Latest Ratios: P/E Ratio -8.3x · EV/EBITDA N/A · ROE -41.3%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $718M | $563M | $473M | $234M | $558M | $743M | — | — | — |
| Enterprise Value | $1.2B | $684M | $506M | $460M | $179M | $334M | $664M | — | — | — |
| P/E Ratio → | -8.30 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 2.79 | 1.87 | 2.31 | 2.11 | 1.05 | 2.04 | 2.56 | — | — | — |
| 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 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — | — |
| 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 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -41.3% | -41.3% | -54.7% | -45.1% | -36.0% | -28.0% | -39.0% | -228.3% | — | -85.6% |
| ROA | -37.8% | -37.8% | -48.4% | -39.9% | -32.5% | -26.3% | -37.5% | -38.2% | -55.7% | -73.4% |
| ROIC | -39.9% | -39.9% | -53.9% | -43.9% | -63.6% | -45.5% | -53.0% | — | — | — |
| ROCE | -44.7% | -44.7% | -59.1% | -47.2% | -35.4% | -27.5% | -39.2% | -43.0% | -62.5% | -82.2% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.01 | 0.05 | 0.05 | 0.01 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.09 | -0.23 | -0.06 | -0.25 | -0.82 | -0.27 | -1.01 | — | -1.00 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -32.80 | — | — | — | — | — |
Net cash position: cash ($46M) exceeds total debt ($12M)
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 14.13 | 14.13 | 10.56 | 10.39 | 13.68 | 15.87 | 32.96 | 16.81 | 16.84 | 10.20 |
| Quick Ratio | 14.13 | 14.13 | 10.56 | 10.39 | 13.68 | 15.87 | 32.96 | 16.81 | 16.84 | 10.20 |
| Cash Ratio | 13.79 | 13.79 | 10.30 | 10.18 | 13.40 | 15.64 | 32.61 | 16.65 | 16.42 | 9.89 |
| Asset Turnover | — | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | — | $88M | $70M | $51M | $40M | $38M | $22M | $19M | $2M | $1M |
Includes 30+ ratios · 9 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 ORIC stock.
ORIC Pharmaceuticals, Inc.'s current P/E ratio is -8.3x. This places it at the 50th percentile of its historical range.
ORIC Pharmaceuticals, Inc.'s return on equity (ROE) is -41.3%. The historical average is -69.8%.
Based on historical data, ORIC Pharmaceuticals, Inc. is trading at a P/E of -8.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Cash burn sustainability
Metrics are mathematically derived from official filings.
Deepening Losses Reflect R&D Intensity
ORIC's net margin remains deeply negative, with net losses widening from $25.0M in 2024Q1 to $41.5M in 2026Q2, a 66% increase, as reported in quarterly filings.
The absence of revenue means all margins are structurally negative, but the trend is deteriorating: ROE fell from -9.0% in 2024Q1 to -10.4% in 2026Q2, and ROIC worsened from -8.9% to -9.6% over the same period. This suggests that while the company is investing heavily in R&D, the return on that investment is not yet visible, and the widening losses may indicate escalating clinical trial costs or expanded pipeline activity. Investors should monitor whether the pace of cash consumption aligns with clinical milestones that could justify the increased burn.
Capital Efficiency Eroding as Burn Accelerates
ROIC has deteriorated from -8.9% in 2024Q1 to -9.6% in 2026Q2, while ROE fell from -9.0% to -10.4%, indicating that each dollar of invested capital is generating increasingly negative returns, per SEC filings.
The negative ROIC is expected for a pre-revenue biotech, but the trend is concerning: the company is consuming capital faster than it is building value, with cumulative net losses of -$334.7M over the last ten quarters. The slight improvement in ROIC from -14.1% in 2024Q4 to -9.6% in 2026Q2 may reflect a larger equity base from capital raises rather than operational progress, as retained earnings have worsened to -$769.5M. This suggests that the company is not yet compounding returns, and the widening gap between equity growth and retained earnings indicates dilution-driven capital structure changes.
Working Capital Swings Signal Operational Inefficiency
ORIC's cash conversion cycle is unmeasurable due to zero revenue, but DPO has swung from 685 days in 2024Q1 to 1166 days in 2026Q2, indicating volatile payables management, as per financial statements.
The extreme DPO figures reflect the absence of revenue and the timing of R&D-related payables, but the volatility suggests that ORIC's working capital management is not yet stable. The current ratio remains high at 13.19, but this is driven by a large cash balance relative to current liabilities, not operational efficiency. The negative working capital changes, which have swung from -$8.5M to +$4.4M, indicate that the company's cash burn is amplified by unpredictable payment cycles, which could complicate near-term liquidity planning.
Minimal Debt Masks Refinancing Risk
ORIC's debt-to-equity ratio is just 0.01 with total debt of $3.3M, but its cash position of $37.5M is insufficient to cover annual operating losses, as reported in the latest balance sheet.
The company appears financially unlevered, but this is misleading: with no revenue and a quarterly burn of approximately $32M, the current cash balance provides less than one year of runway. The lack of debt provides flexibility, but it also means the company must rely on equity issuance to fund operations, which could be dilutive. Investors should monitor the company's ability to access capital markets, as the current cash buffer is shrinking rapidly, down 51% from $75.9M in 2025Q2.
High Current Ratio Masks Short Runway
ORIC's current ratio stands at 13.19, but cash has plummeted from $75.9M in 2025Q2 to $37.5M in 2026Q2, a 51% decline, indicating a liquidity buffer of under one year, per SEC filings.
The high current ratio is a function of minimal current liabilities, not a robust liquidity position. With quarterly operating cash burn averaging around $30M, the current cash balance would cover only about one quarter of operations, assuming no additional capital raises. This suggests that ORIC is highly vulnerable to a funding gap if capital markets become less accessible, and the company may need to raise capital imminently to sustain its R&D programs.
Misapplied Metric: P/E Ratio
The P/E ratio is meaningless for ORIC because it has no earnings; a more relevant metric is cash runway, which based on reported figures is under one year at the current burn rate.
For pre-revenue biotechs, P/E is not just uninformative but misleading, as it implies a valuation based on earnings that do not exist. Instead, investors should focus on cash burn relative to cash on hand, and on the company's ability to raise capital. ORIC's cash position of $37.5M against a quarterly burn of ~$32M suggests a runway of roughly one quarter, which is a far more critical metric than any earnings-based multiple. This highlights the need to evaluate ORIC on its clinical pipeline and funding prospects rather than traditional profitability ratios.