Ionis Pharmaceuticals, Inc. (IONS) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Biotechnology
EV/EBITDA
N/A
—
5yr avg: N/A
30Y Low22.8·High22.8
P/FCF
N/A
—
5yr avg: 332.71
30Y Low6.9·High75.7
P/B Ratio
↑
24.87
↑+82% vs avg
5yr avg: 13.68
30Y Low2.3·High128.8
ROE
↓
-70.7%
↑-24% vs avg
5yr avg: -56.8%
30Y Low-280%·High76%
Debt/EBITDA
N/A
—
5yr avg: N/A
30Y Low2.0·High15.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
IONS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Ionis Pharmaceuticals, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.6B | $12.7B | $5.2B | $7.2B | $5.4B | $4.3B | $7.9B | $8.6B | $7.2B | $6.3B | $5.8B |
| Enterprise Value | $14.8B | $14.9B | $6.4B | $8.3B | $6.5B | $4.7B | $8.4B | $8.7B | $7.6B | $6.8B | $6.3B |
| P/E Ratio → | -31.94 | — | — | — | — | — | — | 29.33 | 26.50 | — | — |
| P/S Ratio | 13.31 | 13.41 | 7.41 | 9.20 | 9.12 | 5.29 | 10.82 | 7.69 | 12.09 | 12.34 | 15.52 |
| P/B Ratio | 24.87 | 25.88 | 8.88 | 18.73 | 9.35 | 5.56 | 10.62 | 5.12 | 6.10 | 17.36 | 58.09 |
| P/FCF | — | — | — | — | — | 332.71 | — | 27.89 | 12.38 | 46.54 | — |
| P/OCF | — | — | — | — | — | 139.33 | 219.93 | 24.96 | 12.02 | 36.42 | — |
P/E links to full P/E history page with 30-year chart
IONS EV Ratios
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 | — | 15.78 | 9.08 | 10.54 | 10.98 | 5.77 | 11.53 | 7.77 | 12.69 | 13.24 | 16.83 |
| EV / EBITDA | — | — | — | — | — | — | — | 22.83 | — | 172.80 | — |
| EV / EBIT | — | — | — | — | — | — | — | 24.83 | — | 243.22 | — |
| EV / FCF | — | — | — | — | — | 362.31 | — | 28.18 | 13.00 | 49.95 | — |
IONS Profitability
Margins and return-on-capital ratios measuring operating efficiency
Ionis Pharmaceuticals, Inc. earns an operating margin of -40.5%. Operating margins have expanded from -44.9% to -40.5% over the past 3 years, signaling improving operational efficiency. A negative ROE of -70.7% indicates the company is currently destroying shareholder equity.
Margins
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 | 98.3% | 98.3% | 98.4% | 98.8% | 97.6% | 98.7% | 98.4% | 99.6% | 99.7% | 100.0% | 100.0% |
| Operating Margin | -40.5% | -40.5% | -67.4% | -44.9% | -69.8% | -3.7% | -23.6% | 32.6% | -10.2% | 6.0% | -5.4% |
| Net Profit Margin | -40.4% | -40.4% | -64.4% | -46.5% | -45.9% | -3.5% | -60.9% | 24.8% | 45.6% | 0.1% | -16.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -70.7% | -70.7% | -93.1% | -76.3% | -40.1% | -3.8% | -36.6% | 19.4% | 35.3% | 0.1% | -40.2% |
| ROA | -11.7% | -11.7% | -15.1% | -13.3% | -10.5% | -1.1% | -15.8% | 9.4% | 13.7% | 0.0% | -6.5% |
| ROIC | -12.8% | -12.8% | -22.2% | -17.1% | -21.8% | -1.9% | -8.5% | 16.5% | -3.9% | 3.3% | -2.7% |
| ROCE | -14.1% | -14.1% | -18.1% | -14.8% | -17.9% | -1.5% | -7.2% | 13.7% | -3.5% | 3.3% | -2.6% |
IONS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Net debt stands at $2.2B ($2.6B total debt minus $372M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.35 | 5.35 | 2.41 | 3.76 | 2.39 | 1.62 | 1.22 | 0.46 | 0.54 | 1.63 | 5.77 |
| Debt / EBITDA | — | — | — | — | — | — | — | 2.02 | — | 15.09 | — |
| Net Debt / Equity | — | 4.58 | 2.00 | 2.73 | 1.91 | 0.49 | 0.69 | 0.05 | 0.31 | 1.27 | 4.92 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | 0.23 | — | 11.80 | — |
