Latest Ratios: P/E Ratio -3.3x · EV/EBITDA N/A · ROE -45.7%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $835M | $1.0B | $1.3B | $3.4B | $5.6B | $3.2B | $1.4B | — | — |
| Enterprise Value | $1.7B | $788M | $875M | $1.2B | $2.7B | $5.4B | $2.8B | $1.2B | — | — |
| P/E Ratio → | -3.34 | — | — | — | 6.61 | 10.57 | — | — | — | — |
| P/S Ratio | 26.00 | 12.18 | 13.48 | 15.66 | 2.11 | 5.10 | 47.45 | 1904.67 | — | — |
| P/B Ratio | 1.91 | 1.09 | 0.87 | 0.85 | 1.64 | 3.90 | 4.45 | 3.19 | — | — |
| P/FCF | — | — | — | — | 2.14 | — | — | — | — | — |
| P/OCF | — | — | — | — | 2.05 | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.50 | 11.79 | 14.30 | 1.67 | 4.91 | 42.01 | 1751.23 | — | — |
| EV / EBITDA | — | — | — | — | 3.20 | 12.60 | — | — | — | — |
| EV / EBIT | — | — | — | — | 3.57 | 9.78 | — | — | — | — |
| EV / FCF | — | — | — | — | 1.69 | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.9% | 82.9% | -545.0% | -564.7% | 61.6% | 53.1% | 100.0% | 100.0% | -11447.1% | -41854.4% |
| Operating Margin | -682.7% | -682.7% | -791.3% | -794.0% | 51.6% | 38.4% | -441.6% | -25032.2% | -13674.2% | -54696.0% |
| Net Profit Margin | -638.9% | -638.9% | -703.4% | -713.7% | 31.9% | 48.3% | -444.1% | -24568.6% | -13350.7% | -46880.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -45.7% | -45.7% | -38.1% | -33.5% | 29.4% | 49.2% | -52.4% | -142.7% | — | — |
| ROA | -36.5% | -36.5% | -31.5% | -26.1% | 21.7% | 36.8% | -41.7% | -49.6% | -52.3% | -27.8% |
| ROIC | -40.3% | -40.3% | -35.3% | -36.3% | 48.5% | 40.1% | -67.0% | -271.8% | — | — |
| ROCE | -42.8% | -42.8% | -38.8% | -33.9% | 42.7% | 34.6% | -46.7% | -58.9% | -60.7% | -34.1% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.09 | 0.08 | 0.06 | 0.10 | 0.10 | 0.00 | — | — |
| Debt / EBITDA | — | — | — | — | 0.15 | 0.32 | — | — | — | — |
| Net Debt / Equity | — | -0.06 | -0.11 | -0.07 | -0.35 | -0.15 | -0.51 | -0.26 | — | — |
| Net Debt / EBITDA | — | — | — | — | -0.86 | -0.49 | — | — | — | — |
| Debt / FCF | — | — | — | — | -0.45 | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($234M) exceeds total debt ($187M)
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.54 | 5.54 | 8.71 | 9.05 | 4.93 | 4.58 | 7.80 | 6.81 | 2.95 | 15.46 |
| Quick Ratio | 5.54 | 5.54 | 8.71 | 9.05 | 4.93 | 4.58 | 7.80 | 6.81 | 2.95 | 15.46 |
| Cash Ratio | 4.99 | 4.99 | 7.57 | 8.68 | 4.70 | 2.08 | 7.44 | 6.48 | 2.47 | 15.11 |
| Asset Turnover | — | 0.07 | 0.05 | 0.04 | 0.58 | 0.56 | 0.07 | 0.00 | 0.00 | 0.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 19.17 | — | — | — | 257.60 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 15.1% | 9.5% | — | — | — | — |
| FCF Yield | — | — | — | — | 46.8% | — | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $139M | $136M | $134M | $135M | $133M | $119M | $108M | $97M | $7M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying VIR stock.
Vir Biotechnology, Inc.'s current P/E ratio is -3.3x. The historical average is 8.6x.
Vir Biotechnology, Inc.'s return on equity (ROE) is -45.7%. The historical average is -33.4%.
Based on historical data, Vir Biotechnology, Inc. is trading at a P/E of -3.3x. Compare with industry peers and growth rates for a complete picture.
Vir Biotechnology, Inc. has 82.9% gross margin and -682.7% operating margin.
