Latest Ratios: P/E Ratio -1.5x · EV/EBITDA N/A · ROE -183.5%. (1999–2025 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 | $100M | $82M | $50M | $136M | $372M | $1.0B | $1.4B | $326M | $370M | $338M | $508M |
| Enterprise Value | $65M | $47M | $-4243731 | $152M | $358M | $1.0B | $1.2B | $403M | $346M | $315M | $489M |
| P/E Ratio → | -1.48 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1523.89 | 1248.52 | 228.26 | 163.10 | 36.27 | 587.16 | 185.24 | 79.23 | 12.14 | 8.01 | 14.37 |
| P/B Ratio | 2.37 | 3.39 | 0.73 | 1.16 | 1.67 | 2.61 | 2.98 | 60.27 | 4.25 | 2.37 | 4.12 |
| 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 | — | 714.34 | -19.49 | 182.21 | 34.88 | 565.68 | 156.68 | 98.03 | 11.37 | 7.45 | 13.83 |
| 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 | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -132871.3% | -132871.3% | -51616.9% | -17300.3% | -2607.4% | -16972.3% | -1674.2% | -2702.1% | -308.7% | -198.1% | -215.5% |
| Net Profit Margin | -130000.0% | -130000.0% | -49254.3% | -16239.9% | -2726.7% | -17109.9% | -2245.4% | -2902.8% | -318.1% | -208.9% | -208.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -183.5% | -183.5% | -115.4% | -79.5% | -90.0% | -70.6% | -71.3% | -258.2% | -84.5% | -66.4% | -49.3% |
| ROA | -90.6% | -90.6% | -75.5% | -52.0% | -66.3% | -58.6% | -48.7% | -86.8% | -60.9% | -48.9% | -38.1% |
| ROIC | -3476.2% | -3476.2% | -114.1% | -63.3% | -70.5% | -73.9% | -56.0% | -114.1% | -77.5% | -56.3% | -51.4% |
| ROCE | -160.0% | -160.0% | -109.0% | -75.7% | -78.5% | -64.9% | -40.7% | -107.0% | -76.0% | -59.4% | -48.8% |
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 | 0.39 | 0.39 | 0.17 | 0.26 | 0.14 | 0.08 | 0.08 | 18.41 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.45 | -0.79 | 0.14 | -0.06 | -0.10 | -0.46 | 14.30 | -0.27 | -0.17 | -0.16 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -602.12 | -109.50 | -220.42 | -155.59 | -17.72 | -14.20 | — | -3400.29 | -554.66 |
Net cash position: cash ($44M) exceeds total debt ($9M)
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 | 1.40 | 1.40 | 2.77 | 3.60 | 3.25 | 6.82 | 11.30 | 2.94 | 2.49 | 3.91 | 2.84 |
| Quick Ratio | 1.40 | 1.40 | 2.77 | 3.60 | 3.25 | 6.82 | 11.30 | 2.94 | 2.49 | 3.91 | 2.84 |
| Cash Ratio | 1.34 | 1.34 | 2.66 | 3.41 | 2.61 | 6.10 | 9.87 | 2.80 | 2.30 | 3.60 | 2.39 |
| Asset Turnover | — | 0.00 | 0.00 | 0.00 | 0.03 | 0.00 | 0.01 | 0.03 | 0.23 | 0.23 | 0.20 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 2.51 | 2009.84 | 1055.17 | 417.50 | 1651.88 | 938.88 | 180.38 | 48.56 | 56.11 | 171.00 |
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% | 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% | 0.0% |
| Shares Outstanding | — | $47M | $27M | $22M | $20M | $17M | $13M | $8M | $8M | $7M | $6M |
Includes 30+ ratios · 27 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying INO stock.
Inovio Pharmaceuticals, Inc.'s current P/E ratio is -1.5x. This places it at the 50th percentile of its historical range.
Inovio Pharmaceuticals, Inc.'s return on equity (ROE) is -183.5%. The historical average is -81.6%.
Based on historical data, Inovio Pharmaceuticals, Inc. is trading at a P/E of -1.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Inovio Pharmaceuticals, Inc. has 100.0% gross margin and -132871.3% operating margin.
Key Metrics
Top Statement Risk
Shrinking equity against ongoing burn
Metrics are mathematically derived from official filings.
Multiples Meaningless Amid Losses
With trailing P/E at -0.67 and P/S near 1524x on minimal reported revenue, INO's valuation multiples offer little usable signal, as reported figures show earnings and sales too small to anchor a fair value comparison against peers.
A negative trailing P/E and an extreme price-to-sales multiple indicate the market is pricing INO on pipeline optionality rather than current earnings or sales, which is typical for a clinical-stage biotech but leaves no conventional anchor. The P/B of 2.37 is more informative here, though it sits on a shrinking equity base of roughly $4.4M, so the book multiple may overstate the cushion available to shareholders. Investors should monitor how the valuation responds to clinical milestones rather than to headline multiples, since the reported data cannot isolate growth-implied value.
Leverage Rising as Equity Erodes
INO's debt-to-equity ratio climbed from 0.13 in 2024Q2 to 1.83 in 2026Q2 as shareholders' equity fell roughly 95 percent, according to reported quarterly balance sheets, while total debt stayed near $8M to $13M.
The rise in leverage appears driven almost entirely by the collapse of the equity denominator rather than by new borrowing, which suggests the balance sheet is weakening through accumulated losses instead of debt accumulation. Interest coverage is reported as negative (-170.34) in only one quarter, so debt service capacity cannot be assessed reliably from the supplied data. Refinancing and covenant risk warrant further investigation, but the data does not show the terms or maturities needed to draw firm conclusions.
Current Ratio Compressing Toward Parity
INO's current ratio fell from 4.77 in 2024Q1 to 1.00 in 2026Q2, and cash declined to $31.5M, based on reported quarterly figures, indicating a sharp narrowing of short-term coverage against ongoing operating outflows.
A current ratio near 1.00 leaves little margin for error when operating cash burn has run between roughly $18M and $29M per quarter, implying the company's liquid assets could be consumed within a few quarters absent new financing. Quick and current ratios are identical in the data, reflecting negligible inventory, so liquidity depends entirely on cash and receivables. Under a severe stress scenario, the position would likely deteriorate quickly, though the reported figures do not reveal available credit facilities or financing commitments.
Deeply Negative Returns on Equity
ROE has ranged from roughly -27 percent to -130 percent across the ten reported quarters, with ROIC near -92.5 percent in 2025Q2, according to reported figures, reflecting losses that have consumed capital faster than it can be generated.
Negative and highly volatile ROE readings reflect a small and shrinking equity base rather than a stable earnings stream, so the percentages should be read as signals of capital erosion instead of efficiency. The one positive ROE quarter in 2025Q4 coincided with a small net profit, which appears to be non-recurring given the surrounding losses. Returns on capital are structurally negative for a pre-revenue company, and the trend is less informative than the absolute depletion of the equity base.
Debt Ratio Understates Obligations
Debt-to-equity looks moderate at 1.83, but reported total liabilities of $45.0M are several times the $8.0M of interest-bearing debt, so headline leverage may understate obligations, based on the supplied balance sheet data.
The gap between total liabilities and reported debt suggests much of the obligation load sits in non-debt items such as payables or deferred amounts, which a debt-only ratio would omit. Analysts often apply debt/EBITDA to biotechs, but with negative EBITDA that metric is undefined and obscures the real burden. Total liabilities to equity or cash runway in quarters is a more informative lens for INO than conventional leverage ratios.