Latest Ratios: P/E Ratio -9.5x · EV/EBITDA N/A · ROE -51.8%. (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 | $4.0B | $3.6B | $3.1B | $3.1B | $2.4B | $1.4B | $531M | $340M | $123M | $51M | $119M |
| Enterprise Value | $3.8B | $3.4B | $2.9B | $2.9B | $2.3B | $1.2B | $490M | $332M | $70M | $37M | $102M |
| P/E Ratio → | -9.54 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 528.44 | 473.62 | — | — | 253.04 | 73.92 | 16.52 | 49.80 | — | 163.81 | 66.17 |
| P/B Ratio | 5.59 | 6.11 | 4.04 | 3.32 | 3.31 | 2.48 | 3.10 | 3.70 | 1.19 | 1.42 | 1.87 |
| 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 | — | 448.12 | — | — | 248.08 | 64.84 | 15.22 | 48.58 | — | 119.82 | 56.69 |
| 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 | 66.1% | 66.1% | — | — | 100.0% | 100.0% | 100.0% | 100.0% | — | -8122.8% | 38.2% |
| Operating Margin | -4974.3% | -4974.3% | — | — | -1368.9% | -428.4% | -97.3% | -627.0% | — | -10474.3% | -1376.4% |
| Net Profit Margin | -4612.1% | -4612.1% | — | — | -1328.9% | -427.8% | -89.7% | -609.1% | — | -9872.7% | -1275.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -51.8% | -51.8% | -27.8% | -22.1% | -19.7% | -21.9% | -21.9% | -42.6% | -49.6% | -61.5% | -36.8% |
| ROA | -48.3% | -48.3% | -26.6% | -21.2% | -18.9% | -20.7% | -17.1% | -30.8% | -40.9% | -54.1% | -35.0% |
| ROIC | -55.3% | -55.3% | -29.7% | -21.9% | -18.3% | -23.1% | -22.0% | -47.9% | -78.3% | -70.8% | -75.7% |
| ROCE | -55.1% | -55.1% | -32.9% | -25.7% | -20.0% | -21.6% | -22.5% | -38.5% | -47.4% | -61.5% | -39.7% |
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 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.18 | 0.15 | 0.19 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.33 | -0.18 | -0.15 | -0.06 | -0.30 | -0.24 | -0.09 | -0.51 | -0.38 | -0.27 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | -59.11 | -28.02 | -23.76 | — | — |
Net cash position: cash ($199M) exceeds total debt ($8M)
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 | 13.42 | 13.42 | 17.85 | 23.65 | 26.44 | 39.03 | 12.30 | 3.34 | 29.48 | 10.98 | 18.68 |
| Quick Ratio | 13.42 | 13.42 | 17.85 | 23.65 | 26.44 | 39.03 | 12.30 | 3.34 | 29.48 | 10.98 | 18.68 |
| Cash Ratio | 13.13 | 13.13 | 17.61 | 23.40 | 26.08 | 38.53 | 11.97 | 3.26 | 28.96 | 10.69 | 18.24 |
| Asset Turnover | — | 0.01 | — | — | 0.01 | 0.03 | 0.17 | 0.05 | — | 0.01 | 0.03 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 66.72 | — | — | 38.15 | 54.74 | 20.67 | 43.45 | — | 514.05 | 40.49 |
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 | — | $79M | $78M | $67M | $61M | $44M | $35M | $26M | $19M | $18M | $15M |
Includes 30+ ratios · 14 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 XENE stock.
Xenon Pharmaceuticals Inc.'s current P/E ratio is -9.5x. The historical average is 21.0x.
Xenon Pharmaceuticals Inc.'s return on equity (ROE) is -51.8%. The historical average is -22.9%.
Based on historical data, Xenon Pharmaceuticals Inc. is trading at a P/E of -9.5x. Compare with industry peers and growth rates for a complete picture.
Xenon Pharmaceuticals Inc. has 66.1% gross margin and -4974.3% operating margin.
