Latest Ratios: P/E Ratio 8.3x · EV/EBITDA N/A · ROE 44.8%. (2011–2025 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 | $883M | $964M | $460M | $622M | $826M | $768M | $1.1B | $1.4B | $1.4B | $1.5B | $1.4B |
| Enterprise Value | $790M | $871M | $472M | $631M | $580M | $1.3B | $1.7B | $1.9B | $1.5B | $1.6B | $1.3B |
| P/E Ratio → | 8.27 | 9.08 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 8.21 | 8.97 | 7.14 | 10.82 | 16.08 | 13.88 | 15.42 | 19.61 | 22.88 | 94.90 | 29.30 |
| P/B Ratio | 2.96 | 3.25 | 2.62 | 2.92 | 1.87 | — | — | — | — | 12.68 | 4.07 |
| P/FCF | 3.70 | 4.04 | — | — | — | — | — | — | — | — | — |
| P/OCF | 3.70 | 4.04 | — | — | — | — | — | — | — | — | — |
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 | — | 8.11 | 7.33 | 10.99 | 11.29 | 24.36 | 23.70 | 25.77 | 24.14 | 103.66 | 26.79 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | 6.62 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 3.65 | — | — | — | — | — | — | — | — | — |
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 | 94.9% | 94.9% | 41.5% | 29.3% | -23.5% | -250.1% | 100.0% | 100.0% | 98.8% | 60.8% | 94.1% |
| Operating Margin | -12.3% | -12.3% | -72.9% | -97.6% | -179.1% | -466.1% | -414.2% | -343.1% | -395.5% | -1690.6% | -371.0% |
| Net Profit Margin | 98.5% | 98.5% | -87.6% | -96.1% | 1698.5% | -360.6% | -386.9% | -322.1% | -357.0% | -1855.0% | -391.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 44.8% | 44.8% | -29.0% | -16.9% | 1689.7% | — | — | — | -677.9% | -122.6% | -64.3% |
| ROA | 25.2% | 25.2% | -15.3% | -11.2% | 177.6% | -47.3% | -63.3% | -48.8% | -43.0% | -52.8% | -40.6% |
| ROIC | -5.1% | -5.1% | -17.2% | -20.1% | -31.6% | -72.7% | -85.9% | -149.1% | -130.4% | -81.6% | -75.5% |
| ROCE | -3.4% | -3.4% | -13.8% | -12.0% | -20.6% | -77.9% | -92.6% | -66.4% | -56.8% | -53.7% | -42.9% |
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 | 0.25 | 0.25 | 0.28 | 0.23 | 0.12 | — | — | — | — | 1.94 | 0.64 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.31 | 0.07 | 0.05 | -0.56 | — | — | — | — | 1.17 | -0.35 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.39 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 53.52 | 53.52 | -16.52 | -22.83 | -12.42 | -27.80 | -34.49 | -6.59 | -20.57 | -30.79 | -127.60 |
Net cash position: cash ($168M) exceeds total debt ($75M)
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 | 10.93 | 10.93 | 5.02 | 5.39 | 12.31 | 4.26 | 3.18 | 3.03 | 5.41 | 6.05 | 10.73 |
| Quick Ratio | 10.93 | 10.93 | 5.02 | 5.39 | 12.31 | 4.26 | 3.18 | 3.03 | 5.41 | 5.79 | 10.48 |
| Cash Ratio | 8.23 | 8.23 | 2.75 | 4.14 | 11.40 | 2.96 | 2.37 | 2.51 | 5.13 | 5.57 | 10.17 |
| Asset Turnover | — | 0.22 | 0.18 | 0.15 | 0.08 | 0.15 | 0.15 | 0.18 | 0.11 | 0.03 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 0.36 | 0.24 |
| Days Sales Outstanding | — | 324.50 | 388.01 | 111.07 | 119.32 | 380.10 | 353.88 | 251.42 | 64.53 | 222.09 | 72.94 |
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 | 12.1% | 11.0% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 27.0% | 24.7% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.5% | 0.4% | 0.7% | 32.1% | 16.0% | 1.2% | 0.9% | 0.2% | 0.7% | 0.6% | 0.3% |
| Total Shareholder Yield | 0.5% | 0.4% | 0.7% | 32.1% | 16.0% | 1.2% | 0.9% | 0.2% | 0.7% | 0.6% | 0.3% |
| Shares Outstanding | — | $52M | $49M | $55M | $74M | $69M | $62M | $56M | $54M | $52M | $45M |
Includes 30+ ratios · 15 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying TBPH stock.
