Latest Ratios: P/E Ratio 45.0x · EV/EBITDA 17.3x · ROE 153.6%. (2001–2025 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 | $13.7B | $8.3B | $6.2B | $5.0B | $8.0B | $5.9B | $6.0B | $2.6B | $2.1B | $2.8B | $1.3B |
| Enterprise Value | $15.7B | $10.3B | $7.6B | $6.3B | $9.3B | $6.7B | $6.3B | $2.8B | $2.2B | $2.9B | $1.4B |
| P/E Ratio → | 45.01 | 26.29 | 13.94 | 17.60 | 39.51 | 14.68 | 46.93 | — | — | 45.02 | — |
| P/S Ratio | 9.79 | 5.97 | 6.09 | 5.98 | 12.12 | 13.31 | 22.58 | 13.06 | 13.83 | 8.90 | 8.62 |
| P/B Ratio | 292.46 | 170.83 | 17.01 | 59.18 | 47.12 | 29.97 | 40.00 | 27.89 | 8.44 | 13.52 | — |
| P/FCF | 21.20 | 12.94 | 13.21 | 13.29 | 34.00 | 19.81 | 114.11 | — | — | 21.23 | — |
| P/OCF | 20.98 | 12.80 | 12.92 | 12.76 | 33.32 | 19.71 | 108.95 | — | — | 21.02 | — |
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 | — | 7.41 | 7.46 | 7.65 | 14.05 | 15.02 | 23.51 | 14.50 | 14.28 | 9.01 | 9.64 |
| EV / EBITDA | 17.33 | 11.44 | 11.98 | 15.01 | 29.23 | 23.88 | 42.64 | — | — | 34.28 | — |
| EV / EBIT | 19.20 | 21.34 | 13.17 | 17.27 | 34.88 | 26.01 | 42.03 | — | — | 35.20 | — |
| EV / FCF | — | 16.05 | 16.18 | 16.99 | 39.41 | 22.35 | 118.82 | — | — | 21.49 | — |
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 | 78.1% | 78.1% | 84.3% | 76.8% | 78.9% | 81.6% | 83.8% | 76.8% | 93.3% | 90.2% | 77.4% |
| Operating Margin | 58.4% | 58.4% | 54.3% | 40.7% | 40.5% | 62.2% | 53.9% | -34.5% | -45.7% | 25.6% | -56.7% |
| Net Profit Margin | 22.7% | 22.7% | 43.7% | 34.0% | 30.6% | 90.8% | 48.2% | -36.9% | -52.9% | 19.9% | -70.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 153.6% | 153.6% | 198.4% | 222.1% | 110.2% | 231.4% | 106.3% | -42.4% | -35.1% | 71.6% | -1959.0% |
| ROA | 13.8% | 13.8% | 23.4% | 15.8% | 13.7% | 47.8% | 22.5% | -14.4% | -16.7% | 16.1% | -46.5% |
| ROIC | 32.1% | 32.1% | 25.7% | 17.4% | 16.7% | 30.5% | 27.9% | -14.7% | -18.6% | 33.8% | -74.8% |
| ROCE | 38.2% | 38.2% | 31.1% | 20.3% | 19.8% | 48.2% | 45.2% | -17.5% | -20.4% | 27.2% | -51.0% |
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 | 43.89 | 43.89 | 4.14 | 17.89 | 8.87 | 4.45 | 2.63 | 4.39 | 0.51 | 0.97 | — |
| Debt / EBITDA | 2.37 | 2.37 | 2.38 | 3.55 | 4.75 | 3.14 | 2.69 | — | — | 2.43 | — |
| Net Debt / Equity | — | 41.15 | 3.82 | 16.48 | 7.49 | 3.85 | 1.65 | 3.08 | 0.28 | 0.16 | — |
| Net Debt / EBITDA | 2.22 | 2.22 | 2.20 | 3.27 | 4.01 | 2.72 | 1.69 | — | — | 0.40 | — |
| Debt / FCF | — | 3.12 | 2.97 | 3.70 | 5.41 | 2.54 | 4.71 | — | — | 0.25 | — |
| Interest Coverage | 26.76 | 26.76 | 31.79 | 19.57 | 15.69 | 34.02 | 7.35 | -5.21 | -3.84 | 3.68 | -4.10 |
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 | 4.66 | 4.66 | 7.80 | 6.64 | 5.65 | 7.91 | 1.32 | 6.35 | 2.86 | 3.89 | 4.70 |
| Quick Ratio | 3.66 | 3.66 | 6.78 | 5.50 | 4.88 | 7.45 | 1.17 | 6.00 | 2.71 | 3.85 | 4.43 |
| Cash Ratio | 0.81 | 0.81 | 4.29 | 2.99 | 2.77 | 6.32 | 0.87 | 4.92 | 2.37 | 3.57 | 3.76 |
| Asset Turnover | — | 0.55 | 0.49 | 0.48 | 0.36 | 0.40 | 0.46 | 0.35 | 0.34 | 0.61 | 0.56 |
| Inventory Turnover | 1.73 | 1.73 | 1.12 | 1.51 | 1.39 | 1.51 | 0.71 | 1.55 | 0.45 | 6.05 | 2.27 |
| Days Sales Outstanding | — | 115.33 | 110.89 | 103.09 | 127.77 | 74.90 | 133.30 | 110.70 | 72.12 | 25.52 | 39.02 |
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 | 2.2% | 3.8% | 7.2% | 5.7% | 2.5% | 6.8% | 2.1% | — | — | 2.2% | — |
| FCF Yield | 4.7% | 7.7% | 7.6% | 7.5% | 2.9% | 5.0% | 0.9% | — | — | 4.7% | — |
| Buyback Yield | 2.5% | 4.1% | 4.0% | 8.1% | 2.5% | 5.9% | 2.5% | 7.8% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.5% | 4.1% | 4.0% | 8.1% | 2.5% | 5.9% | 2.5% | 7.8% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $124M | $129M | $134M | $141M | $147M | $141M | $144M | $144M | $139M | $128M |
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Quick answers to the most common questions about buying HALO stock.
