Latest Ratios: P/E Ratio -81.6x · EV/EBITDA 22.4x · ROE -3.8%. (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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $89M | $56M | $42M | $39M | $47M | $61M | $43M | $35M | $39M | $44M | $26M |
| Enterprise Value | $98M | $65M | $53M | $55M | $54M | $61M | $46M | $37M | $46M | $49M | $24M |
| P/E Ratio → | -81.58 | — | — | — | — | — | — | — | — | — | 49.58 |
| P/S Ratio | 3.20 | 2.01 | 1.59 | 2.26 | 2.54 | 3.16 | 2.80 | 2.56 | 3.52 | 4.17 | 2.70 |
| P/B Ratio | 3.27 | 2.05 | 1.53 | 1.58 | 1.56 | 1.86 | 1.52 | 1.21 | 1.78 | 1.84 | 1.31 |
| P/FCF | 72.31 | 45.32 | — | — | — | — | — | — | — | — | — |
| P/OCF | 35.78 | 22.43 | 117.52 | — | — | 63.66 | 32.62 | 150.39 | — | 37.00 | — |
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 | — | 2.35 | 2.02 | 3.16 | 2.90 | 3.16 | 2.98 | 2.71 | 4.18 | 4.66 | 2.48 |
| EV / EBITDA | 22.37 | 14.82 | 51.00 | — | 285.99 | 22.38 | 46.52 | 28.36 | 622.73 | 73.56 | 13.98 |
| EV / EBIT | 59.39 | — | — | — | — | 256.24 | — | — | — | — | 26.58 |
| EV / FCF | — | 52.98 | — | — | — | — | — | — | — | — | — |
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 | 41.4% | 41.4% | 30.0% | 25.2% | 41.2% | 45.0% | 44.7% | 49.1% | 47.3% | 50.1% | 56.8% |
| Operating Margin | 6.0% | 6.0% | -6.2% | -32.9% | -12.4% | 1.3% | -9.0% | -7.0% | -13.2% | -2.3% | 9.3% |
| Net Profit Margin | -3.8% | -3.8% | -8.1% | -33.1% | -13.4% | -0.4% | -6.7% | -9.4% | -21.1% | -1.6% | 5.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.8% | -3.8% | -8.2% | -20.9% | -7.9% | -0.3% | -3.6% | -5.1% | -10.2% | -0.8% | 3.4% |
| ROA | -2.4% | -2.4% | -4.9% | -13.0% | -5.6% | -0.2% | -2.6% | -3.6% | -6.9% | -0.6% | 2.6% |
| ROIC | 3.3% | 3.3% | -3.1% | -11.1% | -4.9% | 0.6% | -3.3% | -2.4% | -3.8% | -0.8% | 4.5% |
| ROCE | 4.2% | 4.2% | -4.1% | -14.1% | -5.5% | 0.6% | -3.7% | -2.9% | -4.6% | -0.9% | 4.9% |
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 | 0.49 | 0.49 | 0.55 | 0.67 | 0.41 | 0.32 | 0.38 | 0.29 | 0.45 | 0.38 | 0.15 |
| Debt / EBITDA | 3.01 | 3.01 | 14.42 | — | 66.18 | 3.78 | 10.92 | 6.41 | 132.49 | 13.54 | 1.78 |
| Net Debt / Equity | — | 0.35 | 0.41 | 0.63 | 0.22 | 0.00 | 0.10 | 0.07 | 0.33 | 0.22 | -0.11 |
| Net Debt / EBITDA | 2.14 | 2.14 | 10.83 | — | 35.46 | 0.03 | 2.84 | 1.62 | 98.29 | 7.80 | -1.26 |
| Debt / FCF | — | 7.66 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1.34 | -1.34 | -2.85 | — | -6.13 | 0.76 | -1.73 | -1.94 | -3.35 | -1.01 | 5.51 |
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 | 4.26 | 4.26 | 3.41 | 2.73 | 4.56 | 6.42 | 5.50 | 5.29 | 2.50 | 3.64 | 6.97 |
| Quick Ratio | 1.93 | 1.93 | 1.80 | 0.87 | 2.59 | 5.20 | 4.55 | 4.28 | 1.59 | 2.64 | 5.94 |
| Cash Ratio | 0.96 | 0.96 | 0.85 | 0.23 | 1.89 | 4.02 | 3.59 | 3.52 | 0.98 | 1.84 | 5.16 |
| Asset Turnover | — | 0.65 | 0.59 | 0.40 | 0.41 | 0.43 | 0.38 | 0.35 | 0.34 | 0.30 | 0.39 |
| Inventory Turnover | 1.75 | 1.75 | 2.61 | 1.67 | 1.81 | 3.43 | 4.05 | 2.77 | 2.48 | 2.54 | 1.94 |
| Days Sales Outstanding | — | 45.14 | 52.51 | 45.65 | 35.40 | 51.61 | 44.36 | 44.62 | 47.36 | 52.26 | 43.49 |
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 | — | — | — | — | — | — | — | — | — | — | 2.0% |
| FCF Yield | 1.4% | 2.2% | — | — | — | — | — | — | — | — | — |
| 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 | — | $9M | $8M | $8M | $8M | $8M | $7M | $7M | $5M | $5M | $4M |
Regulatory and manufacturing dependency
Based on current market data, ImmuCell trades at a price-to-sales ratio of 3.20, which appears to discount the company's lack of consistent profitability while assigning a speculative premium to the potential regulatory approval of the Re-Tain pipeline rather than its current steady-state animal health operations.
