Latest Ratios: P/E Ratio -5.6x · EV/EBITDA N/A · ROE -60.0%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $1.5B | $850M | $3.4B | $3.0B | $308M | $365M | $168M |
| Enterprise Value | $1.2B | $591M | $3.2B | $2.5B | $269M | $372M | $167M |
| P/E Ratio → | -5.64 | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — |
| P/B Ratio | 4.22 | 2.79 | 7.51 | 5.78 | 4.48 | — | 1.50 |
| 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 |
|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -60.0% | -60.0% | -24.6% | -12.4% | -175.0% | -106.4% | -0.1% |
| ROA | -50.4% | -50.4% | -23.7% | -11.9% | -115.5% | -84.9% | -0.1% |
| ROIC | -114.2% | -114.2% | -62.8% | -85.0% | -392.6% | -75.4% | — |
| ROCE | -58.7% | -58.7% | -29.4% | -18.5% | -225.2% | -102.0% | -0.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.25 | 0.25 | 0.01 | 0.01 | 0.00 | — | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.85 | -0.39 | -0.87 | -0.57 | — | -0.01 |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -30.69 | -30.69 | — | — | — | — | — |
Net cash position: cash ($335M) exceeds total debt ($76M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 9.27 | 9.27 | 21.11 | 51.59 | 9.98 | 0.46 | 12.93 |
| Quick Ratio | 9.27 | 9.27 | 21.11 | 51.59 | 9.98 | 0.46 | 12.93 |
| Cash Ratio | 8.66 | 8.66 | 19.94 | 51.28 | 9.41 | 0.38 | 10.67 |
| 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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 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% |
| Shares Outstanding | — | $64M | $63M | $49M | $29M | $37M | $15M |
Clinical trial execution failure
As reported in financial statements, MoonLake's ROIC has plummeted from -9.5% in 2023Q4 to -103.0% by 2026Q1, reflecting the aggressive deployment of capital into non-revenue-generating clinical assets that have yet to demonstrate a return on the substantial investment required for late-stage development and global trial infrastructure.
The sharp decline in ROIC suggests that the company is currently in a phase of pure capital consumption, where the denominator of invested capital is growing while the numerator remains deeply negative. Investors should monitor whether this trend stabilizes as the company approaches potential commercialization, as the current trajectory indicates a significant destruction of shareholder value relative to the capital deployed.
Based on recent SEC filings, MoonLake maintains a current ratio of 8.60 as of 2026Q1, which, while down from the 51.59 observed in 2023Q4, continues to provide a substantial liquidity cushion to fund ongoing clinical operations without immediate reliance on external capital markets for survival.
The high current ratio is characteristic of a pre-revenue biotech firm holding significant cash reserves to fund multi-year clinical programs. While the ratio has compressed as cash is deployed, the current level appears adequate to support the company through its next major clinical milestones, assuming no unforeseen spikes in trial costs or regulatory delays.
According to quarterly balance sheet data, MoonLake's debt-to-equity ratio has risen from 0.01 in 2024Q1 to 0.40 in 2026Q1, indicating a deliberate move to utilize debt financing to supplement cash reserves as the firm navigates the capital-intensive requirements of its global Phase III clinical trial programs.
The increase in leverage warrants close monitoring, as the negative interest coverage ratio of -30.86 suggests that the company is not generating sufficient operating income to service its debt obligations. This shift implies that management is prioritizing the preservation of cash for R&D over maintaining a debt-free balance sheet, which increases the company's sensitivity to interest rate fluctuations.
As detailed in recent financial disclosures, the company's P/B ratio of 4.21 is frequently misapplied by market participants to gauge valuation, yet this metric fails to capture the intangible value of the Sonelokimab pipeline, which represents the primary economic driver for the firm's future valuation.
Investors should avoid relying on the P/B ratio, as it ignores the significant R&D investments that are expensed rather than capitalized on the balance sheet. A more appropriate analytical framework would involve probability-weighted net present value (rNPV) models that account for clinical trial success rates and the potential market penetration of the IL-17 inhibitor platform.
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Quick answers to the most common questions about buying MLTX stock.
MoonLake Immunotherapeutics's current P/E ratio is -5.6x. This places it at the 50th percentile of its historical range.
MoonLake Immunotherapeutics's return on equity (ROE) is -60.0%. The historical average is -63.1%.
Based on historical data, MoonLake Immunotherapeutics is trading at a P/E of -5.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.