Latest Ratios: P/E Ratio -1.9x · EV/EBITDA N/A · ROE -55.5%. (2013–2025 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 | $143M | $162M | $162M | $137M | $218M | $595M | — | — | — | — | — |
| Enterprise Value | $45M | $83M | $100M | $73M | $135M | $529M | — | — | — | — | — |
| P/E Ratio → | -1.86 | — | — | — | 1.85 | — | — | — | — | — | — |
| P/S Ratio | — | — | 32.53 | 19.46 | 1.15 | 63.74 | — | — | — | — | — |
| P/B Ratio | 1.43 | 2.02 | 1.14 | 0.78 | 0.93 | 5.54 | — | — | — | — | — |
| P/FCF | — | — | — | — | 1.86 | — | — | — | — | — | — |
| P/OCF | — | — | — | — | 1.84 | — | — | — | — | — | — |
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 | — | — | 20.17 | 10.42 | 0.71 | 56.69 | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | 1.13 | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | 1.16 | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | 1.15 | — | — | — | — | — | — |
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 | — | — | -855.8% | -579.8% | 73.2% | -497.2% | -500.1% | -113.4% | -50.7% | 11.0% | 36.8% |
| Operating Margin | — | — | -1231.7% | -868.3% | 61.5% | -679.7% | -624.2% | -179.9% | -361.3% | -129.1% | -84.6% |
| Net Profit Margin | — | — | -1087.4% | -880.7% | 62.2% | -683.7% | -671.7% | -178.0% | -357.7% | -127.0% | -80.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -55.5% | -55.5% | -34.0% | -30.1% | 68.8% | -59.5% | -77.8% | -49.8% | -35.5% | -20.1% | -12.9% |
| ROA | -47.3% | -47.3% | -30.3% | -26.9% | 54.2% | -35.4% | -42.9% | -27.9% | -24.7% | -15.5% | -9.2% |
| ROIC | -106.9% | -106.9% | -47.6% | -34.6% | 90.4% | -427.9% | — | — | — | — | — |
| ROCE | -48.7% | -48.7% | -36.9% | -28.5% | 62.9% | -49.6% | -56.6% | -37.7% | -30.1% | -17.3% | -10.8% |
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 | 0.05 | 0.05 | 0.02 | 0.02 | 0.02 | 0.06 | 0.07 | 0.05 | — | — | — |
| Debt / EBITDA | — | — | — | — | 0.04 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.98 | -0.43 | -0.36 | -0.35 | -0.61 | -1.18 | -1.35 | -1.08 | -1.12 | -1.10 |
| Net Debt / EBITDA | — | — | — | — | -0.70 | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | -0.71 | — | — | — | — | — | — |
| Interest Coverage | -3423.94 | -3423.94 | -2160.64 | -1264.29 | 179.92 | -103.97 | -192.88 | -359.46 | -363.10 | -131.19 | -209.12 |
Net cash position: cash ($83M) exceeds total debt ($4M)
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 | 8.79 | 8.79 | 14.31 | 13.35 | 14.77 | 3.50 | 3.08 | 3.49 | 4.16 | 10.08 | 11.52 |
| Quick Ratio | 8.79 | 8.79 | 14.31 | 13.35 | 14.77 | 3.50 | 3.09 | 3.51 | 4.22 | 10.75 | 11.52 |
| Cash Ratio | 8.44 | 8.44 | 13.86 | 12.96 | 14.44 | 2.83 | 3.01 | 3.32 | 2.68 | 9.98 | 11.43 |
| Asset Turnover | — | — | 0.03 | 0.04 | 0.72 | 0.05 | 0.05 | 0.19 | 0.07 | 0.14 | 0.13 |
| Inventory Turnover | — | — | — | — | — | 999999.00 | — | — | — | — | — |
| Days Sales Outstanding | — | — | 21.00 | 90.50 | 3.27 | 1006.43 | 110.90 | 45.63 | 1819.36 | 21.03 | 13.37 |
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 | — | — | — | — | 54.0% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | 53.8% | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $37M | $34M | $33M | $33M | $31M | $25M | $21M | $21M | $21M | $20M |
Clinical Milestone Funding Dependency
As reported in recent financial filings, the company's P/B ratio of 1.43 suggests that the market is pricing the entity primarily on its remaining cash reserves rather than the long-term potential of its DARPin platform, representing a significant discount compared to broader clinical-stage biotech peers.
The lack of meaningful P/E or P/S multiples underscores the company's pre-revenue status and the market's skepticism regarding near-term commercialization. Investors should monitor whether this valuation floor holds as the cash runway continues to compress, as the current pricing appears to ignore the optionality of the Novartis radioligand partnership.
Based on the company's reported figures, the ROIC has deteriorated from -11.0% in 2024Q1 to -118.1% by 2025Q4, indicating that the firm is failing to generate productive returns on its invested capital as it consumes resources to fund high-cost clinical development in the Swiss biotech hub.
This trend suggests that the company is currently in a value-destructive phase where capital is being deployed into R&D without a corresponding increase in the probability of commercial success. The sharp decline in ROIC warrants further investigation into whether the current pipeline prioritization is effectively utilizing the firm's limited financial resources.
According to quarterly balance sheet data, the current ratio has compressed from 14.68 in 2024Q1 to 9.42 in 2026Q1, reflecting a rapid consumption of liquid assets that leaves the company increasingly vulnerable to any delays in milestone-driven cash inflows from its primary pharmaceutical collaborators.
While the current ratio remains numerically high, it is misleading due to the absence of recurring revenue and the high fixed-cost nature of the Swiss operations. The company's liquidity position appears adequate for the immediate term, but the lack of operational cash generation suggests that the buffer is strictly finite.
As evidenced by the company's -100% revenue growth, analysts frequently misapply traditional P/S multiples to this business model, which obscures the reality that revenue is merely an accounting artifact of amortized milestone payments rather than a reflection of sustainable, scalable commercial product demand or market penetration.
Investors should instead focus on the cash-burn-to-milestone ratio and the remaining cash runway to assess the firm's viability. Using P/S ratios in this context may lead to erroneous conclusions about the company's growth trajectory, as the business model is fundamentally driven by clinical inflection points rather than transactional volume.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying MOLN stock.
Molecular Partners AG's current P/E ratio is -1.9x. The historical average is 1.9x.
Molecular Partners AG's return on equity (ROE) is -55.5%. The historical average is -22.6%.
Based on historical data, Molecular Partners AG is trading at a P/E of -1.9x. Compare with industry peers and growth rates for a complete picture.