Latest Ratios: P/E Ratio -2.3x · EV/EBITDA N/A · ROE -221.5%. (2022–2025 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 |
|---|---|---|---|---|---|
| Market Cap | $131M | $286M | — | — | — |
| Enterprise Value | $84M | $240M | — | — | — |
| P/E Ratio → | -2.27 | — | — | — | — |
| P/S Ratio | — | — | — | — | — |
| P/B Ratio | 1.23 | 2.69 | — | — | — |
| 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 |
|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — |
| Operating Margin | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | -221.5% | -221.5% | — | — | — |
| ROA | -59.2% | -59.2% | -46.8% | -52.8% | -80.9% |
| ROIC | — | — | — | — | — |
| ROCE | -70.0% | -70.0% | -55.8% | -58.6% | -70.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | — | — | — |
| Debt / EBITDA | — | — | — | — | — |
| Net Debt / Equity | — | -0.44 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — |
Net cash position: cash ($47M) exceeds total debt ($441000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 10.61 | 10.61 | 15.05 | 7.50 | 27.72 |
| Quick Ratio | 10.61 | 10.61 | 15.05 | 7.50 | 27.72 |
| Cash Ratio | 10.43 | 10.43 | 14.95 | 7.23 | 27.07 |
| Asset Turnover | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — |
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 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — |
| FCF Yield | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $22M | $22M | $21M | $21M |
Clinical trial funding shortfall
As reported in financial statements, AARD's P/B ratio of 0.98 suggests the market is pricing the company near its liquidation value, reflecting significant skepticism regarding the clinical success of its lead metabolic candidate compared to peers like Rhythm Pharmaceuticals which trade at much higher multiples.
The current P/B ratio indicates that investors are assigning minimal value to the company's intellectual property pipeline, likely due to the high execution risk inherent in Phase III trials. This valuation level suggests that the market is heavily discounting future commercial potential until definitive clinical data is released.
Based on AARD's reported figures, the ROIC has deteriorated to -39.7% in 2026Q1, illustrating the company's ongoing struggle to generate positive returns on invested capital while it remains in a pre-revenue, high-expenditure phase of its clinical development lifecycle.
The persistent negative ROIC is a direct consequence of the company's heavy reliance on external capital to fund R&D without any offsetting revenue streams. This trend warrants further investigation into whether the current capital allocation will yield a sufficient return once the lead candidate reaches the commercialization stage.
According to recent SEC filings, AARD's current ratio has declined from 25.86 in 2025Q1 to 8.06 in 2026Q1, signaling a rapid consumption of liquid assets as the company ramps up its Phase III clinical trial activities and associated operational costs.
While a current ratio of 8.06 remains technically high, the rapid downward trend suggests that the company's liquidity position is becoming increasingly strained. Investors should monitor this metric closely, as it may indicate an approaching need for dilutive financing to sustain operations through the next data readout.
As indicated by the company's financial data, the use of P/E ratios is fundamentally misapplied to AARD, as the firm lacks revenue and is currently in a deep loss-making phase, rendering traditional earnings-based valuation metrics entirely irrelevant for assessing its true business potential.
Analysts often mistakenly apply P/E or EV/EBITDA to clinical-stage biotechs, which obscures the reality that these companies are valued on clinical milestones rather than current earnings. Instead, investors should focus on the cash-to-burn ratio and the clinical trial timeline to better gauge the company's survival and value-creation potential.
Includes 30+ ratios · 4 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AARD stock.
Aardvark Therapeutics, Inc. Common Stock's current P/E ratio is -2.3x. This places it at the 50th percentile of its historical range.
Aardvark Therapeutics, Inc. Common Stock's return on equity (ROE) is -221.5%. The historical average is -221.5%.
Based on historical data, Aardvark Therapeutics, Inc. Common Stock is trading at a P/E of -2.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.