Latest Ratios: P/E Ratio -0.0x · EV/EBITDA N/A · ROE -106.0%. (2019–2024 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $857214 | $61M | $82M | $66M | $184M | — | — |
| Enterprise Value | $-57258786 | $2M | $-58843845 | $-73524886 | $-27113291 | — | — |
| P/E Ratio → | -0.01 | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — |
| P/B Ratio | 0.02 | 1.29 | 0.61 | 0.48 | 0.87 | — | — |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| ROE | -106.0% | -106.0% | -63.3% | -40.7% | -63.3% | -2127.6% | — |
| ROA | -87.4% | -87.4% | -56.9% | -38.2% | -59.6% | -159.8% | -114.1% |
| ROIC | — | — | — | — | -7869.1% | — | — |
| ROCE | -103.9% | -103.9% | -66.2% | -40.5% | -38.4% | -1713.7% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.02 | 0.02 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.24 | -1.06 | -1.01 | -1.00 | -1.31 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | -231.40 | -186.84 | -462.15 | -1789.50 |
Net cash position: cash ($60M) exceeds total debt ($2M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 3.33 | 3.33 | 9.37 | 13.88 | 21.52 | 1.85 | 0.87 |
| Quick Ratio | 3.33 | 3.33 | 9.37 | 13.88 | 21.52 | 1.85 | 0.87 |
| Cash Ratio | 3.08 | 3.08 | 9.11 | 13.36 | 20.53 | 1.12 | 0.72 |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $66M | $44M | $29M | $29M | $12M | $177200 |
Binary clinical trial failure
Based on reported figures, IOBT trades at a price-to-book ratio of 0.02, which, according to recent SEC filings, reflects a market valuation that has decoupled from tangible book value as investors weigh the binary outcome of the lead IO102-IO103 program against the company's limited cash runway.
The extremely low P/B ratio suggests that the market assigns negligible value to the company's current assets, effectively pricing the equity as a pure option on future clinical success. This valuation implies that investors are heavily discounting the terminal value due to the high probability of future dilution required to fund operations beyond the current Phase 3 trial.
As reported in financial statements, IOBT's current ratio has contracted sharply from 12.96 in 2023Q3 to 2.01 in 2025Q3, indicating that the company's liquidity buffer is rapidly depleting as it funds the intensive capital requirements of its late-stage oncology clinical trials.
While a current ratio of 2.01 remains technically above the threshold of immediate insolvency, the rapid downward trend warrants close monitoring by investors. The lack of revenue generation means that this liquidity position is entirely dependent on existing cash reserves, leaving the company with little margin for error should clinical trial costs exceed current projections.
According to quarterly data, IOBT's debt-to-equity ratio spiked to 1.60 in 2025Q3 from 0.02 in 2023Q3, a shift that suggests the company is increasingly relying on external financing to bridge the funding gap created by persistent operating losses and the absence of commercial revenue streams.
The sudden increase in leverage appears to be a defensive measure to sustain operations, yet it introduces new interest coverage risks, as evidenced by the negative interest coverage ratio of -10.33. Investors should interpret this rising debt burden as a sign of financial strain that may necessitate further equity dilution to stabilize the balance sheet.
As indicated by the company's pre-revenue status, the use of P/E ratios or net margin analysis is fundamentally misapplied to IOBT, as these metrics obscure the reality that the company is currently an R&D-focused entity rather than a commercial enterprise with established earning power.
Applying standard profitability ratios to IOBT ignores the fact that current losses are a deliberate investment in intellectual property rather than a sign of operational failure. Analysts should instead focus on cash burn rates and clinical milestone progress, as these provide a more accurate assessment of the company's viability than traditional accounting-based profitability measures.
Includes 30+ ratios · 6 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying IOBT stock.
IO Biotech, Inc.'s current P/E ratio is -0.0x. This places it at the 50th percentile of its historical range.
IO Biotech, Inc.'s return on equity (ROE) is -106.0%. The historical average is -68.3%.
Based on historical data, IO Biotech, Inc. is trading at a P/E of -0.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.