales multiple is more usable, though revenue has been lumpy and a single strong quarter may flatter the ratio. Forward and EBITDA-based multiples are unavailable in the supplied data, so investors should monitor whether revenue visibility improves before relying on any sales-based valuation anchor.
Gross Margin Distorted by Revenue Timing
As reported in the income statement, FHTX's gross margin swung from negative 145.3% in 2025Q3 to 100.0% in several quarters, while operating margin stayed negative in every period shown.
The gross margin swings reflect the timing of cost recognition against lumpy collaboration revenue rather than structural pricing power, so the metric is not a reliable gauge of unit economics. Operating margin, which ranged from negative 54.8% to negative 2.1%, is the more informative measure, and its persistence suggests R&D spending has consistently outpaced revenue. Investors should treat the sharp 2026Q2 operating margin of negative 54.8% as a signal of cost pressure against a thin revenue base.
Returns Deeply Negative Across Capital Base
Based on reported figures, FHTX's return on assets ranged from negative 6.0% to negative 10.7% over ten quarters, while ROE and ROIC are not meaningful given the stockholders' deficit.
Return on assets remained persistently negative, indicating the asset base has not generated earnings at any point in the period shown. ROE and ROIC cannot be meaningfully interpreted because the company carries a stockholders' deficit of $81.0M, which makes the equity denominator negative. The more relevant takeaway is that returns on invested capital are structurally negative, so the investment case depends on future commercial outcomes rather than current capital efficiency.
Current Ratio Flatters a Shrinking Cushion
According to recent SEC filings, FHTX's current ratio of 3.36 looks adequate, yet cash declined from $138.9M in 2024Q2 to $68.1M in 2026Q2, a trend that warrants close monitoring.
A current ratio of 3.36 suggests short-term obligations are well covered on paper, but the ratio is supported by current assets that are being consumed by operating burn. The decline in cash by roughly half over the period indicates the liquidity cushion is thinning rather than building. Under a severe stress scenario, continued cash outflows of the magnitude seen in 2026Q2 could compress the runway materially, and investors should monitor cash balances against quarterly burn.
Debt Modest but Equity Base Negative
Based on reported figures, FHTX carries $43.1M of total debt against $68.1M of cash, but a stockholders' deficit of $81.0M makes the debt-to-equity ratio not meaningful.
Net cash remains positive on reported figures, which limits near-term refinancing pressure relative to the debt load. However, total liabilities of $284.4M exceed total assets of $203.4M, so the balance sheet is structurally underwater and the interest coverage and EBITDA-based leverage ratios are unavailable for interpretation given operating losses. Investors should monitor debt maturity terms and any covenant conditions, as the supplied data does not disclose them.
Peer Losses Suggest Sector-Wide Pricing Pressure
Based on the supplied peer data, FHTX's negative ROE and ROIC are broadly consistent with TNGX, VYNE, RVMD, and PRAX, suggesting its return profile is sector-typical rather than company-specific.
The clustering of negative ROE and ROIC across the peer group implies that FHTX's weak returns reflect the development-stage economics of clinical-stage biotechnology rather than a unique operating failure. The most commonly misapplied metric here is the P/E ratio, which becomes meaningless under sustained losses and can mislead investors into treating a low or negative multiple as a bargain signal. Investors should instead anchor on cash runway, cash burn relative to reported cash, and pipeline milestone timing as more relevant measures of value.