Latest Ratios: P/E Ratio -13.7x · 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 | $4.7B | $3.6B | $3.1B | $3.1B | $2.4B | $1.4B | $531M | $340M | $123M | $51M | $119M |
| Enterprise Value | $4.5B | $3.4B | $2.9B | $2.9B | $2.3B | $1.2B | $490M | $332M | $70M | $37M | $102M |
| P/E Ratio → | -13.70 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 628.84 | 473.62 | — | — | 253.04 | 73.92 | 16.52 | 49.80 | — | 163.81 | 66.17 |
| P/B Ratio | 8.14 | 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 | -38.9% | -38.9% | -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 | -43.8% | -43.8% | -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 |
Clinical trial execution dependency
Based on reported figures, Xenon trades at a price-to-sales multiple of 628.84, a valuation that appears to ignore current revenue insignificance and instead prices in a high probability of success for the XEN1101 clinical program relative to its CNS-focused peer group.
The extreme P/S ratio suggests that investors are valuing the company as a binary option on its late-stage pipeline rather than a traditional operating entity. This valuation implies that the market expects significant future commercialization success, which warrants caution given the inherent risks of Phase 3 clinical trials.
According to financial statements, Xenon's ROIC has consistently trended in negative territory, reaching -14.2% in 2026Q1, which highlights the company's current inability to generate returns on invested capital while it remains in a capital-intensive, pre-commercial development phase.
The persistent decay in ROIC is a direct consequence of the company's strategy to prioritize long-term clinical development over short-term profitability. Investors should monitor whether this trend reverses upon potential product launch, as current negative returns are structural rather than operational failures.
As reported in quarterly filings, Xenon maintains a current ratio of 27.79 as of 2026Q1, providing a substantial liquidity cushion that appears sufficient to fund ongoing Phase 3 trials despite the company's lack of recurring commercial revenue streams.
This high liquidity position is a deliberate strategy to avoid the need for dilutive financing during critical clinical trial windows. While this provides a safety net, the rapid consumption of cash suggests that the company remains vulnerable to extended regulatory timelines or trial delays.
Based on an analysis of the company's financial structure, the price-to-sales ratio is the most commonly misapplied metric for Xenon, as it erroneously suggests a commercial business model where none exists, thereby masking the company's true reliance on milestone-based funding.
Using P/S to evaluate a clinical-stage biotech is fundamentally flawed because the revenue is non-recurring and project-specific. Analysts should instead focus on the cash runway and the net present value of the clinical pipeline to better understand the company's intrinsic value.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying XENE stock.
Xenon Pharmaceuticals Inc.'s current P/E ratio is -13.7x. 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 -13.7x. Compare with industry peers and growth rates for a complete picture.
Xenon Pharmaceuticals Inc. has 66.1% gross margin and -4974.3% operating margin.