Latest Ratios: P/E Ratio -10.6x · EV/EBITDA N/A · ROE -197.8%. (2016–2025 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 | $1.4B | $1.2B | $223M | $1.8B | $988M | $1.7B | $833M | — | — | — | — |
| Enterprise Value | $1.4B | $1.2B | $78M | $1.7B | $921M | $1.6B | $742M | — | — | — | — |
| P/E Ratio → | -10.56 | — | 0.13 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1077.77 | 941.13 | 1114.64 | 994.97 | 450.85 | 232.97 | 65.03 | — | — | — | — |
| P/B Ratio | 185.04 | 153.07 | 1.67 | 41.17 | 17.02 | 31.69 | 11.04 | — | — | — | — |
| 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 | — | 927.90 | 391.90 | 957.31 | 420.39 | 224.67 | 57.90 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | 0.05 | — | — | — | — | — | — | — | — |
| 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 | -91.0% | -91.0% | -1042.5% | 33.8% | -4926.7% | 62.3% | -473.8% | -426.9% | -346.1% | -220.9% | -154.9% |
| Operating Margin | -10386.5% | -10386.5% | -165724.0% | -12178.9% | -5890.4% | -1074.6% | -526.6% | -480.7% | -393.5% | -248.2% | -182.2% |
| Net Profit Margin | -10773.5% | -10773.5% | 843786.0% | -13408.9% | -6625.3% | -1147.6% | -590.5% | -565.3% | -415.5% | -244.6% | -124.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -197.8% | -197.8% | 1905.9% | -475.3% | -263.0% | -127.9% | -100.2% | — | — | — | -667.4% |
| ROA | -85.6% | -85.6% | 690.7% | -80.6% | -65.8% | -55.6% | -88.9% | -281.9% | -228.9% | -101.0% | -38.9% |
| ROIC | — | — | — | — | — | — | — | — | — | — | -6901.1% |
| ROCE | -106.9% | -106.9% | -169.3% | -85.2% | -66.0% | -63.7% | -114.1% | -738.5% | -2773.8% | -162.3% | -76.0% |
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 | 13.39 | 13.39 | 0.06 | 4.83 | 3.57 | 1.38 | 0.50 | — | — | — | 15.27 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -2.15 | -1.08 | -1.56 | -1.15 | -1.13 | -1.21 | — | — | — | -0.89 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -11.07 | -11.07 | 126.09 | -6.53 | -7.89 | -14.68 | -5.99 | -7.83 | -19.90 | -9.27 | — |
Net cash position: cash ($124M) exceeds total debt ($107M)
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 | 3.93 | 3.93 | 3.94 | 5.25 | 10.17 | 6.20 | 4.21 | 0.76 | 0.35 | 1.73 | 3.87 |
| Quick Ratio | 3.93 | 3.93 | 3.94 | 5.25 | 10.17 | 6.23 | 8.33 | 0.60 | 0.21 | 1.62 | 3.87 |
| Cash Ratio | 3.68 | 3.68 | 3.75 | 4.94 | 9.93 | 5.85 | 4.10 | 0.56 | 0.13 | 1.51 | 3.79 |
| Asset Turnover | — | 0.01 | 0.00 | 0.01 | 0.01 | 0.05 | 0.09 | 0.34 | 0.75 | 0.46 | 0.31 |
| Inventory Turnover | — | — | — | — | — | — | — | 14.94 | 14.48 | 25.54 | — |
| Days Sales Outstanding | — | 49.70 | 766.50 | 157.76 | 42.79 | 44.98 | 17.53 | 17.58 | 33.58 | 31.95 | — |
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 | — | — | 757.0% | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — | — | — |
| Shares Outstanding | — | $15M | $14M | $47M | $40M | $38M | $25M | $37M | $27M | $29M | $37M |
Clinical trial execution risk
Based on reported financial data, the company's P/S ratio of 1069.98 reflects a market valuation detached from current revenue, as investors appear to be pricing the firm based on the potential of its pipeline rather than any tangible, recurring commercial performance or near-term earnings power.
The extreme P/S multiple suggests that the market is assigning significant option value to the sdAb platform, yet this valuation remains highly sensitive to clinical trial outcomes. Investors should monitor whether this premium holds as the company approaches critical data readouts, as any failure could lead to a rapid compression of these speculative multiples.
As reported in recent financial statements, the company's gross margin of -91% and persistent operating losses underscore a business model where R&D expenditures significantly outpace the nominal, non-recurring milestone revenue, indicating that true earning power remains non-existent in the current pre-commercial development phase.
The lack of positive margins is characteristic of a clinical-stage biotech, but the depth of these losses warrants caution regarding the company's ability to achieve self-sustainability. Future profitability will likely depend on a transition to a royalty-based licensing model or a successful commercial launch, both of which remain speculative at this stage.
According to recent SEC filings, the company's debt-to-equity ratio of 13.39% in a pre-revenue context suggests a precarious financial position, which may limit operational flexibility and increase the cost of capital as the firm navigates the high-stakes environment of late-stage oncology clinical trials.
The elevated leverage relative to the company's lack of recurring revenue indicates that debt service could become a significant burden if clinical milestones are delayed. Investors should monitor the nature of these obligations, as they may represent specialized financing that could restrict future strategic options or lead to further dilution.
Based on the latest balance sheet data, the company's current ratio of 6.46 provides a temporary liquidity buffer, yet the absolute cash position of $124 million appears insufficient to sustain the current high-cost R&D programs without the potential for future dilutive capital raises.
While the current ratio appears healthy on the surface, it masks the reality of a high quarterly burn rate that is rapidly depleting the company's liquid assets. The reliance on external capital to fund ongoing Phase 2 trials suggests that the company's liquidity position is highly vulnerable to market volatility.
The most commonly misapplied metric for this business model is the P/E ratio, which, at -10.49, provides no meaningful insight into the company's value, as it obscures the reality that the firm is currently in a pre-revenue, R&D-intensive phase of its corporate lifecycle.
Investors should instead focus on non-income statement metrics such as cash runway and clinical enrollment velocity, which are far more predictive of the company's survival and potential value creation. Relying on earnings-based multiples in this context is fundamentally flawed and may lead to a significant misinterpretation of the company's true risk-reward profile.
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Quick answers to the most common questions about buying INBX stock.
Inhibrx Biosciences, Inc.'s current P/E ratio is -10.6x. The historical average is 0.1x.
Inhibrx Biosciences, Inc.'s return on equity (ROE) is -197.8%. The historical average is -232.9%.
Based on historical data, Inhibrx Biosciences, Inc. is trading at a P/E of -10.6x. Compare with industry peers and growth rates for a complete picture.
Inhibrx Biosciences, Inc. has -91.0% gross margin and -10386.5% operating margin.