Theravance Biopharma Inc's current P/E ratio is 8.3x. The historical average is 9.1x.
Theravance Biopharma Inc's return on equity (ROE) is 44.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -61.5%.
Based on historical data, Theravance Biopharma Inc is trading at a P/E of 8.3x. Compare with industry peers and growth rates for a complete picture.
Theravance Biopharma Inc has 94.9% gross margin and -12.3% operating margin.
Key Metrics
Top Statement Risk
Acquisition completion and revenue volatility
Metrics are mathematically derived from official filings.
Margin Distortion from Royalty Monetization
Reported gross margins swung from 25.6% to 100% over the past year, per financial statements, reflecting revenue mix shifts between product sales and royalty income, masking the underlying operating burn.
The 94.87% TTM gross margin is structurally high due to royalty income, but operating margins remain negative in most quarters, indicating the company has not achieved operating leverage. The 2025Q4 net margin of 133% was driven by a one-time gain from the Trelegy royalty sale, not sustainable operations. Investors should focus on cash operating margins excluding non-recurring items, which suggest ongoing losses funded by the royalty proceeds.
ROIC Volatility Masks Pipeline Value
ROIC swung from -10.5% in 2025Q3 to 8.6% in 2025Q4, per reported data, reflecting the royalty sale gain rather than operational improvement, with core returns remaining negative.
Excluding the one-time royalty monetization, ROIC has been consistently negative, ranging from -3.5% to -10.5% in most quarters, indicating the company is not generating returns on its invested capital from operations. The positive ROIC in 2025Q4 is an artifact of the non-recurring gain, not a sign of compounding value creation. The capital-light model with minimal fixed assets means returns are driven by R&D efficiency and commercial execution, which remain unproven.
Working Capital Swings Distort Efficiency
DSO spiked to 283 days in 2026Q1 from 79 days in 2026Q2, per financial statements, reflecting timing of collaboration payments and royalty settlements rather than operational inefficiency.
The cash conversion cycle is not calculable due to missing inventory data, but the extreme volatility in DSO and DPO suggests working capital is heavily influenced by the timing of partnership payments and the royalty sale, not by customer or supplier leverage. Asset turnover remains low at 0.04-0.10, typical for a biotech with high cash balances and minimal fixed assets. The efficiency metrics are less meaningful for a company with a capital-light model and binary clinical catalysts.
Deleveraging Bolstered by Royalty Proceeds
Debt-to-equity fell to 0.13 in 2026Q2 from 0.25 in 2025Q4, per balance sheet data, as the Trelegy royalty sale funded debt repayment, reducing leverage and interest coverage risk.
Total debt declined from $75.5M to $38.6M, and interest coverage improved to 126.33 in 2025Q4, though this was inflated by the one-time gain. The reduced debt load provides a more comfortable cushion for ongoing R&D funding, but the loss of the royalty stream removes a stable cash flow hedge. With the pending acquisition by Zymeworks, leverage is less of a concern, but investors should monitor any deal-related financing or renegotiation risk.
Cash Buffer Strengthened by One-Time Infusion
Current ratio improved to 13.54 in 2026Q2 from 5.02 in 2024Q4, per reported data, with cash of $219.8M providing a substantial buffer against near-term obligations.
The liquidity position is exceptionally strong, with cash and equivalents covering all current liabilities multiple times over. However, this strength is largely a product of the Trelegy royalty monetization, which provided a one-time cash infusion. The company's ongoing operating cash burn, as evidenced by negative FCF margins in most quarters, suggests the buffer will be consumed by R&D and SG&A costs. The pending acquisition may provide a liquidity event, but until completion, the cash position supports continued operations.
Misapplied P/E on Distorted Earnings
The TTM P/E of 8.25 is misleading, per reported data, as net income includes one-time gains from the royalty sale, making the multiple appear artificially low.
The most commonly misapplied ratio for TBPH is the P/E multiple, which is distorted by non-recurring gains from the Trelegy royalty monetization. The 98.54% net margin and 8.25 P/E reflect a one-time event, not sustainable earnings power. Analysts should instead use EV/Sales or P/FCF, but even these are distorted by the same non-recurring items. A more appropriate metric would be a sum-of-the-parts valuation, separating the YUPELRI product cash flows from the clinical-stage pipeline, or an EV/EBITDA based on normalized operating earnings excluding one-time gains.