Latest Ratios: P/E Ratio -7.6x · EV/EBITDA N/A · ROE -368.2%. (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 | $999M | $639M | $425M | $397M | $295M | $1.0B | $571M | $664M | $183M | — | — |
| Enterprise Value | $1.0B | $662M | $406M | $356M | $271M | $934M | $384M | $460M | $115M | — | — |
| P/E Ratio → | -7.60 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 12.28 | 7.86 | 12.78 | 28.29 | 18.50 | 27.79 | 36.70 | 49.95 | — | — | — |
| P/B Ratio | — | — | 6.27 | 2.87 | 2.50 | 5.65 | 2.39 | 3.48 | 2.25 | — | — |
| P/FCF | — | — | — | — | — | — | — | 60.00 | — | — | — |
| P/OCF | — | — | — | — | — | — | — | 33.12 | — | — | — |
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 | — | 8.14 | 12.21 | 25.41 | 17.04 | 24.77 | 24.67 | 34.60 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | 41.56 | — | — | — |
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 | 94.0% | 94.0% | 28.5% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | — | — |
| Operating Margin | -130.2% | -130.2% | -493.4% | -977.8% | -730.9% | -193.0% | -401.9% | -438.4% | — | — | — |
| Net Profit Margin | -140.3% | -140.3% | -444.1% | -599.5% | -814.2% | -211.0% | -372.6% | -411.9% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -368.2% | -368.2% | -143.5% | -65.7% | -85.5% | -37.5% | -27.0% | -40.3% | -491.9% | — | — |
| ROA | -44.4% | -44.4% | -49.6% | -26.1% | -40.6% | -23.3% | -16.9% | -26.0% | -135.0% | -128.3% | -86.4% |
| ROIC | -241.1% | -241.1% | -167.7% | -106.9% | -105.2% | -88.9% | -246.7% | — | -450.1% | — | — |
| ROCE | -64.1% | -64.1% | -70.1% | -55.3% | -47.7% | -25.9% | -21.4% | -32.7% | -182.0% | -302.3% | -121.5% |
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 | — | — | 1.25 | 0.65 | 0.78 | 0.13 | 0.09 | 0.12 | 0.00 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | -0.28 | -0.29 | -0.20 | -0.61 | -0.79 | -1.07 | -0.84 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | -18.44 | — | — | — |
| Interest Coverage | -8.36 | -8.36 | -10.14 | -5.34 | -25.21 | -275.25 | -415.60 | -1125.19 | -2336.42 | -739.21 | -788.70 |
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 | 0.75 | 0.75 | 2.03 | 2.38 | 1.88 | 2.69 | 5.03 | 5.47 | 4.82 | 0.54 | 3.16 |
| Quick Ratio | 0.75 | 0.75 | 2.03 | 2.38 | 1.88 | 2.69 | 5.03 | 5.47 | 4.82 | 0.54 | 3.16 |
| Cash Ratio | 0.54 | 0.54 | 1.71 | 1.93 | 1.41 | 2.02 | 3.87 | 4.62 | 4.39 | 0.40 | 2.89 |
| Asset Turnover | — | 0.33 | 0.12 | 0.04 | 0.05 | 0.12 | 0.04 | 0.04 | — | — | — |
| Inventory Turnover | — | — | 61.79 | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 82.00 | 116.57 | 609.72 | 665.41 | 339.02 | 1299.52 | 1019.10 | — | — | — |
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 | — | — | — | — | — | — | — | 1.7% | — | — | — |
| 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 | — | $80M | $70M | $56M | $45M | $44M | $38M | $33M | $19M | $9M | $19M |
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 MGTX stock.
MeiraGTx Holdings plc's current P/E ratio is -7.6x. This places it at the 50th percentile of its historical range.
MeiraGTx Holdings plc's return on equity (ROE) is -368.2%. The historical average is -157.4%.
Based on historical data, MeiraGTx Holdings plc is trading at a P/E of -7.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MeiraGTx Holdings plc has 94.0% gross margin and -130.2% operating margin.
Key Metrics
Top Statement Risk
Imminent capital raise required
Metrics are mathematically derived from official filings.
Valuation Reflects Milestone-Driven Volatility
The forward P/E of 44.14 appears to be based on non-recurring milestone revenue, while the P/S of 15.71 is inflated by a single large quarter, suggesting the market is pricing in future pipeline success rather than current fundamentals.
The valuation multiples are highly distorted by the Q2 2026 milestone recognition. The forward P/E of 44.14 is likely based on projected earnings that include future non-cash revenue, not sustainable operational profit. The P/S ratio of 15.71 is misleading because it annualizes a single, lumpy revenue event. Investors should focus on EV/EBITDA, which at 12.76 forward, may better reflect the market's expectation for the company's core platform value, but this too is contingent on successful clinical and commercial execution.
Milestone Revenue Masks Underlying Burn
The reported 97.8% gross margin in Q2 2026 is an accounting artifact of recognizing high-value collaboration revenue with minimal associated cost of goods sold, masking the underlying high fixed-cost structure of the business.
The extreme volatility in gross margin, from negative in some quarters to near 100% in others, confirms that profitability is driven by the timing of milestone payments, not operational efficiency. The operating margin of 76.0% in Q2 2026 is a one-time event; excluding that quarter, the company's operating loss averaged approximately -$43M per quarter, demonstrating severe negative operating leverage. This indicates that the company's true earning power is currently negative, and a permanent margin shift would only occur upon transition to a commercial model with larger patient volumes.
Returns Volatile, Driven by Non-Operational Gains
The ROIC of 2.6% in Q2 2026 is a stark reversal from the -82.3% in Q3 2025, but this swing is driven by a one-time revenue event rather than a sustainable improvement in capital efficiency or margin expansion.
The ROIC trend is erratic, swinging from deeply negative to marginally positive based on milestone timing. This indicates that the company is not yet generating returns on its invested capital from core operations. The high fixed-cost base, particularly the investment in manufacturing infrastructure, means that returns will remain negative until the company can achieve significant commercial scale. The current positive ROIC is not indicative of compounding value creation but rather a temporary accounting outcome.
Cash Buffer Temporary Amidst High Burn
The current ratio improved to 3.76 in Q2 2026 from 0.55 in Q1, but this is due to a milestone cash inflow, not operational improvement, and the company's high fixed-cost structure suggests the runway remains limited.
The liquidity position is highly volatile and dependent on the timing of partnership payments. The quick ratio mirrors the current ratio at 3.76, indicating no inventory dependence, which is consistent with a pre-commercial biotech. However, the company's high quarterly burn rate, averaging over $30M in R&D alone, means the $143.2M cash position provides only a few quarters of runway. This warrants close monitoring for signs of a capital raise or further asset divestitures.
P/E Ratio Misapplied to Pre-Revenue Model
The P/E ratio is the most commonly misapplied metric for MGTX, as it is based on non-recurring milestone revenue and does not reflect the company's core operational reality of negative earnings and high cash burn.
For a clinical-stage biotech like MGTX, the P/E ratio is meaningless because earnings are driven by lumpy, non-cash collaboration accounting, not sustainable profit. The forward P/E of 44.14 is particularly misleading as it projects future earnings based on milestone assumptions. A more appropriate metric would be EV/EBITDA, which at least attempts to normalize for capital structure, or a focus on cash burn rate and runway. Investors should also consider the price-to-cash ratio to assess valuation relative to the company's most critical asset: its remaining cash.