Latest Ratios: P/E Ratio -6.8x · EV/EBITDA N/A · ROE -8.6%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.7B | $4.0B | $2.0B | $1.2B | $663M | $484M | $441M | $564M | — |
| Enterprise Value | $5.7B | $4.0B | $2.1B | $1.2B | $637M | $455M | $302M | $555M | — |
| P/E Ratio → | -6.85 | — | — | — | — | — | — | — | — |
| P/S Ratio | 8.52 | 7.61 | 5.83 | 6.48 | 8.60 | 25.27 | — | — | — |
| P/B Ratio | 14.95 | 12.60 | 8.71 | 4.85 | 4.67 | 4.02 | 2.56 | 4.32 | — |
| P/FCF | — | 72.26 | 210.57 | — | — | — | — | — | — |
| P/OCF | 102.37 | 71.03 | 190.32 | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.65 | 6.12 | 6.59 | 8.26 | 23.77 | — | — | — |
| EV / EBITDA | — | 1891.81 | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 72.68 | 220.78 | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.7% | 80.7% | 75.8% | 74.8% | 83.9% | 90.1% | — | — | — |
| Operating Margin | -4.2% | -4.2% | -26.0% | -58.6% | -170.3% | -906.1% | — | — | — |
| Net Profit Margin | -4.5% | -4.5% | -26.1% | -87.7% | -176.0% | -438.9% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.6% | -8.6% | -37.1% | -83.7% | -103.5% | -57.5% | -68.3% | -87.6% | — |
| ROA | -3.1% | -3.1% | -13.4% | -32.7% | -41.9% | -31.4% | -53.3% | -52.9% | -33.4% |
| ROIC | -5.0% | -5.0% | -22.2% | -42.3% | -94.8% | -208.5% | -100.7% | -137.5% | — |
| ROCE | -3.7% | -3.7% | -15.9% | -25.8% | -48.6% | -73.1% | -58.6% | -59.8% | -5.9% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.02 | 1.02 | 1.41 | 1.24 | 0.02 | 0.02 | 0.02 | 0.03 | — |
| Debt / EBITDA | 151.54 | 151.54 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.07 | 0.42 | 0.09 | -0.18 | -0.24 | -0.81 | -0.06 | — |
| Net Debt / EBITDA | 10.80 | 10.80 | — | — | — | — | — | — | -35.64 |
| Debt / FCF | — | 0.41 | 10.21 | — | — | — | — | — | — |
| Interest Coverage | -0.49 | -0.49 | -5.07 | -9.75 | -7.89 | -3.77 | -307.25 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.67 | 2.67 | 3.10 | 4.45 | 2.94 | 3.91 | 12.80 | 9.13 | 21.22 |
| Quick Ratio | 2.55 | 2.55 | 2.93 | 4.19 | 2.85 | 3.88 | 12.80 | 9.13 | 21.22 |
| Cash Ratio | 1.86 | 1.86 | 2.22 | 3.29 | 2.34 | 3.68 | 12.56 | 8.92 | 21.22 |
| Asset Turnover | — | 0.62 | 0.50 | 0.29 | 0.22 | 0.06 | — | — | — |
| Inventory Turnover | 4.04 | 4.04 | 3.64 | 2.11 | 2.22 | 1.26 | — | — | — |
| Days Sales Outstanding | — | 86.35 | 84.82 | 133.11 | 113.65 | 83.29 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | 1.4% | 0.5% | — | — | — | — | — | — |
| Buyback Yield | 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% | — |
| Shares Outstanding | — | $50M | $48M | $41M | $34M | $30M | $25M | $23M | $23M |
Includes 30+ ratios · 8 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MIRM stock.
Mirum Pharmaceuticals, Inc.'s current P/E ratio is -6.8x. This places it at the 50th percentile of its historical range.
Mirum Pharmaceuticals, Inc.'s return on equity (ROE) is -8.6%. The historical average is -63.7%.
