Latest Ratios: P/E Ratio -6.1x · EV/EBITDA N/A · ROE -17.5%. (2014–2025 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 | $532M | $120M | $66M | $227M | $131M | $218M | $135M | $163M | $60M | $191M | — |
| Enterprise Value | $532M | $120M | $55M | $216M | $103M | $31M | $63M | $121M | $23M | $104M | — |
| P/E Ratio → | -6.09 | — | — | — | — | 1.82 | — | — | — | — | — |
| P/S Ratio | 336.02 | 16.57 | 116.97 | 579.77 | 87.17 | 1.05 | 10.70 | — | — | — | — |
| P/B Ratio | 1.61 | 0.92 | 0.97 | 2.59 | 0.99 | 1.22 | 3.09 | 2.32 | 1.54 | 2.29 | — |
| P/FCF | — | — | — | — | — | 1.85 | — | — | — | — | — |
| P/OCF | — | — | — | — | — | 1.84 | — | — | — | — | — |
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 | — | 16.61 | 96.57 | 551.61 | 68.31 | 0.15 | 4.99 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | 0.25 | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | 0.25 | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | 0.26 | — | — | — | — | — |
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 | 95.9% | 95.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | — | — | — |
| Operating Margin | -585.2% | -585.2% | -10933.7% | -15122.7% | -3696.4% | 59.6% | -645.4% | — | — | — | — |
| Net Profit Margin | -240.1% | -240.1% | -4670.1% | -13351.8% | -3604.7% | 58.9% | -642.3% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -17.5% | -17.5% | -33.9% | -47.6% | -34.7% | 110.0% | -142.6% | -111.1% | -85.0% | -97.7% | -38.2% |
| ROA | -14.3% | -14.3% | -22.4% | -35.0% | -31.0% | 90.8% | -103.4% | -94.1% | -75.8% | -91.0% | -36.3% |
| ROIC | -33.9% | -33.9% | -69.6% | -49.2% | -86.9% | — | — | -302.6% | — | — | — |
| ROCE | -37.8% | -37.8% | -57.8% | -42.2% | -33.9% | 106.3% | -131.2% | -112.6% | -86.6% | -98.0% | -38.4% |
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 | 0.10 | 0.10 | 0.22 | 0.18 | 0.13 | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.00 | -0.17 | -0.13 | -0.21 | -1.04 | -1.65 | -0.60 | -0.94 | -1.04 | -1.05 |
| Net Debt / EBITDA | — | — | — | — | — | -1.51 | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | -1.59 | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
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 | 10.91 | 10.91 | 5.32 | 9.55 | 18.79 | 12.87 | 3.39 | 7.58 | 5.01 | 14.71 | 14.04 |
| Quick Ratio | 10.91 | 10.91 | 5.32 | 9.55 | 18.79 | 12.87 | 3.39 | 7.58 | 5.01 | 14.71 | 13.97 |
| Cash Ratio | 8.40 | 8.40 | 5.04 | 9.22 | 18.45 | 12.69 | 3.26 | 7.29 | 4.69 | 14.47 | 13.91 |
| Asset Turnover | — | 0.05 | 0.01 | 0.00 | 0.01 | 1.07 | 0.17 | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | 4.10 | — | — | — | — |
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 | — | — | — | — | — | 54.8% | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | 54.2% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $74M | $71M | $71M | $70M | $68M | $58M | $39M | $25M | $19M | $20M |
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying OVID stock.
Ovid Therapeutics Inc.'s current P/E ratio is -6.1x. The historical average is 1.8x.
Ovid Therapeutics Inc.'s return on equity (ROE) is -17.5%. The historical average is -45.3%.
Based on historical data, Ovid Therapeutics Inc. is trading at a P/E of -6.1x. Compare with industry peers and growth rates for a complete picture.
Ovid Therapeutics Inc. has 95.9% gross margin and -585.2% operating margin.
Key Metrics
Top Statement Risk
Sustained cash burn with minimal revenue
Metrics are mathematically derived from official filings.
Valuation Reflects Speculative Pipeline Bet
Ovid's P/S ratio of 71.55, as reported in recent financial statements, is astronomically high relative to peers like ACADIA (P/S ~12x) and reflects a valuation predicated on future pipeline success rather than current financial performance.
The extreme price-to-sales multiple is a function of Ovid's negligible revenue base, not operational scale. This valuation is only justifiable if the market assigns significant probability to the success of its clinical pipeline, as the company's current financials offer no fundamental support for its market capitalization. Investors are effectively pricing in future optionality, making the stock highly sensitive to clinical trial outcomes.
Profitability Masked by Minimal Revenue
While Ovid reports 100% gross margins, this is an artifact of its negligible revenue base, as operating margins have been deeply negative, ranging from -21.4% to -141.1% over the past ten quarters, indicating a cost structure far outpacing its commercial activity.
The 100% gross margin is meaningless for analysis, as it stems from zero cost of goods sold on minimal revenue. The true measure of earning power is the operating margin, which reveals a business burning cash on R&D and overhead without a supporting revenue stream. This structural negative operating leverage means losses will persist until revenue scales significantly.
Negative Returns Reflect Pre-Revenue Stage
Ovid's ROIC has been consistently negative, ranging from -7.4% to -23.7% over the past ten quarters, indicating the company is destroying value as it invests capital into clinical development without generating any operating returns.
The negative ROIC trend is expected for a clinical-stage biotech, as invested capital is being consumed by R&D expenses rather than generating profits. The key question is whether this capital deployment will eventually yield a commercial product with a positive return profile. Currently, the metric confirms the company is in a value-destructive phase, reliant on external financing to fund its operations.
Minimal Leverage Amidst Cash Burn
Ovid's debt-to-equity ratio of 0.06, as per the latest balance sheet, indicates minimal reliance on debt financing, but this low leverage is a temporary condition sustained by recent equity raises rather than operational cash flow generation.
The low D/E ratio suggests the company is not burdened by debt service, which is prudent given its negative operating cash flow. However, this financial flexibility is entirely a function of its ability to raise equity capital. As the company burns through its cash reserves, its leverage profile will be defined by its future financing needs, not its current balance sheet.
Liquidity Buffer is Temporary and Volatile
Ovid's current ratio surged to 12.39 in 2026Q2, but this is a misleading indicator of health, as the underlying cash position plummeted 88% quarter-over-quarter to just $11.3M, revealing a rapid consumption of recently raised capital.
The high current ratio is driven by a recent capital infusion, not operational strength. The dramatic decline in cash reserves from $94.1M to $11.3M in a single quarter demonstrates the company's high cash burn rate and its dependence on continuous external financing. This liquidity position would be severely stressed without another capital raise, highlighting a key vulnerability in its financial model.
The Misleading 100% Gross Margin
The most commonly misapplied ratio for Ovid is its 100% gross margin, which obscures the company's true economic reality of deep operating losses and a cost structure entirely misaligned with its current revenue scale.
Investors may mistakenly view the 100% gross margin as a sign of operational efficiency or pricing power. In reality, it is a mathematical artifact of having zero cost of goods sold on a negligible revenue base. This metric provides no insight into future commercial viability and distracts from the critical analysis of operating margins and cash burn, which are the true indicators of the company's financial health and runway.