Latest Ratios: P/E Ratio -5.1x · EV/EBITDA N/A · ROE -17.1%. (1996–2025 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 | $1.2B | $965M | $1.0B | $1.1B | $899M | $3.1B | $2.5B | $875M | $1.7B | $2.7B | $4.7B |
| Enterprise Value | $1.2B | $1.0B | $1.1B | $1.4B | $1.1B | $3.2B | $2.8B | $1.1B | $1.6B | $2.8B | $4.6B |
| P/E Ratio → | -5.10 | — | — | — | — | — | 82.81 | — | — | — | — |
| P/S Ratio | 1.90 | 1.59 | 1.43 | 1.31 | 0.90 | 1.76 | 1.76 | 0.97 | 1.72 | 2.84 | 3.82 |
| P/B Ratio | 0.92 | 0.76 | 0.75 | 0.82 | 0.58 | 1.85 | 1.51 | 0.54 | 0.95 | 1.49 | 2.23 |
| P/FCF | — | — | — | — | — | 504.33 | 436.76 | — | — | — | 549.31 |
| P/OCF | — | — | — | — | — | 81.31 | 64.10 | — | — | — | 145.68 |
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 | — | 1.70 | 1.53 | 1.58 | 1.05 | 1.82 | 1.92 | 1.23 | 1.66 | 2.91 | 3.77 |
| EV / EBITDA | — | — | — | — | — | 33.21 | 19.24 | — | — | — | 197.64 |
| EV / EBIT | — | — | 29.45 | — | — | 666.80 | 38.98 | — | — | — | — |
| EV / FCF | — | — | — | — | — | 523.75 | 475.14 | — | — | — | 541.87 |
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 | 21.1% | 21.1% | 43.6% | 36.8% | 28.7% | 32.8% | 37.7% | 36.5% | 38.9% | 35.8% | 49.9% |
| Operating Margin | -36.1% | -36.1% | -21.3% | -18.2% | -22.5% | 1.1% | 4.0% | -30.4% | -17.3% | -28.6% | -6.0% |
| Net Profit Margin | -37.2% | -37.2% | -7.5% | -21.9% | -32.7% | -1.7% | 2.1% | -34.9% | -15.5% | -31.6% | -4.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -17.1% | -17.1% | -3.9% | -12.8% | -20.2% | -1.8% | 1.9% | -18.5% | -8.4% | -15.5% | -2.4% |
| ROA | -10.9% | -10.9% | -2.5% | -9.0% | -14.4% | -1.2% | 1.3% | -13.2% | -6.1% | -11.4% | -1.7% |
| ROIC | -11.9% | -11.9% | -7.5% | -7.1% | -9.6% | 0.8% | 2.3% | -11.5% | -7.1% | -10.5% | -2.8% |
| ROCE | -11.5% | -11.5% | -8.0% | -8.3% | -11.2% | 0.9% | 2.8% | -12.9% | -7.7% | -11.6% | -2.9% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.34 | 0.34 | 0.37 | 0.24 | 0.20 | 0.15 | 0.18 | 0.20 | 0.02 | 0.09 | 0.05 |
| Debt / EBITDA | — | — | — | — | — | 2.61 | 2.06 | — | — | — | 4.53 |
| Net Debt / Equity | — | 0.05 | 0.05 | 0.17 | 0.10 | 0.07 | 0.13 | 0.14 | -0.04 | 0.04 | -0.03 |
| Net Debt / EBITDA | — | — | — | — | — | 1.23 | 1.55 | — | — | — | -2.72 |
| Debt / FCF | — | — | — | — | — | 19.42 | 38.38 | — | — | — | -7.45 |
| Interest Coverage | -1.38 | -1.38 | 0.78 | -12.65 | -31.48 | 0.26 | 3.22 | -13.17 | -13.91 | -40.19 | -12.03 |
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 | 3.97 | 3.97 | 3.43 | 1.55 | 1.85 | 2.49 | 1.39 | 1.30 | 1.24 | 1.12 | 1.84 |
| Quick Ratio | 3.52 | 3.52 | 3.13 | 1.22 | 1.50 | 2.23 | 1.04 | 1.09 | 1.07 | 0.96 | 1.66 |
| Cash Ratio | 2.52 | 2.52 | 2.24 | 0.48 | 0.72 | 0.41 | 0.19 | 0.34 | 0.38 | 0.29 | 0.64 |
| Asset Turnover | — | 0.31 | 0.32 | 0.43 | 0.46 | 0.74 | 0.58 | 0.39 | 0.40 | 0.37 | 0.44 |
| Inventory Turnover | 7.27 | 7.27 | 7.08 | 8.30 | 9.67 | 13.79 | 6.76 | 10.71 | 14.29 | 12.57 | 12.95 |
| Days Sales Outstanding | — | 54.28 | 77.82 | 55.04 | 54.02 | 54.62 | 76.86 | 63.81 | 59.70 | 70.68 | 74.54 |
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 | — | — | — | — | — | — | 1.2% | — | — | — | — |
| FCF Yield | — | — | — | — | — | 0.2% | 0.2% | — | — | — | 0.2% |
| Buyback Yield | 4.1% | 4.9% | 8.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.1% | 4.9% | 8.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $766M | $694M | $752M | $719M | $648M | $641M | $595M | $567M | $559M | $502M |
Persistent Diagnostic Revenue Erosion
According to recent market data, OPK trades at a price-to-sales ratio of 1.90, which appears to reflect a significant conglomerate discount as the market struggles to reconcile the struggling diagnostic laboratory business with the potential long-term value of its pharmaceutical royalty streams and earlier-stage clinical pipeline assets.
