Latest Ratios: P/E Ratio -33.9x · EV/EBITDA N/A · ROE -12.2%. (2022–2025 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 |
|---|---|---|---|---|---|
| Market Cap | $1.7B | $1.2B | $852M | — | — |
| Enterprise Value | $1.6B | $1.1B | $639M | — | — |
| P/E Ratio → | -33.95 | — | — | — | — |
| P/S Ratio | 36.63 | 26.85 | 792.30 | — | — |
| P/B Ratio | 4.33 | 3.23 | 2.03 | — | — |
| P/FCF | 15.35 | 11.25 | — | — | — |
| P/OCF | 15.27 | 11.20 | — | — | — |
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 |
|---|---|---|---|---|---|
| EV / Revenue | — | 24.74 | 594.42 | — | — |
| EV / EBITDA | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — |
| EV / FCF | — | 10.37 | — | — | — |
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 |
|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | — |
| Operating Margin | -175.8% | -175.8% | -7518.4% | 1374.2% | — |
| Net Profit Margin | -106.4% | -106.4% | -6678.9% | 2768.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | -12.2% | -12.2% | -37.6% | — | — |
| ROA | -9.3% | -9.3% | -24.4% | 5.0% | -76.6% |
| ROIC | -24.6% | -24.6% | -130.3% | — | — |
| ROCE | -17.0% | -17.0% | -28.5% | 2.7% | -91.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.06 | — | — |
| Debt / EBITDA | — | — | — | 4.30 | — |
| Net Debt / Equity | — | -0.25 | -0.51 | — | — |
| Net Debt / EBITDA | — | — | — | -25.97 | — |
| Debt / FCF | — | -0.89 | — | — | — |
| Interest Coverage | — | — | — | — | — |
Net cash position: cash ($121M) exceeds total debt ($24M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 4.73 | 4.73 | 27.77 | 16.30 | 5.75 |
| Quick Ratio | 4.73 | 4.73 | 27.77 | 16.30 | 5.75 |
| Cash Ratio | 4.50 | 4.50 | 27.31 | 12.80 | 5.52 |
| Asset Turnover | — | 0.08 | 0.00 | 0.00 | — |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | 82.26 | 381.64 | 55054.57 | — |
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 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — |
| FCF Yield | 6.5% | 8.9% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $44M | $37M | $19M | $19M |
Clinical trial milestone dependency
Based on reported figures, Septerna trades at a P/S multiple of 36.63, which appears to price in significant future platform success rather than current earnings, as the company lacks a commercial product and relies entirely on lumpy, milestone-driven revenue streams that are inherently difficult to forecast accurately.
The current valuation multiple suggests that investors are assigning a high premium to the Native Complex platform's potential to disrupt the GPCR drug discovery space. However, this valuation is highly sensitive to clinical trial outcomes, and the lack of a forward P/E ratio underscores the speculative nature of the firm's current market pricing.
As reported in financial statements, Septerna's ROIC has remained consistently negative, reaching -3.2% in 2026Q1, which highlights the company's current inability to generate returns on invested capital while it remains in the capital-intensive, pre-commercial phase of its clinical development lifecycle.
The persistent negative ROIC is a direct consequence of the company's heavy investment in R&D and specialized personnel, which are necessary to advance its pipeline. Until the company can demonstrate clinical success and transition toward commercialization, these returns on capital are likely to remain suppressed by the high cost of innovation.
According to recent SEC filings, Septerna's asset turnover ratio remains near zero at 0.05, reflecting the company's pre-revenue status and the fact that its primary assets are intangible intellectual property rather than revenue-generating physical infrastructure or inventory that would typically drive higher turnover metrics.
The extremely low asset turnover is characteristic of a clinical-stage biotech firm where the primary value resides in the pipeline rather than operational throughput. Investors should monitor the cash conversion cycle, as the current lack of recurring revenue makes traditional working capital efficiency metrics less relevant than the company's cash runway.
Based on the company's reported figures, the current ratio has declined significantly to 4.71 in 2026Q1 from much higher levels, indicating that while the firm maintains a short-term liquidity cushion, the rapid consumption of cash reserves warrants close monitoring for potential future dilutive financing needs.
The decline in the current ratio suggests that the company's cash burn is outpacing its ability to replenish liquidity through milestone payments. This trend implies that the firm's financial flexibility is narrowing, and management may need to secure additional capital to sustain its clinical programs through the next major data readout.
As evidenced by the company's financial profile, the Price-to-Sales ratio is frequently misapplied to Septerna, as it obscures the reality that current revenue is derived from non-recurring milestone payments rather than a sustainable, repeatable commercial business model that would justify such a valuation metric.
Using P/S to value a pre-commercial biotech firm like Septerna is misleading because it treats milestone-driven income as if it were recurring revenue. Analysts should instead focus on the cash burn rate and the remaining clinical runway, as these metrics provide a more accurate assessment of the firm's operational viability.
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Quick answers to the most common questions about buying SEPN stock.
Septerna, Inc.'s current P/E ratio is -33.9x. This places it at the 50th percentile of its historical range.
Septerna, Inc.'s return on equity (ROE) is -12.2%. The historical average is -24.9%.
Based on historical data, Septerna, Inc. is trading at a P/E of -33.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Septerna, Inc. has 100.0% gross margin and -175.8% operating margin.