Latest Ratios: P/E Ratio -480.2x · EV/EBITDA 94.9x · ROE -1.8%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $2.5B | $5.3B | — | — | — | — | — | — | — |
| Enterprise Value | $3.9B | $3.0B | $5.2B | — | — | — | — | — | — | — |
| P/E Ratio → | -480.15 | — | 110.00 | — | — | — | — | — | — | — |
| P/S Ratio | 4.26 | 2.10 | 6.79 | — | — | — | — | — | — | — |
| P/B Ratio | 8.24 | 4.07 | 9.36 | — | — | — | — | — | — | — |
| P/FCF | — | — | 185.18 | — | — | — | — | — | — | — |
| P/OCF | — | — | 123.54 | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.50 | 6.62 | — | — | — | — | — | — | — |
| EV / EBITDA | 94.89 | 50.89 | 59.07 | — | — | — | — | — | — | — |
| EV / EBIT | 211.23 | 63.99 | 56.05 | — | — | — | — | — | — | — |
| EV / FCF | — | — | 180.69 | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.1% | 53.1% | 65.1% | 62.6% | 59.3% | 66.5% | 61.2% | -340.7% | 100.0% | — |
| Operating Margin | 2.2% | 2.2% | 10.5% | 3.2% | -57.4% | -1069.6% | -847.7% | -1033.6% | -15016.1% | — |
| Net Profit Margin | -0.9% | -0.9% | 6.4% | 1.0% | -65.0% | -1059.9% | -861.1% | -799.6% | -7087.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.8% | -1.8% | 13.9% | 4.6% | -253.3% | -198.4% | -60.2% | -45.3% | -27.1% | -12.9% |
| ROA | -0.7% | -0.7% | 5.2% | 1.6% | -57.0% | -60.2% | -34.5% | -31.1% | -21.6% | -12.5% |
| ROIC | 2.6% | 2.6% | 25.5% | 137.8% | — | — | -214.6% | -95.7% | -147.8% | — |
| ROCE | 2.0% | 2.0% | 11.5% | 7.7% | -76.1% | -77.5% | -38.5% | -44.9% | -49.6% | -13.1% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.12 | 1.12 | 1.02 | 0.12 | 0.13 | 1.18 | 0.03 | 0.03 | 0.03 | 0.01 |
| Debt / EBITDA | 11.80 | 11.80 | 6.62 | 0.77 | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.78 | -0.23 | -0.71 | -1.32 | -9.04 | -0.96 | -0.61 | -0.45 | -0.98 |
| Net Debt / EBITDA | 8.22 | 8.22 | -1.47 | -4.68 | — | — | — | — | — | — |
| Debt / FCF | — | — | -4.49 | -7.45 | — | — | -44.24 | — | — | — |
| Interest Coverage | 0.86 | 0.86 | 4.31 | 1.81 | -241.91 | -384.54 | -37.61 | -11.92 | -1009.81 | -604.57 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.43 | 1.43 | 2.78 | 1.43 | 2.02 | 1.25 | 4.69 | 5.52 | 4.35 | 33.74 |
| Quick Ratio | 1.27 | 1.27 | 2.66 | 1.32 | 1.96 | 1.16 | 4.66 | 5.47 | 4.27 | 33.74 |
| Cash Ratio | 0.61 | 0.61 | 2.15 | 0.78 | 1.36 | 0.58 | 3.91 | 4.20 | 3.13 | 33.20 |
| Asset Turnover | — | 0.68 | 0.52 | 1.26 | 0.63 | 0.07 | 0.03 | 0.03 | 0.00 | — |
| Inventory Turnover | 10.17 | 10.17 | 7.17 | 10.87 | 11.30 | 11.20 | 3.20 | 28.34 | — | — |
| Days Sales Outstanding | — | 62.77 | 74.10 | 57.77 | 71.00 | 1001.64 | 993.62 | 1362.49 | 16778.73 | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.9% | — | — | — | — | — | — | — |
| FCF Yield | — | — | 0.5% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $338M | $345M | $324M | $311M | $282M | $257M | $233M | $202M | $128M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying TLX stock.
