Latest Ratios: P/E Ratio -9.8x · EV/EBITDA N/A · ROE -65.2%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.3B | $1.6B | $1.0B | $1.1B | $378M | $438M | — | — | — |
| Enterprise Value | $2.0B | $1.4B | $756M | $686M | $216M | $229M | — | — | — |
| P/E Ratio → | -9.78 | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 6.34 | 6.05 | 3.87 | 2.80 | 2.53 | 2.14 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -65.2% | -65.2% | -41.2% | -37.8% | -43.1% | -28.4% | -51.8% | -76.1% | -87.1% |
| ROA | -59.3% | -59.3% | -38.9% | -35.6% | -40.2% | -27.3% | -48.7% | -69.0% | -79.4% |
| ROIC | — | — | — | — | — | — | — | — | — |
| ROCE | -62.9% | -62.9% | -44.7% | -36.3% | -48.9% | -36.0% | -49.8% | -75.9% | -87.1% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.07 | -1.05 | -1.02 | -1.08 | -1.02 | -1.03 | -1.09 | -1.09 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -5384.33 | -152.36 | -321.38 | — | — |
Net cash position: cash ($292M) exceeds total debt ($776798)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.11 | 10.11 | 12.60 | 27.25 | 9.16 | 30.28 | 19.00 | 10.70 | 11.29 |
| Quick Ratio | 10.11 | 10.11 | 12.60 | 27.25 | 8.93 | 30.28 | 19.00 | 10.70 | 11.29 |
| Cash Ratio | 9.85 | 9.85 | 12.22 | 26.79 | 8.88 | 29.97 | 18.56 | 10.56 | 11.19 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — | — |
| Shares Outstanding | — | $59M | $54M | $38M | $34M | $30M | $31M | $32M | $32M |
Includes 30+ ratios · 8 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 PHVS stock.
Pharvaris N.V.'s current P/E ratio is -9.8x. This places it at the 50th percentile of its historical range.
Pharvaris N.V.'s return on equity (ROE) is -65.2%. The historical average is -53.8%.
Based on historical data, Pharvaris N.V. is trading at a P/E of -9.8x. 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
Single-molecule pipeline dependency
Valuation Reflects Binary Clinical Risk
Pharvaris's P/B ratio of 6.65, as reported in recent market data, appears elevated for a pre-revenue biotech, suggesting the market is pricing in significant future value from its PHA121 pipeline while discounting the substantial execution risk.
The negative P/E and lack of forward multiples confirm the company's pre-revenue status, making traditional earnings-based valuation irrelevant. The P/B ratio is the primary market-based metric, and its level relative to peers like KalVista (KALV) suggests investors are assigning a premium for Pharvaris's specific oral B2-receptor antagonist profile. This valuation is highly sensitive to clinical trial outcomes and regulatory approvals, representing a classic binary risk scenario where the current price may not be justified if key data readouts disappoint.
Fortress Liquidity Amidst Operational Burn
Pharvaris's current ratio of 11.94 in 2026Q2, based on its latest balance sheet, indicates an exceptionally strong liquidity position that provides a substantial runway to fund its Phase 3 clinical programs without immediate financing pressure.
The company's liquidity is anchored by a cash and financial assets-heavy balance sheet, with a current ratio consistently above 8.0 over the past ten quarters. This substantial buffer is critical given the accelerating cash burn from R&D activities. The absence of inventory and minimal receivables, as implied by the identical current and quick ratios, underscores an asset-light model where liquidity is primarily a function of cash reserves. This position appears sufficient to weather near-term operational needs, but investors should monitor the rate of cash depletion relative to clinical milestones.
Negative Returns Reflect Pre-Revenue Investment Phase
Pharvaris's ROE has been consistently negative, ranging from -7.5% in 2024Q1 to -17.8% in 2026Q2 according to its financial statements, which is expected for a clinical-stage biotech funding R&D through equity capital.
The negative and widening ROE trend is a direct mathematical consequence of sustained net losses eroding shareholder equity, not an indicator of poor capital allocation in the traditional sense. For a pre-revenue company, this metric is less about operational efficiency and more a reflection of the investment phase. The key judgment is whether the capital being deployed into R&D will eventually generate returns that exceed the cost of equity, a question that hinges entirely on the clinical and commercial success of PHA121.
Peer Comparison Highlights Valuation Discount
Compared to peer KalVista (KALV), Pharvaris trades at a higher P/B multiple of 6.65 versus KALV's unavailable figure, but its negative ROE of -17.8% is more severe than KALV's -10.6%, suggesting the market may be pricing in a superior efficacy profile for PHA121.
The peer group, which includes BioCryst and KalVista, is united by a focus on oral HAE therapies but differs in clinical stage and risk profile. Pharvaris's more negative ROE indicates a higher rate of capital consumption relative to its equity base, likely due to the advanced and capital-intensive Phase 3 trials for both prophylactic and on-demand formulations. The valuation premium implied by its P/B ratio, despite weaker returns, suggests investors are differentiating based on the perceived potential of its specific molecular mechanism rather than current financial performance.
The Misleading Safety of the Current Ratio
The current ratio of 11.94 is the most commonly misapplied metric for Pharvaris, as it obscures the true economic risk by presenting a static snapshot of liquidity without accounting for the dynamic and substantial future cash burn required to reach commercialization.
For a pre-revenue biotech, the current ratio is a poor indicator of financial health because it treats all current assets as equally available to meet obligations, ignoring that the vast majority is cash earmarked for future R&D outflows. A more appropriate metric is the cash runway, calculated by dividing the cash balance by the quarterly cash burn rate. Based on 2026Q2 figures, the company has approximately 8-9 quarters of runway at the current burn rate, a far more relevant measure of solvency than the static current ratio.