Latest Ratios: P/E Ratio -1.1x · EV/EBITDA N/A · ROE -82.2%. (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 | $47M | $66M | $518M | $305M | $90M | $187M | $243M | $59M | — | — | — |
| Enterprise Value | $7M | $26M | $454M | $253M | $38M | $83M | $236M | $81M | — | — | — |
| P/E Ratio → | -1.14 | — | — | — | — | 0.00 | — | — | — | — | — |
| P/S Ratio | 94.69 | 132.96 | — | 30.47 | — | 3.80 | — | — | — | — | — |
| P/B Ratio | 1.16 | 1.62 | 8.49 | 6.03 | 1.76 | 1.57 | — | 1.10 | — | — | — |
| 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 | — | 51.38 | — | 25.32 | — | 1.68 | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | 3.36 | — | — | — | — | — |
| 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 | 73.4% | 73.4% | — | 74.3% | — | 50.9% | — | — | — | 1153.4% | — |
| Operating Margin | -7651.4% | -7651.4% | — | -284.2% | — | -57.4% | — | — | — | 1379.0% | — |
| Net Profit Margin | -8375.6% | -8375.6% | — | -294.7% | — | 34.9% | — | — | — | 1181.0% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -82.2% | -82.2% | -77.6% | -57.8% | -49.4% | 34.9% | -1277.4% | -103.3% | -67.2% | -54.7% | -35.8% |
| ROA | -68.5% | -68.5% | -60.5% | -40.9% | -33.9% | 13.4% | -209.2% | -48.9% | -39.2% | -42.4% | -32.7% |
| ROIC | — | — | — | — | -595.8% | -142.0% | -150.4% | -72.3% | -84.6% | -109.6% | -94.2% |
| ROCE | -73.5% | -73.5% | -79.2% | -51.6% | -51.8% | -24.7% | -64.5% | -80.0% | -51.1% | -53.2% | -43.3% |
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 | 0.11 | 0.12 | 0.30 | 0.19 | — | 0.81 | 0.66 | 0.33 | 0.04 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.00 | -1.04 | -1.02 | -1.03 | -0.87 | — | 0.41 | -0.11 | -0.47 | -0.64 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -163.23 | -163.23 | -30.56 | -9.41 | -12.16 | 4.71 | -32.19 | -13.32 | -13.93 | -41.84 | -187.67 |
Net cash position: cash ($41M) exceeds total debt ($202000)
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 | 10.46 | 10.46 | 5.40 | 6.72 | 3.09 | 7.92 | 3.47 | 1.02 | 2.13 | 6.57 | 18.94 |
| Quick Ratio | 10.46 | 10.46 | 5.40 | 6.72 | 3.09 | 7.92 | 3.47 | 1.02 | 2.15 | 6.83 | 35.74 |
| Cash Ratio | 9.53 | 9.53 | 5.04 | 6.05 | 2.80 | 7.52 | 2.74 | 0.55 | 1.70 | 5.46 | 16.70 |
| Asset Turnover | — | 0.01 | — | 0.15 | — | 0.29 | — | — | — | -0.03 | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 1092.81 | — | 136.22 | — | — | — | — | — | -56.59 | — |
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 | — | — | — | — | — | 46853.1% | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.2% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.2% | — | — | — |
| Shares Outstanding | — | $159M | $148M | $132M | $121M | $117M | $68M | $18M | $14M | $14M | $9M |
Liquidity and clinical execution
According to current market data, MREO trades at a P/S ratio of 94.69, which appears to reflect investor anticipation of future milestone payments rather than current fundamental performance, as the company lacks a consistent commercial revenue stream to justify traditional valuation multiples relative to its peer group.
The elevated P/S multiple suggests that the market is pricing the company as an option on its clinical pipeline rather than an operating business. Investors should monitor whether the forward EV/EBITDA of 0.52 indicates an expectation of imminent royalty-based cash flows or merely a reflection of the company's heavily discounted enterprise value.
Based on reported financial statements, the company's current ratio has fluctuated significantly, reaching 6.48 in 2026Q1, yet this liquidity metric masks the underlying reality that the firm is consuming its cash reserves to fund R&D without generating sufficient offsetting commercial inflows to sustain operations.
While the current ratio appears superficially healthy, it is heavily dependent on cash balances that are rapidly depleting. The lack of inventory or significant receivables means that the company's liquidity position is highly sensitive to the timing of milestone payments and the necessity of future dilutive equity raises.
As indicated by the provided financial data, the company's asset turnover ratio remains negligible at 0.01, underscoring the structural inefficiency of a pre-revenue biotech model where capital is deployed into long-term clinical trials rather than generating immediate revenue through the utilization of existing asset bases.
The extremely low asset turnover is characteristic of the industry but highlights the high hurdle for future returns on invested capital. Investors should interpret this as a signal that the company's primary value creation mechanism is binary clinical success rather than operational efficiency or asset optimization.
Based on historical filings, the reported gross margin of 73.6% in 2025Q2 is a misleading indicator of earning power, as it reflects accounting treatments of collaboration revenue rather than the sustainable profitability of a commercial product, which remains non-existent for the company's current development-stage pipeline.
Analysts frequently misapply gross margin to MREO as a proxy for future product profitability, ignoring that these figures are artifacts of milestone recognition. A more appropriate metric for this business model would be the R&D efficiency ratio or the cash burn rate relative to clinical trial progress.
Includes 30+ ratios · 10 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MREO stock.
Mereo BioPharma Group plc's current P/E ratio is -1.1x. The historical average is 0.0x.
Mereo BioPharma Group plc's return on equity (ROE) is -82.2%. The historical average is -54.8%.
Based on historical data, Mereo BioPharma Group plc is trading at a P/E of -1.1x. Compare with industry peers and growth rates for a complete picture.
Mereo BioPharma Group plc has 73.4% gross margin and -7651.4% operating margin.