Latest Ratios: P/E Ratio -11.1x · EV/EBITDA N/A · ROE -11.5%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $855M | $2.9B | $472M | $546M | $814M | — | — |
| Enterprise Value | $1.0B | $825M | $2.5B | $478M | $520M | $778M | — | — |
| P/E Ratio → | -11.14 | — | — | — | — | — | — | — |
| P/S Ratio | 46.17 | 85.51 | 271.80 | 58.43 | 63.42 | 223.74 | — | — |
| P/B Ratio | 1.14 | 0.89 | 2.81 | 1.37 | 1.70 | 2.22 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 82.49 | 233.31 | 59.09 | 60.38 | 214.01 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.7% | 79.7% | 80.5% | 75.8% | 90.2% | -621.4% | — | — |
| Operating Margin | -1576.7% | -1576.7% | -933.6% | -902.9% | -779.0% | -905.4% | — | — |
| Net Profit Margin | -1136.3% | -1136.3% | -651.6% | -721.2% | -732.2% | -898.3% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -11.5% | -11.5% | -10.1% | -17.5% | -18.4% | -18.6% | — | — |
| ROA | -11.0% | -11.0% | -9.6% | -15.7% | -17.0% | -16.5% | -80.3% | -624.0% |
| ROIC | -15.3% | -15.3% | -15.4% | -17.0% | -16.1% | -16.0% | — | — |
| ROCE | -15.6% | -15.6% | -14.0% | -20.4% | -18.8% | -17.3% | -106.6% | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.02 | 0.07 | 0.08 | 0.00 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.03 | -0.40 | 0.02 | -0.08 | -0.10 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | -31.93 | -16.18 |
Net cash position: cash ($52M) exceeds total debt ($22M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 39.04 | 39.04 | 59.21 | 26.80 | 20.14 | 29.46 | 5.05 | 0.14 |
| Quick Ratio | 39.04 | 39.04 | 59.21 | 26.80 | 20.18 | 29.46 | 5.05 | 0.14 |
| Cash Ratio | 38.67 | 38.67 | 58.72 | 26.40 | 19.81 | 29.30 | 2.46 | 0.14 |
| Asset Turnover | — | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 234.62 | 185.50 | 97.58 | 29.67 | 20.07 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | 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% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $62M | $54M | $44M | $41M | $41M | $42M | $42M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying JANX stock.
Janux Therapeutics, Inc.'s current P/E ratio is -11.1x. This places it at the 50th percentile of its historical range.
Janux Therapeutics, Inc.'s return on equity (ROE) is -11.5%. The historical average is -15.2%.
Based on historical data, Janux Therapeutics, Inc. is trading at a P/E of -11.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Janux Therapeutics, Inc. has 79.7% gross margin and -1576.7% operating margin.
Key Metrics
Top Statement Risk
Cash runway and collaboration dependence
Metrics are mathematically derived from official filings.
Cash Buffer Shrinks Despite High Current Ratio
Current ratio remains elevated at 16.35 in 2026Q2, but cash dropped to $27.8M from $430.6M in 2024Q4, per balance sheet data, signaling a declining runway.
The current ratio of 16.35 appears robust, yet it is inflated by a large working capital position that includes deferred revenue and receivables, not just cash. Cash and equivalents fell sharply to $27.8M in 2026Q2 from $430.6M in 2024Q4, indicating that the liquidity cushion is eroding as the company funds its R&D pipeline. Under a severe stress scenario, such as a delay in collaboration milestones or an unexpected increase in clinical trial costs, the current ratio could compress quickly, and the company may need to access equity markets sooner than anticipated.
Minimal Debt Masks Equity Dilution Risk
Debt-to-equity stands at 0.02 with total debt of $21.0M, per financial statements, indicating negligible leverage, but the reliance on equity funding is evident from the $928M equity base.
The company's leverage is minimal, with a debt-to-equity ratio of 0.02, suggesting that debt service is not a concern. However, this low leverage is a double-edged sword: it implies that the company has not taken on debt to fund operations, but it also means that future capital needs will likely be met through equity issuance, which could be dilutive to existing shareholders. The interest coverage ratio is not meaningful given the negligible debt, but the real risk lies in the potential for future dilution if the cash runway shortens.
Working Capital Swings Distort Efficiency Metrics
Asset turnover is extremely low at 0.01 in 2026Q2, and DSO spiked to 216 days, per reported figures, reflecting the milestone-driven revenue model and the impact of large working capital swings.
Asset turnover of 0.01 is a reflection of the company's asset-heavy balance sheet (dominated by cash and intangibles) relative to its minimal revenue, which is typical for a pre-commercial biotech. The DSO of 216 days in 2026Q2 is not indicative of collection issues but rather the timing of collaboration payments, which can be sporadic. The cash conversion cycle is not calculable due to missing DIO and DPO data, but the working capital swings, such as the $32.7M inflow in 2026Q2, suggest that efficiency metrics are heavily influenced by the timing of partner payments and payables, making them less meaningful for operational assessment.
Margins Reflect R&D Burn, Not Earning Power
Gross margin of 79.7% TTM is an accounting artifact of collaboration revenue, while operating margin is deeply negative at -1576.67% TTM, per financial statements, indicating that profitability metrics are not yet meaningful.
The reported gross margin of 79.7% is misleading because it stems from collaboration revenue with minimal direct costs, not from product sales. Operating margin of -1576.67% TTM underscores the heavy R&D investment, which averaged $30M per quarter, far exceeding sporadic revenue. Net margin is also deeply negative, and the Q2 2026 EPS beat of -$0.35 versus consensus of -$0.63 may be flattered by one-time items or favorable cost timing, as noted in prior analysis. Investors should focus on the absolute burn rate and clinical progress rather than margin trends, which are not indicative of future profitability.
Returns on Capital Remain Deeply Negative
ROIC has hovered around -3% over the last five quarters, per reported data, reflecting the company's heavy investment in R&D with no revenue to offset it, indicating a period of capital consumption.
ROIC of -2.6% in 2026Q2, while slightly improved from -3.4% in 2025Q4, remains deeply negative, as the company invests heavily in its pipeline without generating product revenue. The trend over the past ten quarters shows ROIC fluctuating between -1.8% and -4.1%, with no clear improvement, suggesting that the company is not yet creating value on its invested capital. The drivers are primarily the negative operating margins, as asset turnover is negligible. This is expected for a pre-commercial biotech, but investors should monitor whether clinical milestones begin to translate into collaboration revenue or partnerships that could improve returns.
Misapplied P/S Ratio in Pre-Revenue Biotech
The P/S ratio of 98.31 is often misapplied to JANX, as revenue is collaboration-based and not indicative of future product sales, per reported figures, obscuring the true value driver.
The price-to-sales ratio of 98.31 is misleading for JANX because the $10M TTM revenue is derived from milestone payments and amortization of upfront fees, not from commercial product sales. This revenue is non-recurring and highly volatile, as seen in quarterly swings from $10.3M to zero. A more appropriate metric would be EV/Invested Capital or a multiple of R&D productivity, such as pipeline value per share, which accounts for the potential of the TRACTr platform. Investors should focus on clinical data catalysts, such as PSA50/PSA90 response rates and CRS rates, rather than revenue multiples, which are not meaningful for a pre-commercial biotech.