Key Metrics
Top Statement Risk
Episodic collaboration revenue dependence
Metrics are mathematically derived from official filings.
Milestone-Driven Margins Obscure Core Losses
According to the latest quarterly data, Vir's gross margin swung from 100% in 2026Q2 to deeply negative in prior quarters, reflecting milestone accounting. Excluding episodic collaboration revenue, the company's operating margin remains structurally negative.
The 2026Q2 gross margin of 100% and operating margin of 30.7% are artifacts of recognizing a large collaboration payment against minimal cost of goods sold, as reported in the financial statements. In contrast, the trailing quarters show gross margins as low as -630%, indicating that the underlying business is not yet profitable on a recurring basis. Investors should focus on cash burn and pipeline progress rather than headline margins, which are distorted by the lumpy nature of milestone revenue.
Return on Capital Remains Deeply Negative
Based on reported figures, Vir's ROIC was -14.8% in 2026Q1 and -16.6% in 2025Q3, with only a temporary positive 7.7% in 2026Q2 due to a milestone payment. The company is not compounding capital but rather consuming it to fund R&D.
Excluding the 2026Q2 anomaly, ROIC has been consistently negative, ranging from -3.8% to -16.6% over the past ten quarters. This reflects a clinical-stage biotech that has not yet achieved sustainable profitability. The positive ROIC in 2026Q2 is a one-time event driven by collaboration revenue, not an indication of underlying capital efficiency. Investors should monitor whether future milestones can generate positive returns on the substantial invested capital, which has eroded equity from $1.5B to $982.5M over the period.
Asset Turnover Distorted by Revenue Lumps
As per the quarterly data, asset turnover was 0.21 in 2026Q2 but near zero in most other quarters, reflecting the episodic nature of collaboration revenue. This makes traditional efficiency metrics unreliable for assessing operational performance.
The asset turnover ratio is meaningless for Vir because revenue is not generated consistently from assets but from milestone payments tied to collaboration agreements. In quarters without such payments, asset turnover approaches zero, as seen in 2025Q1 through 2025Q3. The company's asset-light model, with minimal capex, means that efficiency should be evaluated through R&D productivity and cash burn per clinical milestone, not through standard turnover ratios.
Low Leverage Masks Refinancing Risk
Vir's debt-to-equity ratio remained low at 0.09 in 2026Q2, but a spike to 0.24 in 2025Q4 suggests episodic borrowing. Interest coverage is not reported, and the company's negative operating income raises questions about debt service comfort.
The D/E ratio of 0.09 in 2026Q2 indicates a conservative balance sheet, but the 2025Q4 spike to 0.24, with total debt of $186.9M, suggests that Vir may have drawn on credit facilities to fund operations. Given that the company has posted net losses in most quarters, interest coverage is likely negative, meaning debt service is not covered by operating income. Investors should monitor the terms of any debt agreements and the company's ability to refinance or repay obligations as cash reserves decline.
Liquidity Buffer Provides Multi-Quarter Runway
According to the latest balance sheet, Vir's current ratio stood at 6.04 in 2026Q2, with cash of $278.7M. This provides a substantial cushion against operating burn, which averaged over $100M per quarter in R&D expenses.
The current ratio of 6.04 and quick ratio of 6.04 indicate that Vir has ample short-term assets to cover liabilities, with no inventory dependence. However, the company's cash burn is significant, and the liquidity position would deteriorate rapidly if collaboration milestones are delayed. Based on the current cash balance and quarterly burn, Vir may have a runway of roughly two to three years, but this is contingent on continued funding from partnerships or capital raises. Investors should monitor the cash runway closely as equity continues to erode.
P/S Ratio Misleads for Milestone-Driven Model
The price-to-sales ratio of 22.66 is commonly misapplied to Vir because revenue is episodic and not indicative of sustainable earning power. A more appropriate metric is EV/invested capital or price-to-book, which better reflects the asset base.
For a clinical-stage biotech with lumpy collaboration revenue, P/S is nearly meaningless because a single milestone can inflate revenue in one quarter and vanish in the next. In 2026Q2, revenue surged to $238.9M, but in adjacent quarters it was near zero, making the P/S ratio swing wildly. Instead, investors should use EV/IC or P/B (currently 1.67) to assess whether the market is pricing in future pipeline value relative to the company's tangible assets. The low P/B suggests that the market is not assigning significant value to the pipeline beyond the current cash and assets, which may indicate skepticism about future milestones.