Latest Ratios: P/E Ratio -12.1x · EV/EBITDA N/A · ROE -64.8%. (2018–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.9B | $4.5B | $2.6B | $4.5B | $1.9B | $604M | $1.4B | $673M | — | — |
| Enterprise Value | $6.0B | $3.6B | $1.9B | $3.8B | $1.5B | $113M | $1.0B | $575M | — | — |
| P/E Ratio → | -12.14 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 7.19 | 5.31 | 3.66 | 7.22 | 5.27 | 1.29 | 3.60 | 7.15 | — | — |
| 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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — | — |
| 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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -64.8% | -64.8% | -62.5% | -52.9% | -50.7% | -36.4% | -44.3% | -141.1% | -1.8% | — |
| ROA | -58.3% | -58.3% | -57.4% | -48.4% | -45.8% | -33.8% | -41.2% | -120.9% | -0.2% | -120827.1% |
| ROIC | — | — | — | — | — | — | — | — | — | — |
| ROCE | -68.3% | -68.3% | -66.1% | -55.1% | -50.0% | -36.1% | -44.3% | -126.8% | -1.8% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.03 | 12.22 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 31.41 | — |
| Net Debt / Equity | — | -1.06 | -1.01 | -1.03 | -1.04 | -1.05 | -1.01 | -1.04 | -1.02 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | -2.62 | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -15.90 | — | — | -105.07 | — | — |
Net cash position: cash ($902M) exceeds total debt ($72000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.09 | 9.09 | 11.16 | 13.70 | 9.34 | 11.52 | 21.79 | 7.12 | 0.85 | 0.07 |
| Quick Ratio | 9.09 | 9.09 | 11.16 | 13.70 | 9.34 | 11.52 | 21.79 | 7.12 | 0.85 | 0.07 |
| Cash Ratio | 8.64 | 8.64 | 10.38 | 13.07 | 8.70 | 11.09 | 21.32 | 6.57 | 0.85 | — |
| Asset Turnover | — | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $182M | $152M | $138M | $123M | $110M | $88M | $43M | $14M | $10M |
Includes 30+ ratios · 9 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 IMVT stock.
Immunovant, Inc.'s current P/E ratio is -12.1x. This places it at the 50th percentile of its historical range.
Immunovant, Inc.'s return on equity (ROE) is -64.8%. The historical average is -56.8%.
Based on historical data, Immunovant, Inc. is trading at a P/E of -12.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
R&D escalation without revenue
Metrics are mathematically derived from official filings.
Losses Deepen as R&D Scales
According to reported financials, Immunovant's operating margin deteriorated to -21.6% in 2027Q1, with net losses of $153.2M, reflecting escalating R&D costs that outpace nascent revenue.
The 100% gross margin in 2027Q1 is a function of negligible COGS on just $7.1M revenue, not pricing power. Operating losses have widened from -$80.9M in 2024Q4 to -$153.2M in 2027Q1, with R&D expenses nearly doubling, indicating negative operating leverage as the company scales clinical development. Investors should monitor whether revenue growth can ever offset the fixed R&D cost base, as current margins suggest a prolonged period of losses.
Capital Efficiency Deteriorates
Based on SEC filings, ROIC swung from -26.5% in 2026Q2 to -59.6% in 2026Q1, while ROE averaged -18.7% over the last ten quarters, indicating that invested capital is generating increasingly negative returns.
The negative ROIC trend is driven by escalating R&D spending with no corresponding revenue, as the company remains pre-commercial. ROE has been consistently negative, ranging from -11.6% to -27.7%, reflecting the deepening accumulated deficit. This suggests that the company is not compounding capital but rather consuming it, with no near-term prospect of positive returns unless clinical milestones translate into commercial success.
Asset-Light Model, Minimal Turnover
As reported in financial statements, asset turnover is a mere 0.01x in 2027Q1, reflecting negligible revenue relative to a $852.5M asset base, while DSO of 30 days indicates early commercial receivables.
The asset-light model is confirmed by PP&E of only $351K, representing 0.04% of total assets, so efficiency metrics are dominated by the cash and investment base. The cash conversion cycle is not meaningful due to the absence of inventory and payables, but the negative FCF margin of -17.5% in 2027Q1 highlights that working capital is not a source of value. Investors should focus on the efficiency of R&D spend, not traditional asset turnover, as the latter is distorted by the pre-revenue stage.
Cash Buffer Shrinks but Remains Adequate
Per recent balance sheet data, Immunovant's current ratio fell from 9.09 in 2026Q4 to 7.27 in 2027Q1, with cash of $797.8M covering roughly six quarters of operating burn.
The current ratio remains strong, but the trend is downward as cash declines from $902.1M to $797.8M in one quarter. With quarterly FCF burn of -$124.4M, the liquidity position is adequate for the near term but warrants monitoring if R&D escalation continues. The absence of debt and minimal liabilities provide a cushion, but the rapid burn rate suggests that without additional financing or revenue inflection, liquidity could become strained within two years.
Debt-Free but No Cushion
Immunovant has maintained a D/E ratio of 0.00 across all reported quarters, indicating no debt, but this also means no financial leverage to buffer the escalating cash burn.
The company has no interest coverage concerns because it has no debt, but this also implies that all funding must come from equity issuance or revenue. The absence of debt provides flexibility, but the negative equity trend (accumulated deficit of -$1.9B) suggests that future dilution is likely. Investors should monitor the company's ability to access capital markets, as the current cash runway of ~6 quarters may necessitate additional financing before clinical data matures.
Misapplied P/B in Pre-Revenue Biotech
The P/B ratio of 8.53 is often misapplied to biotech firms like Immunovant, as book value is dominated by cash and does not reflect the value of the clinical pipeline.
For a company with no revenue and no earnings, P/B is misleading because it compares market value to accounting book value, which is largely cash and investments. The true value driver is the probability-adjusted net present value of the pipeline, which is not captured in book value. A more appropriate metric is EV/invested capital or a risk-adjusted NPV analysis, which accounts for the potential of the lead asset. Investors should avoid using P/B as a valuation anchor for this business model.