Latest Ratios: P/E Ratio -14.6x · EV/EBITDA N/A · ROE -39.2%. (2017–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.5B | $1.9B | $1.2B | $2.1B | $737M | $812M | $335M | — | — |
| Enterprise Value | $4.2B | $1.6B | $1.0B | $1.9B | $588M | $626M | $270M | — | — |
| P/E Ratio → | -14.57 | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 4.89 | 2.49 | 2.29 | 6.54 | 4.36 | 3.14 | 2.60 | — | — |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -39.2% | -39.2% | -35.2% | -45.2% | -47.1% | -40.9% | -111.0% | — | — |
| ROA | -35.9% | -35.9% | -32.4% | -40.6% | -43.0% | -38.5% | -40.7% | -210.0% | -693.6% |
| ROIC | -55.3% | -55.3% | -62.5% | -160.1% | -162.0% | -87.6% | — | — | — |
| ROCE | -42.4% | -42.4% | -38.5% | -45.3% | -46.9% | -41.2% | -44.9% | -36.6% | -1046.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.05 | 0.03 | 0.01 | 0.01 | 0.00 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.40 | -0.39 | -0.73 | -0.88 | -0.72 | -0.50 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | -1.44 |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -61.14 | -61.14 | -55.78 | -155.83 | — | — | — | — | — |
Net cash position: cash ($340M) exceeds total debt ($36M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 19.38 | 19.38 | 29.27 | 18.61 | 7.70 | 20.70 | 14.73 | 32.93 | 2.87 |
| Quick Ratio | 19.38 | 19.38 | 29.27 | 18.61 | 7.70 | 20.70 | 14.73 | 32.93 | 2.87 |
| Cash Ratio | 18.69 | 18.69 | 28.75 | 18.42 | 7.49 | 20.47 | 14.56 | 32.44 | 2.69 |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | 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% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $67M | $53M | $39M | $35M | $31M | $15M | $21M | $29M |
Clinical trial execution dependency
Based on reported figures, Akero's price-to-book ratio of 4.89 suggests that investors are pricing the company on the potential of its pipeline rather than tangible assets, a valuation premium that appears consistent with peers like Terns Pharmaceuticals but remains highly sensitive to future clinical data readouts.
The current valuation multiple reflects a market expectation of best-in-class efficacy for efruxifermin in the MASH space. Investors should monitor whether this premium holds as the competitive landscape shifts toward commercial-stage benchmarks like Madrigal Pharmaceuticals, which may force a re-rating if clinical milestones fail to exceed existing standards.
As reported in financial statements, Akero's ROIC has remained consistently negative, reaching -8.3% in 2025Q3, which is an expected outcome for a pre-revenue biotechnology firm that is currently deploying capital into long-term research rather than generating returns on invested assets.
The persistent negative return on capital is a structural feature of the company's current development-heavy business model. This trend warrants further investigation into whether the eventual commercialization of EFX can achieve the margins necessary to pivot from capital depletion to value creation.
According to recent SEC filings, Akero maintains a robust current ratio of 15.83 as of 2025Q3, providing a significant liquidity cushion that appears designed to sustain the company through the completion of its late-stage clinical trials without immediate reliance on external debt financing.
This liquidity position is a critical defensive feature, allowing management to avoid dilutive financing during periods of market volatility. However, the rapid decline in cash reserves suggests that this buffer is finite and will require careful capital allocation to ensure the company reaches its next major data inflection point.
Based on Akero's reported figures, the company maintains a negligible debt-to-equity ratio of 0.00, which indicates a conservative capital structure that avoids interest-bearing liabilities and prioritizes equity-based funding to support its ongoing clinical development programs.
The absence of debt is a strategic advantage in the current interest rate environment, as it eliminates the risk of covenant breaches or interest expense pressure. This structure suggests that the primary financial risk remains equity dilution rather than insolvency, provided the company maintains its current cash management discipline.
As indicated by the company's financial trajectory, the use of P/E ratios or net margin analysis is fundamentally misapplied to Akero, as these metrics obscure the reality that the firm is a pre-revenue entity currently prioritizing R&D investment over short-term accounting profitability.
Investors should instead focus on the 'cash runway to data' and the efficiency of R&D spend relative to clinical progress. Applying standard profitability ratios to a clinical-stage biotech firm risks misinterpreting necessary development expenditures as operational failure, when they are in fact the primary drivers of future value.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying AKRO stock.
Akero Therapeutics, Inc.'s current P/E ratio is -14.6x. This places it at the 50th percentile of its historical range.
Akero Therapeutics, Inc.'s return on equity (ROE) is -39.2%. The historical average is -53.1%.
Based on historical data, Akero Therapeutics, Inc. is trading at a P/E of -14.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.