Latest Ratios: P/E Ratio -105.1x · EV/EBITDA N/A · ROE -29.4%. (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 | $5.5B | $3.4B | $1.4B | $668M | $1.3B | $1.9B | $1.3B | $601M | $915M | $817M | $725M |
| Enterprise Value | $5.7B | $3.6B | $1.7B | $1.0B | $1.7B | $2.0B | $1.5B | $754M | $1.0B | $763M | $728M |
| P/E Ratio → | -105.09 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 11.15 | 6.95 | 5.89 | 4.60 | 12.25 | 14.09 | 6.53 | 3.43 | 5.57 | 5.27 | 5.43 |
| P/B Ratio | 45.72 | 29.69 | 23.26 | 3.32 | 31.29 | 6.15 | 6.13 | 2.72 | 2.88 | 2.79 | 2.36 |
| P/FCF | 144.84 | 90.22 | — | — | — | — | — | — | — | — | — |
| P/OCF | 144.84 | 90.22 | — | — | — | — | — | — | — | 110.34 | — |
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 | — | 7.43 | 7.36 | 6.98 | 15.41 | 14.82 | 7.34 | 4.30 | 6.27 | 4.92 | 5.45 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 96.46 | — | — | — | — | — | — | — | — | — |
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 | 97.9% | 97.9% | 96.7% | 92.1% | 96.0% | 97.1% | 96.9% | 97.0% | 96.6% | 97.7% | 96.6% |
| Operating Margin | -12.8% | -12.8% | -138.9% | -267.2% | -292.2% | -151.3% | -88.8% | -56.9% | -48.7% | -34.7% | -43.6% |
| Net Profit Margin | -5.2% | -5.2% | -137.9% | -76.7% | -254.4% | -136.6% | -85.4% | -83.5% | -62.5% | -38.6% | -35.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -29.4% | -29.4% | -247.4% | -91.4% | -161.5% | -70.2% | -78.4% | -54.3% | -33.6% | -19.9% | -15.8% |
| ROA | -4.3% | -4.3% | -46.5% | -15.2% | -38.4% | -26.0% | -28.0% | -22.3% | -16.7% | -11.4% | -9.2% |
| ROIC | -12.5% | -12.5% | -51.2% | -62.2% | -61.0% | -38.9% | -35.5% | -18.6% | -17.9% | -14.7% | -14.1% |
| ROCE | -15.0% | -15.0% | -64.5% | -68.0% | -54.1% | -34.2% | -34.4% | -17.9% | -15.4% | -12.3% | -13.4% |
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 | 2.86 | 2.86 | 6.80 | 2.02 | 9.51 | 0.87 | 1.16 | 0.97 | 0.68 | 0.15 | 0.14 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 2.05 | 5.81 | 1.73 | 8.07 | 0.32 | 0.75 | 0.69 | 0.36 | -0.19 | 0.01 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 6.24 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -3.58 | -3.58 | -27.66 | -32.18 | -29.07 | -10.02 | -8.91 | -6.78 | -9.38 | -12.20 | -11.16 |
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 | 2.74 | 2.74 | 2.08 | 3.47 | 3.42 | 4.70 | 4.43 | 4.50 | 4.74 | 3.80 | 3.99 |
| Quick Ratio | 2.70 | 2.70 | 2.04 | 3.41 | 3.39 | 4.64 | 4.35 | 4.43 | 4.68 | 3.74 | 3.96 |
| Cash Ratio | 2.02 | 2.02 | 1.85 | 3.19 | 3.17 | 4.46 | 3.90 | 4.18 | 4.51 | 3.51 | 3.07 |
| Asset Turnover | — | 0.81 | 0.39 | 0.18 | 0.16 | 0.17 | 0.33 | 0.29 | 0.23 | 0.30 | 0.25 |
| Inventory Turnover | 1.76 | 1.76 | 1.25 | 1.22 | 0.98 | 0.52 | 0.81 | 0.86 | 0.98 | 0.67 | 1.61 |
| Days Sales Outstanding | — | 59.60 | 42.45 | 53.23 | 55.51 | 44.06 | 60.86 | 37.57 | 32.20 | 32.68 | 178.58 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 0.7% | 1.1% | — | — | — | — | — | — | — | — | — |
| 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 | — | $89M | $79M | $74M | $64M | $60M | $48M | $42M | $40M | $39M | $38M |
Commercial launch execution dependency
Based on current market data, TVTX trades at a price-to-sales multiple of 11.15, which suggests investors are pricing in significant future market penetration for sparsentan rather than current fundamental performance, as evidenced by the negative trailing twelve-month price-to-earnings ratio of -105.09 reported in recent filings.
The valuation appears to reflect a speculative premium common in the biotech sector, where the market ignores current losses in anticipation of a dominant standard-of-care position. Investors should monitor whether the forward P/E of 301.49 remains sustainable as the company transitions from a development-stage entity to a commercial-stage firm.
According to historical financial data, the company's ROIC has remained consistently negative, bottoming at -21.3% in 2024Q1, which indicates that the capital deployed into the sparsentan launch and R&D pipeline has yet to generate a positive return on invested capital for shareholders.
The inability to achieve positive ROIC suggests that the high fixed-cost base of the commercial infrastructure currently outweighs the incremental returns from product sales. This trend warrants further investigation into whether the company can achieve a positive return profile as the IgAN market matures and sales force productivity improves.
As reported in quarterly financial statements, the company's asset turnover ratio remains low at 0.22, reflecting the heavy investment in intangible assets and the slow initial ramp of commercial revenue relative to the firm's total asset base during the current launch phase.
The erratic nature of the cash conversion cycle, which swung from -511 days in 2025Q4 to -771 days in 2025Q3, suggests significant noise in working capital management. This volatility appears to be driven by the timing of government rebates and channel inventory stocking, which complicates the assessment of true operational efficiency.
Based on the most recent quarterly data, the company's debt-to-equity ratio of 3.32 indicates a strained balance sheet, as the firm relies on significant leverage to fund its ongoing commercial operations while maintaining a negative interest coverage ratio of -15.91 as of 2026Q1.
The high leverage relative to the company's current cash-burning status suggests that debt service may become a critical constraint if revenue growth fails to meet expectations. Investors should monitor the company's ability to refinance these obligations without resorting to dilutive equity offerings in a high-interest-rate environment.
While the reported gross margin of 98% is often cited as a sign of operational strength, this metric is frequently misapplied to TVTX, as it obscures the heavy amortization of intangible assets and the substantial SG&A costs required to support the orphan drug commercial model.
Focusing on gross margin ignores the reality that the company's true earning power is currently negative due to the high fixed-cost structure of its specialized sales force. Analysts should instead prioritize operating margin and free cash flow as more accurate indicators of the company's path to long-term sustainability.
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying TVTX stock.
Travere Therapeutics, Inc.'s current P/E ratio is -105.1x. The historical average is 6.1x.
Travere Therapeutics, Inc.'s return on equity (ROE) is -29.4%. The historical average is -64.8%.
Based on historical data, Travere Therapeutics, Inc. is trading at a P/E of -105.1x. Compare with industry peers and growth rates for a complete picture.
Travere Therapeutics, Inc. has 97.9% gross margin and -12.8% operating margin.