Latest Ratios: P/E Ratio -2.2x · EV/EBITDA N/A · ROE -15.9%. (2011–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $57M | $76M | $59M | $150M | $265M | $33M | $29M | — | — | — | — |
| Enterprise Value | $101M | $209M | $153M | $172M | $177M | $2M | $19M | — | — | — | — |
| P/E Ratio → | -2.18 | — | — | 3.33 | 58.91 | — | — | — | — | — | — |
| P/S Ratio | 0.71 | 0.32 | 0.17 | 0.39 | 1.20 | 0.51 | 3.24 | — | — | — | — |
| P/B Ratio | 0.37 | 0.19 | 0.13 | 0.29 | 0.58 | 0.11 | 0.11 | — | — | — | — |
| P/FCF | — | — | — | 4.75 | 24.08 | — | — | — | — | — | — |
| P/OCF | — | — | — | 2.92 | 10.58 | 4.23 | — | — | — | — | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.88 | 0.43 | 0.44 | 0.81 | 0.03 | 2.08 | — | — | — | — |
| EV / EBITDA | — | — | — | 2.76 | 4.98 | — | — | — | — | — | — |
| EV / EBIT | — | — | — | 2.94 | 7.46 | — | — | — | — | — | — |
| EV / FCF | — | — | — | 5.46 | 16.13 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.7% | 12.7% | 29.6% | 39.9% | 41.5% | 49.2% | 16.6% | — | — | — | 61.6% |
| Operating Margin | -28.1% | -28.1% | -11.7% | 13.0% | 12.8% | -59.0% | -38.3% | — | — | — | -179.2% |
| Net Profit Margin | -28.4% | -28.4% | -17.4% | 11.5% | 2.1% | -57.2% | -66.0% | — | — | — | -134.0% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -15.9% | -15.9% | -12.7% | 9.1% | 1.2% | -13.6% | -4.3% | -63.4% | -23.5% | 1.5% | -29.7% |
| ROA | -8.8% | -8.8% | -7.1% | 5.5% | 0.9% | -12.2% | -3.7% | -42.8% | -20.4% | 1.3% | -24.6% |
| ROIC | -9.3% | -9.3% | -5.7% | 8.3% | 6.7% | -11.4% | -1.9% | -31.5% | -13.2% | 5.5% | -37.3% |
| ROCE | -12.3% | -12.3% | -6.9% | 8.9% | 7.1% | -13.8% | -2.4% | -52.7% | -17.8% | 6.7% | -39.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.53 | 0.53 | 0.43 | 0.49 | 0.24 | 0.02 | 0.07 | 0.65 | 0.14 | 0.10 | — |
| Debt / EBITDA | — | — | — | 4.09 | 3.06 | — | — | — | — | 1.10 | — |
| Net Debt / Equity | — | 0.33 | 0.21 | 0.04 | -0.19 | -0.11 | -0.04 | 0.48 | 0.04 | -0.02 | -0.23 |
| Net Debt / EBITDA | — | — | — | 0.36 | -2.45 | — | — | — | — | -0.19 | — |
| Debt / FCF | — | — | — | 0.72 | -7.94 | — | — | — | — | — | — |
| Interest Coverage | -3.23 | -3.23 | -1.53 | 3.98 | 4.71 | -71.55 | -2.33 | -9.88 | -1.80 | -2.38 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.73 | 1.73 | 1.85 | 1.69 | 1.74 | 2.57 | 1.86 | 0.30 | 0.76 | 0.89 | 5.90 |
| Quick Ratio | 1.18 | 1.18 | 1.38 | 1.22 | 1.39 | 1.82 | 1.61 | 0.40 | 0.76 | 0.90 | 5.90 |
| Cash Ratio | 0.35 | 0.35 | 0.45 | 0.74 | 1.02 | 1.28 | 1.22 | 0.23 | 0.75 | 0.89 | 5.75 |
| Asset Turnover | — | 0.31 | 0.45 | 0.41 | 0.32 | 0.20 | 0.03 | — | — | — | 0.11 |
| Inventory Turnover | 1.66 | 1.66 | 2.36 | 1.59 | 1.89 | 1.49 | 1.29 | — | — | — | — |
| Days Sales Outstanding | — | 275.83 | 62.75 | 46.49 | 62.36 | 86.19 | 270.13 | — | — | — | 9.15 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 30.0% | 1.7% | — | — | — | — | — | — |
| FCF Yield | — | — | — | 21.1% | 4.2% | — | — | — | — | — | — |
| 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 | — | $48M | $46M | $45M | $41M | $25M | $23M | $21M | $17M | $13M | $9M |
Geopolitical and Regulatory Volatility
Based on recent financial data, InterCure trades at a price-to-sales ratio of 0.71, which, when compared to its historical averages and sector peers, suggests that the market is heavily discounting the company's future growth prospects due to persistent revenue contraction and ongoing operational volatility.
The negative P/E ratio of -2.20 underscores the current lack of sustainable earnings, forcing investors to rely on book value metrics like the 0.38 P/B ratio. This valuation level implies that the market views the company more as a distressed asset play than a growth-oriented pharmaceutical entity.
As reported in recent financial statements, InterCure's ROIC has fluctuated significantly, dropping from positive territory in early 2024 to a -5.5% low by late 2024, indicating that the company is currently failing to generate adequate returns on its invested capital base.
The decay in ROIC appears driven by the inability to maintain consistent operating margins across the pharmacy and cultivation segments. Investors should monitor whether future capital allocation toward proprietary genetics can reverse this trend or if the current asset base remains structurally inefficient.
According to quarterly filings, InterCure's cash conversion cycle has remained elevated, reaching 182 days in 2025Q2, which suggests that the company is struggling to manage its inventory and receivables effectively compared to more streamlined specialty pharmaceutical operators in the broader healthcare sector.
The high days-inventory-outstanding, which peaked at 300 days in 2025Q2, indicates a potential over-accumulation of stock that may be difficult to liquidate at premium prices. This inefficiency ties up critical liquidity and increases the risk of future inventory write-downs.
Based on reported figures, InterCure maintains a debt-to-equity ratio of 0.41 as of 2025Q2, which, while conservative relative to the broader industrial sector, provides a necessary buffer against the extreme volatility observed in the company's operating income and cash flow generation.
While the low debt load mitigates immediate insolvency risk, the lack of consistent interest coverage suggests that the company's ability to service debt remains fragile. The current capital structure appears designed for survival rather than aggressive expansion in the current high-risk environment.
Investors frequently misapply standard revenue multiples to InterCure, failing to account for the distortive impact of IAS 41 biological asset accounting, which can artificially inflate reported income and mask the underlying cash-generative weakness of the company's vertically integrated pharmacy and cultivation business model.
A more accurate assessment would require adjusting for non-cash fair value gains on biological assets to reveal the true operational margin. Relying on top-line revenue growth without these adjustments likely obscures the significant pricing pressure and inventory management challenges currently facing the firm.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying INCR stock.
InterCure Ltd.'s current P/E ratio is -2.2x. The historical average is 31.1x.
InterCure Ltd.'s return on equity (ROE) is -15.9%. The historical average is 2.3%.
Based on historical data, InterCure Ltd. is trading at a P/E of -2.2x. Compare with industry peers and growth rates for a complete picture.
InterCure Ltd. has 12.7% gross margin and -28.1% operating margin.