Latest Ratios: P/E Ratio -1.8x · EV/EBITDA N/A · ROE -67.9%. (2015–2025 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 | $5M | $5M | $54M | $581M | $2.0B | $7.3B | $10.0B | $7.4B | $4.0B | $15.1B | — |
| Enterprise Value | $-11936742 | $-12451091 | $48M | $577M | $2.0B | $7.2B | $9.9B | $7.3B | $3.9B | $15.1B | — |
| P/E Ratio → | -1.80 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.36 | 0.51 | — | 4721.60 | 44.14 | 64.90 | 101.11 | 142.43 | 108.85 | 253.03 | — |
| 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 | -67.9% | -67.9% | — | -222.4% | -97.7% | -63.0% | -80.0% | -109.4% | -63.7% | -74.4% | -125.6% |
| ROA | -14.3% | -14.3% | -116.5% | -93.7% | -71.3% | -56.5% | -65.5% | -82.9% | -57.7% | -68.8% | -46.0% |
| ROIC | — | — | — | — | -1676.5% | -1304.2% | -987.7% | -267.9% | -104.6% | -217.2% | — |
| ROCE | -76.3% | -76.3% | — | -127.3% | -79.5% | -62.1% | -68.4% | -89.3% | -64.4% | -75.5% | 47.7% |
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 | — | — | — | 20.31 | 0.68 | 0.02 | 0.02 | 0.30 | — | — | 0.01 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.81 | — | -30.37 | -0.96 | -0.96 | -0.97 | -0.89 | -0.45 | -0.58 | -1.12 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -3149.40 | -38.27 | -22.08 | -4423.67 | -14.32 | -25.25 | -3831.75 | -3910.00 | -10.02 |
Net cash position: cash ($17M) exceeds total debt ($0)
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 | 2.22 | 2.22 | 0.68 | 0.74 | 5.22 | 10.33 | 10.46 | 8.12 | 6.25 | 16.99 | 8.53 |
| Quick Ratio | 2.22 | 2.22 | 0.68 | 0.74 | 5.22 | 10.33 | 10.46 | 8.12 | 6.25 | 16.99 | 8.53 |
| Cash Ratio | 2.18 | 2.18 | 0.54 | 0.41 | 5.01 | 10.14 | 10.28 | 7.90 | 6.07 | 16.89 | 8.53 |
| 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 | — | — | 1.1% | — | — | — | — | — | — | — | — |
| 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% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $5M | $6M | $9M | $7M | $6M | $4M | $2M | $2M | $2M | $2M |
Imminent liquidity and dilution
According to recent market data, Mustang Bio trades at a price-to-book ratio of 0.36, which suggests that the market is pricing the company significantly below its accounting book value, likely due to persistent concerns regarding the firm's ability to fund its clinical pipeline without further shareholder dilution.
The current P/B multiple indicates that investors are assigning little to no value to the company's intellectual property or clinical-stage assets. This valuation gap relative to peers suggests that the market views the firm's current cash position as the primary determinant of its survival rather than the long-term potential of its CAR-T programs.
As reported in financial statements, the company's current ratio improved to 2.10 in 2026Q1 from a critical low of 0.40 in 2024Q3, yet this recovery appears driven by dilutive equity financing rather than operational cash generation, leaving the firm vulnerable to future capital market volatility.
While the current ratio suggests a temporary buffer, the lack of recurring revenue means that liquidity is entirely dependent on the timing of external funding rounds. Investors should monitor whether this liquidity can sustain the company through the next major clinical data readout or if further capital raises will be required.
Based on a comparison with clinical-stage peers like Fate Therapeutics and Allogene, Mustang Bio's valuation multiples appear to trade at a structural discount, which may be attributed to its smaller market capitalization and the heightened risk profile associated with its specific therapeutic focus on rare diseases.
The valuation gap relative to larger peers like CRISPR Therapeutics suggests that the market demands a higher risk premium for Mustang Bio's asset-light model. This discount may persist until the company demonstrates clinical efficacy that differentiates its MB-106 program from the broader competitive landscape of CD19-targeted therapies.
As indicated by the company's financial statements, the price-to-book ratio is frequently misapplied to Mustang Bio, as it fails to account for the fact that R&D expenditures are expensed rather than capitalized, thereby obscuring the true value of the firm's underlying clinical-stage intellectual property portfolio.
Using P/B as a primary valuation metric for a pre-revenue biotechnology firm ignores the reality that the company's most valuable assets are intangible and not reflected on the balance sheet. Analysts should instead focus on the cash runway and the probability-adjusted net present value of the clinical pipeline to better assess the firm's intrinsic worth.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying MBIO stock.
Mustang Bio, Inc.'s current P/E ratio is -1.8x. This places it at the 50th percentile of its historical range.
Mustang Bio, Inc.'s return on equity (ROE) is -67.9%. The historical average is -100.5%.
Based on historical data, Mustang Bio, Inc. is trading at a P/E of -1.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.