Based on historical data, Mirum Pharmaceuticals, Inc. is trading at a P/E of -6.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Mirum Pharmaceuticals, Inc. has 80.7% gross margin and -4.2% operating margin.
Mirum Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 151.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative equity and cash erosion
Metrics are mathematically derived from official filings.
Premium Multiples Without Earnings Support
Based on the supplied data, MIRM trades at a P/S of 10.94 and P/FCF of 103.95 while reporting a negative P/E of -199.02, so the valuation rests on revenue scale and future cash generation rather than current earnings.
A price-to-sales multiple near 11 is high for a company whose operating margin was -32.2% in 2026Q3, suggesting the market is capitalizing a long runway of revenue growth rather than present profitability. The EV/EBITDA of 2716.77 reflects near-zero EBITDA rather than a meaningful earnings base, so this metric carries little information here. Investors should monitor whether gross profit growth can translate into operating leverage, since the current multiple implies that outcome has not yet been priced as proven.
Gross Margin Strength Undercut by Opex
As reported in the income statement, MIRM's gross margin held near 81% to 83% over the last four quarters, yet operating margin stayed at -32.2% in 2026Q3, indicating operating expenses absorb nearly all gross profit.
The stability of gross margin above 80% points to favorable unit economics for the commercial product base, which is the strongest element of the profitability profile. However, net margin of -22.0% and operating margin of -32.2% show that R&D and SG&A spending remains far too large relative to revenue to produce earnings. Based on reported figures, true earning power is not yet visible, and the key judgment is whether opex growth slows faster than revenue.
Negative Returns on Invested Capital
Based on the supplied ratios, MIRM's ROIC was -10.4% in 2026Q3 and ROA was -3.9%, with ROIC having been positive only briefly in 2025Q3 at 0.6%, indicating the capital base has not yet generated sustained returns.
Returns on capital have swung between roughly -16% and +1% over the ten quarters shown, with no sustained compounding trend. The brief positive return in 2025Q3 appears to reflect a temporary margin improvement rather than a durable shift, given the subsequent return to losses. ROE data is largely unavailable or distorted by negative equity, so ROIC is the more reliable indicator here and it currently suggests value is being consumed rather than created.
Debt Rising as Equity Turns Negative
According to reported SEC filings, MIRM's total debt of $743.6M in 2026Q3 exceeds cash of $243.2M by more than 2.3 times, while shareholders' equity of negative $54.2M makes the debt-to-equity ratio no longer meaningful.
Interest coverage has been negative across most recent quarters, meaning operating earnings have not covered interest expense, which heightens refinancing sensitivity. The shift from positive equity of $314.7M in 2025Q4 to a deficit signals that losses and liabilities are outpacing the asset base. Investors should monitor debt maturity schedules and covenant terms, as the data supplied does not disclose these, and this warrants further investigation.
Current Ratio Masks Thinning Cash
As reported in financial statements, MIRM's current ratio of 2.07 in 2026Q3 appears adequate, but cash fell from $330.7M to $243.2M in a single quarter, a drop of roughly 26%.
A current ratio above 2.0 suggests short-term obligations are covered on paper, yet the quick ratio of 1.98 shows little dependence on inventory, so the liquidity cushion is essentially cash and receivables. The rapid cash decline, combined with operating cash burn in several quarters, may indicate the buffer is shrinking faster than the headline ratio implies. Under severe stress, the current position could tighten materially if burn persists at recent levels.
Misapplied Ratio: Current Ratio Overstates Safety
The current ratio of 2.07 is the metric most often misapplied to MIRM, as it can appear comfortable while negative shareholders' equity of -$54.2M shows total obligations exceed total assets.
The current ratio ignores the long-term debt load of roughly $743.6M and the equity deficit, which together describe the solvency position more accurately. A better lens for this biotech profile is cash runway divided by quarterly operating burn, along with net debt to cash, since the company's value depends on funding its pipeline and commercial build-out. Investors should monitor these measures rather than relying on the headline liquidity ratio.