Telix Pharmaceuticals Limited's current P/E ratio is -480.2x. The historical average is 110.0x.
Telix Pharmaceuticals Limited's current EV/EBITDA is 94.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 55.0x.
Telix Pharmaceuticals Limited's return on equity (ROE) is -1.8%. The historical average is -64.5%.
Based on historical data, Telix Pharmaceuticals Limited is trading at a P/E of -480.2x. Compare with industry peers and growth rates for a complete picture.
Telix Pharmaceuticals Limited has 53.1% gross margin and 2.2% operating margin.
Telix Pharmaceuticals Limited's Debt/EBITDA ratio is 11.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Acquisition-driven leverage
Premium Pricing on Anticipated Breakthrough
Telix trades at a massive premium to peers, with a forward P/E of 234.34 versus EXEL's 19.31, pricing in a transformative earnings inflection that has not yet materialized in its operational history.
The valuation reflects a market bet on Telix's radiopharmaceutical pipeline delivering exponential earnings growth. However, the TTM P/E is negative, and the EV/EBITDA of 101.44 is more than double EXEL's, suggesting that any operational misstep or delay in clinical milestones could lead to severe multiple compression.
Structural Margin Pressure Persists
Operating margin was negative at -2.9% in 2026Q2, as noted in the financial statements, despite top-line growth, indicating that SG&A and R&D scaling is outpacing gross profit gains and eroding the potential for operating leverage.
The company's gross margin has normalized in the low-50% range, but operating expenses have consumed the entirety of this gross profit. The persistent gap between positive net income and negative operating income, as seen in 2026Q2, suggests that non-operational items are currently supporting the bottom line, not core business economics.
Capital Returns Haunted by Acquisition Costs
ROIC has fallen to -1.3% in 2026Q2 from a high of 13.7% in 2024Q4, as reported in recent filings, indicating that the capital deployed for the 2025 acquisitions has yet to generate positive returns, weighing on overall capital efficiency.
The volatility in ROIC, from -42.5% in 2023Q4 to positive 13.7% in 2024Q4 and back to negative, reflects a business model still in flux. The recent negative ROIC suggests that the large increase in invested capital from acquisitions is not yet producing commensurate earnings, raising questions about the return profile of these strategic investments.
Strategic Debt Load Becomes a Key Metric
The debt-to-equity ratio has ballooned to 1.19 in 2026Q2, a stark contrast to the 0.12 ratio in 2023Q4, highlighting a deliberate shift to debt financing for growth that has significantly altered the company's risk profile.
Interest coverage is currently negative at -2.83, meaning operating income does not cover interest expense. This is a dramatic reversal from the comfortable 4.75x coverage in 2024Q4. While the company maintains a strong current ratio, the debt service burden now requires consistent cash flow generation or refinancing, which is not yet evident.
Working Capital Volatility Obscures Underlying Ops
Days sales outstanding jumped to 30 days in 2026Q2 from 20 days in 2024Q4, based on quarterly data, while days payable outstanding surged to 48 days, suggesting Telix is collecting cash slower while leveraging supplier terms, which masks true operational efficiency.
The cash conversion cycle has been highly erratic, swinging from negative to positive quarters. This volatility, alongside the sharp increase in DSO, suggests that working capital management is inconsistent and may be distorting the view of operational cash generation, a point corroborated by the wild swings in operating cash flow.
The P/E Multiple's Dangerous Allure
The most commonly misapplied ratio is the forward P/E of 234.34, as it relies on a projected earnings surge that is not yet supported by historical operating performance, and could mislead investors about the sustainability of profitability.
This ratio is particularly dangerous for Telix because it extrapolates a future earnings power based on anticipated revenue growth and margin expansion that has not been demonstrated at scale. Given the company's history of volatile margins and operating losses, investors using this metric risk fundamentally overpaying for growth that may be slower or more costly to achieve than consensus models suggest.