Latest Ratios: P/E Ratio -85.6x · EV/EBITDA N/A · ROE -5.7%. (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 | $26.6B | $19.2B | $7.3B | $8.8B | $5.3B | $3.3B | $6.7B | — |
| Enterprise Value | $25.3B | $17.9B | $4.7B | $2.7B | $4.1B | $1.5B | $4.8B | — |
| P/E Ratio → | -85.63 | — | — | 2.02 | — | — | — | — |
| P/S Ratio | 3220.22 | 2326.88 | 251.93 | 267.76 | 166.84 | 59.84 | 281.46 | — |
| P/B Ratio | 4.83 | 3.63 | 1.41 | 1.36 | 3.27 | 1.60 | 3.10 | — |
| 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 | — | 2167.60 | 161.91 | 83.25 | 128.92 | 27.71 | 202.12 | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | 0.59 | — | — | — | — |
| 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 | 84.4% | 84.4% | 96.9% | 95.1% | 90.4% | 83.8% | 91.4% | 98.3% |
| Operating Margin | -15560.6% | -15560.6% | -3833.3% | -2521.7% | -2565.9% | -2191.8% | -4500.5% | -786.6% |
| Net Profit Margin | -3629.2% | -3629.2% | -592.0% | 13294.2% | -3200.2% | -1528.9% | -3400.9% | 1773.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -5.7% | -5.7% | -3.0% | 108.0% | -55.0% | -40.0% | -37.9% | 56.9% |
| ROA | -5.4% | -5.4% | -2.7% | 90.5% | -40.6% | -32.0% | -31.3% | 48.5% |
| ROIC | -29.4% | -29.4% | -56.0% | -150.0% | -174.1% | -325.1% | -424.6% | -383.6% |
| ROCE | -23.9% | -23.9% | -18.2% | -18.2% | -35.8% | -49.7% | -44.1% | -22.3% |
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 | 0.02 | 0.02 | 0.02 | 0.08 | 0.30 | 0.14 | 0.11 | 0.09 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.25 | -0.50 | -0.94 | -0.74 | -0.86 | -0.87 | -0.95 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | 132.34 | -30.64 | -130.20 | -318.88 | -72.02 |
Net cash position: cash ($1.4B) exceeds total debt ($107M)
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 | 18.37 | 18.37 | 33.47 | 25.24 | 6.60 | 11.64 | 9.99 | 24.09 |
| Quick Ratio | 18.37 | 18.37 | 33.47 | 25.10 | 6.59 | 11.64 | 9.99 | 24.09 |
| Cash Ratio | 15.27 | 15.27 | 32.71 | 24.52 | 6.17 | 11.18 | 9.74 | 23.72 |
| Asset Turnover | — | 0.00 | 0.01 | 0.00 | 0.01 | 0.02 | 0.01 | 0.03 |
| Inventory Turnover | — | — | — | 0.05 | 1.10 | — | — | — |
| Days Sales Outstanding | — | 34901.91 | — | 924.00 | 435.78 | 44.44 | 212.17 | 82.39 |
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 | — | — | — | 0.1% | — | — | — | — |
| Payout Ratio | — | — | — | 0.1% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 49.6% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 1.2% | 1.7% | 17.7% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 1.2% | 1.7% | 17.7% | 0.1% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $694M | $725M | $831M | $713M | $670M | $685M | $685M |
Includes 30+ ratios · 7 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 ROIV stock.
Roivant Sciences Ltd.'s current P/E ratio is -85.6x. The historical average is 2.0x.
Roivant Sciences Ltd.'s return on equity (ROE) is -5.7%. The historical average is 3.3%.
Based on historical data, Roivant Sciences Ltd. is trading at a P/E of -85.6x. Compare with industry peers and growth rates for a complete picture.
Roivant Sciences Ltd. has 84.4% gross margin and -15560.6% operating margin.
Key Metrics
Top Statement Risk
Dependence on pipeline milestones
Metrics are mathematically derived from official filings.
Margins Masked by Minimal Revenue
Gross margins hover near 80%, but operating margins remain deeply negative, with 2026Q1 at -253.8%, according to reported figures, indicating that profitability is constrained by high fixed R&D costs relative to a shrinking revenue base.
