Latest Ratios: P/E Ratio 20.8x · EV/EBITDA 72.7x · ROE 102.8%. (1996–2025 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 | $8.8B | $4.8B | $4.8B | $2.5B | $1.6B | $2.5B | $6.0B | $981M | $309M | $509M | $228M |
| Enterprise Value | $9.0B | $5.0B | $4.9B | $2.6B | $1.6B | $2.3B | $5.5B | $909M | $268M | $452M | $203M |
| P/E Ratio → | 20.77 | 10.76 | 200.67 | 200.23 | — | — | — | — | — | — | — |
| P/S Ratio | 14.29 | 7.81 | 14.67 | 10.86 | 575.19 | 375.58 | 39471.44 | 6453.25 | 2035.62 | 3340.12 | 1496.53 |
| P/B Ratio | 14.33 | 7.43 | 21.70 | 15.80 | 27.34 | 10.59 | 11.55 | 25.40 | 12.87 | 7.60 | 6.36 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
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 | — | 8.10 | 14.89 | 10.93 | 568.28 | 342.71 | 36106.55 | 5980.67 | 1760.02 | 2968.74 | 1332.71 |
| EV / EBITDA | 72.73 | 40.41 | 116.09 | 121.31 | — | — | — | — | — | — | — |
| EV / EBIT | 72.87 | 37.23 | 98.75 | 99.48 | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
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 | 83.7% | 83.7% | 88.3% | 94.0% | 90.5% | 88.2% | 100.0% | 100.0% | 42.1% | 46.0% | 58.7% |
| Operating Margin | 20.0% | 20.0% | 12.7% | 8.8% | -7839.0% | -5154.3% | -179996.1% | -111220.4% | -114736.8% | -77904.6% | -51823.5% |
| Net Profit Margin | 72.6% | 72.6% | 7.1% | 5.4% | -8036.3% | -5204.1% | -183803.3% | -113730.9% | -114132.9% | -77749.9% | -51353.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 102.8% | 102.8% | 12.2% | 11.6% | -151.4% | -92.0% | -100.1% | -551.9% | -381.2% | -230.4% | -113.9% |
| ROA | 54.5% | 54.5% | 5.2% | 4.8% | -78.1% | -69.3% | -70.8% | -140.2% | -191.7% | -155.7% | -93.0% |
| ROIC | 16.4% | 16.4% | 13.3% | 14.2% | -578.0% | -2052.2% | — | — | — | -835.7% | -205.5% |
| ROCE | 17.7% | 17.7% | 11.0% | 9.9% | -96.0% | -80.9% | -88.7% | -274.2% | -305.5% | -221.2% | -112.1% |
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 | 0.40 | 0.40 | 1.14 | 0.69 | 1.42 | 0.33 | 0.08 | 1.06 | 0.00 | 0.00 | 0.00 |
| Debt / EBITDA | 2.11 | 2.11 | 6.01 | 5.26 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.28 | 0.33 | 0.11 | -0.33 | -0.93 | -0.98 | -1.86 | -1.74 | -0.84 | -0.70 |
| Net Debt / EBITDA | 1.47 | 1.47 | 1.75 | 0.85 | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 5.02 | 5.02 | 2.07 | 2.04 | -20.96 | -60.74 | -43.14 | -31.70 | -99.54 | -103.23 | — |
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 | 4.10 | 4.10 | 6.25 | 5.92 | 3.16 | 5.06 | 6.99 | 1.77 | 2.03 | 3.34 | 3.01 |
| Quick Ratio | 3.29 | 3.29 | 5.03 | 5.18 | 3.16 | 5.06 | 6.99 | 1.77 | 1.78 | 3.05 | 2.68 |
| Cash Ratio | 0.92 | 0.92 | 3.43 | 4.05 | 3.04 | 4.81 | 6.91 | 1.66 | 1.77 | 3.03 | 2.66 |
| Asset Turnover | — | 0.58 | 0.57 | 0.71 | 0.01 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventory Turnover | 0.80 | 0.80 | 0.35 | 0.35 | — | — | — | — | 0.01 | 0.01 | 0.01 |
| Days Sales Outstanding | — | 181.01 | 143.32 | 79.81 | — | 75.79 | — | — | 228.13 | 259.81 | 200.85 |
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 | 4.8% | 9.3% | 0.5% | 0.5% | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 1.0% | 1.9% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.0% | 1.9% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $161M | $160M | $149M | $135M | $132M | $115M | $88M | $75M | $62M | $49M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TGTX stock.
