Last 47 quarters of trend data · Healthcare · Biotechnology
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
EV/EBITDA has expanded 237.1% YoY to 68.5x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -10.08 | — | — | — | 27.50 | 16.00 | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 1.47 | 1.33 | 1.40 | 2.14 | 2.17 | 1.44 | 2.32 | 3.70 | 3.02 | 1.87 | 1.19 | 1.09 | 1.52 |
| — | -7.1% | -39.4% | -42.1% | -28.1% | -23.0% | +95.1% | +238.4% | +98.7% | -24.8% | -73.2% | -57.7% | -75.6% | |
| P/B Ratio | 14.07 | 15.12 | 14.42 | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/FCF | — | — | 40.32 | — | — | — | 25.86 | — | — | 28.97 | — | — | — |
| — | — | +55.9% | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | — | 68.48 | — | — | 33.45 | 20.31 | — | — | — | — | — | — | — |
| — | +237.1% | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | — | — | — | 39.29 | 11.84 | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Heron Therapeutics, Inc.'s operating margin was 0.1% in Q4 2025, up 10.8 pp QoQ and down 10.1 pp YoY. The trailing four-quarter average of -1.7% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 8.3% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.3% | 81.2% | 59.7% | 73.5% | 78.3% | 74.9% | 71.2% | 70.8% | 75.6% | 71.1% | 42.1% | 36.5% | 43.1% |
| — | +8.3% | -16.1% | +3.8% | +3.5% | +5.3% | +69.2% | +93.8% | +75.6% | +22.7% | -5.6% | -11.9% | -16.5% | |
| Operating Margin | -1.6% | 0.1% | -10.7% | -4.4% | 8.1% | 10.2% | -13.6% | -17.9% | -13.8% | -29.9% | -79.3% | -133.5% | -111.6% |
| — | -99.1% | +21.2% | +75.4% | +158.6% | +134.3% | +82.9% | +86.6% | +87.6% | +56.0% | +49.7% | +25.5% | +58.4% | |
| Net Margin | -13.0% | -7.3% | -45.8% | -6.4% | 6.8% | 9.0% | -14.8% | -25.6% | -9.1% | -31.3% | -79.6% | -132.4% | -110.6% |
| — | -181.0% | -209.8% | +75.0% | +174.3% | +128.7% | +81.4% | +80.6% | +91.8% | +52.7% | +49.6% | +35.1% | +59.4% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -140.9% | -20.2% | -117.5% | — | — | — | — | — | — | — | — | — | -3058.1% |
| — | — | — | — | — | — | — | — | — | — | — | — | -2329.9% | |
| ROA | -8.3% | -1.2% | -7.3% | -1.0% | 1.1% | 1.6% | -2.2% | -4.2% | -1.4% | -4.7% | -11.6% | -19.9% | -13.9% |
| — | -172.5% | -229.3% | +76.0% | +178.3% | +134.0% | +81.0% | +78.7% | +89.7% | +37.5% | +28.5% | +8.5% | +37.0% | |
| ROIC | -1.6% | 0.0% | -2.5% | -0.9% | 1.9% | 2.7% | -2.8% | -3.9% | -3.0% | -6.5% | -16.9% | -28.7% | -18.1% |
| — | -99.1% | +12.1% | +76.1% | +164.2% | +141.5% | +83.2% | +86.4% | +83.6% | +38.8% | +41.2% | +17.3% | +47.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Heron Therapeutics, Inc.'s Debt/EBITDA ratio is 117.2x — elevated, raising questions about debt serviceability. The current ratio has improved 8.4% YoY to 2.48x, strengthening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 9.81 | 9.81 | 9.44 | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Debt / EBITDA | — | 117.20 | — | — | 47.84 | 37.39 | — | — | — | — | — | — | — |
| — | +213.4% | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 2.48 | 2.48 | 2.56 | 0.82 | 2.40 | 2.29 | 2.28 | 2.38 | 2.47 | 2.37 | 2.43 | 1.91 | 2.29 |
| — | +8.4% | +12.1% | -65.7% | -2.5% | -3.5% | -6.2% | +24.9% | +7.8% | -5.0% | +2.0% | +7.5% | -4.4% | |
| Quick Ratio | 1.51 | 1.51 | 1.78 | 0.53 | 1.76 | 1.70 | 1.74 | 1.85 | 1.90 | 1.84 | 1.91 | 1.39 | 1.62 |
| — | -11.3% | +1.8% | -71.1% | -7.5% | -7.4% | -8.5% | +32.7% | +17.5% | +0.5% | +4.3% | +14.6% | -9.4% | |
| Interest Coverage | — | 0.04 | -1.41 | — | 6.31 | 0.94 | -8.92 | -16.11 | -8.52 | -4.71 | -44.28 | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Heron Therapeutics, Inc.'s current P/E is -10.1x. The average P/E over the last 1 quarters is 27.5x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Heron Therapeutics, Inc.'s current operating margin is -1.6%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Heron Therapeutics, Inc.'s business trajectory between earnings reports.