Latest Ratios: P/E Ratio -0.4x · EV/EBITDA N/A · ROE N/A. (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 | $13M | — | $29M | $23M | $67M | $144M | $120M | $252M | $201M | $79M | $69M |
| Enterprise Value | $10M | — | $20M | $16M | $38M | $86M | $38M | $209M | $169M | $53M | $81M |
| P/E Ratio → | -0.36 | — | — | — | — | — | — | 7.04 | 8.14 | — | — |
| P/S Ratio | — | — | 6.38 | 4.71 | 45.49 | — | 1014.41 | 4.18 | 2.99 | 1.77 | — |
| P/B Ratio | — | — | — | — | 4.11 | 2.91 | 1.49 | 2.50 | 7.45 | — | — |
| P/FCF | — | — | — | — | — | — | 2.90 | — | 119.48 | 6.21 | — |
| P/OCF | — | — | — | — | — | — | 2.90 | — | 117.90 | 6.15 | — |
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 | — | — | 4.39 | 3.28 | 25.89 | — | 322.94 | 3.46 | 2.52 | 1.19 | — |
| EV / EBITDA | — | — | — | — | — | — | — | 5.83 | 6.51 | — | — |
| EV / EBIT | — | — | — | — | — | — | — | 5.84 | 6.52 | — | — |
| EV / FCF | — | — | — | — | — | — | 0.92 | — | 100.60 | 4.16 | — |
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 | — | — | 97.8% | 91.4% | 85.2% | 178.4% | 100.0% | 75.4% | 51.5% | -2.1% | — |
| Operating Margin | — | — | -501.0% | -668.7% | -2491.6% | 17701.3% | -20007.6% | 59.3% | 38.6% | -23.6% | — |
| Net Profit Margin | — | — | -662.3% | -495.2% | -2465.1% | 17799.2% | -19006.9% | 59.3% | 36.8% | -29.8% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | -336.5% | -109.8% | -51.7% | -24.8% | 56.1% | 226.6% | — | — |
| ROA | -247.1% | -247.1% | -207.4% | -89.0% | -70.0% | -44.1% | -23.6% | 49.8% | 51.5% | -39.3% | -255.2% |
| ROIC | — | — | — | — | — | — | -63.3% | 101.9% | — | — | — |
| ROCE | — | — | -1156.0% | -287.0% | -95.5% | -48.4% | -26.0% | 55.5% | 172.1% | -564.9% | -513.7% |
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 | — | — | — | — | 0.07 | 0.03 | 0.02 | 0.00 | 0.23 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | 0.01 | 0.24 | — | — |
| Net Debt / Equity | — | — | — | — | -1.77 | -1.19 | -1.02 | -0.43 | -1.18 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | -1.21 | -1.22 | — | — |
| Debt / FCF | — | — | — | — | — | — | -1.98 | — | -18.87 | -2.05 | — |
| Interest Coverage | -1150.90 | -1150.90 | -1736.53 | -1433.65 | -1218.54 | — | -1112.45 | 85.60 | 17.86 | -4.61 | -19.60 |
Net cash position: cash ($3M) exceeds total debt ($163781)
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 | 0.36 | 0.36 | 1.01 | 1.08 | 2.13 | 6.27 | 21.28 | 24.94 | 3.58 | 1.03 | 0.77 |
| Quick Ratio | 0.36 | 0.36 | 1.01 | 1.04 | 2.07 | 6.16 | 21.28 | 24.91 | 3.58 | 1.01 | 0.77 |
| Cash Ratio | 0.32 | 0.32 | 0.99 | 0.73 | 1.84 | 5.72 | 21.10 | 10.39 | 3.53 | 0.74 | 0.67 |
| Asset Turnover | — | — | 0.42 | 0.27 | 0.04 | -0.00 | 0.00 | 0.58 | 1.72 | 0.79 | — |
| Inventory Turnover | — | — | — | 0.80 | 0.23 | 0.13 | — | 99.22 | — | 54.38 | — |
| Days Sales Outstanding | — | — | — | 219.27 | 442.44 | -3058.70 | — | 364.79 | — | 123.37 | — |
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 | — | — | — | — | — | — | — | 14.2% | 12.3% | — | — |
| FCF Yield | — | — | — | — | — | — | 34.5% | — | 0.8% | 16.1% | — |
| Buyback Yield | 0.0% | — | 0.0% | 0.0% | 0.3% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | — | 0.0% | 0.0% | 0.3% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $538348 | $15M | $11M | $10M | $9M | $9M | $9M | $8M | $7M | $6M |
Imminent liquidity and dilution
According to recent quarterly filings, Palatin's operating margins have swung violently from -63.2% to 52.7%, a trend that suggests the company's profitability is driven by non-recurring milestone recognition rather than the underlying commercial viability of its Vyleesi product line or sustainable operational efficiency.
The extreme variance in gross and operating margins indicates that the company lacks a predictable cost-recovery model. Investors should interpret these fluctuations as evidence of a project-based revenue structure that fails to provide the consistent earning power necessary to support ongoing clinical development.
Based on reported financial data, the company's asset turnover ratio has remained consistently low, often dipping below 0.25, which implies that Palatin struggles to convert its limited asset base into meaningful revenue compared to broader biotechnology industry benchmarks.
The high days payable outstanding, which has reached extreme levels in recent periods, suggests that the company may be managing its cash position by delaying payments to suppliers. This reliance on extended credit terms warrants further investigation into the sustainability of its vendor relationships and operational liquidity.
As reported in recent financial statements, the current ratio has fluctuated significantly, and with cash reserves dropping to approximately $2.56 million, the company appears increasingly vulnerable to severe stress scenarios that could necessitate immediate, highly dilutive capital raises to maintain basic operations.
The reliance on a thin liquidity buffer suggests that the company is operating with minimal margin for error regarding its clinical trial timelines. Any delay in milestone payments or unexpected R&D cost overruns could quickly exhaust available resources, leaving the firm with limited defensive options.
Investors frequently misapply the Price-to-Earnings ratio to Palatin, which is fundamentally flawed given the company's persistent net losses and reliance on non-recurring milestone revenue, as noted in historical financial disclosures that highlight the absence of a stable, recurring earnings base.
Using P/E multiples for a clinical-stage biotech obscures the reality that the company's value is derived from intangible pipeline optionality rather than current cash flow. A more appropriate analytical framework would focus on cash-burn-to-runway ratios or risk-adjusted net present value of the clinical pipeline.
Includes 30+ ratios · 30 years · Updated daily
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Palatin Technologies, Inc.'s current P/E ratio is -0.4x. The historical average is 7.6x.
Based on historical data, Palatin Technologies, Inc. is trading at a P/E of -0.4x. Compare with industry peers and growth rates for a complete picture.