Latest Ratios: P/E Ratio -62.3x · EV/EBITDA 43.4x · ROE -3.7%. (2008–2025 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 | $2.5B | $2.8B | $2.0B | $1.6B | $2.2B | $1.6B | $1.4B | $1.3B | $1.8B | $2.1B | $1.3B |
| Enterprise Value | $2.4B | $2.7B | $2.0B | $1.6B | $2.6B | $1.8B | $1.5B | $1.5B | $1.9B | $2.1B | $1.2B |
| P/E Ratio → | -62.32 | — | 27.39 | 1221.10 | 34.30 | 29.76 | 10.66 | 11.30 | 16.20 | 36.90 | 14.35 |
| P/S Ratio | 3.42 | 3.90 | 3.06 | 2.64 | 3.30 | 2.73 | 2.60 | 3.25 | 4.40 | 7.03 | 6.07 |
| P/B Ratio | 2.25 | 2.64 | 1.95 | 1.74 | 2.48 | 1.94 | 1.81 | 2.14 | 3.97 | 7.94 | 6.81 |
| P/FCF | 53.48 | 61.00 | 11.82 | 14.53 | 18.90 | 12.67 | 10.01 | 9.09 | 14.02 | 18.86 | 20.02 |
| P/OCF | 51.97 | 59.28 | 11.77 | 14.46 | 18.83 | 12.47 | 9.76 | 8.92 | 13.93 | 18.53 | 19.54 |
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 | — | 3.78 | 3.00 | 2.59 | 3.82 | 3.12 | 2.84 | 3.75 | 4.73 | 6.78 | 5.67 |
| EV / EBITDA | 43.37 | 49.69 | 12.27 | 19.76 | 19.38 | 15.25 | 7.70 | 9.28 | 12.77 | 19.04 | 21.54 |
| EV / EBIT | — | — | 20.32 | 303.40 | 37.63 | 18.72 | 7.67 | 8.66 | 13.39 | 20.60 | 22.50 |
| EV / FCF | — | 59.10 | 11.61 | 14.23 | 21.92 | 14.46 | 10.94 | 10.50 | 15.10 | 18.21 | 18.70 |
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 | 89.6% | 89.6% | 88.2% | 86.2% | 86.9% | 87.1% | 89.9% | 95.8% | 96.2% | 95.0% | 94.4% |
| Operating Margin | -5.1% | -5.1% | 12.3% | -0.9% | 6.9% | 14.8% | 33.4% | 37.8% | 35.3% | 32.9% | 25.2% |
| Net Profit Margin | -5.4% | -5.4% | 11.2% | 0.2% | 9.1% | 9.2% | 24.4% | 28.8% | 27.1% | 19.0% | 42.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.7% | -3.7% | 7.5% | 0.1% | 7.1% | 6.8% | 18.9% | 21.6% | 30.8% | 24.9% | 58.7% |
| ROA | -2.7% | -2.7% | 5.6% | 0.1% | 3.6% | 3.3% | 9.5% | 10.6% | 15.8% | 15.6% | 36.6% |
| ROIC | -2.8% | -2.8% | 6.5% | -0.4% | 3.0% | 6.8% | 15.7% | 16.1% | 27.6% | 49.9% | 47.9% |
| ROCE | -3.4% | -3.4% | 7.9% | -0.5% | 3.9% | 6.5% | 15.4% | 16.4% | 25.8% | 37.5% | 30.0% |
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 | 0.03 | 0.05 | 0.50 | 0.52 | 0.56 | 0.64 | 0.73 | 0.10 | 0.02 |
| Debt / EBITDA | 0.75 | 0.75 | 0.21 | 0.52 | 3.38 | 3.60 | 2.16 | 2.38 | 2.17 | 0.25 | 0.07 |
| Net Debt / Equity | — | -0.08 | -0.03 | -0.04 | 0.40 | 0.27 | 0.17 | 0.33 | 0.30 | -0.28 | -0.45 |
| Net Debt / EBITDA | -1.60 | -1.60 | -0.22 | -0.42 | 2.67 | 1.88 | 0.66 | 1.24 | 0.91 | -0.69 | -1.52 |
| Debt / FCF | — | -1.90 | -0.20 | -0.30 | 3.02 | 1.79 | 0.93 | 1.40 | 1.07 | -0.66 | -1.32 |
| Interest Coverage | — | — | — | 2.15 | 9.59 | 4.12 | 8.10 | 7.50 | 7.98 | 63.48 | 10.65 |
Net cash position: cash ($128M) exceeds total debt ($41M)
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 | 1.90 | 1.90 | 2.35 | 1.70 | 1.07 | 1.91 | 2.57 | 2.94 | 3.06 | 1.86 | 1.88 |
| Quick Ratio | 1.66 | 1.66 | 2.16 | 1.43 | 0.93 | 1.63 | 2.37 | 2.78 | 2.90 | 1.72 | 1.67 |
| Cash Ratio | 0.91 | 0.91 | 1.55 | 0.88 | 0.67 | 1.08 | 1.72 | 2.16 | 2.21 | 1.14 | 1.12 |
| Asset Turnover | — | 0.49 | 0.48 | 0.48 | 0.39 | 0.34 | 0.35 | 0.34 | 0.42 | 0.71 | 0.69 |
| Inventory Turnover | 0.91 | 0.91 | 1.43 | 1.08 | 0.95 | 0.87 | 1.09 | 0.63 | 0.60 | 0.93 | 0.71 |
| Days Sales Outstanding | — | 95.34 | 78.36 | 86.61 | 90.53 | 93.76 | 98.81 | 81.16 | 91.87 | 79.21 | 70.50 |
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 | — | — | 3.7% | 0.1% | 2.9% | 3.4% | 9.4% | 8.9% | 6.2% | 2.7% | 7.0% |
| FCF Yield | 1.9% | 1.6% | 8.5% | 6.9% | 5.3% | 7.9% | 10.0% | 11.0% | 7.1% | 5.3% | 5.0% |
| 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 | — | $56M | $56M | $56M | $62M | $54M | $54M | $54M | $54M | $53M | $52M |
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying SUPN stock.
