Latest Ratios: P/E Ratio 15.6x · EV/EBITDA 10.0x · ROE 28.0%. (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 | $484M | $301M | $150M | $206M | $190M | $124M | $406M | $339M | $772M | $3.7B | $1.0B |
| Enterprise Value | $483M | $300M | $155M | $233M | $228M | $177M | $442M | $399M | $816M | $3.6B | $828M |
| P/E Ratio → | 15.59 | 9.75 | 4.92 | 9.62 | 208.37 | — | — | — | — | — | — |
| P/S Ratio | 2.12 | 1.32 | 0.65 | 0.87 | 0.83 | 0.49 | 1.80 | 1.25 | 3.08 | 132.64 | — |
| P/B Ratio | 3.70 | 2.31 | 1.63 | 3.85 | 8.80 | — | — | 19.43 | 22.51 | 68.93 | 4.87 |
| P/FCF | 11.60 | 7.22 | 3.85 | 14.33 | — | 5.98 | — | 15.37 | — | — | — |
| P/OCF | 11.58 | 7.21 | 3.85 | 7.62 | — | 5.98 | 507.56 | 15.16 | — | — | — |
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 | — | 1.31 | 0.67 | 0.99 | 1.00 | 0.70 | 1.96 | 1.47 | 3.25 | 131.44 | — |
| EV / EBITDA | 10.01 | 6.23 | 3.64 | 5.27 | 6.80 | 14.06 | — | — | — | — | — |
| EV / EBIT | 12.95 | 7.08 | 4.23 | 6.47 | 18.93 | — | — | — | — | — | — |
| EV / FCF | — | 7.20 | 3.98 | 16.20 | — | 8.57 | — | 18.10 | — | — | — |
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 | 74.5% | 74.5% | 72.1% | 73.4% | 75.8% | 74.8% | 82.5% | 86.5% | 86.2% | 79.8% | — |
| Operating Margin | 16.3% | 16.3% | 13.4% | 13.9% | 10.4% | 0.5% | -13.5% | -27.8% | -37.7% | -1055.6% | — |
| Net Profit Margin | 13.6% | 13.6% | 13.1% | 9.2% | 0.0% | -11.5% | -26.7% | -27.8% | -45.3% | -1054.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 28.0% | 28.0% | 41.6% | 57.5% | 0.0% | — | -1042.3% | -292.0% | -259.3% | -222.0% | -132.8% |
| ROA | 14.5% | 14.5% | 13.6% | 9.5% | 0.0% | -12.4% | -25.0% | -30.6% | -53.5% | -139.6% | -112.1% |
| ROIC | 24.7% | 24.7% | 26.2% | 35.0% | 32.1% | 2.4% | -42.5% | -72.9% | -145.1% | -1239.8% | -218.7% |
| ROCE | 29.6% | 29.6% | 24.9% | 23.7% | 18.1% | 1.0% | -22.2% | -45.0% | -63.3% | -181.3% | -130.9% |
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 | 0.22 | 0.22 | 0.80 | 2.09 | 5.29 | — | — | 6.88 | 4.43 | 0.91 | — |
| Debt / EBITDA | 0.59 | 0.59 | 1.74 | 2.52 | 3.41 | 9.26 | — | — | — | — | — |
| Net Debt / Equity | — | -0.01 | 0.05 | 0.50 | 1.76 | — | — | 3.45 | 1.27 | -0.62 | -0.93 |
| Net Debt / EBITDA | -0.02 | -0.02 | 0.11 | 0.61 | 1.13 | 4.25 | — | — | — | — | — |
| Debt / FCF | — | -0.03 | 0.13 | 1.87 | — | 2.59 | — | 2.73 | — | — | — |
| Interest Coverage | 6.40 | 6.40 | 2.94 | 2.70 | 1.04 | -1.25 | -3.26 | -4.03 | -9.33 | -404.49 | -288.72 |
Net cash position: cash ($30M) exceeds total debt ($29M)
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 | 2.00 | 2.00 | 1.54 | 1.57 | 1.73 | 1.28 | 1.28 | 1.83 | 3.02 | 1.82 | 6.31 |
| Quick Ratio | 1.93 | 1.93 | 1.45 | 1.50 | 1.67 | 1.21 | 1.25 | 1.80 | 2.99 | 1.79 | 6.31 |
| Cash Ratio | 1.20 | 1.20 | 1.05 | 0.97 | 1.05 | 0.75 | 0.82 | 1.23 | 1.62 | 1.40 | 5.19 |
| Asset Turnover | — | 1.06 | 1.08 | 1.02 | 1.03 | 1.12 | 0.92 | 1.16 | 0.97 | 0.17 | — |
| Inventory Turnover | 10.55 | 10.55 | 7.38 | 8.85 | 12.17 | 8.96 | 11.40 | 11.61 | 13.18 | 2.76 | — |
| Days Sales Outstanding | — | 85.75 | 50.70 | 75.11 | 67.66 | 46.90 | 41.42 | 38.74 | 31.92 | 127.42 | — |
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 | 6.4% | 10.3% | 20.3% | 10.4% | 0.5% | — | — | — | — | — | — |
| FCF Yield | 8.6% | 13.8% | 26.0% | 7.0% | — | 16.7% | — | 6.5% | — | — | — |
| Buyback Yield | 0.0% | 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% | 0.0% |
| Shares Outstanding | — | $51M | $49M | $48M | $45M | $41M | $40M | $39M | $38M | $37M | $33M |
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying PBYI stock.
