Latest Ratios: P/E Ratio -10.8x · EV/EBITDA N/A · ROE -53.2%. (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 | $1.4B | $3.1B | $715M | $331M | $416M | $1.7B | $2.5B | — | — |
| Enterprise Value | $1.3B | $2.9B | $688M | $292M | $319M | $1.6B | $2.5B | — | — |
| P/E Ratio → | -10.77 | — | — | — | — | — | — | — | — |
| P/S Ratio | 7.16 | 48.65 | 90.81 | — | — | — | — | — | — |
| P/B Ratio | 4.65 | 10.01 | 1.54 | 0.55 | 0.64 | 2.25 | 11.84 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 46.20 | 87.40 | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.6% | 86.6% | 10.1% | — | — | — | — | — | — |
| Operating Margin | -338.7% | -338.7% | -7527.3% | — | — | — | — | — | — |
| Net Profit Margin | -325.3% | -325.3% | -7213.8% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -53.2% | -53.2% | -106.3% | -12.0% | -14.9% | -18.1% | -25.0% | -57.4% | — |
| ROA | -36.0% | -36.0% | -97.7% | -11.7% | -14.4% | -17.4% | -24.3% | -55.4% | -627.8% |
| ROIC | -54.3% | -54.3% | -88.6% | -13.3% | -15.3% | -17.5% | -21.8% | -42.2% | — |
| ROCE | -42.8% | -42.8% | -108.7% | -15.8% | -16.9% | -19.2% | -26.2% | -54.9% | — |
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 | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | 0.00 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.50 | -0.06 | -0.06 | -0.15 | -0.17 | -0.14 | -0.03 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -13.96 | -13.96 | -1664.51 | — | — | — | — | — | — |
Net cash position: cash ($164M) exceeds total debt ($10M)
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 | 6.95 | 6.95 | 9.04 | 44.11 | 50.70 | 45.62 | 33.69 | 37.42 | 0.18 |
| Quick Ratio | 6.81 | 6.81 | 9.04 | 44.11 | 50.70 | 45.62 | 33.69 | 37.42 | 0.18 |
| Cash Ratio | 6.44 | 6.44 | 8.63 | 43.74 | 50.23 | 45.22 | 32.93 | 37.10 | 0.15 |
| Asset Turnover | — | 0.11 | 0.01 | — | — | — | — | — | — |
| Inventory Turnover | 0.74 | 0.74 | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 112.35 | 755.31 | — | — | — | — | — | — |
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 | — | — | — | — | — | — | — | — | — |
| 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 | — | $342M | $269M | $219M | $217M | $198M | $218M | $207M | $184M |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NUVB stock.
Nuvation Bio Inc.'s current P/E ratio is -10.8x. This places it at the 50th percentile of its historical range.
Nuvation Bio Inc.'s return on equity (ROE) is -53.2%. The historical average is -41.0%.
Based on historical data, Nuvation Bio Inc. is trading at a P/E of -10.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nuvation Bio Inc. has 86.6% gross margin and -338.7% operating margin.
Key Metrics
Top Statement Risk
Cash runway and dilution
Metrics are mathematically derived from official filings.
Milestone-Driven Margin Distortions
Gross margin swung from -108.4% in 2024Q3 to 97.1% in 2026Q2, reflecting milestone revenue recognition rather than operational leverage. According to recent SEC filings, operating margin remains deeply negative at -338.7% TTM, underscoring the pre-commercial cost structure.
The reported gross margin of 97.1% in 2026Q2 is an artifact of high-margin milestone payments, not sustainable product economics. Operating margin of -161.1% in 2026Q2, while improved from -327.8% in 2024Q2, still indicates that R&D and SG&A expenses far outpace revenue. Investors should focus on the cash burn rate rather than margin trends, as the latter are distorted by non-recurring revenue.
Negative Returns Reflect Clinical-Stage Investment
ROIC has remained deeply negative, ranging from -88.1% in 2024Q2 to -17.0% in 2026Q2, with no sign of near-term improvement. Based on reported figures, the company is not compounding capital but rather consuming it to fund late-stage trials.
The improvement in ROIC from -88.1% to -17.0% is primarily due to a larger capital base post-AnHeart acquisition, not operational efficiency. ROE of -21.9% in 2026Q2, while less negative than the -108.7% in 2024Q2, still reflects substantial losses relative to equity. The negative returns are expected for a clinical-stage biotech, but the magnitude of capital consumption warrants close monitoring of the cash runway.
Working Capital Swings Signal Milestone Timing
Cash conversion cycle swung from -803 days in 2025Q4 to +144 days in 2026Q2, driven by volatile DSO and DIO. As reported in financial statements, these swings reflect milestone payment timing rather than operational efficiency.
The negative CCC in prior quarters was due to high DPO and low DIO, typical of a company with minimal inventory and deferred payables. The positive CCC in 2026Q2, with DSO at 83 days, suggests slower collection of milestone receivables, which may indicate timing delays. Asset turnover of 0.05x in 2026Q2 is negligible, consistent with a pre-revenue business where assets are primarily cash and intangibles.
Acquisition Debt Elevates Leverage Profile
Debt-to-equity surged from 0.03 in 2026Q1 to 0.99 in 2026Q2, following the AnHeart acquisition, while interest coverage turned negative at -8.30. According to recent SEC filings, this leverage is tied to strategic financing, not operational necessity.
The $252.1M debt raised in 2026Q2, coupled with $258.6M cash, results in a net cash position of only $6.5M, indicating that the apparent liquidity buffer is largely borrowed. Interest coverage of -8.30 in 2026Q2 reflects operating losses that do not cover interest expenses, though the company may have flexibility given the cash balance. Investors should monitor refinancing risk, especially if clinical milestones are delayed.
Liquidity Buffer Masks Borrowed Runway
Current ratio improved to 8.37 in 2026Q2, but net cash (cash minus debt) is only $6.5M, revealing a precarious liquidity position. Based on reported figures, the apparent cash buffer is largely debt-funded, not organic.
The current ratio of 8.37 is strong on the surface, but the $252.1M debt raised in 2026Q2 inflates both cash and current assets. With quarterly operating losses of $51.0M, the cash runway is approximately five quarters, assuming no additional financing. The quick ratio of 8.14 is similarly high, but inventory is minimal, so the liquidity position is entirely dependent on cash and marketable securities.
Misapplied P/S Ratio on Milestone Revenue
The price-to-sales ratio of 36.43 is misleading because the $62.9M TTM revenue is non-recurring milestone income, not sustainable product sales. As reported in financial statements, this metric overstates the company's operational scale and should be replaced with EV/invested capital or price-to-cash-burn.
For clinical-stage biotechs, P/S is often misapplied because revenue can be lumpy and non-indicative of future earning power. NUVB's P/S of 36.43 appears high, but it is based on a revenue spike that may not recur. A more appropriate metric is EV/Invested Capital, which currently stands at approximately 7.37x, or the price-to-cash-burn ratio, which better reflects the company's funding needs. Investors should focus on cash runway and clinical milestones rather than revenue multiples.