The absence of a positive P/E ratio and the negative TTM earnings suggest that investors are valuing the firm as a high-risk biotechnology entity rather than a traditional industrial manufacturer. This valuation multiple warrants caution, as it implies that any further delays in the Re-Tain regulatory timeline could lead to a significant contraction in the current market capitalization.
As reported in financial statements, ImmuCell's ROIC has struggled to maintain positive territory, fluctuating from a low of -2.7% in 2024Q2 to a peak of 4.1% in 2026Q1, which highlights the difficulty of compounding returns while simultaneously funding long-term, capital-intensive biological manufacturing and regulatory development projects.
The inconsistent ROIC trend suggests that the company has yet to achieve the necessary scale to generate returns above its cost of capital. Investors should monitor whether the recent improvement in ROIC is a sustainable shift driven by operational efficiency or merely a temporary byproduct of reduced R&D spending cycles.
According to quarterly data, the cash conversion cycle has remained elevated, peaking at 274 days in 2025Q3, which reflects the inherent challenges of managing biological inventory and the lumpy nature of distributor purchasing patterns within the specialized bovine health market compared to broader animal health peers.
The high days inventory outstanding, which reached 265 days in 2025Q3, suggests that the company carries significant shelf-life risk and must maintain substantial stock to meet seasonal demand. This inefficiency in working capital management appears to be a structural reality of the biological production process rather than a temporary operational failure.
Based on recent filings, ImmuCell has successfully reduced its debt-to-equity ratio to 0.44 as of 2026Q1, indicating a more conservative capital structure that provides a necessary buffer against the volatility of its biological manufacturing operations and the ongoing cash requirements of its clinical development pipeline.
The improvement in interest coverage, which reached 19.76 in 2026Q1, suggests that the company is better positioned to service its debt obligations than in previous periods. However, the reliance on equity-linked financing remains a potential risk factor that could dilute existing shareholders if the company fails to reach self-sustaining profitability.
The use of EV/EBITDA as a primary valuation metric for ImmuCell is frequently misapplied, as it obscures the significant R&D expenditures and biological yield variability that define the company's true cash-generating potential in its current pre-commercialization phase for new products like Re-Tain.
Investors should instead focus on normalized operating margins and the cash burn rate, as EBITDA fails to account for the heavy capital investment required to maintain the donor herd and the Portland facility. Relying on EBITDA multiples may lead to an overly optimistic assessment of the company's current ability to fund its own growth without external capital.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ICCC stock.
ImmuCell Corporation's current P/E ratio is -81.6x. The historical average is 43.7x.
ImmuCell Corporation's current EV/EBITDA is 22.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.5x.
ImmuCell Corporation's return on equity (ROE) is -3.8%. The historical average is 2.4%.
Based on historical data, ImmuCell Corporation is trading at a P/E of -81.6x. Compare with industry peers and growth rates for a complete picture.
ImmuCell Corporation has 41.4% gross margin and 6.0% operating margin.
ImmuCell Corporation's Debt/EBITDA ratio is 3.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.