Puma Biotechnology, Inc.'s current P/E ratio is 15.6x. The historical average is 8.1x. This places it at the 100th percentile of its historical range.
Puma Biotechnology, Inc.'s current EV/EBITDA is 10.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.2x.
Puma Biotechnology, Inc.'s return on equity (ROE) is 28.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -88.6%.
Based on historical data, Puma Biotechnology, Inc. is trading at a P/E of 15.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Puma Biotechnology, Inc. has 74.5% gross margin and 16.3% operating margin. Operating margin between 10-20% is typical for established companies.
Puma Biotechnology, Inc.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Volatile profitability and cash conversion
Metrics are mathematically derived from official filings.
Valuation Reflects Profitability Inflection
PBYI's forward P/E of 25.13 and EV/EBITDA of 10.67 suggest the market is pricing in a sustained profitability recovery, a significant shift from the negative multiples seen in early 2024 when the company was unprofitable.
The current valuation multiples appear to be pricing in the recent return to profitability, as evidenced by the swing from a negative P/E in Q1 2024 to a trailing P/E of 15.66. However, the forward P/E of 25.13 indicates that analysts expect earnings to moderate from current levels, which aligns with the historical volatility in PBYI's quarterly results. Compared to peers like TGTX (P/E 20.21) and ACAD (P/E 12.24), PBYI trades at a premium to the latter but a discount to the former, suggesting the market is assigning a middle-ground valuation that balances its recent profitability against its track record of inconsistency.
Gross Margin Strength Masks Operating Leverage Risk
PBYI's gross margin has averaged approximately 75% over the last ten quarters, providing a substantial buffer, but its operating margin is highly volatile, swinging from -8.5% to 27.4%, indicating profitability is critically dependent on achieving sufficient revenue scale.
The company's high and stable gross margin is a structural strength, but its operating profitability is a function of revenue volume due to a high fixed-cost base in R&D and SG&A. This creates significant operating leverage, where small revenue declines can quickly erase profits, as seen in Q1 2026 when a revenue dip led to an operating loss. The net margin's erratic behavior, including an anomalous 32.7% in Q4 2024, further suggests that non-operating items can distort the underlying earnings power, making the operating margin a more reliable indicator of core commercial performance.
ROIC Volatility Reflects Earnings Instability
PBYI's ROIC has been highly erratic, ranging from -2.4% to 19.5% over the past ten quarters, indicating that returns on invested capital are not yet on a stable, compounding trajectory and are instead driven by quarterly earnings swings.
The volatility in ROIC, which peaked at 19.5% in Q3 2024 before falling to negative levels, mirrors the instability in net income and operating margins. This pattern suggests that the company's ability to generate consistent returns on its capital base is not yet established. The recent ROIC of 5.3% in Q2 2026 is a positive step, but it remains below the levels seen in more profitable quarters, indicating that the business has not yet achieved the operational consistency needed for reliable capital compounding.
Working Capital Swings Dominate Cash Cycle
PBYI's cash conversion cycle has been highly unpredictable, ranging from 24 to 88 days, driven primarily by large swings in days inventory outstanding and days payable outstanding, which appear to be the main levers of its working capital management.
The company's asset turnover is low and stable around 0.22-0.38, typical for a biotech with a significant intangible asset base. However, the real efficiency story lies in its working capital. The CCC's volatility is not driven by customer collections (DSO is relatively stable) but by inventory and payables management. For instance, DIO swung from 19 days in Q3 2024 to 80 days in Q2 2026, suggesting inconsistent inventory purchasing or stocking patterns that create unpredictable cash flow impacts.
Deleveraging Creates Financial Flexibility
PBYI has successfully deleveraged, reducing its debt-to-equity ratio from 2.17 in Q1 2024 to a negligible 0.03 in Q2 2026, which has dramatically improved its interest coverage to a very comfortable 46.81x.
The near-elimination of financial leverage is a major positive development, removing refinancing risk and interest expense as a material concern. This was achieved through a combination of debt repayment and equity growth. The current interest coverage ratio of 46.81x indicates that debt service is trivial relative to operating income, providing significant financial flexibility. This strong balance sheet position, however, stands in contrast to the company's volatile earnings, suggesting the financial strength is a buffer against operational instability rather than a reflection of consistent cash generation.
The Misleading Strength of the Current Ratio
PBYI's current ratio of 2.91 appears robust but is potentially misleading for a biotech, as it is inflated by a large inventory balance (DIO of 80 days) whose realizable value under stress is uncertain.
The current ratio is the ratio most commonly misapplied to this business model. For a pharmaceutical company, a high current ratio can signal liquidity, but it may obscure the quality of the underlying assets. PBYI's inventory constitutes a significant portion of its current assets, and its value is dependent on commercial demand for its products. In a severe stress scenario, the ability to convert this inventory to cash at book value is not guaranteed. Therefore, the quick ratio (2.64) is a more conservative and appropriate measure of immediate liquidity, as it excludes inventory and provides a clearer picture of the company's ability to meet short-term obligations with its most liquid assets.