Latest Ratios: P/E Ratio -49.3x · EV/EBITDA N/A · ROE -37.6%. (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 | $1.2B | $417M | $254M | $575M | $482M | $1.6B | $85M | $58M | $54M | $81M | $41M |
| Enterprise Value | $1.1B | $350M | $229M | $547M | $458M | $1.5B | $83M | $57M | $52M | $77M | $39M |
| P/E Ratio → | -49.31 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 5132.63 | 1759.55 | 2655.65 | 14197.50 | — | — | — | — | — | — | — |
| P/B Ratio | 13.60 | 5.58 | 7.60 | 15.78 | 17.49 | 62.12 | 14.79 | 11.88 | 11.05 | 16.11 | 13.42 |
| 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 | — | 1479.13 | 2395.19 | 13493.31 | — | — | — | — | — | — | — |
| 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 | -793.2% | -793.2% | 92.3% | 93.8% | — | — | — | — | — | — | — |
| Operating Margin | -8765.5% | -8765.5% | -24150.6% | -52405.5% | — | — | — | — | — | — | — |
| Net Profit Margin | -8576.5% | -8576.5% | -23571.0% | -51943.2% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -37.6% | -37.6% | -64.5% | -65.8% | -65.3% | -120.3% | -125.7% | -137.1% | -116.3% | -142.4% | -109.3% |
| ROA | -34.0% | -34.0% | -56.6% | -59.2% | -61.0% | -107.7% | -94.6% | -111.4% | -104.0% | -127.2% | -106.2% |
| ROIC | -185.9% | -185.9% | -210.7% | -271.6% | -420.3% | -465.2% | -147.7% | -151.3% | -196.9% | -314.2% | -260.8% |
| ROCE | -35.9% | -35.9% | -61.4% | -63.4% | -64.2% | -106.0% | -107.7% | -117.7% | -110.8% | -133.7% | -102.5% |
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 | 0.03 | 0.03 | 0.08 | 0.08 | 0.01 | 0.02 | 0.12 | 0.18 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.89 | -0.75 | -0.78 | -0.86 | -0.91 | -0.45 | -0.28 | -0.44 | -0.69 | -0.64 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -187.98 | — | — | — | -23092.83 | -22997.51 | -16217.95 |
Net cash position: cash ($69M) exceeds total debt ($3M)
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 | 32.69 | 32.69 | 15.75 | 12.66 | 16.86 | 14.92 | 4.15 | 2.62 | 7.30 | 6.27 | 16.37 |
| Quick Ratio | 32.69 | 32.69 | 15.75 | 12.66 | 16.86 | 14.92 | 4.15 | 2.61 | 7.16 | 6.27 | 15.98 |
| Cash Ratio | 32.32 | 32.32 | 15.50 | 12.17 | 16.03 | 14.77 | 3.54 | 2.24 | 6.32 | 5.37 | 15.30 |
| Asset Turnover | — | 0.00 | 0.00 | 0.00 | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | 686.34 | 10.10 | — | 3.94 |
| Days Sales Outstanding | — | 293.96 | 173.96 | 314.12 | — | — | — | — | — | — | — |
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% | 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% | 0.0% | 0.0% |
| Shares Outstanding | — | $129M | $121M | $115M | $112M | $105M | $92M | $83M | $76M | $71M | $66M |
Binary commercialization failure risk
According to current market data, LWLG trades at a price-to-sales multiple of 5132.63, a figure that suggests investors are pricing the company as a high-growth technology option rather than a traditional specialty chemical manufacturer, effectively discounting the extreme lack of current recurring revenue against potential future market disruption.
The valuation multiple is largely untethered from fundamental financial performance, as the company remains in a pre-commercial phase. Investors should monitor whether this premium can be sustained as the company transitions from prototype evaluation to actual product sales, as any delay in commercialization may lead to a significant re-rating of the stock.
Based on reported financial statements, the company's ROIC has consistently remained in deep negative territory, with recent figures hovering around -59.4%, which underscores the substantial capital destruction inherent in funding long-term molecular engineering research without a corresponding stream of commercial revenue to offset the high fixed costs.
The persistent negative return on capital is a structural feature of the current business model rather than a sign of operational inefficiency. Until the company achieves a successful transition to a licensing or high-volume manufacturing model, these returns will likely remain suppressed by the ongoing, heavy investment in intellectual property development.
As reported in recent quarterly filings, the company's asset turnover ratio remains at 0.00, reflecting a business model that has yet to generate meaningful top-line volume, while the volatility in days sales outstanding suggests that current revenue recognition is tied to sporadic, non-recurring project milestones rather than consistent customer demand.
The lack of meaningful asset turnover highlights the company's current status as a research-focused entity rather than an industrial operator. Investors should look for a shift in these efficiency metrics as a primary indicator that the company is successfully moving toward a scalable, commercialized business model.
Based on the most recent balance sheet data, the company maintains a current ratio of 33.99, which indicates a robust liquidity position that provides a significant runway to fund ongoing research and development activities without the immediate need for additional external financing or debt-based capital infusions.
This liquidity profile is a critical strength for a pre-revenue firm, as it mitigates the risk of insolvency during the extended development cycle. However, the high current ratio also suggests that a large portion of assets is held in cash, which may warrant investigation into whether capital is being deployed effectively to accelerate commercialization.
The most commonly misapplied metric for this business model is the price-to-sales ratio, which obscures the company's true value as a materials science licensor by treating nominal NRE fees as recurring revenue, thereby creating a misleading valuation framework that fails to account for the potential shift to a high-margin licensing profile.
Instead of relying on P/S multiples, analysts should focus on the cash burn-to-milestone ratio and the progress of technical KPIs like drive voltage and thermal stability. These metrics provide a more accurate assessment of the company's progress toward commercial viability than traditional valuation multiples, which are currently distorted by the lack of meaningful revenue.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying LWLG stock.
Lightwave Logic, Inc.'s current P/E ratio is -49.3x. This places it at the 50th percentile of its historical range.
Lightwave Logic, Inc.'s return on equity (ROE) is -37.6%. The historical average is -156.1%.
Based on historical data, Lightwave Logic, Inc. is trading at a P/E of -49.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Lightwave Logic, Inc. has -793.2% gross margin and -8765.5% operating margin.