Latest Ratios: P/E Ratio -9.9x · EV/EBITDA N/A · ROE -270.0%. (2003–2025 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 | $11.1B | $13.1B | $12.8B | $1.6B | $822M | $248M | $327M | $53M | $115M | $898M | $644M |
| Enterprise Value | $11.0B | $12.9B | $12.7B | $1.6B | $960M | $197M | $278M | $3M | $79M | $870M | $609M |
| P/E Ratio → | -9.94 | — | — | — | — | — | — | — | 12.09 | — | — |
| P/S Ratio | — | — | — | — | 1408.94 | 185.49 | 519.60 | 85.85 | 2.01 | 63.41 | 271.22 |
| P/B Ratio | 21.90 | 26.74 | 41.29 | 26.30 | 7.96 | 4.02 | 5.60 | 0.86 | 2.05 | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 42.77 |
| P/OCF | — | — | — | — | — | — | — | — | — | — | 42.46 |
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 | — | — | — | — | 1646.78 | 147.24 | 442.57 | 5.33 | 1.39 | 61.40 | 256.46 |
| EV / EBITDA | — | — | — | — | — | — | — | — | 10.81 | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | 8.18 | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 40.45 |
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% | 100.0% | 100.0% | 98.8% | 100.0% | 100.0% |
| Operating Margin | — | — | — | — | -10225.4% | -4764.3% | -6185.2% | -3697.6% | 9.4% | -182.3% | -1046.0% |
| Net Profit Margin | — | — | — | — | -11174.8% | -4897.8% | -6127.6% | -3920.2% | 19.0% | -142.3% | -899.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -270.0% | -270.0% | -95.0% | -585.6% | -79.0% | -109.1% | -64.5% | -41.0% | 42.4% | — | -230.6% |
| ROA | -238.4% | -238.4% | -69.5% | -137.4% | -20.8% | -82.2% | -51.1% | -31.0% | 13.8% | -32.2% | -51.7% |
| ROIC | -288.0% | -288.0% | -84.2% | -216.8% | -35.4% | -466.4% | -268.3% | -104.8% | 19.7% | — | — |
| ROCE | -267.6% | -267.6% | -78.6% | -146.2% | -20.7% | -101.4% | -61.6% | -35.4% | 10.0% | -65.5% | -77.1% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.02 | 1.37 | 4.10 | 0.03 | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.31 | -0.25 | 0.45 | 1.34 | -0.83 | -0.83 | -0.81 | -0.63 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | -4.80 | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | -2.33 |
| Interest Coverage | — | — | -19.40 | -4.23 | -11.96 | -305.97 | -150.08 | -695.67 | 15.65 | — | -23.08 |
Net cash position: cash ($167M) exceeds total debt ($16M)
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 | 9.87 | 9.87 | 10.15 | 9.30 | 16.93 | 3.80 | 4.41 | 6.27 | 3.56 | 1.56 | 3.06 |
| Quick Ratio | 9.87 | 9.87 | 10.15 | 9.30 | 16.93 | 3.80 | 4.41 | 6.27 | 3.56 | 1.56 | 3.06 |
| Cash Ratio | 9.77 | 9.77 | 9.88 | 9.13 | 8.99 | 2.80 | 3.34 | 5.05 | 2.05 | 0.87 | 2.58 |
| Asset Turnover | — | — | — | — | 0.00 | 0.02 | 0.01 | 0.01 | 0.72 | 0.18 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | 3119.90 | 3470.61 | 4342.81 | 189.77 | — | — | — |
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 | — | — | — | — | — | — | — | — | 8.3% | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 2.3% |
| Buyback Yield | 0.0% | 0.0% | 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% | 0.0% | 0.0% |
| Shares Outstanding | — | $748M | $719M | $620M | $193M | $92M | $70M | $33M | $86M | $65M | $62M |
Clinical Trial Funding Dependency
As reported in financial statements, SMMT trades at a price-to-book ratio of 21.42, a figure that significantly exceeds typical biotech benchmarks and suggests that the market is pricing in the successful commercialization of ivonescimab rather than current tangible asset value or historical earnings performance.
The elevated P/B multiple indicates that investors are assigning substantial intangible value to the company's licensing agreement with Akeso. This valuation appears to imply a high probability of regulatory success, as the market is effectively ignoring the lack of traditional P/E or P/S metrics in favor of future blockbuster potential.
Based on reported figures, SMMT's ROIC has deteriorated to -42.7% in 2026Q1, reflecting the aggressive deployment of capital into late-stage clinical trials that have yet to generate any offsetting revenue or positive returns on the invested capital base.
The consistent negative trend in ROIC highlights the structural challenge of funding high-burn oncology development without a commercial product. This decay in capital efficiency is a direct consequence of the company's strategic pivot, which prioritizes long-term asset development over near-term profitability or capital preservation.
According to recent quarterly balance sheet disclosures, the current ratio has contracted from 10.63 in 2025Q1 to 7.41 in 2026Q1, signaling that the company's liquidity buffer is being rapidly consumed by the intensive capital requirements of the ongoing HARMONi clinical trial series.
While the current ratio remains numerically high, the rapid depletion of cash reserves suggests that the company's liquidity position is increasingly vulnerable to unforeseen clinical delays. Investors should monitor the cash burn rate closely, as the current trajectory may necessitate further dilutive financing to maintain operations.
The price-to-book ratio is frequently misapplied to SMMT, as it fails to account for the massive off-balance-sheet milestone obligations and the inherent volatility of a pre-revenue biotech firm, which renders traditional book value an unreliable proxy for the company's true economic health.
Using P/B to evaluate SMMT obscures the reality that the company's primary assets are intangible licensing rights rather than physical capital. A more appropriate analytical framework would involve a risk-adjusted net present value (rNPV) model that accounts for the probability of clinical success and the timing of future milestone payments.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying SMMT stock.
Summit Therapeutics Inc.'s current P/E ratio is -9.9x. The historical average is 12.1x.
Summit Therapeutics Inc.'s return on equity (ROE) is -270.0%. The historical average is -75.1%.
Based on historical data, Summit Therapeutics Inc. is trading at a P/E of -9.9x. Compare with industry peers and growth rates for a complete picture.