Latest Ratios: P/E Ratio -5.7x · EV/EBITDA N/A · ROE N/A. (2016–2025 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 | $430M | $788M | $309M | $124M | $44M | $148M | $180M | $148M | $131M | — | — |
| Enterprise Value | $440M | $798M | $275M | $133M | $74M | $177M | $189M | $159M | $117M | — | — |
| P/E Ratio → | -5.70 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 9.65 | 17.69 | 5.36 | 2.45 | 0.92 | 2.91 | 3.93 | 2.81 | 1.94 | — | — |
| P/B Ratio | — | — | — | — | — | — | — | — | 12.95 | — | — |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 17.92 | 4.78 | 2.63 | 1.56 | 3.47 | 4.12 | 3.01 | 1.74 | — | — |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.5% | 61.5% | 69.0% | 58.8% | 59.3% | 70.5% | 71.7% | 61.3% | 68.9% | 70.4% | 68.4% |
| Operating Margin | -156.4% | -156.4% | -53.5% | -29.9% | -88.2% | -68.2% | -93.6% | -100.1% | -72.6% | -0.2% | -1.6% |
| Net Profit Margin | -188.1% | -188.1% | -76.7% | -15.6% | -114.1% | -138.8% | -121.7% | -125.9% | -91.0% | -13.4% | -18.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | -3347.4% | -608.9% | — | — |
| ROA | -64.0% | -64.0% | -55.6% | -13.7% | -91.4% | -113.0% | -78.9% | -80.1% | -94.4% | -21.7% | -24.4% |
| ROIC | — | — | — | — | — | — | — | -5019.2% | — | -1.3% | — |
| ROCE | -71.3% | -71.3% | -50.6% | -53.3% | -146.1% | -84.8% | -84.3% | -92.5% | -119.8% | -0.4% | -3.0% |
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 | — | — | — | — | — | — | — | — | 4.68 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | 12.34 | 12.70 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | -1.33 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | 7.63 | 9.67 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | 7.49 | — |
| Interest Coverage | -4.07 | -4.07 | -1.63 | -0.02 | -3.37 | -2.14 | -3.28 | -6.11 | -6.96 | -0.16 | -0.56 |
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 | 3.14 | 3.14 | 4.68 | 2.24 | 1.01 | 2.15 | 2.11 | 3.68 | 2.25 | 1.83 | 2.16 |
| Quick Ratio | 3.01 | 3.01 | 4.36 | 1.87 | 0.86 | 1.97 | 2.00 | 3.53 | 2.09 | 1.57 | 1.89 |
| Cash Ratio | 2.55 | 2.55 | 3.79 | 1.30 | 0.69 | 1.28 | 1.51 | 2.66 | 1.84 | 1.13 | 0.85 |
| Asset Turnover | — | 0.28 | 0.57 | 0.88 | 0.84 | 0.82 | 0.73 | 0.67 | 0.78 | 1.55 | 1.31 |
| Inventory Turnover | 2.78 | 2.78 | 2.96 | 3.08 | 3.35 | 3.71 | 5.27 | 7.12 | 3.86 | 4.94 | 5.67 |
| Days Sales Outstanding | — | 145.55 | 46.57 | 61.13 | 36.01 | 87.03 | 55.37 | 91.10 | 35.08 | 33.70 | 76.24 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 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% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $122M | $87M | $61M | $49M | $38M | $34M | $25M | $21M | $20M | $25M |
Clinical and regulatory binary
Based on recent market data, Aquestive trades at a P/S multiple of 9.79, which appears to reflect investor optimism regarding the Anaphylm pipeline rather than the underlying performance of its legacy royalty streams or current manufacturing services.
This valuation suggests that the market is pricing the company as a binary clinical-stage entity, effectively discounting the declining Suboxone royalty tail. Investors should monitor whether this premium can be sustained if regulatory timelines for Anaphylm face further delays or if commercial adoption fails to meet aggressive growth expectations.
According to reported financial statements, the company's cash conversion cycle has fluctuated wildly, ranging from -280 days in 2026Q1 to 61 days in 2024Q3, indicating significant instability in managing inventory and supplier payment terms.
The extreme swings in the CCC suggest that Aquestive struggles to align its manufacturing output with lumpy milestone-driven revenue recognition. This volatility warrants further investigation into whether the firm can achieve operational efficiency as it scales toward a proprietary-led commercial model.
As reported in recent SEC filings, the company maintains a current ratio of 4.10 as of 2026Q1, providing a temporary liquidity cushion that appears to be primarily supported by recent capital raises rather than operational cash generation.
While the current ratio suggests an adequate short-term position, the underlying cash burn remains a concern for long-term solvency. The reliance on external financing to maintain this liquidity profile may lead to further shareholder dilution if clinical milestones do not translate into self-sustaining revenue soon.
The P/S ratio is frequently misapplied to Aquestive, as it obscures the high proportion of non-recurring milestone payments and the rapid erosion of legacy royalty streams that do not represent sustainable, high-quality revenue growth.
Analysts should instead focus on a risk-adjusted net present value of the pipeline or a cash-burn-adjusted enterprise value. Relying on P/S multiples may lead to an overestimation of the company's intrinsic value by failing to account for the significant R&D and commercialization costs required to bring new assets to market.
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Aquestive Therapeutics, Inc.'s current P/E ratio is -5.7x. This places it at the 50th percentile of its historical range.
Based on historical data, Aquestive Therapeutics, Inc. is trading at a P/E of -5.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Aquestive Therapeutics, Inc. has 61.5% gross margin and -156.4% operating margin.