Latest Ratios: P/E Ratio -0.9x · EV/EBITDA N/A · ROE -64.5%. (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 | $211M | $133M | $75M | $2.4B | $23.9B | $129M | $1.11T | $602.2B | $162.5B | $39.1B | $19.5B |
| Enterprise Value | $4M | $-73381213 | $-18826770 | $2.3B | $23.8B | $-48817536 | $1.11T | $602.2B | $162.5B | $39.1B | $19.5B |
| P/E Ratio → | -0.91 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 16.08 | 10.14 | 7.40 | 304.09 | — | — | — | — | — | — | — |
| P/B Ratio | 0.46 | 0.54 | 0.53 | 22.38 | 115.48 | 0.59 | 12620.21 | 63946.58 | 6866.96 | 1588.40 | 768.90 |
| 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 | — | -5.60 | -1.87 | 302.14 | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 34.7% | 34.7% | 23.1% | 39.0% | — | — | — | — | — | — | — |
| Operating Margin | -959.1% | -959.1% | -1354.3% | -1523.9% | — | — | — | — | — | — | — |
| Net Profit Margin | -946.2% | -946.2% | -1288.3% | -1501.8% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -64.5% | -64.5% | -106.1% | -74.6% | -51.8% | -60.2% | -104.0% | -173.0% | -121.6% | -84.5% | -118.4% |
| ROA | -56.4% | -56.4% | -82.0% | -61.4% | -47.2% | -54.4% | -89.5% | -140.0% | -110.6% | -77.9% | -104.2% |
| ROIC | -222.1% | -222.1% | -150.3% | -99.7% | -130.6% | -261.7% | -727.3% | — | — | -576.5% | -212.5% |
| ROCE | -64.3% | -64.3% | -97.6% | -69.0% | -52.5% | -60.0% | -103.3% | -174.3% | -109.0% | -85.1% | -118.5% |
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 | 0.01 | 0.01 | 0.04 | 0.09 | 0.00 | 0.00 | 0.01 | 0.04 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.84 | -0.67 | -0.14 | -0.58 | -0.81 | -0.86 | -1.16 | -1.06 | -1.04 | -0.75 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1412.39 | -1412.39 | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($208M) exceeds total debt ($1M)
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 | 7.42 | 7.42 | 6.50 | 2.53 | 7.19 | 8.71 | 8.96 | 2.72 | 9.81 | 12.44 | 12.83 |
| Quick Ratio | 7.23 | 7.23 | 6.04 | 1.78 | 7.19 | 8.71 | 8.96 | 2.72 | 9.81 | 12.44 | 12.83 |
| Cash Ratio | 6.73 | 6.73 | 5.40 | 1.32 | 6.61 | 8.23 | 7.85 | 2.19 | 9.43 | 11.99 | 12.34 |
| Asset Turnover | — | 0.05 | 0.06 | 0.05 | — | — | — | — | — | — | — |
| Inventory Turnover | 1.42 | 1.42 | 0.92 | 0.34 | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 271.68 | 285.81 | 215.67 | — | — | — | — | — | — | — |
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 | — | — | — | — | — | — | 0.0% | — | 0.0% | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 6.5% | 10.3% | 0.0% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.5% | 10.3% | 0.0% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $9M | $2M | $2M | $3M | $563 | $3M | $804200 | $162500 | $39100 | $19500 |
Clinical trial failure risk
Based on recent market data, Tonix trades at a price-to-sales ratio of 16.08, which appears to heavily discount the company's long-term clinical potential in favor of pricing the equity near its cash value, as indicated by a price-to-book ratio of 0.46 in the latest quarterly filings.
The valuation multiples suggest that investors are largely ignoring the pipeline's future cash flows, instead focusing on the immediate risk of further dilution. This pricing behavior is typical for clinical-stage firms where the market lacks confidence in the transition from R&D to commercial-scale profitability.
According to historical financial statements, Tonix has consistently generated negative returns on invested capital, with the most recent ROIC of -76.2% in 2026Q1 highlighting the severe inefficiency of capital deployment as the company continues to fund a broad, high-cost pipeline without achieving commercial scale.
The persistent decay in ROIC reflects the company's inability to convert R&D spending into tangible economic value. Investors should monitor whether the potential success of the TNX-102 SL program can reverse this trend, as current returns suggest significant value destruction for shareholders.
As reported in recent quarterly data, Tonix's cash conversion cycle has fluctuated wildly, reaching -49 days in 2026Q1, which suggests that the company's working capital management is highly sensitive to the timing of inventory procurement and the settlement of trade payables rather than operational efficiency.
The extreme swings in days inventory outstanding and days payable outstanding indicate a lack of stable operational processes. This volatility complicates the company's ability to manage its cash runway effectively, making it more reliant on external financing to bridge gaps in its working capital cycle.
Based on the latest balance sheet, Tonix maintains a current ratio of 6.99, which appears robust on the surface but is heavily dependent on the timing of capital raises, as the company's cash burn continues to outpace its limited revenue generation from commercial migraine assets.
While the current ratio provides a temporary buffer, the underlying liquidity position remains vulnerable to the high cash burn associated with clinical trials. The company's reliance on equity markets to maintain this liquidity suggests that any disruption in funding could severely impact its operational continuity.
Investors frequently misapply the price-to-sales ratio to Tonix, as this metric obscures the fact that the company's current revenue is derived from legacy migraine products rather than the core clinical-stage assets that represent the primary driver of the firm's long-term enterprise value.
Using P/S to value Tonix ignores the massive R&D expenditure and the binary nature of its clinical pipeline. A more appropriate approach would involve a risk-adjusted net present value analysis of the pipeline assets, which would better capture the potential value of the CNS and vaccine programs.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying TNXP stock.
Tonix Pharmaceuticals Holding Corp.'s current P/E ratio is -0.9x. This places it at the 50th percentile of its historical range.
Tonix Pharmaceuticals Holding Corp.'s return on equity (ROE) is -64.5%. The historical average is -104.3%.
Based on historical data, Tonix Pharmaceuticals Holding Corp. is trading at a P/E of -0.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tonix Pharmaceuticals Holding Corp. has 34.7% gross margin and -959.1% operating margin.