Latest Ratios: P/E Ratio -1.7x · EV/EBITDA N/A · ROE -50.3%. (2001–2025 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 | $7M | $10M | $14M | $12M | $12M | $27M | $33M | $12M | $34M | $23M | — |
| Enterprise Value | $6M | $7M | $2M | $-5466857 | $-9724978 | $2M | $30M | $6M | $29M | $19M | — |
| P/E Ratio → | -1.74 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.47 | 1.38 | 2.81 | 6.37 | 15.91 | 183.87 | 13.01 | 4.83 | 18.42 | 16.30 | — |
| P/B Ratio | 1.13 | 1.25 | 1.08 | 0.59 | 0.53 | 1.04 | 5.81 | 1.57 | 4.02 | 3.46 | — |
| 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 | — | 1.01 | 0.47 | -3.03 | -12.71 | 12.19 | 11.74 | 2.69 | 15.86 | 13.70 | — |
| 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 | 65.4% | 65.4% | 68.1% | 96.4% | 68.4% | -456.2% | 72.6% | 71.5% | 68.4% | 66.0% | 69.5% |
| Operating Margin | -73.3% | -73.3% | -118.3% | -197.8% | -375.0% | -5748.5% | -115.4% | -195.0% | -162.1% | -600.9% | -825.3% |
| Net Profit Margin | -71.6% | -71.6% | -141.5% | -209.8% | -373.0% | -5751.6% | -116.2% | -195.0% | -163.4% | -487.3% | -706.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -50.3% | -50.3% | -42.9% | -17.7% | -11.6% | -53.2% | -45.1% | -59.0% | -40.1% | -118.2% | -145.0% |
| ROA | -40.7% | -40.7% | -37.0% | -16.2% | -11.0% | -50.4% | -39.7% | -52.3% | -34.4% | -79.5% | -95.2% |
| ROIC | -122.5% | -122.5% | -224.7% | -136.5% | -200.7% | -378.3% | -93.0% | -117.5% | -67.3% | -167.9% | -198.5% |
| ROCE | -51.0% | -51.0% | -35.6% | -16.6% | -11.6% | -53.0% | -44.5% | -58.9% | -39.8% | -145.7% | -169.5% |
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 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 | — | — | 0.06 | 0.38 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.34 | -0.90 | -0.87 | -0.94 | -0.97 | -0.57 | -0.70 | -0.56 | -0.55 | -0.08 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -733.30 | -733.30 | -688.47 | -353.18 | -504.11 | -578.37 | -142.01 | — | -134.17 | -342.85 | -24.20 |
Net cash position: cash ($3M) exceeds total debt ($117127)
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 | 5.07 | 5.07 | 5.46 | 9.20 | 15.75 | 22.96 | 8.54 | 5.59 | 8.78 | 4.83 | 2.27 |
| Quick Ratio | 4.17 | 4.17 | 4.87 | 8.82 | 15.53 | 22.69 | 6.99 | 5.13 | 8.16 | 3.47 | 1.74 |
| Cash Ratio | 2.98 | 2.98 | 4.32 | 8.56 | 14.71 | 22.33 | 6.29 | 4.28 | 5.88 | 2.33 | 0.59 |
| Asset Turnover | — | 0.72 | 0.32 | 0.08 | 0.03 | 0.01 | 0.41 | 0.28 | 0.20 | 0.17 | 0.11 |
| Inventory Turnover | 1.42 | 1.42 | 0.99 | 0.08 | 0.74 | 2.77 | 0.86 | 1.25 | 1.17 | 0.20 | 0.15 |
| Days Sales Outstanding | — | 39.64 | 103.30 | 84.42 | 316.20 | 838.05 | 47.49 | 45.70 | 97.50 | 70.62 | 56.23 |
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 | — | $6M | $6M | $6M | $6M | $6M | $4M | $4M | $3M | $3M | $2M |
High clinical funding dependency
According to recent market data, Immuron trades at a price-to-sales ratio of 1.50, which appears to discount the company's commercial revenue potential while heavily penalizing the lack of profitability, suggesting that investors are currently pricing the stock as a speculative clinical-stage asset rather than a commercial entity.
The negative P/E ratio of -1.77 underscores the absence of earnings, making traditional valuation metrics less relevant than the company's ability to reach clinical milestones. The current valuation appears to reflect a significant discount compared to US-based microbiome peers, likely due to the company's smaller scale and the inherent risks associated with its Australian-centric supply chain.
As reported in financial statements, Immuron's ROIC has remained deeply negative, reaching -40.5% in 2026Q2, which indicates that the company is currently destroying shareholder value as it continues to fund R&D activities that have yet to generate a positive return on the capital deployed.
The consistent negative trend in ROIC over the last ten quarters highlights the difficulty of scaling a specialized biological platform without a mature, high-margin product pipeline. This decay in returns suggests that the current capital allocation strategy is heavily skewed toward long-term development, which warrants further investigation into the timeline for potential commercial inflection.
Based on the provided quarterly data, Immuron's cash conversion cycle has fluctuated significantly, reaching 67 days in 2026Q2, which suggests that the company faces ongoing challenges in managing its inventory and receivables relative to its limited commercial sales volume.
The high days inventory outstanding, which peaked at over 1,300 days in 2023Q4, indicates potential inefficiencies in managing the shelf life of its bovine-derived products. Investors should monitor whether the company can stabilize its working capital cycle as it attempts to expand its North American retail footprint.
As indicated by the current ratio of 8.04 in 2026Q2, Immuron maintains a high nominal liquidity position, yet this figure is misleading given the rapid depletion of cash reserves required to sustain the company's ongoing clinical trial expenditures and high operating burn rate.
The company's reliance on non-dilutive military grants to supplement its cash position suggests that its liquidity is not self-sustaining through commercial operations. This vulnerability implies that any delay in clinical progress or reduction in grant funding could necessitate immediate external financing, which would likely be dilutive to existing shareholders.
The current ratio is frequently misapplied to Immuron, as it obscures the reality that the company's assets are largely illiquid or tied to inventory that may face write-downs, failing to account for the high cash burn rate inherent in the company's clinical-stage business model.
Analysts should instead focus on the cash burn rate and the remaining runway in months, as the current ratio provides a false sense of security for a company that is not yet cash-flow positive. Relying on standard liquidity metrics ignores the binary nature of the company's R&D funding requirements and the potential for rapid cash depletion.
Includes 30+ ratios · 24 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 IMRN stock.
Immuron Limited's current P/E ratio is -1.7x. This places it at the 50th percentile of its historical range.
Immuron Limited's return on equity (ROE) is -50.3%. The historical average is -78.6%.
Based on historical data, Immuron Limited is trading at a P/E of -1.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Immuron Limited has 65.4% gross margin and -73.3% operating margin.