Latest Ratios: P/E Ratio -65.4x · EV/EBITDA 16.0x · ROE -16.4%. (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 | $365M | $414M | $401M | $232M | $105M | $375M | $388M | $748M | $646M | $647M | $393M |
| Enterprise Value | $396M | $445M | $538M | $294M | $115M | $361M | $285M | $709M | $557M | $577M | $205M |
| P/E Ratio → | -65.38 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.54 | 1.75 | 2.50 | 1.19 | 0.36 | 1.77 | 1.32 | 2.23 | 3.11 | 3.63 | 255.79 |
| P/B Ratio | 10.72 | 12.70 | — | — | 20.17 | 5.07 | 1.57 | 1.90 | 1.02 | 5.42 | 5.76 |
| P/FCF | 5.37 | 6.09 | — | — | — | — | — | — | — | — | 7.11 |
| P/OCF | 5.37 | 6.09 | — | — | — | — | — | — | — | — | 6.78 |
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 | — | 1.89 | 3.36 | 1.51 | 0.39 | 1.71 | 0.97 | 2.12 | 2.68 | 3.24 | 133.74 |
| EV / EBITDA | 16.00 | 17.99 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 16.86 | 21.78 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 6.55 | — | — | — | — | — | — | — | — | 3.72 |
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 | 83.3% | 83.3% | 60.6% | 61.9% | 92.3% | 61.5% | 78.3% | 56.6% | 96.3% | 99.7% | -7443.0% |
| Operating Margin | 9.9% | 9.9% | -31.5% | -23.8% | -27.6% | -125.0% | -128.2% | -85.5% | -85.8% | -44.9% | -8889.9% |
| Net Profit Margin | -2.3% | -2.3% | -43.3% | -26.7% | -32.2% | -133.3% | -130.6% | -83.5% | -82.7% | -43.2% | -8843.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -16.4% | -16.4% | — | — | -237.8% | -175.4% | -119.8% | -54.3% | -45.5% | -82.1% | -136.3% |
| ROA | -1.8% | -1.8% | -30.0% | -17.4% | -21.3% | -48.1% | -54.4% | -31.6% | -25.3% | -23.2% | -61.3% |
| ROIC | 23.2% | 23.2% | -64.0% | -153.4% | -162.0% | -193.5% | -113.3% | -47.6% | -44.9% | -121.9% | — |
| ROCE | 13.3% | 13.3% | -35.8% | -25.1% | -32.7% | -72.9% | -74.1% | -44.3% | -37.5% | -39.4% | -86.1% |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 6.63 | 6.63 | — | — | 19.08 | 1.84 | 0.51 | 0.27 | 0.02 | — | — |
| Debt / EBITDA | 8.73 | 8.73 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.96 | — | — | 1.78 | -0.19 | -0.42 | -0.10 | -0.14 | -0.59 | -2.75 |
| Net Debt / EBITDA | 1.27 | 1.27 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 0.46 | — | — | — | — | — | — | — | — | -3.39 |
| Interest Coverage | 0.85 | 0.85 | -2.82 | -7.61 | -2.21 | -11.43 | -19.67 | -204.49 | — | — | — |
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 | 1.13 | 1.13 | 1.41 | 1.18 | 1.43 | 1.04 | 1.98 | 1.49 | 1.76 | 2.48 | 2.59 |
| Quick Ratio | 1.04 | 1.04 | 1.21 | 1.03 | 1.26 | 0.90 | 1.66 | 0.93 | 1.33 | 2.48 | 2.59 |
| Cash Ratio | 1.13 | 1.13 | 0.64 | 0.43 | 0.70 | 0.57 | 1.44 | 0.71 | 1.21 | 2.20 | 2.28 |
| Asset Turnover | — | 0.63 | 0.73 | 0.81 | 0.82 | 0.40 | 0.46 | 0.43 | 0.21 | 0.49 | 0.01 |
| Inventory Turnover | 2.53 | 2.53 | 3.89 | 4.73 | 1.04 | 2.22 | 1.05 | 1.25 | 0.07 | — | — |
| Days Sales Outstanding | — | 72.68 | 78.31 | 73.69 | 50.27 | 88.95 | 35.40 | 42.34 | 29.28 | 70.17 | 8042.60 |
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 | 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 | 18.6% | 16.4% | — | — | — | — | — | — | — | — | 14.1% |
| Buyback Yield | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $257M | $211M | $187M | $183M | $166M | $138M | $118M | $117M | $44M | $38M |
Commercial adoption and reimbursement
Based on current financial data, Akebia trades at a P/S ratio of 1.29, which appears to discount the commercial potential of Vafseo while highlighting investor skepticism regarding the company's ability to achieve sustained profitability compared to more established specialty pharmaceutical peers with broader, more diversified revenue streams.
