Latest Ratios: P/E Ratio -20.3x · EV/EBITDA N/A · ROE -149.5%. (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 | $5.5B | $1.5B | $523M | $159M | $374M | $878M | $1.3B | $545M | $51M | — | — |
| Enterprise Value | $5.4B | $1.4B | $425M | $55M | $371M | $327M | $477M | $335M | $-37317116 | — | — |
| P/E Ratio → | -20.28 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 29.63 | 9.45 | 3.48 | 0.60 | 0.86 | 1.32 | 1.56 | 1.58 | 0.59 | — | — |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -149.5% | -149.5% | -84.7% | -74.2% | -60.7% | -35.0% | -22.1% | -21.9% | -458.1% | — | — |
| ROA | -66.9% | -66.9% | -43.2% | -45.5% | -42.5% | -27.1% | -18.7% | -21.0% | -86.9% | -363.8% | -141.4% |
| ROIC | -220.8% | -220.8% | -130.7% | -69.9% | -93.9% | -379.7% | -157.8% | -55.0% | — | — | — |
| ROCE | -76.1% | -76.1% | -50.0% | -52.7% | -47.0% | -28.5% | -19.7% | -22.6% | -64.8% | -1382.5% | -178.5% |
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 | 1.01 | 1.01 | 0.47 | 0.68 | 0.43 | 0.27 | 0.09 | 0.01 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.32 | -0.65 | -0.39 | -0.01 | -0.83 | -1.01 | -0.61 | -1.02 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | -20036.77 | -18544.72 | -12134.91 | -5322.84 | -5919.63 | -6.51 | -22.57 | -2854.33 |
Net cash position: cash ($210M) exceeds total debt ($159M)
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 | 4.72 | 4.72 | 6.72 | 6.93 | 9.26 | 11.36 | 30.93 | 28.97 | 18.74 | 0.17 | 4.06 |
| Quick Ratio | 4.72 | 4.72 | 6.72 | 6.93 | 9.26 | 11.36 | 30.93 | 28.97 | 18.74 | 0.17 | 4.06 |
| Cash Ratio | 4.61 | 4.61 | 6.57 | 6.84 | 9.12 | 11.31 | 30.84 | 28.73 | 18.29 | 0.15 | 3.84 |
| 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 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% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $53M | $53M | $52M | $52M | $52M | $46M | $38M | $36M | $27M | $7M |
Includes 30+ ratios · 10 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 KOD stock.
Kodiak Sciences Inc.'s current P/E ratio is -20.3x. This places it at the 50th percentile of its historical range.
Kodiak Sciences Inc.'s return on equity (ROE) is -149.5%. The historical average is -113.3%.
Based on historical data, Kodiak Sciences Inc. is trading at a P/E of -20.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Cash burn acceleration
Metrics are mathematically derived from official filings.
Deepening Losses with No Revenue
Kodiak's net margin remains undefined as revenue is absent, with net losses widening from $43.0M in 2024Q1 to $65.6M in 2026Q2, per financial statements, indicating escalating unprofitability.
The absence of gross and operating margins underscores a pre-revenue stage where all costs are expensed, and the widening net losses reflect a deliberate ramp in R&D spending, which grew 87.6% over the period. This suggests that profitability metrics are not yet meaningful, and investors should focus on cash burn efficiency rather than margin trends.
Return on Capital in Freefall
ROIC swung from -20.6% in 2024Q1 to -115.9% in 2026Q2, while ROE deteriorated from -17.0% to -75.8%, as reported in financial statements, indicating severe capital destruction.
The dramatic decline in ROIC and ROE is driven by both expanding operating losses and a shrinking equity base, which fell 75% to $61.1M. This suggests that each dollar of invested capital is generating increasingly negative returns, and the company is not compounding but rather eroding shareholder value at an accelerating pace.
Asset-Light Model, Minimal Working Capital
Asset turnover is negligible due to no revenue, while DSO and DIO are unavailable, and DPO averaged around 50 days in 2024, per reported data, indicating minimal working capital complexity.
The company's efficiency ratios are largely irrelevant in a pre-revenue context, as the asset base is primarily cash and R&D-related. The negligible capex (under $0.3M per quarter) confirms an asset-light model, but the lack of revenue means efficiency metrics provide little insight; the key efficiency question is how quickly cash converts into clinical milestones.
Leverage Rising on Shrinking Equity
Debt-to-equity surged from 0.35 in 2024Q2 to 0.86 in 2026Q2, even as total debt fell from $75.8M to $52.8M, per SEC filings, indicating leverage is rising due to equity depletion.
The apparent increase in leverage is not from new borrowing but from a 75% decline in shareholders' equity, which makes the balance sheet increasingly fragile. The 2026Q1 debt spike to $156M, followed by repayment, suggests possible short-term financing or a drawdown that warrants scrutiny, but the trend indicates that debt service could become more challenging as cash reserves thin.
Liquidity Cushion Thinning Rapidly
Current ratio fell from 10.12 in 2024Q1 to 2.49 in 2026Q2, while cash dropped 49% to $125.9M, per reported financials, indicating a shrinking buffer against operating losses.
The quick ratio equals the current ratio, confirming no inventory dependence, but the rapid decline in both ratios suggests that the company's ability to absorb continued losses is diminishing. With quarterly cash burn averaging around $40M, the current cash position may only fund operations for roughly three quarters, implying a potential need for additional financing.
Misapplied P/B in Pre-Revenue Biotech
P/B of 13.98 is misleading for Kodiak because book value is rapidly eroding due to losses, as reported in financial statements, and does not reflect the value of the pipeline.
For a pre-revenue biotech, price-to-book is often misapplied because tangible book value is a small fraction of total value, which lies in intellectual property and clinical prospects. A more appropriate metric would be EV/invested capital or a multiple of R&D spend, as the current P/B overstates the cost of replacing the asset base and fails to capture the potential of the pipeline.