The gross margin of 80.3% in 2026Q1 appears healthy, yet operating losses of -$366M on just $1.4M revenue underscore that the cost structure is not scalable at current revenue levels. The volatility in net margin, swinging from +120.2% in 2025Q4 to -131.6% in 2026Q1, reflects non-operating items such as fair value changes, which obscure the underlying operating performance. Investors should focus on operating margin as the truest measure of earning power, as it consistently remains deeply negative, indicating that the company is still in a heavy investment phase.
Capital Returns Deteriorating with Cash Burn
ROIC has remained negative, averaging -7% over the last five quarters, while ROE swung to -3.7% in 2026Q1, as per financial statements, suggesting that the company is not generating returns on its invested capital and is instead consuming it.
The negative ROIC, which has hovered around -7% since 2025Q1, indicates that the company's investments in R&D are not yet yielding profitable returns. The improvement from -47.9% in 2023Q4 to -7.1% in 2026Q1 may reflect a smaller capital base after asset sales, but it does not signal value creation. The persistent negative returns, combined with a shrinking equity base due to buybacks and losses, suggest that the company is in a value-destructive phase unless pipeline assets reach commercialization.
Asset Turnover Near Zero Signals Pre-Commercial Stage
Asset turnover is effectively zero at 0.00, with DSO and DIO largely unavailable, as reported in financial statements, indicating that the company's asset base is not generating meaningful sales, consistent with a pre-commercial biotech.
The asset turnover ratio of 0.00 in 2026Q1 reflects the minimal revenue relative to total assets, which is typical for a biotech with no marketed products. The extremely high DSO figures in earlier quarters, such as 28,208 days in 2025Q4, are artifacts of negligible revenue and are not analytically meaningful. The negative cash conversion cycle in 2024Q1 (-806 days) suggests that the company is holding inventory and payables in a way that is not comparable to industrial firms, underscoring that efficiency metrics are not yet applicable to this business model.
Minimal Debt Masks Strategic Flexibility
Debt-to-equity stands at just 0.02 as of 2026Q1, with total debt of $107.2M, according to reported figures, indicating negligible reliance on borrowed capital and ample balance sheet flexibility despite ongoing cash burn.
The extremely low leverage, with D/E of 0.02, suggests that Roivant is not at risk of debt service issues, and interest coverage is not a concern given the minimal debt. However, the company's cash position has declined from $6.5B in 2023Q4 to $1.2B in 2026Q1, as per balance sheet data, which may force future financing needs. The lack of debt provides a cushion, but the rapid cash depletion warrants monitoring, as the company may need to access capital markets or monetize assets to fund operations.
High Current Ratio Masks Shortening Runway
The current ratio is 16.72 as of 2026Q1, but cash has fallen 82% from $6.5B to $1.2B over ten quarters, as reported in financial statements, indicating that liquidity is ample in the short term but deteriorating rapidly.
The current ratio of 16.72 suggests that Roivant can easily cover its short-term obligations, but this is driven by a large cash balance that is being consumed by operating losses. With quarterly cash burn averaging around $196M, the current cash position provides roughly six quarters of runway, assuming no additional revenue or financing. The high quick ratio, equal to the current ratio, indicates no inventory dependence, but the trend in cash depletion is a critical risk factor that investors should monitor closely.
P/S Ratio Misleading for Pre-Revenue Biotech
The price-to-sales ratio of 3,129 is meaningless for a company with minimal revenue, as reported in financial statements, and obscures the true valuation based on pipeline potential and cash position.
The P/S ratio is commonly misapplied to biotech companies like Roivant, where revenue is negligible and the value lies in the pipeline and intellectual property. A more appropriate metric would be EV/Invested Capital or a risk-adjusted NPV of the pipeline, which accounts for the potential of future drugs. The current P/B of 4.69, while also high, at least reflects the market's valuation of the company's net assets, but it is still not a reliable indicator of value for a company with no commercial products. Investors should instead focus on cash runway, pipeline milestones, and the potential for partnerships or acquisitions to unlock value.