Latest Ratios: P/E Ratio -2.8x · EV/EBITDA N/A · ROE -159.6%. (2012–2025 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 | $71M | $77M | $64M | $52M | $32M | $177M | $158M | $278M | $183M | $326M | $262M |
| Enterprise Value | $74M | $79M | $65M | $52M | $-11627622 | $177M | $158M | $269M | $178M | $325M | $251M |
| P/E Ratio → | -2.79 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | 82.28 | 26.49 | 40.92 | 65.71 |
| P/B Ratio | 4.76 | 4.88 | 3.62 | 2.50 | 0.73 | 71.91 | 80.86 | 38.21 | 59.23 | 41.35 | 23.49 |
| 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 | — | — | — | — | — | — | — | 79.69 | 25.84 | 40.85 | 62.98 |
| 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 | — | — | — | — | — | — | — | 36.3% | 29.1% | 2.6% | -134.6% |
| Operating Margin | — | — | — | — | — | — | — | -905.5% | -505.0% | -360.5% | -833.4% |
| Net Profit Margin | — | — | — | — | — | — | — | -994.1% | -508.9% | -358.1% | -832.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -159.6% | -159.6% | -122.4% | -78.8% | -59.4% | -578.6% | -201.2% | -648.6% | -640.1% | -299.7% | -211.2% |
| ROA | -65.7% | -65.7% | -53.8% | -52.9% | -49.1% | -239.4% | -85.1% | -246.3% | -278.8% | -182.2% | -147.3% |
| ROIC | -111.9% | -111.9% | -94.0% | -192.7% | -1393.8% | -450.6% | -1564.8% | — | -886.7% | -570.2% | -1087.0% |
| ROCE | -80.6% | -80.6% | -65.2% | -63.9% | -89.1% | -416.4% | -145.9% | -480.9% | -635.1% | -301.7% | -211.4% |
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 | 1.20 | 1.20 | 1.10 | 1.00 | 0.02 | 0.74 | 1.27 | 0.36 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.17 | 0.05 | 0.00 | -1.00 | -0.15 | 0.20 | -1.20 | -1.45 | -0.08 | -0.98 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
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 | 2.71 | 2.71 | 3.41 | 4.03 | 6.97 | 1.18 | 1.11 | 1.88 | 1.27 | 1.99 | 2.70 |
| Quick Ratio | 2.71 | 2.71 | 3.41 | 4.03 | 6.97 | 1.18 | 1.11 | 1.74 | 0.84 | 1.58 | 2.10 |
| Cash Ratio | 2.46 | 2.46 | 3.07 | 3.61 | 6.61 | 1.04 | 0.95 | 1.63 | 0.59 | 1.19 | 1.92 |
| Asset Turnover | — | — | — | — | — | — | — | 0.20 | 0.65 | 0.55 | 0.24 |
| Inventory Turnover | — | — | — | — | — | — | — | 2.09 | 1.50 | 2.87 | 2.74 |
| Days Sales Outstanding | — | — | — | — | — | — | — | 49.15 | 26.68 | 83.92 | 25.10 |
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% | 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 | — | $62M | $55M | $51M | $38M | $36M | $28M | $16M | $9M | $7M | $6M |
Clinical trial funding shortfall
As reported in recent financial statements, Vivani's P/B ratio of 4.76 suggests that investors are pricing in significant optionality for the NanoPortal platform, despite the company currently generating zero commercial revenue and maintaining a negative P/E multiple that reflects its ongoing clinical-stage development and lack of earnings.
The valuation appears to be driven entirely by the potential of the NPM-115 program rather than any fundamental financial metrics. Investors should monitor whether this premium can be sustained if clinical milestones are delayed, as the current multiple leaves little room for error in the company's development timeline.
Based on historical data, Vivani's ROIC has consistently trended in negative territory, reaching -28.4% in 2026Q1, which indicates that the company is currently destroying shareholder capital as it funds high-cost clinical trials without any offsetting revenue to generate a positive return on its invested capital base.
The persistent negative returns are a structural feature of the company's current pre-revenue status. This trend warrants further investigation into whether the company can achieve a pivot to positive returns once the NanoPortal technology reaches commercialization or if the capital intensity will continue to suppress long-term compounding.
According to recent SEC filings, Vivani's current ratio has fluctuated significantly, dropping from 5.13 in 2024Q1 to 3.18 in 2026Q1, which suggests a tightening liquidity profile that may limit the company's operational flexibility as it navigates the capital-intensive requirements of its ongoing clinical trial programs.
While the current ratio appears superficially healthy, the lack of revenue means that the company is entirely dependent on its cash reserves to meet obligations. Investors should monitor the burn rate closely, as the current liquidity position may necessitate further dilutive financing to ensure operational continuity.
As reported in regulatory filings, Vivani's debt-to-equity ratio reached 0.96 in 2026Q1, signaling that the company has increasingly relied on debt financing to supplement its equity-based funding, a trend that warrants caution given the absence of operating cash flow to service these obligations in the near term.
The reliance on debt in a pre-revenue environment increases the risk profile significantly, as there is no margin for error in the company's clinical development schedule. This leverage appears to be a strategic necessity to extend the cash runway, but it introduces potential covenant risks if milestones are missed.
Based on the company's pre-revenue status, the P/E ratio is the most commonly misapplied metric, as it obscures the reality that Vivani is a clinical-stage development entity where earnings are non-existent and current losses are a deliberate investment in future intellectual property rather than a sign of operational failure.
Analysts should instead focus on the cash runway and the probability-weighted net present value of the pipeline candidates. Using earnings-based multiples for a company in this phase provides no insight into the actual value of the NanoPortal technology or the likelihood of a successful regulatory outcome.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying VANI stock.
Vivani Medical, Inc.'s current P/E ratio is -2.8x. This places it at the 50th percentile of its historical range.
Vivani Medical, Inc.'s return on equity (ROE) is -159.6%. The historical average is -164.7%.
Based on historical data, Vivani Medical, Inc. is trading at a P/E of -2.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.