TG Therapeutics, Inc.'s current P/E ratio is 20.8x. The historical average is 7.0x. This places it at the 100th percentile of its historical range.
TG Therapeutics, Inc.'s current EV/EBITDA is 72.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 40.4x.
TG Therapeutics, Inc.'s return on equity (ROE) is 102.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -128.0%.
Based on historical data, TG Therapeutics, Inc. is trading at a P/E of 20.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TG Therapeutics, Inc. has 83.7% gross margin and 20.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
TG Therapeutics, Inc.'s Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Single-product concentration and rebate pressure
Metrics are mathematically derived from official filings.
Margin Erosion Masks Core Strength
Gross margin fell from 91.3% in 2024Q1 to 82.9% in 2026Q2, an 840bps decline, while operating margin improved to 9.0%, per quarterly filings. Net margin of 72.6% TTM is inflated by a one-time licensing gain.
The gross margin erosion suggests increasing rebates or product mix shifts, likely reflecting competitive pressure to secure formulary access. Operating margin improvement from -14.6% to 9.0% indicates operating leverage, but the net margin is distorted by a $390.9M gain in 2025Q3, masking core profitability. Excluding that gain, net margin would be around 10%, which is more representative of underlying earning power.
ROIC Volatility Reflects Launch Phase
ROIC swung from -3.7% in 2024Q1 to 8.2% in 2024Q4, then fell to 1.8% in 2026Q2, per reported data. The 10-quarter average is low, indicating returns are not yet consistently compounding.
The erratic ROIC pattern is typical of a commercial-stage biotech scaling a single product. The spike in 2025Q3 ROE to 88.5% is an artifact of the one-time licensing gain, not operational efficiency. As revenue grows and the cost base stabilizes, ROIC may improve, but the current trend suggests capital efficiency is still developing.
Working Capital Drag Intensifies
CCC swung from 56 days in 2026Q2 to 151 days in 2026Q1, with DSO at 150 days and DPO at 400 days, per quarterly data. Inventory days remain elevated, indicating potential overstocking or slow-moving product.
The negative CCC in 2026Q2 (56 days) is driven by very high DPO, suggesting TGTX is stretching supplier payments, which may not be sustainable. DSO of 150 days is high, indicating slow cash collection from payers, possibly due to rebate complexities. Inventory days have declined from 968 to 306, but remain significant, warranting monitoring for obsolescence risk.
Debt-Fueled Cash Raises Refinancing Risk
D/E rose from 0.70 in 2024Q1 to 1.25 in 2026Q2, with total debt at $754M, while interest coverage fell to 1.31x in 2026Q2, per balance sheet data. Cash of $482M is partly financed by debt.
The increase in leverage is primarily due to convertible debt issuance, which funded the cash balance and buybacks. Interest coverage of 1.31x is thin, indicating that operating income barely covers interest expense. If revenue growth stalls or margins compress further, debt service could become strained, and refinancing may be costly in a higher-rate environment.
Liquidity Buffer Appears Adequate
Current ratio improved to 4.27 in 2026Q2, with quick ratio at 3.72, per quarterly data. Cash of $482M provides a cushion, but reliance on debt and negative operating cash flow historically raises caution.
The current ratio is strong, indicating TGTX can cover short-term obligations comfortably. However, the quality of liquidity is mixed: cash is partly debt-financed, and operating cash flow has been negative in many quarters. Under a severe stress scenario, such as a prolonged launch delay or competitive rebate wall, the liquidity buffer could erode quickly, necessitating additional capital raises.
Net Margin Misleads on Core Profitability
The TTM net margin of 72.6% is often cited, but it is inflated by a one-time $390.9M gain, per income statement data. Excluding that, net margin is around 10%, which is more indicative of ongoing operations.
Investors commonly misapply net margin to assess TGTX's profitability, but the figure is distorted by non-recurring items. A more accurate measure is operating margin or adjusted net margin excluding one-time gains. Additionally, the high P/E of 17.96 based on inflated earnings understates the true valuation; using forward P/E of 45.08 or EV/EBITDA of 63.12 provides a clearer picture of the market's expectations.