Latest Ratios: P/E Ratio -4.1x · EV/EBITDA N/A · ROE -80.2%. (2005–2025 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 | $590M | $742M | $307M | $719M | $734M | $2.7B | — | — | — | — | — |
| Enterprise Value | $701M | $839M | $355M | $802M | $597M | $2.5B | — | — | — | — | — |
| P/E Ratio → | -4.14 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.97 | 4.25 | 1.81 | 4.68 | 2.03 | 7.78 | — | — | — | — | — |
| P/B Ratio | 4.33 | 6.99 | 1.69 | 5.60 | 3.34 | 15.88 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | 35.23 | — | — | — | — | — |
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 | — | 4.81 | 2.09 | 5.21 | 1.65 | 7.12 | — | — | — | — | — |
| EV / EBITDA | — | — | 10.79 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | 28.41 | — | — | — | — | — | — | — | — |
| 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 | 38.7% | 38.7% | 41.9% | 34.4% | 10.2% | 46.0% | 50.8% | 60.4% | 61.6% | 56.3% | 54.2% |
| Operating Margin | -46.7% | -46.7% | 7.9% | -53.4% | -31.4% | -17.6% | -50.0% | -0.6% | 5.5% | -3.8% | -45.3% |
| Net Profit Margin | -66.0% | -66.0% | -7.2% | -66.0% | -39.7% | -21.1% | -58.4% | -1.4% | 2.9% | -10.9% | -52.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -80.2% | -80.2% | -7.9% | -58.3% | -73.4% | -59.2% | -60.6% | -1.3% | 2.8% | -11.9% | -40.3% |
| ROA | -25.6% | -25.6% | -2.6% | -18.8% | -19.9% | -11.6% | -18.0% | -0.7% | 1.6% | -5.8% | -20.4% |
| ROIC | -28.3% | -28.3% | 4.5% | -41.9% | -797.3% | — | -61.5% | -0.4% | 3.7% | -2.1% | -18.1% |
| ROCE | -23.6% | -23.6% | 3.9% | -25.4% | -28.6% | -17.0% | -22.2% | -0.4% | 3.7% | -2.5% | -21.5% |
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 | 1.95 | 1.95 | 1.19 | 1.63 | 0.69 | 0.67 | 1.36 | 0.63 | 0.40 | 0.77 | 0.82 |
| Debt / EBITDA | — | — | 6.57 | — | — | — | — | 11.04 | 4.40 | 9.95 | — |
| Net Debt / Equity | — | 0.92 | 0.27 | 0.65 | -0.62 | -1.36 | -1.28 | 0.15 | -0.14 | 0.41 | 0.47 |
| Net Debt / EBITDA | — | — | 1.46 | — | — | — | — | 2.69 | -1.49 | 5.28 | — |
| Debt / FCF | — | — | — | — | — | — | -0.84 | — | -1.48 | 4.32 | 16.73 |
| Interest Coverage | -1.72 | -1.72 | 0.52 | -3.23 | -6.60 | -3.13 | -5.08 | 0.67 | 1.88 | -1.48 | -7.02 |
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 | 2.38 | 2.38 | 2.61 | 1.65 | 1.53 | 1.59 | 1.75 | 3.13 | 2.93 | 2.22 | 2.35 |
| Quick Ratio | 1.85 | 1.85 | 2.14 | 1.37 | 1.40 | 1.25 | 1.60 | 2.50 | 2.40 | 1.69 | 1.76 |
| Cash Ratio | 1.17 | 1.17 | 1.47 | 0.79 | 1.04 | 0.94 | 1.16 | 1.56 | 1.79 | 0.89 | 0.91 |
| Asset Turnover | — | 0.44 | 0.34 | 0.33 | 0.58 | 0.43 | 0.25 | 0.48 | 0.49 | 0.56 | 0.45 |
| Inventory Turnover | 2.13 | 2.13 | 1.84 | 2.27 | 9.24 | 1.51 | 2.02 | 1.94 | 1.91 | 2.31 | 1.90 |
| Days Sales Outstanding | — | 58.12 | 75.78 | 98.89 | 24.16 | 46.15 | 63.63 | 69.50 | 36.36 | 61.09 | 65.63 |
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% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $84M | $70M | $69M | $58M | $49M | $45M | $46M | $41M | $39M | $37M |
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying VALN stock.
Valneva SE's current P/E ratio is -4.1x. This places it at the 50th percentile of its historical range.
Valneva SE's return on equity (ROE) is -80.2%. The historical average is -29.3%.
Based on historical data, Valneva SE is trading at a P/E of -4.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Valneva SE has 38.7% gross margin and -46.7% operating margin.
Key Metrics
Top Statement Risk
Unsustainable cash burn and equity erosion
Gross Margin Collapse Signals Operational Crisis
Valneva's gross margin has collapsed from 53.2% in Q1 2025 to just 4.6% in Q2 2026, a catastrophic deterioration that suggests severe pricing pressure, unfavorable product mix, or significant manufacturing cost inflation, as reported in recent financial statements.
This gross margin erosion is the primary driver of the company's deepening operating losses, as the shrinking gross profit is insufficient to cover the high fixed-cost structure, particularly R&D. The operating margin has deteriorated to -77.8%, indicating a complete absence of positive operating leverage and a business model that is currently destroying value on every unit sold.
Capital Destruction Accelerates Across All Metrics
Return on invested capital has deteriorated to -11.8% in Q2 2026, a stark reversal from the 23.0% peak in Q1 2024, indicating that the company is now destroying shareholder value with its capital deployment, based on the reported financial ratios.
The negative ROIC trend is driven by both collapsing profitability and a shrinking equity base, as the company's accumulated losses erode its capital foundation. This trajectory suggests the current operational model is unsustainable without a significant strategic pivot or external financing, as the business is no longer generating returns above its cost of capital.
Leverage Surges as Equity Base Erodes
Valneva's debt-to-equity ratio has more than doubled from 1.12 in Q1 2024 to 2.59 in Q2 2026, a rapid increase that indicates the capital structure is becoming increasingly debt-dependent as retained earnings deficits balloon, according to the balance sheet data.
This rising leverage is not a strategic choice but a consequence of persistent losses consuming equity. The negative interest coverage ratio of -5.23 confirms that operating losses are far from sufficient to service debt, placing the company in a precarious position where future financing may require highly dilutive terms or restrictive covenants.
Liquidity Buffer Shrinks Amid Operational Burn
While the current ratio remains at 2.16, the quick ratio of 1.69 and the significant inventory dependence (DIO of 133 days) suggest that the company's liquidity position is less robust than headline figures imply, as reported in the latest quarterly data.
The company's cash reserves have declined 31.2% from their peak, directly reflecting the negative free cash flow. The high inventory levels represent a significant portion of current assets, and in a scenario of further demand contraction, this inventory could become a source of additional cash strain if it requires markdowns or write-downs.
The Misleading Signal of the Current Ratio
The current ratio of 2.16 is the most commonly misapplied metric for Valneva, as it obscures the severe operational distress and the quality of the assets backing the ratio, particularly the large, slow-moving inventory balance.
For a biotech company in operational crisis, the current ratio is misleading because it treats all current assets as equally liquid. The high DIO of 133 days indicates that a substantial portion of the ratio is tied up in inventory that may not be convertible to cash quickly without significant value erosion. A more appropriate metric would be the cash burn rate relative to remaining cash reserves, which provides a clearer picture of the company's true runway.