Latest Ratios: P/E Ratio 83.2x · EV/EBITDA 56.8x · ROE 11.7%. (2016–2025 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 | $4.6B | $3.3B | $1.4B | $1.3B | $1.1B | $807M | $1.1B | $598M | $830M | — | — |
| Enterprise Value | $4.5B | $3.1B | $1.2B | $1.2B | $938M | $691M | $986M | $554M | $523M | — | — |
| P/E Ratio → | 83.21 | 55.00 | — | 87.70 | 5.76 | — | — | — | — | — | — |
| P/S Ratio | 6.83 | 4.81 | 3.34 | 4.67 | 4.79 | 20.94 | — | — | — | — | — |
| P/B Ratio | 8.68 | 5.74 | 3.22 | 2.87 | 2.66 | 4.36 | 3.50 | 2.65 | — | — | — |
| P/FCF | 182.24 | 128.20 | 55.59 | 95.78 | 185.01 | — | — | — | — | — | — |
| P/OCF | 180.28 | 126.82 | 55.00 | 94.84 | 181.66 | — | — | — | — | — | — |
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 | — | 4.58 | 2.93 | 4.31 | 4.26 | 17.92 | — | — | — | — | — |
| EV / EBITDA | 56.81 | 39.38 | — | — | 77.05 | — | — | — | — | — | — |
| EV / EBIT | 57.95 | 34.90 | — | — | 95.99 | — | — | — | — | — | — |
| EV / FCF | — | 122.06 | 48.76 | 88.52 | 164.52 | — | — | — | — | — | — |
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 | 54.6% | 54.6% | 85.6% | 79.1% | 89.6% | 76.4% | — | — | — | — | — |
| Operating Margin | 11.4% | 11.4% | -10.8% | -9.3% | 4.4% | -406.4% | — | — | — | — | — |
| Net Profit Margin | 8.7% | 8.7% | -10.2% | 5.2% | 83.3% | -409.7% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | -9.8% | 3.4% | 63.1% | -63.6% | -60.1% | -1037.7% | — | — | — |
| ROA | 8.8% | 8.8% | -7.8% | 2.9% | 53.0% | -54.2% | -53.4% | -56.2% | -55.9% | -124.8% | -42.5% |
| ROIC | 17.1% | 17.1% | -11.3% | -6.1% | 4.2% | -85.9% | -61.1% | -70.4% | — | — | — |
| ROCE | 14.0% | 14.0% | -9.7% | -5.8% | 3.3% | -62.0% | -57.8% | -67.2% | -69.9% | -155.3% | -44.3% |
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 | 0.02 | 0.02 | 0.02 | 0.03 | 0.01 | 0.03 | 0.02 | 0.01 | — | — | — |
| Debt / EBITDA | 0.12 | 0.12 | — | — | 0.49 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.28 | -0.40 | -0.22 | -0.29 | -0.63 | -0.34 | -0.20 | — | — | — |
| Net Debt / EBITDA | -1.98 | -1.98 | — | — | -9.59 | — | — | — | — | — | — |
| Debt / FCF | — | -6.14 | -6.84 | -7.27 | -20.48 | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($166M) 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 | 3.79 | 3.79 | 3.30 | 4.34 | 5.16 | 4.38 | 10.46 | 8.68 | 7.37 | 2.70 | 24.47 |
| Quick Ratio | 3.39 | 3.39 | 3.04 | 3.85 | 4.71 | 4.30 | 10.46 | 8.68 | 7.37 | 2.70 | 24.47 |
| Cash Ratio | 2.98 | 2.98 | 2.42 | 3.24 | 4.05 | 4.06 | 10.16 | 8.39 | 7.22 | 2.61 | 24.31 |
| Asset Turnover | — | 0.89 | 0.73 | 0.51 | 0.48 | 0.17 | — | — | — | — | — |
| Inventory Turnover | 5.60 | 5.60 | 2.31 | 1.82 | 1.06 | 2.48 | — | — | — | — | — |
| Days Sales Outstanding | — | 8.40 | 35.98 | 28.72 | 33.68 | 37.74 | — | — | — | — | — |
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 | 1.2% | 1.8% | — | 1.1% | 17.4% | — | — | — | — | — | — |
| FCF Yield | 0.5% | 0.8% | 1.8% | 1.0% | 0.5% | — | — | — | — | — | — |
| Buyback Yield | 0.2% | 0.2% | 0.4% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.2% | 0.2% | 0.4% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $79M | $71M | $72M | $70M | $69M | $62M | $54M | $30M | $32M | $32M |
Single-Asset Revenue Dependency
Based on current market data, Kiniksa trades at a forward P/E of 43.14, suggesting that investors are pricing in significant long-term earnings expansion rather than current profitability, a valuation stance that appears aggressive when compared to the broader biotechnology sector's historical mid-cap trading multiples.
