Latest Ratios: P/E Ratio -135.5x · EV/EBITDA 48.9x · ROE -24.5%. (2013–2025 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 | $2.7B | $1.0B | $251M | $384M | $582M | $636M | $391M | $293M | $1.0B | $1.3B | — |
| Enterprise Value | $2.5B | $789M | $497M | $366M | $530M | $161M | $141M | $125M | $944M | $1.3B | — |
| P/E Ratio → | -135.46 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 11.45 | 4.32 | 2.75 | 22.41 | 56.57 | 10.06 | 5.22 | 36.63 | 209.87 | 132.84 | — |
| P/B Ratio | 52.49 | 27.22 | 3.54 | 4.36 | 2.22 | 1.78 | 0.99 | 0.72 | 2.16 | 4.32 | — |
| P/FCF | 137.02 | 51.66 | — | — | — | — | — | — | — | — | — |
| P/OCF | 136.41 | 51.43 | — | — | — | — | — | — | — | — | — |
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 | — | 3.36 | 5.44 | 21.35 | 51.52 | 2.55 | 1.88 | 15.62 | 188.80 | 126.16 | — |
| EV / EBITDA | 48.95 | 15.68 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 51.42 | 16.47 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 40.23 | — | — | — | — | — | — | — | — | — |
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 | 99.0% | 99.0% | -79.5% | -671.0% | -763.2% | -55.9% | -6.7% | -1141.7% | -1023.9% | -194.4% | 7.6% |
| Operating Margin | 20.4% | 20.4% | -125.9% | -958.3% | -1119.4% | -89.9% | -31.8% | -1342.9% | -1334.4% | -287.8% | -18.1% |
| Net Profit Margin | -5.6% | -5.6% | -159.1% | -953.7% | -1251.3% | -91.5% | -26.6% | -1216.7% | -1233.1% | -300.7% | -25.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -24.5% | -24.5% | -182.7% | -93.4% | -41.6% | -15.3% | -5.0% | -21.8% | -15.5% | -17.3% | -10.4% |
| ROA | -3.1% | -3.1% | -31.0% | -30.8% | -20.5% | -10.9% | -4.7% | -20.6% | -14.7% | -15.4% | -7.2% |
| ROIC | 55.1% | 55.1% | -44.5% | -88.0% | -188.0% | -301.4% | -9.3% | -26.1% | -16.1% | -17.8% | — |
| ROCE | 12.5% | 12.5% | -26.9% | -32.9% | -19.0% | -11.1% | -6.0% | -24.1% | -16.6% | -15.5% | -5.7% |
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 | 0.38 | 0.38 | 5.21 | 0.20 | 0.07 | 0.06 | 0.00 | 0.01 | 0.02 | 0.05 | 0.35 |
| Debt / EBITDA | 0.28 | 0.28 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -6.02 | 3.48 | -0.21 | -0.20 | -1.33 | -0.63 | -0.42 | -0.22 | -0.22 | -0.95 |
| Net Debt / EBITDA | -4.45 | -4.45 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -11.43 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 0.60 | 0.60 | -1.90 | -8.69 | -5.10 | -39.86 | — | -92.65 | -36.44 | -15.94 | -8.30 |
Net cash position: cash ($238M) exceeds total debt ($14M)
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 | 9.07 | 9.07 | 9.51 | 10.87 | 17.16 | 34.40 | 20.01 | 12.79 | 19.89 | 17.93 | 10.20 |
| Quick Ratio | 9.07 | 9.07 | 9.51 | 10.87 | 17.16 | 34.40 | 20.01 | 12.79 | 19.89 | 17.93 | 10.20 |
| Cash Ratio | 8.07 | 8.07 | 8.48 | 10.44 | 16.94 | 34.05 | 19.86 | 12.67 | 19.56 | 17.63 | 8.98 |
| Asset Turnover | — | 0.64 | 0.19 | 0.04 | 0.02 | 0.10 | 0.18 | 0.02 | 0.01 | 0.03 | 0.27 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 52.66 | 163.01 | 145.75 | 50.35 | 5.06 | — | — | 12.70 | 58.44 | 116.89 |
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 | 0.7% | 1.9% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 2.6% | 6.8% | 0.2% | 13.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 2.6% | 6.8% | 0.2% | 13.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $31M | $28M | $27M | $28M | $27M | $27M | $27M | $25M | $20M | $3M |
Clinical Pipeline Execution Risk
Based on reported figures, the P/S ratio of 11.61 appears to reflect speculative optimism regarding the internal pipeline rather than the underlying volatility of milestone-dependent revenue, suggesting that investors are pricing in a successful transition to commercial-stage status that remains unproven by current financial performance metrics.
The negative P/E of -137.28 and the lack of a forward P/E highlight the company's current inability to generate consistent earnings, rendering traditional valuation multiples largely ineffective. Investors should monitor whether the market's valuation premium is justified by the long-term royalty potential of the GSK partnership or if it represents an overvaluation of high-risk, early-stage clinical assets.
As reported in financial statements, the ROIC trend remains deeply negative, with a -39.6% figure in 2026Q1, indicating that the company's heavy investment in the SHM platform and clinical trials has yet to yield a positive return on the capital deployed into its research and development programs.
The erratic swings in ROIC, including a brief positive spike in 2025Q4, are primarily driven by the timing of non-recurring milestone payments rather than sustainable operational efficiency. This volatility suggests that the company is currently destroying shareholder value through its high-burn clinical strategy, necessitating a more disciplined approach to capital allocation to achieve long-term compounding.
According to recent SEC filings, the company's asset turnover ratio remains consistently low, hovering near 0.07 in 2026Q1, which underscores the significant challenge of generating meaningful revenue from its current asset base without the support of large-scale, recurring commercial product sales or consistent royalty inflows.
The wide fluctuations in DSO, which reached 105 days in 2026Q1, suggest that the company lacks leverage in its collection cycles, likely due to the lumpy nature of milestone payments from partners. This inefficiency in working capital management warrants further investigation, as it directly impacts the company's ability to maintain a stable cash runway.
Based on ANAB's reported figures, the debt-to-equity ratio spiked to 21.76 in 2026Q1, a concerning trend that indicates an increasing reliance on debt to bridge operational funding gaps rather than utilizing equity or internal cash flow to sustain its ongoing clinical development and research activities.
The negative interest coverage ratio of -1.66 in 2026Q1 suggests that the company is struggling to service its debt obligations from operating income, creating a precarious financial position. Investors should monitor the company's ability to refinance these obligations, as the current leverage profile appears unsustainable without a significant improvement in recurring revenue streams.
The gross margin metric is frequently misapplied to AnaptysBio, as the reported 98.97% figure is an accounting artifact of licensing revenue recognition rather than a reflection of true manufacturing efficiency or the underlying cost structure of the company's proprietary SHM platform and clinical trial operations.
Analysts should instead focus on 'Core Royalty Income' and 'Operating Burn Rate' to assess the company's true earning power, as the headline gross margin obscures the high fixed costs associated with clinical development. Relying on traditional profitability ratios in this context may lead to a fundamental misunderstanding of the company's path to long-term financial sustainability.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying ANAB stock.
AnaptysBio, Inc.'s current P/E ratio is -135.5x. This places it at the 50th percentile of its historical range.
AnaptysBio, Inc.'s current EV/EBITDA is 48.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.7x.
AnaptysBio, Inc.'s return on equity (ROE) is -24.5%. The historical average is -36.9%.
Based on historical data, AnaptysBio, Inc. is trading at a P/E of -135.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AnaptysBio, Inc. has 99.0% gross margin and 20.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
AnaptysBio, Inc.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.