| Debt / FCF | — | — | — | — | — | 29.61 | — | 0.29 | 0.62 | 3.41 | — |
| Interest Coverage | -4.21 | -4.21 | -4.15 | -3.17 | -30.76 | -2.65 | -13.50 | 7.20 | -0.70 | 0.63 | -0.48 |
IONS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Ionis Pharmaceuticals, Inc.'s current ratio of 3.83x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 5.90x to 3.83x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.83 | 3.83 | 8.47 | 5.90 | 7.07 | 9.75 | 3.56 | 9.97 | 7.88 | 4.80 | 5.96 |
| Quick Ratio | 3.81 | 3.81 | 8.43 | 5.88 | 7.00 | 9.65 | 3.52 | 9.90 | 7.85 | 4.76 | 5.91 |
| Cash Ratio | 3.43 | 3.43 | 7.43 | 5.20 | 6.41 | 8.87 | 3.16 | 9.16 | 7.44 | 4.20 | 0.65 |
| Asset Turnover | — | 0.27 | 0.23 | 0.26 | 0.23 | 0.31 | 0.31 | 0.35 | 0.22 | 0.39 | 0.41 |
| Inventory Turnover | 1.59 | 1.59 | 0.90 | 1.23 | 0.64 | 0.44 | 0.54 | 0.24 | 0.21 | — | — |
| Days Sales Outstanding | — | 25.52 | 47.72 | 45.31 | 15.87 | 27.88 | 38.14 | 20.49 | 7.77 | 44.69 | 105.79 |
IONS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Ionis Pharmaceuticals, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
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 | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 3.4% | 3.8% | — | — |
| FCF Yield | — | — | — | — | — | 0.3% | — | 3.6% | 8.1% | 2.1% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.1% | 0.4% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.1% | 0.4% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $160M | $150M | $143M | $142M | $141M | $140M | $143M | $134M | $126M | $121M |
Peer Comparison
Compare IONS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 IONSYou | $13B | -31.9 | — | — | 98.3% | -40.5% | -70.7% | -12.8% | — |
 ALNY | $39B | 127.0 | 70.2 | 84.8 | 81.8% | 13.5% | 73.3% | 33.4% | 2.3 |
 SRPT | $2B | -2.9 | — | — | 59.9% | -29.9% | -53.5% | -31.4% | — |
 BMRN | $10B | 30.1 | 15.9 | 14.4 | 77.1% | 16.6% | 5.9% | 7.4% | 1.0 |
 RARE | $3B | -4.5 | — | — | 83.8% | -79.5% | -607.5% | -89.4% | — |
 AKRO | $4B | -14.6 | — | — | — | — | -39.2% | -55.3% | — |
 ARWR | $11B | -6389.3 | 90.4 | 69.6 | 97.1% | 11.9% | -0.5% | 9.3% | 3.0 |
 NTLA | $2B | -3.6 | — | — | 76.5% | -651.7% | -53.5% | -44.0% | — |
 BEAM | $3B | -38.9 | — | — | 84.0% | -274.6% | -8.1% | -31.1% | — |
 EDIT | $297M | -1.7 | — | — | — | — | -198.1% | — | — |
 CRSP | $5B | -8.1 | — | — | -6537.0% | -16191.4% | -30.2% | -22.3% | — |
| Healthcare Median | — | 22.3 | 14.4 | 18.5 | 63.9% | -5.2% | -33.7% | -11.2% | 3.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonIONS — Frequently Asked Questions
Quick answers to the most common questions about buying IONS stock.
What is Ionis Pharmaceuticals, Inc.'s P/E ratio?
Ionis Pharmaceuticals, Inc.'s current P/E ratio is -31.9x. The historical average is 21.0x.
What is Ionis Pharmaceuticals, Inc.'s ROE?
Ionis Pharmaceuticals, Inc.'s return on equity (ROE) is -70.7%. The historical average is -46.9%.
Is IONS stock overvalued?
Based on historical data, Ionis Pharmaceuticals, Inc. is trading at a P/E of -31.9x. Compare with industry peers and growth rates for a complete picture.
What are Ionis Pharmaceuticals, Inc.'s profit margins?
Ionis Pharmaceuticals, Inc. has 98.3% gross margin and -40.5% operating margin.