Latest Ratios: P/E Ratio -3.8x · EV/EBITDA N/A · ROE -52.1%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $121M | $34M | $41M | $484M | $146M | — | — | — |
| Enterprise Value | $101M | $15M | $20M | $468M | $119M | — | — | — |
| P/E Ratio → | -3.81 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — |
| P/B Ratio | 2.52 | 0.65 | 0.50 | 3.88 | 1.53 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| 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 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -52.1% | -52.1% | -49.7% | -58.8% | -52.1% | -66.6% | -359.7% | -702.5% |
| ROA | -45.7% | -45.7% | -44.5% | -53.7% | -48.8% | -61.9% | -273.9% | -593.2% |
| ROIC | -61.1% | -61.1% | -48.3% | -58.9% | -53.7% | -66.7% | — | — |
| ROCE | -56.4% | -56.4% | -52.8% | -63.3% | -53.7% | -66.7% | -175.2% | -560.7% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.00 | — | — | 0.15 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.38 | -0.26 | -0.13 | -0.28 | -0.20 | -1.48 | -1.01 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -79.68 | — | — | — |
Net cash position: cash ($20M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.87 | 6.87 | 8.43 | 7.87 | 13.72 | 17.70 | 2.90 | 35.85 |
| Quick Ratio | 6.87 | 6.87 | 8.43 | 7.87 | 13.72 | 17.70 | 2.90 | 35.85 |
| Cash Ratio | 6.65 | 6.65 | 8.17 | 7.64 | 13.37 | 17.25 | 2.79 | 35.21 |
| 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 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $30M | $30M | $24M | $15M | $19M | $19M | $19M |
Clinical and liquidity insolvency
As reported in financial statements, ANTX trades at a price-to-book ratio of 2.91, which suggests that the market is heavily discounting the company's remaining assets due to the high probability of further equity dilution required to sustain its clinical development pipeline through the next major milestone.
The lack of revenue and negative earnings render traditional P/E or EV/EBITDA multiples irrelevant for assessing the company's intrinsic value. Investors should interpret the current P/B multiple as a reflection of the market's skepticism regarding the clinical viability of the boron-chemistry platform rather than a reflection of tangible asset backing.
Based on the company's reported figures, the ROIC has consistently trended in negative territory, reaching -25.8% in 2026Q1, which highlights the significant destruction of shareholder capital inherent in funding high-cost clinical trials without any offsetting commercial revenue or near-term path to profitability.
The persistent decline in ROIC over the last ten quarters indicates that the company is not currently compounding value, but rather consuming it to maintain its research infrastructure. This trend warrants further investigation into whether the recent Phase 3 trial pause will lead to a permanent impairment of the capital already invested in the EASE program.
According to recent SEC filings, the current ratio has experienced extreme volatility, dropping from 31.96 in 2025Q2 to 15.73 in 2026Q1, which underscores the rapid depletion of the company's cash reserves as it continues to fund its research and development activities without external capital inflows.
While the current ratio appears high in isolation, it is misleading for a pre-revenue biotech firm where cash is the primary asset and burn rates are high. The rapid contraction in liquidity suggests that the company may face a severe funding gap in the coming quarters, potentially necessitating a dilutive financing event.
As indicated by the company's financial statements, analysts often misapply the current ratio to evaluate ANTX's health, failing to recognize that in a pre-revenue clinical-stage firm, this metric obscures the reality that cash is being consumed at a rate that renders standard liquidity coverage ratios largely meaningless.
Instead of relying on the current ratio, investors should focus on the cash-to-burn ratio, which provides a more accurate assessment of the company's operational runway. The current reliance on standard liquidity metrics may lead to an overestimation of the company's financial stability during periods of high clinical trial expenditure.
Includes 30+ ratios · 7 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 ANTX stock.
AN2 Therapeutics, Inc.'s current P/E ratio is -3.8x. This places it at the 50th percentile of its historical range.
AN2 Therapeutics, Inc.'s return on equity (ROE) is -52.1%. The historical average is -106.5%.
Based on historical data, AN2 Therapeutics, Inc. is trading at a P/E of -3.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.