The current valuation suggests that investors are pricing the company primarily as a distressed diagnostic provider rather than a diversified healthcare platform. This implies that the market assigns little to no premium for the NGENLA royalty stream, warranting further investigation into whether a sum-of-the-parts valuation would reveal hidden upside.
Based on reported financial statements, OPK's return on invested capital has remained consistently negative, with a -3.3% reading in 2026Q1, indicating that the company is currently destroying rather than compounding shareholder capital through its existing mix of diagnostic operations and pharmaceutical research and development investments.
The inability to generate positive returns on capital suggests that the high fixed-cost structure of BioReference Laboratories continues to overwhelm the incremental gains from pharmaceutical partnerships. Investors should monitor whether the transition to higher-margin royalty income can eventually shift these returns into positive territory over the coming fiscal years.
As reported in quarterly filings, the company's cash conversion cycle has trended upward to 98 days in 2026Q1, suggesting that management is facing increasing difficulty in optimizing the timing of laboratory-related receivables and payables compared to the more efficient operational cycles observed in previous fiscal periods.
The lengthening of the cash conversion cycle appears to be driven by rising days inventory outstanding, which reached 104 days in the most recent quarter. This trend may indicate an accumulation of obsolete diagnostic supplies or inefficiencies in managing the laboratory supply chain, which further strains the company's already limited liquidity.
According to the company's balance sheet data, the debt-to-equity ratio has fluctuated significantly, settling at 0.12 in 2026Q1, which suggests that while the company is not currently over-leveraged, its ability to service debt is compromised by persistent negative interest coverage ratios in recent reporting periods.
The reliance on periodic debt issuance to bridge operational cash burn creates a precarious situation where the company remains vulnerable to credit market tightening. While the current debt load is manageable, the lack of consistent operating cash flow means that any future financing needs could lead to further shareholder dilution.
Based on an analysis of the company's financial reporting, the most commonly misapplied metric is headline revenue, which obscures the underlying operational health by including volatile milestone payments and royalty income that do not reflect the core diagnostic business's ability to generate sustainable, recurring cash flow.
Analysts should instead focus on segment-specific operating margins and cash flow from operations to gauge the true performance of the diagnostic and pharmaceutical arms. Relying on top-line growth figures may lead to an overestimation of the company's turnaround progress, as these figures are frequently distorted by non-recurring accounting items.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying OPK stock.
OPKO Health, Inc.'s current P/E ratio is -5.1x. The historical average is 82.8x.
OPKO Health, Inc.'s return on equity (ROE) is -17.1%. The historical average is -48.7%.
Based on historical data, OPKO Health, Inc. is trading at a P/E of -5.1x. Compare with industry peers and growth rates for a complete picture.
OPKO Health, Inc. has 21.1% gross margin and -36.1% operating margin.