Latest Ratios: P/E Ratio -3.0x · EV/EBITDA N/A · ROE N/A. (2005–2025 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 | $168M | $156M | $149M | $236M | $297M | $363M | $323M | $431M | — | — | — |
| Enterprise Value | $162M | $151M | $114M | $205M | $255M | $303M | $205M | $247M | — | — | — |
| P/E Ratio → | -2.96 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 52.94 | 56.15 | 11.82 | 4.54 | 5.15 | 29.95 | 4.63 | 6.25 | — | — | — |
| P/B Ratio | — | — | 16.88 | 4.54 | 5.49 | 3.38 | 2.07 | 1.98 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | 12.34 | — | — | — |
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 | — | 54.17 | 9.01 | 3.95 | 4.42 | 25.03 | 2.94 | 3.58 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | 15.42 | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | 190.12 | 156.65 | — | — | — |
| 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% | 10.8% | 10.4% | -184.1% | 28.8% | 34.5% | 12.9% | -105.3% | 13.4% |
| Operating Margin | -1916.9% | -1916.9% | -408.6% | -24.4% | -99.6% | -394.9% | 1.5% | -39.2% | 6.4% | -122.5% | 13.5% |
| Net Profit Margin | -1764.5% | -1764.5% | -392.0% | -14.6% | -100.7% | -436.0% | -91.7% | -30.1% | 3.8% | -148.3% | 22.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -162.9% | -14.3% | -71.9% | -40.1% | -34.3% | -10.8% | 2.4% | -56.2% | 16.0% |
| ROA | -56.6% | -56.6% | -34.6% | -4.0% | -24.4% | -18.4% | -18.1% | -4.9% | 0.9% | -18.0% | 4.3% |
| ROIC | — | — | — | -57.0% | -143.3% | -83.2% | 2.3% | -77.0% | 64.9% | — | — |
| ROCE | -102.6% | -102.6% | -48.3% | -8.4% | -32.4% | -21.3% | 0.4% | -10.1% | 2.4% | -20.7% | 3.4% |
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 | — | — | 3.51 | 0.77 | 0.78 | 0.41 | 0.12 | 0.09 | 0.03 | 0.07 | 0.06 |
| Debt / EBITDA | — | — | — | — | — | — | 1.43 | — | 0.36 | — | 0.49 |
| Net Debt / Equity | — | — | -4.01 | -0.59 | -0.78 | -0.55 | -0.75 | -0.85 | -0.88 | -1.09 | -1.98 |
| Net Debt / EBITDA | — | — | — | — | — | — | -8.85 | — | -11.78 | — | -15.74 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -110.77 | -110.77 | -86.40 | -10.83 | -200.29 | -153.29 | 3.16 | 6.86 | 50.45 | -353.82 | 105.36 |
Net cash position: cash ($28M) exceeds total debt ($23M)
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 | 1.27 | 1.27 | 2.60 | 3.73 | 3.38 | 1.73 | 3.81 | 1.95 | 1.62 | 1.86 | 3.01 |
| Quick Ratio | 1.27 | 1.27 | 2.60 | 3.73 | 3.38 | 1.73 | 3.74 | 1.90 | 1.62 | 1.78 | 3.00 |
| Cash Ratio | 0.94 | 0.94 | 2.45 | 2.33 | 2.46 | 1.50 | 3.33 | 1.80 | 0.85 | 1.57 | 2.59 |
| Asset Turnover | — | 0.04 | 0.11 | 0.30 | 0.28 | 0.05 | 0.23 | 0.17 | 0.18 | 0.13 | 0.20 |
| Inventory Turnover | — | — | — | — | — | — | 15.15 | 8.06 | — | 10.59 | 94.79 |
| Days Sales Outstanding | — | 1623.28 | 47.52 | 326.94 | 19.88 | 50.02 | 59.25 | 14.90 | 669.94 | 168.72 | 166.08 |
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% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $89M | $81M | $84M | $80M | $80M | $79M | $67M | $59M | $54M | $54M |
Binary clinical trial dependency
According to current market data, Innate Pharma trades at a price-to-sales ratio of 52.94, a figure that appears disconnected from fundamental performance and likely reflects speculative pricing on future clinical milestones rather than any tangible, recurring earnings power or established commercial success in the oncology market.
The extreme P/S multiple suggests that investors are pricing the company as a pure-play option on its ANKET platform rather than a traditional operating business. Given the lack of positive earnings, standard valuation metrics like P/E are non-informative, and the current valuation appears highly sensitive to binary clinical outcomes rather than fundamental financial growth.
Based on historical financial statements, Innate Pharma has struggled to generate positive returns, with ROIC frequently dipping into deep negative territory, such as the -62.7% recorded in 2022Q4, indicating that the company is currently destroying rather than compounding invested capital through its intensive research and development activities.
The persistent inability to generate positive returns on capital highlights the structural challenge of a clinical-stage biotech that lacks a commercialized product to offset its high fixed-cost base. Investors should monitor whether future milestone payments can stabilize these returns, though current trends suggest a continued reliance on external capital to sustain operations.
As reported in quarterly filings, the company's asset turnover ratio has remained consistently low, often near 0.03 to 0.09, which underscores the lack of operational efficiency inherent in a business model that relies on sporadic, non-recurring licensing revenue rather than high-volume product sales or service delivery.
The erratic nature of the cash conversion cycle and DSO metrics reflects the lumpy timing of milestone payments from partners like AstraZeneca and Sanofi. This volatility makes it difficult to assess true operational efficiency, as the metrics are driven more by contractual triggers than by the company's internal management of working capital.
According to recent balance sheet data, the company's debt-to-equity ratio has trended upward to 5.25 in 2025Q2, a concerning shift that suggests increasing reliance on debt financing to bridge the gap between high R&D expenditures and the current trough in milestone-based revenue inflows.
The negative interest coverage ratios observed in recent periods indicate that the company is not generating sufficient operating income to comfortably service its debt obligations. This leverage profile warrants close investigation, as it limits the company's financial flexibility and increases the probability of dilutive equity raises to manage near-term liquidity needs.
As indicated by financial disclosures, the most commonly misapplied metric for Innate Pharma is the gross margin, which frequently appears as 100% or highly positive, misleadingly suggesting operational efficiency when it actually reflects the absence of cost-of-goods-sold in a pure licensing and collaboration-based business model.
Relying on gross margin to evaluate profitability in this context obscures the massive, non-capitalized R&D costs that are the true drivers of the company's financial performance. Analysts should instead focus on the cash burn rate and the probability-weighted value of the clinical pipeline to gain a more accurate understanding of the company's economic viability.
Includes 30+ ratios · 21 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying IPHA stock.
Innate Pharma S.A.'s current P/E ratio is -3.0x. This places it at the 50th percentile of its historical range.
Based on historical data, Innate Pharma S.A. is trading at a P/E of -3.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Innate Pharma S.A. has 100.0% gross margin and -1916.9% operating margin.