Latest Ratios: P/E Ratio -11.5x · EV/EBITDA N/A · ROE N/A. (2013–2025 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 | $1.8B | $1.1B | $457M | $433M | $202M | $213M | $392M | $685M | $678M | $362M | — |
| Enterprise Value | $1.8B | $1.1B | $408M | $437M | $246M | $169M | $341M | $638M | $577M | $325M | — |
| P/E Ratio → | -11.55 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 16.34 | 10.26 | 5.05 | 5.23 | 3.14 | 4.42 | 33.26 | 38057.98 | 601.40 | 44.32 | — |
| P/B Ratio | — | — | — | — | — | 25.26 | 4.07 | 3.80 | 7.53 | 5.28 | — |
| 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 | — | 10.42 | 4.51 | 5.28 | 3.82 | 3.51 | 28.91 | 35442.20 | 511.58 | 39.78 | — |
| 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 | 88.7% | 88.7% | 90.2% | 88.7% | 88.1% | 89.3% | 91.4% | 100.0% | -59.8% | 92.6% | 99.8% |
| Operating Margin | -113.7% | -113.7% | -107.1% | -79.2% | -122.8% | -192.1% | -1074.2% | -608211.1% | -6842.2% | -244.5% | 4.6% |
| Net Profit Margin | -139.8% | -139.8% | -140.4% | -123.6% | -170.6% | -230.7% | -1088.9% | -584144.4% | -6707.2% | -245.2% | -11.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | -211.6% | -92.9% | -77.8% | -95.4% | -47.2% | -11.6% |
| ROA | -63.1% | -63.1% | -54.7% | -65.1% | -86.0% | -91.7% | -79.2% | -68.7% | -84.5% | -40.6% | -9.1% |
| ROIC | — | — | — | — | — | -1466.7% | -106.7% | -134.6% | -570.5% | -113.1% | — |
| ROCE | -63.4% | -63.4% | -50.0% | -50.6% | -75.6% | -93.3% | -89.4% | -80.2% | -97.3% | -45.1% | 4.3% |
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 | — | — | — | — | — | 0.05 | 0.02 | 0.01 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | -5.23 | -0.53 | -0.26 | -1.12 | -0.54 | -1.31 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | -21.13 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | -6.11 |
| Interest Coverage | -4.08 | -4.08 | -7.64 | -4.22 | -9.25 | -6.27 | -349.45 | -385.49 | — | — | — |
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 | 4.01 | 4.01 | 6.01 | 5.42 | 5.39 | 5.11 | 5.39 | 7.63 | 7.59 | 10.59 | 7.03 |
| Quick Ratio | 3.65 | 3.65 | 5.81 | 5.24 | 5.21 | 4.90 | 5.30 | 7.63 | 7.59 | 10.54 | 6.99 |
| Cash Ratio | 2.60 | 2.60 | 5.15 | 4.39 | 4.18 | 3.98 | 4.76 | 7.55 | 7.52 | 10.38 | 6.81 |
| Asset Turnover | — | 0.55 | 0.32 | 0.46 | 0.47 | 0.40 | 0.10 | 0.00 | 0.01 | 0.11 | 0.76 |
| Inventory Turnover | 0.76 | 0.76 | 0.96 | 1.65 | 1.77 | 1.07 | 0.51 | — | — | 1.90 | 0.27 |
| Days Sales Outstanding | — | 109.98 | 81.97 | 68.15 | 72.05 | 89.02 | 218.00 | — | — | — | 1.73 |
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 | 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 | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — |
| Shares Outstanding | — | $48M | $43M | $29M | $23M | $22M | $22M | $21M | $16M | $10M | $12M |
Includes 30+ ratios · 13 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying URGN stock.
UroGen Pharma Ltd.'s current P/E ratio is -11.5x. This places it at the 50th percentile of its historical range.
Based on historical data, UroGen Pharma Ltd. is trading at a P/E of -11.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
UroGen Pharma Ltd. has 88.7% gross margin and -113.7% operating margin.
Key Metrics
Top Statement Risk
High burn and dilution risk
Metrics are mathematically derived from official filings.
