Latest Ratios: P/E Ratio -33.8x · EV/EBITDA N/A · ROE -23.7%. (2014–2025 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 | $209M | $117M | $259M | $301M | $1.1B | $1.7B | $2.2B | $3.4B | $1.1B | — | — |
| Enterprise Value | $199M | $107M | $241M | $295M | $1.0B | $1.7B | $2.2B | $3.3B | $1.1B | — | — |
| P/E Ratio → | -33.82 | — | — | — | — | 528.57 | — | — | — | — | — |
| P/S Ratio | 10.78 | 6.06 | 22.45 | 193.48 | 271.61 | 55.77 | 251.97 | 146.27 | 8338.21 | — | — |
| P/B Ratio | 9.09 | 5.15 | 8.98 | 7.78 | 24.98 | 31.37 | 43.46 | 63.86 | 16.83 | — | — |
| P/FCF | 760.30 | 426.90 | — | — | — | — | — | — | — | — | — |
| P/OCF | 649.33 | 364.59 | — | — | — | — | — | — | — | — | — |
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 | — | 5.54 | 20.88 | 189.71 | 268.61 | 55.17 | 251.39 | 145.95 | 8296.93 | — | — |
| EV / EBITDA | — | — | — | — | — | 448.86 | — | 124.56 | — | — | — |
| EV / EBIT | — | — | — | — | — | 582.12 | — | — | — | — | — |
| EV / FCF | — | 390.38 | — | — | — | — | — | — | — | — | — |
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 | 100.0% | 100.0% | 98.0% | -1414.9% | -226.6% | 34.8% | -218.2% | -77.2% | -21718.6% | -72.4% | — |
| Operating Margin | -38.9% | -38.9% | -104.1% | -1885.8% | -418.3% | 9.5% | -344.7% | 113.3% | -25985.3% | -18179.9% | — |
| Net Profit Margin | -31.6% | -31.6% | -91.7% | -1752.8% | -384.3% | 10.3% | -333.9% | -107.4% | -24963.6% | -18142.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -23.7% | -23.7% | -31.4% | -67.4% | -30.5% | 6.1% | -56.7% | -42.3% | -574.5% | — | — |
| ROA | -18.6% | -18.6% | -26.1% | -59.3% | -25.8% | 5.0% | -48.6% | -37.6% | -75.8% | -240.1% | -216.0% |
| ROIC | -48.2% | -48.2% | -41.5% | -69.4% | -36.0% | 5.4% | -49.9% | 37.5% | -76.0% | -717.3% | — |
| ROCE | -27.8% | -27.8% | -33.7% | -69.7% | -32.2% | 5.4% | -56.0% | 43.4% | -519.8% | — | — |
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 | 0.04 | 0.04 | 0.05 | 0.04 | 0.02 | 0.03 | 0.04 | 0.04 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | 0.41 | — | 0.08 | — | — | — |
| Net Debt / Equity | — | -0.44 | -0.63 | -0.15 | -0.28 | -0.33 | -0.10 | -0.14 | -0.08 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | -4.81 | — | -0.27 | — | — | — |
| Debt / FCF | — | -36.52 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($11M) exceeds total debt ($991000)
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 | 4.37 | 4.37 | 5.92 | 9.10 | 12.93 | 4.88 | 8.95 | 8.58 | 13.48 | 0.16 | 0.20 |
| Quick Ratio | 4.37 | 4.37 | 5.92 | 9.10 | 12.93 | 4.88 | 8.95 | 8.58 | 13.48 | 0.16 | 0.20 |
| Cash Ratio | 3.89 | 3.89 | 4.53 | 8.40 | 10.10 | 3.70 | 8.41 | 7.74 | 12.87 | 0.13 | 0.17 |
| Asset Turnover | — | 0.65 | 0.32 | 0.03 | 0.08 | 0.45 | 0.15 | 0.37 | 0.00 | 0.01 | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 37.05 | 113.73 | 88.55 | 744.48 | 152.49 | 89.60 | 65.66 | — | — | — |
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 | — | — | — | — | — | 0.2% | — | — | — | — | — |
| FCF Yield | 0.1% | 0.2% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $3M | $28M | $27M | $23M | $24M | $23M | $20M | $18M | $18M | $12M |
Liquidity and dilution risk
Based on reported figures, Sol-Gel trades at a price-to-sales ratio of 10.65, which appears elevated given the company's persistent operating losses and reliance on milestone-driven revenue, suggesting that the market may be pricing in speculative pipeline success rather than the current reality of its royalty-based commercial model.
The P/S multiple of 10.65 reflects a significant premium compared to peers like Journey Medical, likely driven by the proprietary nature of the silica-based technology. However, the negative P/E of -33.41 and the lack of a forward P/E indicate that investors are struggling to anchor the valuation to any near-term earnings, making the stock highly sensitive to binary clinical outcomes.
As reported in financial statements, the company's gross margin reached 55.1% in 2024Q2, yet the operating margin remains strained at -38.88% on a trailing basis, indicating that the high-margin royalty stream is currently insufficient to cover the fixed costs of the firm's extensive clinical research and development pipeline.
While the 100% gross margin potential of a pure royalty model is attractive, the actual volatility in margins suggests that milestone payments are distorting the true earning power of the business. Investors should monitor whether the royalty scale-up can eventually outpace the R&D burn, as current profitability metrics remain deeply negative.
According to recent SEC filings, the company's asset turnover ratio has remained consistently low at 0.13, reflecting a business model that is heavily weighted toward intangible R&D assets rather than revenue-generating physical capital, which complicates traditional assessments of operational efficiency and working capital management for this specific biotech firm.
The extreme fluctuations in Days Sales Outstanding (DSO), which reached as high as 815 in 2023Q1, suggest that revenue recognition is highly irregular and tied to milestone achievement rather than steady-state product sales. This lack of consistency in the cash conversion cycle makes it difficult to forecast the timing of future liquidity inflows.
Based on the provided quarterly data, the current ratio of 7.36 appears superficially strong, but this figure is misleading as it masks a rapidly depleting cash balance of $11 million that is insufficient to sustain the company's current operating burn rate without further external capital injections.
The high current ratio is largely a function of low current liabilities rather than an abundance of liquid assets, leaving the company in a vulnerable position. Any delay in milestone payments from partners could force management to seek dilutive financing, which would significantly impact existing shareholder value.
The price-to-sales ratio is the most commonly misapplied metric for Sol-Gel, as it fails to distinguish between high-quality, recurring royalty revenue and lumpy, non-recurring milestone payments, thereby providing a distorted view of the company's true commercial traction and long-term revenue sustainability in the dermatology market.
Analysts should instead focus on a risk-adjusted royalty valuation or a cash-burn-to-runway analysis, which better captures the company's actual financial health. Relying on P/S multiples obscures the fact that the company's revenue is currently a byproduct of partner success rather than its own direct commercial execution.
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Quick answers to the most common questions about buying SLGL stock.
Sol-Gel Technologies Ltd.'s current P/E ratio is -33.8x. This places it at the 50th percentile of its historical range.
Sol-Gel Technologies Ltd.'s return on equity (ROE) is -23.7%. The historical average is -35.1%.
Based on historical data, Sol-Gel Technologies Ltd. is trading at a P/E of -33.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sol-Gel Technologies Ltd. has 100.0% gross margin and -38.9% operating margin.