Latest Ratios: P/E Ratio 6.2x · EV/EBITDA N/A · ROE 18.6%. (2014–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $837M | $819M | $852M | $1.1B | $1.0B | $894M | $758M | $917M | $824M | $1.1B |
| Enterprise Value | $1.3B | $837M | $819M | $861M | $1.1B | $1.0B | $893M | $758M | $910M | $824M | $1.1B |
| P/E Ratio → | 6.19 | 4.52 | 14.54 | — | 6.81 | 4.33 | — | 10.95 | 7.57 | — | 11.50 |
| P/S Ratio | 116.68 | 77.69 | 79.60 | 103.04 | 166.55 | 117.03 | 117.64 | 111.70 | 163.13 | 171.65 | 255.39 |
| P/B Ratio | 1.08 | 0.79 | 0.88 | 0.93 | 0.93 | 0.99 | 1.03 | 0.70 | 0.87 | 0.85 | 1.00 |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 77.69 | 79.60 | 104.06 | 168.30 | 117.03 | 117.43 | 111.70 | 161.98 | 171.65 | 255.35 |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -2.0% | -2.0% | -11.5% | -44.4% | -96.1% | -22.1% | -37.8% | -60.7% | -91.9% | -130.9% | -181.2% |
| Net Profit Margin | 1717.4% | 1717.4% | 547.4% | -2348.4% | 2394.6% | 2700.1% | -1911.5% | 1020.1% | 2158.4% | -1166.7% | 2220.1% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.6% | 18.6% | 6.1% | -18.7% | 14.0% | 25.1% | -14.9% | 6.5% | 11.9% | -5.4% | 8.9% |
| ROA | 18.6% | 18.6% | 6.1% | -18.5% | 13.9% | 24.9% | -14.8% | 6.4% | 11.7% | -5.3% | 8.9% |
| ROIC | -0.0% | -0.0% | -0.1% | -0.3% | -0.4% | -0.2% | -0.2% | -0.3% | -0.4% | -0.5% | -0.5% |
| ROCE | -0.0% | -0.0% | -0.1% | -0.4% | -0.6% | -0.2% | -0.3% | -0.4% | -0.5% | -0.6% | -0.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.01 | 0.01 | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.00 | -0.00 | 0.01 | 0.01 | 0.00 | -0.00 | -0.00 | -0.01 | -0.00 | -0.00 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($56) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.43 | 0.43 | 34.51 | 4.40 | 0.79 | 6.26 | 3.95 | 4.96 | 3.40 | 1.67 | 4.47 |
| Quick Ratio | 0.43 | 0.43 | 34.51 | 4.40 | 0.79 | 6.26 | 3.95 | 4.96 | 3.40 | 1.67 | 4.47 |
| Cash Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | 0.24 | 0.00 | 0.66 | 0.00 | 0.02 |
| Asset Turnover | — | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 16.2% | 22.1% | 6.9% | — | 14.7% | 23.1% | — | 9.1% | 13.2% | — | 8.7% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $52M | $49M | $47M | $45M | $44M | $43M | $42M | $41M | $39M | $37M |
Biotech Innovation Cycle Volatility
According to recent market data, HQH trades at a P/B ratio of 1.06, which, when compared to its historical averages and peer group, suggests that investors remain cautious regarding the fund's ability to realize the full underlying value of its private-stage healthcare holdings in the current environment.
The P/E ratio of 6.09 appears artificially low due to the inclusion of volatile unrealized gains, which often misleads investors about the fund's true earnings power. A more meaningful valuation metric would focus on the discount to Net Asset Value, as the current P/B ratio indicates that the market is not yet pricing in the full potential of the fund's venture-style biotech portfolio.
As reported in financial statements, HQH's operating margin has frequently dipped into negative territory, with 2024Q4 showing a -3.5% margin, highlighting the structural challenge of covering fixed management fees through recurring investment income alone in a sector characterized by episodic capital gains.
While the 100% gross margin is a standard feature of an investment vehicle, the persistent negative operating margin suggests that the fund's core operations are not self-sustaining without relying on portfolio appreciation. Investors should monitor whether the transition to the abrdn platform leads to a more efficient expense structure or if the current fee drag remains a permanent feature of the fund's profitability profile.
Based on reported figures, HQH's ROE has fluctuated significantly, ranging from a high of 19.9% in 2020Q4 to a low of -10.6% in 2022Q2, illustrating that the fund's ability to compound capital is almost entirely dependent on the success of its underlying biotechnology innovation cycle.
The near-zero ROIC trend suggests that the fund's internal capital allocation is not generating consistent operational returns, which is expected given its mandate to hold long-duration, pre-revenue assets. This volatility warrants further investigation into whether the fund's management can consistently identify winners that provide enough capital appreciation to offset the periods of negative returns.
As noted in recent financial disclosures, HQH maintains an asset turnover ratio near 0.01, which is consistent with its role as a permanent capital vehicle designed to hold illiquid, private-stage healthcare assets through extended clinical trial timelines rather than engaging in high-frequency trading.
The low turnover ratio is not necessarily a sign of inefficiency but rather a reflection of the fund's structural moat in capturing illiquidity premiums. However, the variability in DSO, which reached 176 days in 2020Q2, suggests that the timing of cash realizations from portfolio exits is highly unpredictable and can create temporary liquidity gaps.
The P/E ratio is the most commonly misapplied metric for HQH, as it obscures the fund's true economic reality by treating volatile, unrealized mark-to-market gains as sustainable earnings, which can lead to an inaccurate assessment of the fund's ability to support its ongoing distribution policy.
Analysts should instead focus on Net Investment Income and the sustainability of the Managed Distribution Policy, as these provide a clearer picture of the fund's cash-generating capacity. Relying on P/E ratios for a closed-end fund with significant private-stage exposure risks misinterpreting accounting noise for fundamental performance, potentially leading to flawed investment conclusions.
Includes 30+ ratios · 11 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HQH stock.
Abrdn Healthcare Investors's current P/E ratio is 6.2x. The historical average is 8.2x. This places it at the 38th percentile of its historical range.
Abrdn Healthcare Investors's return on equity (ROE) is 18.6%. The historical average is 6.7%.
Based on historical data, Abrdn Healthcare Investors is trading at a P/E of 6.2x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Abrdn Healthcare Investors has 100.0% gross margin and -2.0% operating margin.