Key Metrics
Top Statement Risk
Cash runway versus dilution risk
Metrics are mathematically derived from official filings.
Multiples Meaningless Against Pre-Revenue Burn
According to reported figures, XENE trades at a P/E of -9.54 and a price-to-sales of 528.44, multiples that carry little analytical weight given revenue recognized in only one period across the last ten quarters. Investors should treat these metrics as signals of market expectations rather than earnings-based value.
The negative P/E reflects net losses that are structural to a clinical-stage model, so the multiple cannot be compared meaningfully against profitable peers such as ACADIA, which trades at 8.79 times earnings. The P/S of 528 implies the market is capitalizing a successful XEN1101 approval and commercial ramp rather than current economics, which places the valuation heavily on regulatory outcomes. EV-based multiples and forward estimates are unavailable here, so the price appears to rest on pipeline optionality rather than any measurable operating base.
Operating Losses Dwarf Sporadic Revenue
Based on reported figures, XENE's operating margin of -4974.3% and net margin of -4612.1% reflect an operating loss of roughly -$120.1M in 2026Q3 against revenue recognized in only one quarter at $7.5M. The gap shows margins are an artifact of partnership timing rather than operating scale.
The reported gross margin of 66% sits on negligible cost of goods, so it reveals little about underlying economics. Because R&D consumes roughly 80% of the cost base, operating margin is effectively a measure of program spend relative to milestone timing. Earning power should be judged from cash burn and development budget trajectory rather than from any single margin figure.
Returns Eroding as Equity Base Shrinks
As reported in financial statements, XENE's ROE declined from -6.7% in 2024Q2 to -18.4% in 2025Q4 before partially recovering to -9.2% in 2026Q3, while ROIC moved between -8.2% and -19.3% over the same window. The pattern reflects losses growing faster than the capital base in the middle period.
A negative ROIC is expected for a pre-commercial company, so the relevant question is whether invested capital is being converted into a validated asset, and the data does not yet show that conversion. The recent narrowing of losses may indicate better cost discipline, but it could also reflect timing of milestone recognition, which warrants further investigation. Returns should be reassessed once the regulatory review produces a commercial pathway.
Cash Covers Less Than One Quarter
According to recent SEC filings, XENE held $82.6M in cash in 2026Q3 against operating cash outflows of roughly $90.3M in the same quarter, implying reserves cover less than one quarter of current burn. The current ratio above 21 therefore overstates liquidity relative to the burn rate.
The headline current ratio of 21.19 reflects a balance sheet with minimal current liabilities, which looks strong in isolation. Against a quarterly burn of roughly $90M, however, the cash position implies a near-term need for additional capital. Investors should monitor the next financing event closely, as dilution risk is elevated under this burn profile.
Minimal Debt Masks Equity Dependence
Based on reported figures, XENE's debt-to-equity of 0.01 and total debt of $6.0M against $1.1B of equity suggest leverage is not a constraint, while the accumulated deficit of roughly -$1.6B shows paid-in capital has been largely consumed by losses. Solvency is contained, but funding remains equity-dependent.
Interest coverage is not meaningful given negative operating income, so the low leverage ratio should be read as a function of never having borrowed heavily rather than as evidence of debt capacity. The business is effectively financed through equity issuance, which places the balance sheet's resilience on continued market access. Debt-based metrics therefore understate the true financing risk.
Headline Liquidity Ratios Overstate Resilience
As reported in financial statements, XENE's current ratio of 21.19 and near-zero leverage may appear to signal strength, yet cash of $82.6M covers less than one quarter of operating outflows of roughly $90.3M. The most commonly misapplied ratio for a clinical-stage biotech is the current ratio, which obscures burn-rate dependence.
For a pre-revenue company, the current ratio measures the composition of short-term assets rather than runway, so a high figure can coexist with a rapidly depleting cash balance. Months-of-cash-on-hand, calculated as cash divided by average quarterly operating burn, and fully diluted share count growth are more informative alternatives. Investors should weigh these burn-based measures above the headline ratio when judging how soon financing will be required.