The negative P/E ratio and lack of a forward P/E multiple underscore the market's focus on cash burn rather than earnings. Investors should monitor whether the current valuation implies a terminal decline or if it represents a mispricing of the Vafseo launch synergy within the dialysis market.
As reported in recent financial statements, Akebia's ROIC has exhibited extreme swings, ranging from a peak of 85.1% in 2023Q4 to negative territory in 2026Q1, suggesting that the company struggles to maintain consistent capital compounding as it navigates the high-cost transition into a multi-product commercial entity.
The erratic nature of these returns indicates that the company's capital allocation is heavily influenced by non-recurring events and lumpy milestone payments. This volatility warrants further investigation into whether the core business can generate sustainable returns on invested capital without relying on external collaboration revenue.
According to quarterly filings, Akebia's cash conversion cycle has fluctuated significantly, reaching 89 days in 2026Q1, which reflects ongoing challenges in managing inventory and accounts receivable effectively within the highly concentrated and specialized U.S. dialysis organization landscape that dictates the company's operational cash flow timing.
The high DIO and DSO figures suggest that the company may be facing friction in its distribution channels or that the LDOs hold significant leverage over payment terms. Investors should monitor these metrics as indicators of whether the Vafseo launch is gaining traction or if inventory is building up in the channel.
Based on reported figures, Akebia's debt-to-equity ratio of 0.46 in 2026Q1 highlights a reliance on external financing to bridge operational gaps, which may limit the company's strategic flexibility as it attempts to scale its commercial infrastructure in a competitive and reimbursement-sensitive nephrology market environment.
While the current interest coverage remains strained, the company's ability to secure non-dilutive financing has historically provided a buffer. However, the lack of consistent operating income suggests that future debt service could become a more significant constraint if commercial adoption of Vafseo fails to meet internal targets.
The P/E ratio is the most commonly misapplied metric for Akebia, as it fails to account for the company's heavy reliance on non-cash stock-based compensation and lumpy collaboration milestones, which distort the true economic earning power of the underlying Auryxia and Vafseo commercial franchises.
Analysts should instead focus on adjusted EBITDA or cash-burn-to-runway metrics to better assess the company's operational viability. Relying on traditional earnings multiples in this context may lead to an inaccurate assessment of the company's ability to reach self-sustaining cash flow generation.
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Quick answers to the most common questions about buying AKBA stock.
Akebia Therapeutics, Inc.'s current P/E ratio is -65.4x. This places it at the 50th percentile of its historical range.
Akebia Therapeutics, Inc.'s current EV/EBITDA is 16.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.0x.
Akebia Therapeutics, Inc.'s return on equity (ROE) is -16.4%. The historical average is -97.1%.
Based on historical data, Akebia Therapeutics, Inc. is trading at a P/E of -65.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Akebia Therapeutics, Inc. has 83.3% gross margin and 9.9% operating margin.
Akebia Therapeutics, Inc.'s Debt/EBITDA ratio is 8.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.