Halozyme Therapeutics, Inc.'s current P/E ratio is 45.0x. The historical average is 29.1x. This places it at the 71th percentile of its historical range.
Halozyme Therapeutics, Inc.'s current EV/EBITDA is 17.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.1x.
Halozyme Therapeutics, Inc.'s return on equity (ROE) is 153.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -32.3%.
Based on historical data, Halozyme Therapeutics, Inc. is trading at a P/E of 45.0x. This is at the 71th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Halozyme Therapeutics, Inc. has 78.1% gross margin and 58.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Halozyme Therapeutics, Inc.'s Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
High leverage from acquisition debt
Metrics are mathematically derived from official filings.
Margin Expansion Masks Earnings Volatility
Halozyme's gross margin reached 83.5% in 2026Q2, up from 75.2% in 2024Q2, according to recent financial statements, while net margin swung to -31.3% in 2025Q4 due to one-time charges, indicating strong underlying profitability but volatile reported earnings.
The gross margin expansion reflects a favorable product mix and pricing power, but the net margin volatility in 2025Q4 suggests non-operating items can distort quarterly profitability. Operating margin has consistently exceeded 48% over the last ten quarters, indicating robust core earning power. Investors should focus on operating margin as the cleaner measure of profitability, as it excludes the impact of one-time charges and financing costs.
ROIC Recovery Despite Equity Erosion
ROIC improved to 10.3% in 2026Q2 from 4.8% in 2024Q1, as reported in financial statements, while ROE surged to 126.6% due to a shrinking equity base, indicating that returns on invested capital are recovering but equity-based metrics are distorted by buybacks and losses.
The rise in ROIC from 4.8% to 10.3% over the period suggests improving operational efficiency and capital deployment, likely driven by higher margins and asset turnover. However, ROE's extreme volatility, including a -51.2% in 2025Q4, is a result of the equity base being eroded by aggressive buybacks and a one-time loss, making ROE an unreliable indicator of underlying performance. ROIC is the more meaningful metric here, as it isolates operating performance from capital structure decisions.
Working Capital Drag from Royalty Timing
Halozyme's cash conversion cycle lengthened to 233 days in 2026Q2 from 227 days in 2026Q1, as per quarterly reports, driven by high DSO of 86 days and DIO of 168 days, indicating that working capital efficiency is constrained by royalty collection and inventory holding.
The CCC has remained elevated, averaging over 300 days in 2024, but improved to 233 days in 2026Q2, suggesting some progress in managing receivables and inventory. DSO of 86 days reflects the timing of royalty payments from partners, which can be lumpy, while DIO of 168 days indicates significant inventory, possibly related to product manufacturing. The low DPO of 22 days suggests limited supplier leverage, but this is typical for an asset-light model. Investors should monitor whether the CCC can be reduced further as revenue scales.
Leverage Spike Demands Cash Flow Scrutiny
Debt-to-equity surged to 14.95 in 2026Q2 from 3.00 in 2025Q3, as reported in financial statements, while interest coverage remained strong at 51.48, indicating that the debt-funded acquisition has raised leverage but current earnings comfortably cover interest.
The D/E spike is primarily due to the $600M debt increase in 2025Q4, which also reduced equity through buybacks and a one-time loss. Despite the high D/E, interest coverage of 51.48 in 2026Q2 suggests that operating income is more than sufficient to service debt, but the coverage ratio fell to -19.54 in 2025Q4 due to the loss. The D/EBITDA of 7.46 is elevated, indicating that debt levels are high relative to cash earnings, and investors should monitor whether free cash flow can sustain debt reduction or if refinancing risk emerges.
Liquidity Buffer Thins Despite Strong Ratio
Halozyme's current ratio stood at 2.71 in 2026Q2, down from 4.66 in 2025Q4, as per balance sheet data, while cash dropped to $163.1M from $309.7M, indicating a thinner liquidity cushion relative to increased debt obligations.
The current ratio remains above 2, suggesting adequate short-term liquidity, but the rapid decline in cash and the rise in debt indicate that the company is deploying capital aggressively. The quick ratio of 2.31 shows that inventory is not a major liquidity concern. However, with debt levels elevated and cash declining, the liquidity position could become strained if cash flows weaken or if additional debt maturities come due. Investors should monitor the cash balance and debt maturity schedule closely.
Misapplied P/E Distorts Halozyme's Value
The trailing P/E of 40.09 is misleading for Halozyme due to one-time charges in 2025Q4, while the forward P/E of 12.92 better reflects normalized earnings, as per valuation data, indicating that investors should use EV/EBITDA or P/FCF for a clearer picture.
The trailing P/E is distorted by the net loss in 2025Q4, which depresses earnings and inflates the multiple. The forward P/E of 12.92 suggests the market expects earnings to normalize, but this may understate the impact of acquisition-related costs. EV/EBITDA of 15.68 is more stable and comparable to peers, while P/FCF of 18.88 reflects the company's strong cash generation. Given the asset-light model and royalty-based revenue, EV/EBITDA is the most appropriate valuation metric, as it captures operating performance without the distortions of capital structure and one-time items.