Latest Ratios: P/E Ratio -22.7x · EV/EBITDA N/A · ROE N/A. (2013–2025 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 | $9.0B | $1.8B | $1.8B | $2.6B | $2.0B | $2.4B | $5.1B | $1.5B | $377M | $1.4B | $1.9B |
| Enterprise Value | $9.8B | $2.6B | $2.2B | $3.0B | $2.6B | $2.8B | $5.3B | $1.5B | $367M | $1.4B | $1.9B |
| P/E Ratio → | -22.71 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 79.78 | 16.08 | 121.61 | 4105.07 | 8447.89 | 2533.77 | 8442.61 | 33773.25 | 8022.39 | 31544.39 | 42711.99 |
| P/B Ratio | — | — | — | — | — | — | — | 12.03 | 2.82 | 6.49 | 6.40 |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 23.05 | 146.07 | 4846.66 | 11027.60 | 3031.16 | 8840.35 | 33757.90 | 7811.52 | 31175.41 | 42714.87 |
| 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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.3% | 99.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -20858.1% | 6717.0% | 100.0% | 100.0% |
| Operating Margin | -226.0% | -226.0% | -2334.2% | -58239.5% | -146374.2% | -35361.9% | -36509.1% | -155597.7% | -209338.3% | -220266.7% | -282954.5% |
| Net Profit Margin | -310.2% | -310.2% | -2804.8% | -93761.4% | -173569.6% | -37129.6% | -36669.6% | -152997.7% | -204736.2% | -214273.3% | -274565.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | -20269.6% | -51.7% | -54.6% | -37.6% | -37.2% |
| ROA | -79.4% | -79.4% | -93.2% | -134.6% | -100.2% | -100.5% | -121.7% | -40.5% | -44.5% | -34.0% | -35.3% |
| ROIC | -235.9% | -235.9% | — | -1217.1% | -135.1% | -144.5% | -136.8% | -41.2% | -45.3% | -30.0% | -39.2% |
| ROCE | -66.7% | -66.7% | -88.9% | -235.5% | — | -260.9% | -155.1% | -46.7% | -51.2% | -37.1% | -37.4% |
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 | — | — | — | — | — | — | — | 0.12 | 0.05 | 0.03 | 0.03 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | — | — | -0.01 | -0.07 | -0.08 | 0.00 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -2.12 | -2.12 | -2.14 | -5.73 | -7.85 | -22.56 | -23.91 | -11.13 | -222.39 | -155.82 | -1838.11 |
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 | 5.10 | 5.10 | 3.36 | 5.05 | 0.28 | 0.91 | 1.64 | 4.82 | 3.26 | 6.35 | 16.34 |
| Quick Ratio | 5.08 | 5.08 | 3.21 | 5.05 | 0.28 | 0.91 | 1.64 | 4.82 | 3.26 | 6.35 | 16.34 |
| Cash Ratio | 3.93 | 3.93 | 2.73 | 4.57 | 0.21 | 0.86 | 1.41 | 4.47 | 2.72 | 6.14 | 15.85 |
| Asset Turnover | — | 0.23 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventory Turnover | 0.83 | 0.83 | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 137.31 | 65.67 | 1859.04 | 2874.38 | 520.93 | 1208.42 | 2571.98 | 94496.17 | 10203.78 | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.2% | 0.1% | 1.1% | 0.8% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.2% | 0.1% | 1.1% | 0.8% |
| Shares Outstanding | — | $920M | $700M | $509M | $400M | $389M | $383M | $383M | $325M | $316M | $329M |
Includes 30+ ratios · 13 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 IBRX stock.
ImmunityBio, Inc.'s current P/E ratio is -22.7x. This places it at the 50th percentile of its historical range.
Based on historical data, ImmunityBio, Inc. is trading at a P/E of -22.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ImmunityBio, Inc. has 99.3% gross margin and -226.0% operating margin.
Key Metrics
Top Statement Risk
Near-term financing and dilution risk
Metrics are mathematically derived from official filings.
Gross Margin Masks Underlying Losses
Despite a 99.4% gross margin in 2026Q2, operating margin was -120.4%, per recent financial statements, indicating that revenue growth has not yet translated into bottom-line profitability.
The exceptionally high gross margin likely reflects low production volumes and capitalized costs, not sustainable economics. Operating losses of -$61.7M in 2026Q2, as reported, show that SG&A and R&D spending are scaling faster than gross profit, suggesting a prolonged J-curve before margins normalize.
Negative Returns on Invested Capital
ROIC was -30.7% in 2026Q1, per financial statements, and remains deeply negative across all periods, indicating that the company is destroying value as it invests heavily in commercialization.
The negative ROIC is driven by substantial operating losses relative to a modest invested capital base. Even as revenue grows, the capital intensity of building manufacturing and sales infrastructure suggests returns will remain negative until scale is achieved, which may take several years.
Working Capital Distortions Signal Launch Phase
DSO improved to 86 days in 2026Q2 from 6034 days in 2024Q1, per reported figures, while DPO of 3541 days and negative CCC of -3075 days indicate unusual supplier financing terms.
The extreme DPO and negative CCC likely reflect related-party transactions and deferred payment arrangements, not operational efficiency. As the company scales, these metrics may normalize, but the current distortions suggest that working capital management is not yet a reliable indicator of operational health.
Liquidity Buffer Thin Despite High Current Ratio
Current ratio stood at 5.72 in 2026Q2, per balance sheet data, but cash of $75.7M covers only about one quarter of operating losses, indicating a fragile liquidity position.
The high current ratio is misleading because it is driven by inventory and receivables, not cash. With a quarterly operating burn of $61.7M, the company faces imminent financing needs, and the liquidity buffer may be insufficient to sustain operations without additional capital raises.
Debt Profile Shifts Amid Refinancing
Total debt dropped from $1.1B in 2026Q1 to $38.7M in 2026Q2, per balance sheet data, but negative equity of -$1.0B suggests the balance sheet remains strained.
The dramatic debt reduction may involve founder-related conversions, potentially understating true obligations. Interest coverage is deeply negative, and the company's reliance on external financing suggests that leverage, while reduced on paper, may still pose refinancing risk if cash flows do not improve.
Gross Margin Misleads in Launch Phase
The 99.4% gross margin in 2026Q2, as reported, is often misapplied as a sign of profitability, but it obscures the high fixed costs of biologic manufacturing and distribution.
Investors should focus on operating margin and cash burn rather than gross margin, as the latter is inflated by low volumes and capitalized costs. A more appropriate metric is the cash conversion cycle adjusted for related-party transactions, which would provide a clearer picture of the company's true cash generation ability.