Latest Ratios: P/E Ratio -3.0x · EV/EBITDA N/A · ROE -85.1%. (2015–2025 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 | $165M | $68M | $146M | $90M | $137M | $198M | $136M | $103M | $913M | $495M | — |
| Enterprise Value | $148M | $53M | $128M | $78M | $122M | $173M | $111M | $71M | $857M | $371M | — |
| P/E Ratio → | -3.03 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 5133.11 | 2412.28 | 877.80 | 1419.46 | — | — | — | — | — | 2141.39 | — |
| P/B Ratio | 3.24 | 1.64 | 2.37 | 0.87 | 1.55 | 1.88 | 1.75 | 0.96 | 6.03 | 4.14 | — |
| 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 | — | 1875.67 | 771.81 | 1234.84 | — | — | — | — | — | 1607.70 | — |
| 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 | -26108.5% | -26108.5% | -1900.8% | -743.7% | — | — | — | — | — | 71.1% | — |
| Operating Margin | -173594.0% | -173594.0% | -31973.7% | -71182.1% | — | — | — | — | — | -8417.7% | — |
| Net Profit Margin | -155584.2% | -155584.2% | -27785.0% | -67630.7% | — | — | — | — | — | -10492.6% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -85.1% | -85.1% | -56.2% | -44.7% | -32.0% | -58.9% | -41.9% | -46.1% | -22.0% | -51.7% | — |
| ROA | -66.8% | -66.8% | -47.0% | -38.3% | -27.2% | -50.6% | -36.9% | -42.5% | -21.0% | -31.5% | -54.0% |
| ROIC | -104.4% | -104.4% | -59.0% | -41.0% | -53.7% | -63.6% | -45.9% | -56.1% | -61.1% | — | — |
| ROCE | -94.0% | -94.0% | -64.2% | -46.6% | -56.3% | -61.1% | -41.9% | -49.3% | -27.7% | -26.4% | -44.6% |
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 | 0.02 | 0.02 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.36 | -0.29 | -0.11 | -0.17 | -0.24 | -0.33 | -0.30 | -0.37 | -1.03 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1297.60 | -1297.60 | -2228.93 | -1196.58 | -683.76 | -2176.29 | -1488.88 | -2683.80 | — | -9.87 | -3.87 |
Net cash position: cash ($16M) exceeds total debt ($897532)
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 | 4.13 | 4.13 | 5.06 | 6.50 | 7.48 | 5.10 | 8.54 | 8.46 | 20.39 | 26.01 | 16.83 |
| Quick Ratio | 4.13 | 4.13 | 4.57 | 5.82 | 7.48 | 5.10 | 8.54 | 8.46 | 20.39 | 25.90 | 16.81 |
| Cash Ratio | 3.58 | 3.58 | 1.30 | 0.76 | 6.28 | 4.45 | 8.03 | 8.21 | 20.19 | 25.86 | 16.68 |
| Asset Turnover | — | 0.00 | 0.00 | 0.00 | — | — | — | — | — | 0.00 | — |
| Inventory Turnover | — | — | 0.48 | 0.05 | — | — | — | — | — | 0.13 | 1.15 |
| Days Sales Outstanding | — | 18498.35 | — | — | — | — | — | — | — | 189.61 | — |
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% | 0.0% | 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% | — |
| Shares Outstanding | — | $67M | $59M | $55M | $44M | $42M | $27M | $26M | $25M | $24M | $23M |
Imminent liquidity and dilution
As reported in recent financial statements, IFRX trades at a price-to-sales multiple of 4324.97, a figure that, according to market data, highlights the extreme disconnect between current negligible revenue and the speculative terminal value assigned to its pipeline by investors awaiting definitive clinical trial readouts.
The astronomical P/S ratio is a mathematical artifact of the company's pre-commercial status rather than a reflection of fundamental value. Investors should monitor whether the market begins to price the company based on the potential of the INF904 oral program, which may offer a more stable valuation floor than the volatile injectable asset.
Based on the company's reported figures, the ROIC has consistently remained in negative territory, reaching -21.3% in 2026Q1, which suggests that the firm is currently destroying invested capital rather than compounding it as it funds high-cost clinical trials without a corresponding commercial revenue stream.
The persistent negative ROIC trend indicates that the company's R&D expenditures are not yet yielding the economic returns necessary to justify the capital intensity of its operations. This trajectory warrants further investigation into whether future clinical milestones can realistically pivot the firm toward a positive return profile.
According to quarterly financial data, the company's cash conversion cycle remains highly erratic, with DPO figures reaching 2927 days in 2026Q1, suggesting that the firm's working capital management is heavily influenced by the timing of clinical trial accruals rather than standard operational efficiency metrics.
The extreme fluctuations in working capital metrics appear to be a byproduct of the company's project-based business model rather than structural operational improvements. Analysts should interpret these figures with caution, as they do not reflect the underlying efficiency of a commercial-scale manufacturing or distribution entity.
As indicated by recent filings, the company maintains a minimal D/E ratio of 0.02, which, while suggesting a lack of restrictive debt covenants, also highlights the firm's total reliance on equity-based financing to sustain its operations in the absence of meaningful cash-generating commercial activities.
While the absence of debt is a positive for solvency, the company's reliance on equity raises to cover operating losses creates a significant risk of shareholder dilution. Investors should monitor the cash runway closely, as the current balance sheet structure provides little cushion against further clinical trial delays.
The most commonly misapplied metric for IFRX is the P/E ratio, which, as shown in recent financial statements with a TTM value of -2.55, obscures the reality that the company is a clinical-stage entity where earnings are irrelevant compared to the cash burn rate.
Using P/E to evaluate a pre-revenue biotech firm is fundamentally flawed because it ignores the massive R&D investment required to reach commercialization. Analysts should instead focus on the cash runway and the net cash used in operating activities to assess the firm's true timeline to potential insolvency.
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 IFRX stock.
InflaRx N.V.'s current P/E ratio is -3.0x. This places it at the 50th percentile of its historical range.
InflaRx N.V.'s return on equity (ROE) is -85.1%. The historical average is -48.7%.
Based on historical data, InflaRx N.V. is trading at a P/E of -3.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
InflaRx N.V. has -26108.5% gross margin and -173594.0% operating margin.