Latest Ratios: P/E Ratio -8.2x · EV/EBITDA N/A · ROE -23.4%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $555M | $210M | $362M | $615M | $307M | $1.1B | — | — |
| Enterprise Value | $550M | $205M | $358M | $624M | $300M | $1.2B | — | — |
| P/E Ratio → | -8.18 | — | — | — | — | — | — | — |
| P/S Ratio | 29.73 | 11.26 | 13.73 | 18.00 | 5.20 | 33.04 | — | — |
| P/B Ratio | 1.98 | 0.79 | 1.26 | 1.96 | 0.90 | 4.90 | — | — |
| P/FCF | — | — | — | 874.88 | — | — | — | — |
| P/OCF | — | — | — | 262.06 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.98 | 13.56 | 18.27 | 5.07 | 33.44 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | 887.98 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -18.2% | -18.2% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -383.1% | -383.1% | -282.3% | -203.2% | -45.1% | -102.5% | -110.1% | -71.1% |
| Net Profit Margin | -347.0% | -347.0% | -235.1% | -148.2% | -37.8% | -77.8% | -75.5% | -74.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -23.4% | -23.4% | -20.6% | -15.4% | -7.8% | -11.5% | -7.7% | -6.2% |
| ROA | -20.7% | -20.7% | -17.7% | -12.7% | -6.2% | -9.0% | -6.3% | -5.2% |
| ROIC | -19.7% | -19.7% | -18.4% | -15.8% | -6.9% | -11.0% | -8.4% | -4.4% |
| ROCE | -24.0% | -24.0% | -22.5% | -18.6% | -7.8% | -12.6% | -9.5% | -5.1% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.06 | 0.01 | 0.01 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.02 | -0.02 | 0.03 | -0.02 | 0.06 | 0.01 | 0.01 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | 13.09 | — | — | 1.39 | — |
| Interest Coverage | — | — | — | — | — | -4906.14 | -4710.60 | — |
Net cash position: cash ($26M) exceeds total debt ($20M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.02 | 4.02 | 4.52 | 4.11 | 4.80 | 1.10 | 1.17 | 1.27 |
| Quick Ratio | 4.02 | 4.02 | 4.52 | 4.11 | 4.80 | 1.10 | 1.17 | 1.27 |
| Cash Ratio | 3.32 | 3.32 | 3.94 | 3.76 | 3.39 | — | — | — |
| Asset Turnover | — | 0.06 | 0.08 | 0.09 | 0.14 | 0.11 | 0.08 | 0.07 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 144.51 | 72.91 | 41.07 | 187.14 | 222.02 | 249.03 | 154.90 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | 0.1% | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $114M | $102M | $100M | $85M | $115M | $115M | $115M |
Includes 30+ ratios · 7 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 OABI stock.
OmniAb, Inc.'s current P/E ratio is -8.2x. This places it at the 50th percentile of its historical range.
OmniAb, Inc.'s return on equity (ROE) is -23.4%. The historical average is -13.2%.
Based on historical data, OmniAb, Inc. is trading at a P/E of -8.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
OmniAb, Inc. has -18.2% gross margin and -383.1% operating margin.
Key Metrics
Top Statement Risk
Persistent operating losses and cash burn
Metrics are mathematically derived from official filings.
Valuation Reflects Speculative Growth Expectations
OmniAb's P/S ratio of 32.16, as reported in recent market data, is exceptionally high for a company with negative earnings and volatile revenue, suggesting the market is pricing in significant future growth from its platform that has yet to materialize in consistent profitability.
The negative P/E ratio of -8.84 confirms the company is not generating earnings, making the P/S multiple the primary valuation anchor. This multiple is far above the peer group average, where even profitable Halozyme trades at a lower P/S, indicating investors are paying a steep premium for OmniAb's potential rather than its current financial performance. The valuation appears disconnected from the company's historical revenue volatility and persistent operating losses, warranting scrutiny of the growth assumptions embedded in the stock price.
Gross Margin Volatility Obscures Core Earning Power
OmniAb's gross margin has swung from 100% to negative 109% over the past ten quarters, with the most recent Q2 2026 margin of 95.5% suggesting a return to a high-margin revenue mix, but this extreme volatility makes it difficult to assess sustainable core profitability.
The wild swings in gross margin, from periods of 100% (likely royalty/fee income) to negative figures (indicating cost of goods sold exceeded revenue), point to an inconsistent revenue mix and potential project-based or milestone-driven income streams. While the recent 95.5% margin is encouraging, the history of negative margins indicates the business model is susceptible to periods where direct costs overwhelm revenue. Operating margin remains deeply negative at -49.5%, confirming that even with high gross margins, the fixed cost base of R&D and SG&A prevents the company from achieving operating profitability.
Negative Returns Reflect Capital Erosion
Return on Invested Capital (ROIC) has been consistently negative, ranging from -2.0% to -5.4% over the past ten quarters, indicating the company is destroying value with each dollar of capital deployed, as per the reported financial ratios.
The persistent negative ROIC, ROE, and ROA metrics are a direct consequence of the company's inability to generate net income. The trend shows a slight improvement from -5.4% in Q1 2024 to -2.0% in Q2 2026, but this is driven by a reduction in the capital base (declining assets and equity) rather than an improvement in profitability. This pattern suggests the company is in a phase of capital decay, where sustained losses are eroding the invested capital base, a trend that must reverse for long-term viability.
Asset Turnover Highlights Scale Challenges
Asset turnover of 0.05 in Q2 2026, as reported in the financial statements, is extremely low, indicating the company generates only five cents of revenue for every dollar of assets, which underscores the significant challenge of scaling its operations to utilize its asset base effectively.
The consistently low asset turnover, hovering between 0.01 and 0.05, is a critical inefficiency metric. It reveals that OmniAb's substantial asset base, which includes $84M in goodwill, is not being leveraged to generate proportional revenue. This low turnover, combined with negative profitability, results in deeply negative returns on capital. The cash conversion cycle data is incomplete, but the available DSO of 78 days in Q2 2026 suggests moderate collection times, though the lack of consistent DIO and DPO data limits a full working capital efficiency analysis.
Strong Current Ratio Masks Cash Flow Dependency
OmniAb's current ratio of 4.80 in Q2 2026, based on reported figures, appears robust, but this liquidity is highly dependent on the timing of cash receipts and operational expenditures, as evidenced by the volatile cash position over the past ten quarters.
The high current and quick ratios (both 4.80) suggest ample short-term liquidity. However, this metric must be interpreted with caution given the company's history of cash burn and the fact that the cash balance has fluctuated between $10.9M and $29.0M. The strong ratio is partly a function of low current liabilities relative to current assets, but it does not guarantee operational stability. Under a severe stress scenario of prolonged negative cash flow, the adequacy of this liquidity buffer would be tested, especially if the company cannot achieve consistent positive operating cash flow.
P/S Multiple Misapplied to Pre-Revenue Platform
The Price-to-Sales (P/S) ratio is the most commonly misapplied metric for OmniAb, as it values the company on volatile, potentially non-recurring revenue streams while obscuring the significant cash burn and lack of operational scale required to support its platform.
Investors often use P/S for high-growth or pre-profit companies, but for OmniAb, this metric is misleading because the revenue base is erratic and not indicative of a stable, recurring business model. The 32.16 P/S multiple implies a level of revenue growth and margin expansion that is not supported by the historical trend of negative operating margins and low asset turnover. A more appropriate alternative would be a cash flow-based valuation, such as EV/FCF or a discounted cash flow model, which would directly account for the company's significant cash burn and the substantial capital required to reach profitability.