Latest Ratios: P/E Ratio -1.7x · EV/EBITDA N/A · ROE -91.4%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $136M | $71M | $91M | $72M | $44M | $353M | — | — |
| Enterprise Value | $139M | $75M | $92M | $83M | $-116107671 | $79M | — | — |
| P/E Ratio → | -1.67 | — | — | — | — | — | — | — |
| P/S Ratio | 9.78 | 5.16 | 5.65 | — | — | — | — | — |
| P/B Ratio | 2.49 | 1.34 | 0.76 | 0.57 | 0.28 | 1.35 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.39 | 5.69 | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.8% | 82.8% | 97.1% | — | — | — | — | — |
| Operating Margin | -609.2% | -609.2% | -554.1% | — | — | — | — | — |
| Net Profit Margin | -574.5% | -574.5% | -478.9% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -91.4% | -91.4% | -62.8% | -51.5% | -57.2% | -61.9% | — | — |
| ROA | -64.0% | -64.0% | -46.7% | -38.3% | -49.1% | -52.4% | -85.6% | -14.0% |
| ROIC | -71.1% | -71.1% | -51.8% | -89.5% | — | — | — | — |
| ROCE | -80.4% | -80.4% | -62.2% | -50.2% | -56.0% | -52.1% | -101.0% | -15.1% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.35 | 0.35 | 0.17 | 0.17 | 0.12 | 0.00 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.06 | 0.01 | 0.09 | -1.00 | -1.05 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.41 | 3.41 | 7.49 | 4.84 | 5.90 | 14.90 | 2.20 | 26.88 |
| Quick Ratio | 3.41 | 3.41 | 7.49 | 4.84 | 5.90 | 14.90 | 2.20 | 26.88 |
| Cash Ratio | 3.16 | 3.16 | 7.18 | 4.63 | 5.67 | 14.69 | 2.19 | 26.86 |
| Asset Turnover | — | 0.15 | 0.10 | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 18.44 | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| 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 | — | $62M | $58M | $40M | $33M | $32M | $34M | $34M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying PYXS stock.
Pyxis Oncology, Inc.'s current P/E ratio is -1.7x. This places it at the 50th percentile of its historical range.
Pyxis Oncology, Inc.'s return on equity (ROE) is -91.4%. The historical average is -64.9%.
Based on historical data, Pyxis Oncology, Inc. is trading at a P/E of -1.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pyxis Oncology, Inc. has 82.8% gross margin and -609.2% operating margin.
Key Metrics
Top Statement Risk
Imminent capital exhaustion
Metrics are mathematically derived from official filings.
Market Pricing Reflects Asset Distress
Based on current market data, Pyxis Oncology trades at a price-to-sales ratio of 12.66, which appears to reflect a significant valuation discount relative to its historical averages and suggests that investors are pricing the equity closer to its liquidation value rather than its long-term clinical potential.
The lack of a meaningful forward P/E or EV/EBITDA multiple highlights that the market is currently ignoring traditional earnings-based valuation metrics in favor of cash-on-hand assessments. This pricing behavior suggests that the market is heavily discounting the company's proprietary platform until definitive clinical data readouts can justify a premium valuation.
Capital Compounding Remains Deeply Negative
As reported in financial statements, the company's ROIC has consistently trended in negative territory, reaching -36.9% in 2026Q1, which indicates that the firm is currently destroying shareholder capital rather than compounding it through its ongoing research and development initiatives.
The persistent decline in ROIC reflects the high cost of clinical development relative to the minimal, lumpy milestone revenue generated from partnerships. Investors should monitor whether the integration of the Apexigen platform can eventually improve these returns, though current trends suggest that capital efficiency remains a significant structural hurdle.
Liquidity Buffer Nearing Critical Threshold
According to recent quarterly filings, the current ratio has compressed from 12.19 in 2024Q1 to 2.76 in 2026Q1, signaling a rapid erosion of the company's short-term liquidity position as it continues to fund its extensive clinical trial pipeline through existing cash reserves.
While a current ratio of 2.76 might appear adequate in other sectors, for a pre-revenue biotech firm, this decline indicates a narrowing window for operational survival. The company's reliance on cash to cover operating losses suggests that liquidity will remain under severe stress until a major financing event or partnership milestone is achieved.
Misapplication of Traditional Margin Metrics
As indicated by the company's 82.77% gross margin, analysts frequently misapply traditional profitability ratios to Pyxis Oncology, which obscures the reality that these figures are merely accounting artifacts of milestone recognition rather than indicators of sustainable product-level profitability or operational efficiency.
Investors should prioritize cash burn and clinical milestone progress over gross or operating margins, as the latter are distorted by the lumpy nature of collaboration revenue. Relying on these margins to gauge earning power is fundamentally flawed, as the company's true economic performance is defined by its ability to extend its cash runway.