Latest Ratios: P/E Ratio -164.5x · EV/EBITDA N/A · ROE N/A. (2007–2025 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 | $627M | $1.1B | $575M | $205M | $142M | $401M | $817M | $698M | $541M | $885M | $401M |
| Enterprise Value | $857M | $1.3B | $778M | $560M | $473M | $648M | $1.1B | $889M | $687M | $966M | $479M |
| P/E Ratio → | -164.52 | — | — | — | 4.91 | 2.06 | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | 6.24 | 18.12 | 13.65 | 9.64 |
| P/B Ratio | — | — | — | — | 1.65 | 16.86 | — | — | 0.83 | — | — |
| P/FCF | — | — | — | 2.76 | — | — | — | — | — | — | — |
| P/OCF | — | — | — | 2.75 | — | — | — | — | — | — | — |
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 | — | — | — | — | — | — | — | 7.95 | 22.99 | 14.90 | 11.50 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | 7.53 | — | — | — | — | — | — | — |
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 | — | — | — | — | — | — | — | 97.6% | 98.3% | 98.3% | 96.6% |
| Operating Margin | — | — | — | — | — | — | — | -56.7% | -375.7% | -67.7% | -130.4% |
| Net Profit Margin | — | — | — | — | — | — | — | -75.6% | -424.4% | -82.5% | -160.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | -388.2% | 86.6% | -468.5% | — | -31.2% | -39.2% | — | — |
| ROA | -1.1% | -1.1% | -47.9% | -24.3% | 9.4% | -37.1% | -86.8% | -72.5% | -119.4% | -58.3% | -114.8% |
| ROIC | -142.5% | -142.5% | -72.4% | -33.1% | -35.6% | -63.8% | -107.2% | -10.8% | -19.3% | -55.6% | -130.7% |
| ROCE | -55.2% | -55.2% | -64.8% | -42.2% | -39.8% | -67.8% | -139.0% | -90.5% | -151.0% | -62.2% | -129.3% |
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 | — | — | — | — | 3.99 | 14.63 | — | — | 0.23 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | 3.86 | 10.39 | — | — | 0.22 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | 4.77 | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -6.40 | -9.93 | -7.02 | -8.74 | -6.34 | -2.73 | -7.60 | -3.85 | -7.54 |
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 | 2.76 | 2.76 | 1.69 | 4.09 | 3.25 | 4.79 | 4.12 | 1.87 | 2.41 | 4.12 | 3.75 |
| Quick Ratio | 2.76 | 2.76 | 1.69 | 4.09 | 3.25 | 4.79 | 4.08 | 1.85 | 1.00 | 4.10 | 3.68 |
| Cash Ratio | 2.20 | 2.20 | 1.13 | 3.22 | 1.43 | 3.04 | 3.67 | 1.10 | 1.62 | 3.18 | 2.82 |
| Asset Turnover | — | — | — | — | — | — | — | 0.82 | 0.31 | 0.56 | 0.62 |
| Inventory Turnover | — | — | — | — | — | — | 1.19 | 2.31 | 0.01 | 2.43 | 1.25 |
| Days Sales Outstanding | — | — | — | — | — | — | — | 114.87 | 278.85 | 96.53 | 105.57 |
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 | — | — | — | — | 20.4% | 48.5% | — | — | — | — | — |
| FCF Yield | — | — | — | 36.2% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 2.1% | 2.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 2.1% | 2.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $64M | $58M | $63M | $63M | $62M | $57M | $50M | $49M | $46M | $40M |
Critical liquidity and dilution
According to recent financial disclosures, Omeros reported a gross margin of 91.7% in 2026Q1, yet the company's operating margin remains deeply negative at -176.1%, illustrating that high-margin royalty streams are currently insufficient to offset the substantial fixed costs associated with the firm's ongoing clinical development programs.
The high gross margin reflects the asset-light nature of royalty-based revenue following the Omidria divestiture. However, the persistent negative operating margin suggests that the company's earning power is structurally impaired by R&D spending that does not scale with current revenue, warranting caution regarding long-term profitability without a successful new product launch.
As reported in financial statements, Omeros has struggled with negative returns on invested capital, with ROIC reaching -7.4% in 2026Q1, a trend that highlights the company's inability to generate positive economic value from its heavy investment in the complement-pathway pipeline over the past several years.
The negative ROIC trend indicates that capital deployed into clinical trials is not yet yielding returns that exceed the cost of capital. Investors should monitor whether the shift toward the MASP-3 program can improve these returns, as current efficiency metrics suggest a continued destruction of shareholder value through sustained R&D burn.
Based on recent SEC filings, Omeros's current ratio of 3.03 in 2026Q1 appears misleadingly robust, as the company's actual cash position has dwindled to a critical $9.66 million, leaving little room for error in managing its ongoing clinical trial obligations and debt service requirements.
While the current ratio suggests adequate coverage of short-term liabilities, the absolute cash level is dangerously low for a company with such high fixed R&D costs. This liquidity profile suggests that the firm may be forced into dilutive financing or further asset monetization to maintain operations in the near term.
As indicated by market data, the use of P/E multiples to value Omeros is fundamentally flawed, as the company's reported net income is frequently distorted by non-cash fair value adjustments on convertible notes rather than reflecting core operational performance or sustainable earnings power.
Investors should instead focus on cash burn rates and the probability-weighted net present value of the clinical pipeline. Relying on P/E ratios in this context obscures the reality of a pre-profit entity where accounting gains often mask the underlying cash-flow deficits that drive the company's actual financial risk.
Includes 30+ ratios · 19 years · Updated daily
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Omeros Corporation's current P/E ratio is -164.5x. The historical average is 3.5x.
Based on historical data, Omeros Corporation is trading at a P/E of -164.5x. Compare with industry peers and growth rates for a complete picture.