Gross Margin Strength Masked by Heavy Operating Costs
Gross margin held at 90.9% in Q2 2026, per the latest quarterly report, yet operating margin barely broke even at 0.2%, indicating that fixed commercialization costs are absorbing all product-level profitability.
The 88-92% gross margin range across the last ten quarters demonstrates durable pricing power for the RTGel platform, but the operating margin trajectory—from -182.3% in Q1 2025 to 0.2% in Q2 2026—reveals that the ZUSDURI launch is finally covering direct costs. However, the net margin of -19.8% in Q2 2026, despite the revenue surge, suggests that interest expense and other non-operating items continue to weigh heavily. Investors should monitor whether operating leverage can persist as SG&A scales with the launch, or if the positive operating income is a one-quarter anomaly.
Working Capital Swings Distort Cash Conversion
Cash conversion cycle improved to 10 days in Q2 2026 from 166 days in Q1 2026, as reported in financial statements, but this volatility reflects inventory and receivable swings rather than structural efficiency gains.
The CCC has oscillated wildly, from -98 days in Q2 2025 to 166 days in Q1 2026, driven by DIO jumping to 406 days and DPO compressing to 319 days. The Q2 2026 normalization to 10 days appears tied to the ZUSDURI launch, where inventory builds and extended payables are stabilizing. Asset turnover remains low at 0.29, typical for a biotech with high cash balances, but the working capital swings suggest that cash flow from operations will remain lumpy as the commercial ramp matures.
Liquidity Buffer Thins Despite High Current Ratio
Current ratio stands at 3.80 in Q2 2026, per the balance sheet, but cash of $79.1M covers only about two quarters of operating burn, based on recent cash flow trends, signaling a narrowing runway.
The current ratio has declined from 9.00 in Q4 2024 to 3.80 in Q2 2026, reflecting the drawdown of cash to fund the launch. Quick ratio of 3.41 indicates minimal inventory dependence, but the negative operating cash flow of -$33.1M in Q2 2026, per the cash flow statement, suggests that the liquidity cushion is eroding faster than revenue growth can replenish it. Without a capital raise or partnership, the company may face a liquidity crunch within the next two quarters, based on reported burn rates.
Debt Load Grows as Equity Turns Negative
Total debt climbed to $196.1M in Q2 2026 from $98.2M a year earlier, per the balance sheet, while shareholders' equity fell to -$132.4M, pushing the D/E ratio to unsustainable levels.
The D/E ratio is not calculable due to negative equity, but the absolute debt increase of nearly $100M over four quarters indicates that the company is relying on debt to fund operations. Interest coverage of -0.78 in Q2 2026, based on reported figures, shows that operating income is insufficient to cover interest expense, though the positive operating income of $111K is a marginal improvement. The absence of near-term maturities in the data suggests refinancing risk is manageable in the short term, but the negative equity position implies that any future financing will likely be dilutive.
Return on Capital Remains Deeply Negative
ROIC was -58.4% in Q4 2024, the only reported period, and ROA has improved from -17.0% in Q1 2024 to -5.7% in Q2 2026, per financial statements, indicating a slow recovery from heavy losses.
The improvement in ROA from -21.9% in Q2 2025 to -5.7% in Q2 2026 reflects the revenue surge, but the absolute level remains far below the cost of capital. ROE is not reported in recent quarters due to negative equity, which distorts the metric. The drivers of this decay are primarily the high fixed cost base and the lack of scale, as gross margins are strong but operating margins are only now approaching breakeven. Investors should watch whether ROIC can turn positive as ZUSDURI scales, or if the capital base continues to erode.
Gross Margin Misleads on True Earning Power
The 90.9% gross margin in Q2 2026, per the latest quarterly report, is often cited as a sign of profitability, but it obscures the fact that operating margin is only 0.2% and net margin is -19.8%.
For a biotech with a proprietary delivery platform, gross margin is a poor proxy for earning power because it excludes the substantial SG&A and R&D costs required to commercialize and defend the product. The more relevant metric is contribution margin after direct selling costs, which appears to be near breakeven based on the operating margin trend. Analysts should focus on the trajectory of operating margin and the ability to absorb fixed costs as revenue grows, rather than the high gross margin that is typical of specialty pharma.