Supernus Pharmaceuticals, Inc.'s current P/E ratio is -62.3x. The historical average is 25.5x.
Supernus Pharmaceuticals, Inc.'s current EV/EBITDA is 43.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.6x.
Supernus Pharmaceuticals, Inc.'s return on equity (ROE) is -3.7%. The historical average is -8.2%.
Based on historical data, Supernus Pharmaceuticals, Inc. is trading at a P/E of -62.3x. Compare with industry peers and growth rates for a complete picture.
Supernus Pharmaceuticals, Inc. has 89.6% gross margin and -5.1% operating margin.
Supernus Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Sustained operating losses and dilution
Metrics are mathematically derived from official filings.
Margin Compression Amid Investment Surge
Supernus's gross margin remains high at 84.6% in 2026Q2, but operating margin plunged to -26.5%, reflecting a 42.7% SG&A surge, per the latest quarterly report.
The gross margin decline from 89.1% in 2025Q4 to 84.6% in 2026Q2 suggests modest product mix or pricing pressure, yet it still exceeds the peer average of 79.4%. The operating margin swing from +6.5% to -26.5% within two quarters indicates that SG&A escalation is outpacing revenue growth, which may be a deliberate investment phase but warrants monitoring for durability. Net margin of -26.6% in 2026Q2 is distorted by non-cash charges, as cumulative operating cash flow of $281M over ten quarters contrasts with cumulative net losses of -$28M, implying reported losses overstate cash burn.
Return on Capital Volatile and Negative
ROIC swung from +1.1% in 2025Q4 to -4.8% in 2026Q2, while ROE turned -5.5%, reflecting investment-driven losses, as reported in quarterly financials.
The return on capital has been erratic, with positive quarters (2025Q2 ROIC +1.0%) followed by deep negatives, indicating that the business is not yet generating consistent returns on its invested capital. The negative ROIC in 2026Q2 is driven by operating losses rather than asset expansion, as total assets grew only modestly to $1.4B. Investors should monitor whether the recent acquisition and SG&A spending translate into sustained revenue growth that can lift ROIC above the cost of capital, which appears unlikely in the near term given the current margin trajectory.
Working Capital Cycle Lengthens Sharply
Cash conversion cycle extended to 292 days in 2026Q2 from 265 days in 2024Q4, driven by DIO of 231 days and DSO of 82 days, per the latest balance sheet data.
The inventory days on hand jumped from 208 days in 2024Q4 to 231 days in 2026Q2, while DSO remained elevated at 82 days, suggesting that working capital is absorbing cash as revenue grows. The CCC of 292 days is significantly higher than the 265 days seen two years ago, indicating deteriorating efficiency in converting sales to cash. This may reflect strategic inventory building ahead of launches or slower collections, but it also explains the volatile free cash flow, which swung from $66.5M in 2026Q1 to -$5.4M in 2026Q2.
Minimal Debt Provides Strategic Flexibility
Supernus's debt-to-equity ratio remains low at 0.04 with total debt of $40.2M in 2026Q2, while interest coverage turned negative at -23.9x, per the latest balance sheet.
The conservative capital structure, with D/E of 0.04, is a clear strength, especially compared to peers like Axsome (D/E 2.73) and Perrigo (D/E 1.35). However, the negative interest coverage of -23.9x in 2026Q2 reflects operating losses, not debt service difficulty, as interest expense is minimal. The low leverage suggests that Supernus can fund its investment phase without refinancing risk, but the negative coverage ratio warrants monitoring if losses persist.
Liquidity Position Comfortable but Stretched
Current ratio improved to 2.08 in 2026Q2 from 1.73 in 2024Q1, with cash of $180.0M, though quick ratio of 1.84 indicates limited inventory reliance, per the latest balance sheet.
The current ratio of 2.08 and quick ratio of 1.84 suggest that Supernus can cover short-term obligations without relying on inventory liquidation, which is prudent given the high DIO of 231 days. Cash of $180.0M provides a cushion, but the negative operating cash flow of -$4.8M in 2026Q2 and the $293.1M acquisition outflow in 2025Q4 indicate that liquidity could tighten if losses persist. The asset-light model, with CapEx averaging 0.2% of revenue, reduces the need for heavy capital investment, but working capital swings remain a key risk.
EV/EBITDA Misleads Due to Negative EBITDA
The trailing EV/EBITDA of 49.62 is distorted by near-zero EBITDA, while forward EV/EBITDA of 16.67 better reflects normalized earnings, based on reported financials.
The trailing EV/EBITDA multiple is not meaningful because EBITDA is depressed by one-time charges and investment spending, making the ratio appear artificially high. Investors should instead focus on forward EV/EBITDA of 16.67, which assumes a recovery in profitability, or use EV/Sales of 3.90 as a more stable valuation metric. The negative P/E of -70.99 further underscores that earnings-based multiples are unreliable in the current investment phase, and cash-flow-based metrics like P/FCF of 60.91 may be more appropriate given the cumulative cash generation.