Latest Ratios: P/E Ratio -5.4x · EV/EBITDA N/A · ROE -25.5%. (2003–2025 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 | $63M | $64M | $103M | $74M | $101M | $130M | $234M | $291M | $336M | $227M | $199M |
| Enterprise Value | $33M | $34M | $63M | $23M | $83M | $60M | $174M | $227M | $301M | $199M | $176M |
| P/E Ratio → | -5.38 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 155.00 | 156.89 | — | 73.57 | — | 32.26 | — | — | — | — | — |
| P/B Ratio | 1.52 | 1.55 | 1.96 | 1.18 | 1.43 | 1.56 | 3.28 | 3.88 | 4.60 | 5.88 | 5.76 |
| 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 | — | 82.17 | — | 22.79 | — | 14.77 | — | — | — | — | — |
| 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 | 7.6% | 7.6% | — | 100.0% | — | 100.0% | — | — | — | — | — |
| Operating Margin | -3242.5% | -3242.5% | — | -990.0% | — | -253.0% | — | — | — | — | — |
| Net Profit Margin | -2928.8% | -2928.8% | — | -857.2% | — | -251.0% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -25.5% | -25.5% | -19.2% | -12.9% | -18.3% | -13.1% | -18.9% | -17.5% | -26.3% | -30.5% | -32.3% |
| ROA | -23.6% | -23.6% | -18.1% | -12.2% | -17.4% | -12.4% | -17.9% | -16.5% | -24.3% | -26.8% | -28.0% |
| ROIC | -85.5% | -85.5% | -79.4% | -23.2% | -33.5% | -62.4% | -92.6% | -42.5% | -48.1% | -88.7% | -47.0% |
| ROCE | -28.0% | -28.0% | -21.9% | -14.8% | -18.8% | -12.9% | -18.9% | -18.5% | -27.0% | -33.1% | -29.2% |
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 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 | 0.37 | — | 0.03 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.74 | -0.77 | -0.81 | -0.25 | -0.84 | -0.84 | -0.85 | -0.48 | -0.72 | -0.67 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | -43312.69 | -23925.60 |
Net cash position: cash ($31M) exceeds total debt ($194331)
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 | 8.16 | 8.16 | 13.88 | 15.61 | 18.51 | 25.42 | 27.67 | 28.86 | 28.63 | 9.83 | 15.16 |
| Quick Ratio | 8.16 | 8.16 | 13.88 | 15.61 | 18.51 | 25.42 | 27.67 | 28.86 | 28.63 | 9.83 | 15.16 |
| Cash Ratio | 8.11 | 8.11 | 13.64 | 15.55 | 18.35 | 25.21 | 27.36 | 28.63 | 28.43 | 9.72 | 14.80 |
| Asset Turnover | — | 0.01 | — | 0.02 | — | 0.05 | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | $49M | $49M | $49M | $49M | $49M | $44M | $43M | $41M | $35M | $33M |
Clinical Trial Funding Gap
Based on reported financial data, MediciNova trades at a price-to-sales multiple of 155.00, which appears to be an extreme valuation metric that reflects investor anticipation of future clinical breakthroughs rather than any underlying fundamental support from current, non-recurring, and highly sporadic milestone-based revenue streams.
The elevated P/S ratio suggests that the market is pricing the company as a pure-play option on its neuro-inflammatory pipeline rather than a traditional operating business. Investors should monitor this multiple closely, as it remains highly sensitive to binary clinical trial outcomes rather than standard valuation drivers like earnings growth or margin expansion.
As reported in financial statements, MediciNova’s ROIC has consistently trended in negative territory, reaching -20.5% in 2025Q4, which underscores the company's current inability to generate positive returns on invested capital while it remains in a capital-intensive, pre-commercial phase of drug development.
The persistent decay in ROIC is a direct consequence of the company's reliance on heavy R&D spending to advance its MN-166 program. This trend suggests that capital is being consumed to build long-term intellectual property rather than to drive immediate operational efficiency, which is typical for clinical-stage biotech firms.
According to recent SEC filings, MediciNova maintains a current ratio of 8.16 as of 2025Q4, indicating a strong short-term liquidity position that appears sufficient to cover immediate operational obligations despite the company's ongoing reliance on cash reserves to fund its clinical research and development activities.
While the high current ratio provides a comfortable cushion against immediate insolvency, it does not account for the long-term funding requirements of multi-center clinical trials. Investors should interpret this liquidity as a temporary bridge that will likely require replenishment through future equity raises or strategic partnerships.
Based on an analysis of the firm's business model, the most commonly misapplied ratio is the gross margin, which, at 7.58%, serves as a misleading indicator of operational health because it reflects accounting artifacts from milestone payments rather than the true cost of goods sold.
Using gross margin to evaluate MediciNova obscures the reality that the company lacks a commercial product and therefore has no meaningful COGS. Analysts should instead focus on the R&D-to-cash-reserves ratio, which provides a more accurate assessment of the company's operational runway and its ability to reach critical clinical milestones.
Includes 30+ ratios · 23 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MNOV stock.
MediciNova, Inc.'s current P/E ratio is -5.4x. This places it at the 50th percentile of its historical range.
MediciNova, Inc.'s return on equity (ROE) is -25.5%. The historical average is -38.3%.
Based on historical data, MediciNova, Inc. is trading at a P/E of -5.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MediciNova, Inc. has 7.6% gross margin and -3242.5% operating margin.