Latest Ratios: P/E Ratio 6.5x · EV/EBITDA 6.8x · ROE 18.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $585M | $448M | $353M | $351M | $505M | $419M | $350M | $458M | $459M | $388M | $443132 |
| Enterprise Value | $585M | $448M | $353M | $351M | $506M | $424M | $349M | $458M | $458M | $388M | $442729 |
| P/E Ratio → | 6.50 | 5.24 | 15.78 | — | 7.82 | 3.41 | — | 15.95 | 6.69 | — | 10.93 |
| P/S Ratio | 6.78 | 5.18 | 8.96 | 11.01 | 11.21 | 10.73 | 143.41 | 230.40 | 6.57 | 61.75 | 0.34 |
| P/B Ratio | 1.08 | 0.87 | 0.88 | 0.88 | 0.96 | 0.87 | 0.91 | 0.96 | 0.98 | 0.94 | 0.00 |
| 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 2025 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.18 | 8.96 | 11.01 | 11.24 | 10.86 | 142.95 | 230.40 | 6.56 | 61.75 | 0.33 |
| EV / EBITDA | 6.84 | 5.23 | 15.78 | — | 7.37 | 3.45 | — | — | — | — | — |
| EV / EBIT | 6.84 | 5.23 | 15.78 | — | 7.84 | 3.45 | — | — | — | — | — |
| 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 2025 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 46.4% | 82.6% | 86.5% | 86.7% | 100.0% | 100.0% | 93.4% | 21.3% | -327.0% |
| Operating Margin | 99.1% | 99.1% | -13.3% | -328.3% | 143.3% | 314.9% | -118.0% | -181.6% | -5.6% | -60.3% | -357.0% |
| Net Profit Margin | 99.1% | 99.1% | 56.8% | -328.3% | 143.3% | 314.9% | -2887.8% | 1443.4% | 98.2% | -189.3% | 3062.1% |
| Metric | TTM | FY 2025 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.7% | 18.7% | 5.6% | -22.7% | 12.8% | 28.4% | -16.4% | 6.1% | 15.6% | -2.7% | 8.9% |
| ROA | 18.6% | 18.6% | 5.5% | -22.0% | 12.7% | 28.3% | -16.3% | 6.1% | 15.5% | -2.7% | 8.9% |
| ROIC | 14.0% | 14.0% | -1.0% | -16.8% | 9.6% | 21.3% | -0.5% | -0.6% | -0.7% | -0.6% | -0.8% |
| ROCE | 18.7% | 18.7% | -1.3% | -22.4% | 12.8% | 28.4% | -0.7% | -0.8% | -0.9% | -0.9% | -1.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.03 | 0.00 | 0.00 | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | 0.02 | 0.00 | — | — | — | — | — |
| Net Debt / Equity | — | -0.00 | -0.00 | 0.00 | 0.00 | 0.01 | -0.00 | 0.00 | -0.00 | -0.00 | -0.00 |
| Net Debt / EBITDA | -0.00 | -0.00 | -0.00 | — | 0.02 | 0.04 | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | -0.10 |
Net cash position: cash ($75538) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.74 | 1.74 | — | 0.12 | 0.01 | 0.13 | 1.80 | 4.76 | 0.48 | 7.56 | 4.33 |
| Quick Ratio | 1.74 | 1.74 | — | 0.12 | 0.01 | 0.13 | 1.80 | 4.76 | 0.48 | 7.56 | 4.33 |
| Cash Ratio | 0.10 | 0.10 | — | 0.00 | 0.00 | -8.54 | 0.40 | — | 0.47 | 0.00 | 0.00 |
| Asset Turnover | — | 0.17 | 0.10 | 0.08 | 0.08 | 0.08 | 0.01 | 0.00 | 0.15 | 0.02 | 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 2025 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.7% | 7.1% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 15.4% | 19.1% | 6.3% | — | 12.8% | 29.4% | — | 6.3% | 14.9% | — | 9.2% |
| 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 | 5.7% | 7.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $29M | $28M | $26M | $24M | $24M | $23M | $22M | $21M | $21M | $19686 |
Portfolio Valuation Volatility
According to recent market data, HQL trades at a P/E of 6.50 and a P/B of 1.08, suggesting that investors are applying a significant discount to the fund's net asset value due to the inherent volatility of its concentrated, clinical-stage life sciences investment portfolio.
The current valuation multiples appear to reflect market skepticism regarding the fund's ability to consistently realize gains in a high-interest-rate environment. Investors should monitor whether the P/B ratio remains near parity, as a widening discount may indicate that the market is pricing in potential liquidity constraints within the fund's private-placement holdings.
As reported in financial statements, HQL's ROIC has exhibited extreme volatility, swinging from a peak of 21.9% in 2025Q4 to a low of -11.9% in 2022Q2, which highlights the fund's dependence on sporadic exit events rather than steady compounding of its underlying capital base.
The wide variance in ROIC suggests that the fund's performance is less a reflection of operational efficiency and more a function of the binary outcomes inherent in biotech clinical trials. This lack of consistency warrants caution, as it implies that long-term capital appreciation is highly sensitive to the timing of portfolio liquidations.
Based on historical data, HQL maintains an asset turnover ratio consistently below 0.10, which confirms that the fund's primary activity is holding long-term, illiquid positions rather than actively trading its portfolio to generate recurring revenue streams for its shareholders.
The low turnover ratio is consistent with the fund's mandate to hold restricted securities, but it also limits the management team's ability to pivot quickly in response to sector-wide downturns. This structural rigidity implies that the fund's efficiency is inherently tied to the long-term success of its clinical-stage investments.
As indicated by the fund's structure, the P/E ratio is a fundamentally flawed metric for HQL, as it fails to account for the non-recurring nature of realized capital gains that dominate the net income line in any given reporting period.
Analysts should instead focus on the Total Return on Net Asset Value, as the P/E ratio ignores the significant portion of income derived from unrealized appreciation. Relying on earnings multiples for a closed-end fund with a venture-style mandate may lead to a fundamental misunderstanding of the fund's true economic earning power.
Includes 30+ ratios · 27 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HQL stock.
Tekla Life Sciences Investors's current P/E ratio is 6.5x. The historical average is 8.4x. This places it at the 58th percentile of its historical range.
Tekla Life Sciences Investors's current EV/EBITDA is 6.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.2x.
Tekla Life Sciences Investors's return on equity (ROE) is 18.7%. The historical average is 5.8%.
Based on historical data, Tekla Life Sciences Investors is trading at a P/E of 6.5x. This is at the 58th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tekla Life Sciences Investors's current dividend yield is 5.69%.
Tekla Life Sciences Investors has 100.0% gross margin and 99.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.