Latest Ratios: P/E Ratio -3.1x · EV/EBITDA N/A · ROE -109.4%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $254M | $159M | $147M | $303M | $254M | $206M | $262M |
| Enterprise Value | $221M | $126M | $142M | $274M | $246M | $202M | $251M |
| P/E Ratio → | -3.07 | — | — | — | — | — | — |
| P/S Ratio | 7.58 | 4.76 | 55.83 | 109.91 | 71.95 | — | 45.93 |
| P/B Ratio | 2.57 | 2.51 | 4.47 | 4.46 | 4.84 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.77 | 53.66 | 99.45 | 69.71 | — | 44.03 |
| 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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 99.4% | 99.4% | 92.3% | 93.3% | 90.9% | 125.4% | 97.5% |
| Operating Margin | -154.7% | -154.7% | -2437.5% | -1866.2% | -924.3% | 2787.6% | -328.8% |
| Net Profit Margin | -157.4% | -157.4% | -2313.3% | -1779.7% | -951.3% | 2943.0% | -374.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -109.4% | -109.4% | -120.8% | -81.5% | -64.0% | — | — |
| ROA | -55.2% | -55.2% | -71.2% | -51.5% | -61.6% | -89.2% | -56.1% |
| ROIC | -134.9% | -134.9% | -145.3% | -92.2% | — | — | — |
| ROCE | -65.5% | -65.5% | -89.3% | -64.0% | -83.4% | -174.3% | -79.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.50 | 0.02 | 0.23 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.52 | -0.17 | -0.42 | -0.15 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -44.91 | -44.91 | — | — | — | -23.52 | — |
Net cash position: cash ($35M) exceeds total debt ($2M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 6.45 | 6.45 | 4.27 | 7.95 | 4.56 | 0.92 | 2.52 |
| Quick Ratio | 6.43 | 6.43 | 4.26 | 7.94 | 4.55 | 0.92 | 2.52 |
| Cash Ratio | 6.36 | 6.36 | 4.12 | 7.82 | 4.51 | 0.89 | 2.49 |
| Asset Turnover | — | 0.29 | 0.03 | 0.03 | 0.04 | -0.06 | 0.15 |
| Inventory Turnover | 0.61 | 0.61 | 1.18 | 1.27 | 1.17 | 2.93 | 2.10 |
| Days Sales Outstanding | — | 1.04 | 12.73 | 13.09 | 9.92 | -56.48 | 10.75 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| 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 | — | $38M | $37M | $33M | $25M | $20M | $20M |
Milestone-dependent liquidity exhaustion
As reported in financial statements, OBIO trades at a price-to-sales multiple of 7.58, a valuation that appears to price in the successful commercialization of the BackBeat platform rather than the current, highly volatile and milestone-dependent revenue stream that characterizes the company's early-stage development phase.
The current P/S multiple suggests that investors are assigning a significant 'partnership premium' to the stock, likely anticipating that Medtronic's involvement will mitigate traditional commercialization risks. However, this valuation may be disconnected from the underlying reality of the firm's negative earnings and the inherent uncertainty surrounding the timing of future milestone payments.
Based on recent SEC filings, the company maintains an exceptionally high gross margin of 99.43%, which, while impressive, serves to obscure the underlying negative operating margin of -154.73% that reflects the heavy R&D burden required to advance the company's proprietary neuromodulation technology toward regulatory approval.
The disparity between gross and operating margins highlights that the company is currently an R&D engine rather than a commercial enterprise. Investors should monitor whether these high gross margins can be sustained if the company is eventually forced to transition from a royalty-based licensing model to a direct manufacturing and sales model.
According to historical data, the company's ROIC has remained deeply negative, frequently dipping below -50% in recent quarters, which indicates that the capital currently deployed into clinical trials and product development is not yet generating a return that exceeds the firm's cost of capital.
The persistent negative return on capital is a structural feature of the pre-commercial biotech model, where value creation is deferred until regulatory milestones are achieved. The volatility in these returns suggests that the company's ability to compound capital is entirely dependent on the successful execution of the BackBeat pivotal study.
As observed in the provided financial data, the company's current ratio has fluctuated significantly, ranging from 2.10 to 7.95 over the last ten quarters, reflecting a liquidity position that is highly sensitive to the timing of partner-driven cash inflows rather than steady-state operational cash generation.
While the current ratio appears adequate on the surface, the underlying cash burn rate suggests that the company remains vulnerable to liquidity shocks if clinical milestones are delayed. The lack of consistent, recurring revenue means that the firm's ability to meet short-term obligations is tied to the strategic priorities of its primary partners.
The most commonly misapplied metric for OBIO is the revenue growth rate, which, as indicated by the 1169% headline figure, is heavily distorted by lumpy milestone payments that do not represent sustainable commercial market share or predictable, recurring demand for the company's medical device technology.
Analysts should instead focus on 'cash-adjusted OpEx' and the progression of clinical trial enrollment as more reliable indicators of the company's health. Relying on traditional revenue growth metrics in this context obscures the reality that the firm is currently burning cash to build future value, rather than scaling a mature product line.
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Quick answers to the most common questions about buying OBIO stock.
Orchestra BioMed Holdings, Inc.'s current P/E ratio is -3.1x. This places it at the 50th percentile of its historical range.
Orchestra BioMed Holdings, Inc.'s return on equity (ROE) is -109.4%. The historical average is -93.9%.
Based on historical data, Orchestra BioMed Holdings, Inc. is trading at a P/E of -3.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Orchestra BioMed Holdings, Inc. has 99.4% gross margin and -154.7% operating margin.