Latest Ratios: P/E Ratio -0.4x · EV/EBITDA N/A · ROE -131.6%. (2009–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $23M | $22M | $77M | $102M | $25M | $245M | $183M | $19M | $37M | $13M | $15M |
| Enterprise Value | $-6738546 | $-7985751 | $11M | $-14854240 | $11M | $180M | $84M | $22M | $24M | $3M | $12M |
| P/E Ratio → | -0.38 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 18.13 | 17.15 | 157.98 | 96.04 | — | 221.38 | 168.39 | — | — | — | 11.81 |
| P/B Ratio | 0.75 | 0.61 | 1.09 | 0.89 | 2.07 | 3.79 | 1.99 | — | 5.17 | 1.87 | 23.97 |
| 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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -6.29 | 22.96 | -13.96 | — | 162.68 | 77.17 | — | — | — | 9.53 |
| 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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | — | — | 100.0% |
| Operating Margin | -5683.7% | -5683.7% | -11517.1% | -3103.5% | 26109.3% | -4308.7% | -1646.1% | — | — | — | -819.9% |
| Net Profit Margin | -5491.3% | -5491.3% | -10579.8% | -2759.6% | 26100.4% | -4307.2% | -1646.1% | — | — | — | -820.4% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -131.6% | -131.6% | -55.7% | -46.5% | -154.3% | -61.0% | -41.6% | -3087.2% | -351.5% | -380.9% | -1665.4% |
| ROA | -104.9% | -104.9% | -49.4% | -40.6% | -123.8% | -52.2% | -31.4% | -210.0% | -194.5% | -191.4% | -436.2% |
| ROIC | -1026.2% | -1026.2% | -4181.3% | — | — | — | — | — | — | — | — |
| ROCE | -134.2% | -134.2% | -58.8% | -48.9% | -138.8% | -55.2% | -33.5% | -281.1% | -233.5% | -233.5% | -1331.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.02 | 0.02 | 0.22 | 0.05 | 0.04 | — | 0.01 | 0.01 | 0.11 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.84 | -0.93 | -1.02 | -1.15 | -1.01 | -1.08 | — | -1.84 | -1.49 | -4.63 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -2576.87 | — | -1378.35 | -1383.76 | -3069.54 | -1610.63 | -1964.34 |
Net cash position: cash ($31M) exceeds total debt ($1M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.67 | 3.67 | 6.51 | 23.55 | 3.83 | 12.32 | 24.85 | 0.57 | 4.87 | 7.56 | 2.47 |
| Quick Ratio | 3.67 | 3.67 | 6.51 | 23.55 | 3.83 | 12.32 | 24.85 | 0.57 | 4.79 | 7.56 | 2.47 |
| Cash Ratio | 3.55 | 3.55 | 6.38 | 23.26 | 3.64 | 11.82 | 24.61 | 0.49 | 4.68 | 7.12 | 2.14 |
| Asset Turnover | — | 0.03 | 0.01 | 0.01 | -0.01 | 0.01 | 0.01 | — | — | — | 0.34 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 0.40 | — | — |
| Days Sales Outstanding | — | — | — | — | -1290.68 | 903.79 | 13.60 | — | — | — | — |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 100.0% | — | — | 100.0% | 100.0% | 100.0% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.7% | 100.0% | 0.0% | 0.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $38M | $31M | $19M | $7M | $7M | $3M | $1M | $952082 | $463001 | $251054 |
Clinical trial binary outcome
According to recent market data, VistaGen trades at a price-to-sales multiple of 18.13, a figure that appears disconnected from fundamental performance and instead reflects investor anticipation of potential regulatory breakthroughs rather than any underlying, recurring revenue generation or established commercial market share within the CNS sector.
The elevated P/S ratio suggests that the market is pricing the company as a high-growth entity, despite the absence of commercial product sales. Investors should monitor whether this valuation can be sustained if clinical milestones are delayed, as the current multiple lacks support from traditional earnings or cash flow metrics.
As reported in financial statements, VistaGen's ROIC has fluctuated significantly, reaching -2.3% in 2026Q4, which highlights the company's inability to generate positive returns on invested capital while it continues to prioritize heavy R&D spending over the immediate achievement of operational profitability or capital efficiency.
The erratic nature of these returns, including extreme negative spikes, reflects the lumpy recognition of licensing milestones against a backdrop of consistent, high-burn clinical development. This trend suggests that the company is currently in a value-destructive phase, where capital is being consumed to build future potential rather than to generate current economic profit.
Based on the company's reported figures, the current ratio has compressed from 30.76 in 2024Q3 to 3.67 in 2026Q4, indicating that the firm's short-term liquidity position is rapidly deteriorating as cash reserves are exhausted to fund ongoing clinical trials without the benefit of recurring revenue.
While a current ratio of 3.67 may appear adequate in isolation, the rapid downward trajectory warrants close investigation by investors concerned with the company's runway. The lack of significant non-cash assets suggests that the firm is highly dependent on external financing to maintain its current operational pace.
As indicated by the company's financial disclosures, the price-to-sales ratio is a fundamentally flawed metric for VistaGen, as it obscures the reality that current revenue is derived from non-recurring licensing milestones rather than sustainable, volume-driven product sales, thereby creating a false sense of commercial market traction.
Analysts should instead prioritize the 'Cash Runway-to-Data' ratio, which provides a more accurate assessment of the company's survival probability. Relying on P/S multiples in this context may lead to an overestimation of the company's commercial maturity and an underestimation of the dilution risk inherent in its current business model.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying VTGN stock.
VistaGen Therapeutics, Inc.'s current P/E ratio is -0.4x. This places it at the 50th percentile of its historical range.
VistaGen Therapeutics, Inc.'s return on equity (ROE) is -131.6%. The historical average is -152.1%.
Based on historical data, VistaGen Therapeutics, Inc. is trading at a P/E of -0.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
VistaGen Therapeutics, Inc. has 100.0% gross margin and -5683.7% operating margin.