The elevated P/S ratio of 6.48 indicates that the market is assigning a high premium to the company's revenue growth, likely anticipating that ARCALYST will maintain its market dominance. Investors should monitor whether this valuation can be sustained if the pipeline, specifically KPL-404, fails to provide a clear path to diversifying the revenue base beyond the current orphan drug focus.
According to recent financial statements, Kiniksa's ROIC has trended upward to 5.2% in 2026Q1, marking a significant recovery from the negative returns observed in early 2024 and signaling that the company is finally beginning to generate meaningful returns on its invested capital base.
The shift from negative ROIC to positive territory suggests that the commercial infrastructure for ARCALYST is reaching an efficient scale. While these returns remain modest, the trend implies that management's capital allocation toward commercialization is yielding better results than the previous phase of heavy, uncompensated R&D investment.
As reported in quarterly filings, the company's cash conversion cycle has stabilized near 60 days as of 2025Q4, reflecting a disciplined approach to managing receivables and payables that supports the firm's overall liquidity position during this critical phase of commercial expansion.
The relatively low DSO of 15-21 days suggests that Kiniksa maintains strong leverage over its customer base, likely due to the non-discretionary nature of its specialty pharmaceutical products. This efficiency in collecting cash is a vital component of the company's ability to self-fund its ongoing R&D programs without needing to tap capital markets.
Based on 2026Q1 reported figures, Kiniksa maintains a current ratio of 3.79, providing a substantial liquidity buffer that appears more than adequate to cover near-term operational requirements and potential R&D investments as the company continues to scale its commercial infrastructure for its primary therapeutic assets.
The high current ratio, combined with a quick ratio of 3.79, indicates that the company is not reliant on inventory liquidation to meet its short-term obligations. This liquidity profile provides a significant margin of safety, allowing the firm to navigate potential regulatory or competitive shocks without immediate financing concerns.
The P/E ratio is frequently misapplied to Kiniksa, as it obscures the significant impact of profit-sharing agreements with Regeneron and the lumpy nature of collaboration revenue, which can artificially inflate or deflate earnings in any given quarter, rendering the metric a poor proxy for sustainable cash-generating power.
Analysts should instead focus on EV/Sales or adjusted operating cash flow, which better account for the underlying economics of the ARCALYST commercialization deal. Relying on P/E ignores the structural reality that a large portion of gross profit is contractually obligated to a partner, which may lead to an overestimation of the company's true earnings quality.
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Quick answers to the most common questions about buying KNSA stock.
Kiniksa Pharmaceuticals, Ltd.'s current P/E ratio is 83.2x. The historical average is 49.5x. This places it at the 67th percentile of its historical range.
Kiniksa Pharmaceuticals, Ltd.'s current EV/EBITDA is 56.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 58.2x.
Kiniksa Pharmaceuticals, Ltd.'s return on equity (ROE) is 11.7%. The historical average is -9.2%.
Based on historical data, Kiniksa Pharmaceuticals, Ltd. is trading at a P/E of 83.2x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kiniksa Pharmaceuticals, Ltd. has 54.6% gross margin and 11.4% operating margin. Operating margin between 10-20% is typical for established companies.
Kiniksa Pharmaceuticals, Ltd.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.