Latest Ratios: P/E Ratio -52.7x · EV/EBITDA N/A · ROE -5.1%. (2008–2025 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 | $460M | $381M | $95M | $45M | $63M | $101M | $288M | $861M | $619M | $964M | $251M |
| Enterprise Value | $405M | $325M | $59M | $28M | $14M | $62M | $239M | $827M | $577M | $882M | $223M |
| P/E Ratio → | -52.66 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 6.37 | 5.27 | 3.32 | 6.29 | — | 16.12 | 3.64 | 53.95 | 41.81 | 106.87 | — |
| P/B Ratio | 1.57 | 1.84 | 2.84 | 1.10 | 0.76 | 0.60 | 1.20 | 3.15 | 2.94 | 8.52 | 3.14 |
| P/FCF | — | — | — | 2.00 | — | — | — | — | — | 968.19 | — |
| P/OCF | — | — | — | 1.98 | — | — | — | — | — | 518.17 | — |
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 | — | 4.50 | 2.09 | 3.85 | — | 9.86 | 3.02 | 51.80 | 39.01 | 97.78 | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | 1.22 | — | — | — | — | — | 885.78 | — |
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 | 99.8% | 99.8% | 100.0% | -582.7% | — | 100.0% | -28.1% | -434.5% | -391.4% | -390.4% | — |
| Operating Margin | -16.8% | -16.8% | -159.3% | -902.5% | — | -2121.7% | -81.9% | -643.4% | -626.4% | -579.1% | — |
| Net Profit Margin | -8.5% | -8.5% | -140.9% | -854.8% | — | -2076.4% | -78.6% | -611.6% | -613.0% | -474.7% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.1% | -5.1% | -107.9% | -98.9% | -74.0% | -63.4% | -24.2% | -40.4% | -56.1% | -44.4% | -44.6% |
| ROA | -3.2% | -3.2% | -31.4% | -51.3% | -63.6% | -54.8% | -19.7% | -31.7% | -41.5% | -32.0% | -38.2% |
| ROIC | -12.2% | -12.2% | -313.9% | -169.2% | -86.3% | -62.0% | -22.6% | -37.8% | -69.5% | -95.1% | -47.5% |
| ROCE | -8.7% | -8.7% | -53.8% | -70.6% | -72.3% | -61.2% | -22.2% | -35.8% | -45.8% | -42.3% | -40.9% |
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 | 0.01 | 0.01 | 0.09 | 0.06 | 0.04 | 0.04 | 0.04 | 0.04 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.27 | -1.06 | -0.43 | -0.59 | -0.23 | -0.20 | -0.13 | -0.20 | -0.73 | -0.36 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | -0.78 | — | — | — | — | — | -82.40 | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($58M) exceeds total debt ($3M)
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 | 5.22 | 5.22 | 2.42 | 3.41 | 5.95 | 9.59 | 9.19 | 11.57 | 12.05 | 9.13 | 7.52 |
| Quick Ratio | 5.22 | 5.22 | 2.42 | 3.49 | 5.95 | 9.59 | 9.19 | 11.57 | 12.05 | 9.13 | 7.52 |
| Cash Ratio | 5.09 | 5.09 | 2.34 | 3.32 | 5.62 | 9.12 | 8.86 | 11.21 | 11.81 | 8.89 | 7.44 |
| Asset Turnover | — | 0.28 | 0.24 | 0.05 | — | 0.03 | 0.28 | 0.05 | 0.06 | 0.05 | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 4.92 | 5.12 | 2.19 | — | 19.61 | 5.68 | 77.15 | 59.91 | 92.03 | — |
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 | — | — | — | 49.9% | — | — | — | — | — | 0.1% | — |
| Buyback Yield | 0.0% | 0.0% | 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% | 0.0% | 0.0% |
| Shares Outstanding | — | $11M | $6M | $5M | $4M | $4M | $4M | $4M | $2M | $2M | $2M |
Clinical trial failure risk
According to current market data, ASMB trades at a price-to-book ratio of 1.45, a valuation that appears to hinge entirely on the speculative potential of its next-generation capsid inhibitors rather than any tangible earnings, as evidenced by the company's negative trailing twelve-month price-to-earnings multiple of -48.62.
The current valuation suggests that investors are pricing the company as a pure-play option on clinical success rather than a traditional operating entity. Given the lack of forward earnings, the P/S ratio of 5.88 serves as a proxy for the market's willingness to pay for the company's intellectual property and partnership-backed R&D pipeline.
Based on reported figures, ASMB's return on invested capital has remained consistently negative, with a -5.3% reading in 2026Q1, illustrating the structural difficulty of generating positive returns while the company remains in a pre-commercial phase with no recurring revenue to offset its heavy clinical development expenditures.
The erratic swings in ROIC, including a brief positive period in 2025Q4, are largely attributable to the timing of milestone payments rather than operational improvements. This volatility underscores that traditional return metrics are currently poor indicators of long-term value creation for this business model.
As reported in financial statements, the company's asset turnover ratio remains extremely low at 0.03 in 2026Q1, reflecting a business model that is not yet designed to generate revenue through the efficient utilization of physical assets or inventory, but rather through the sporadic recognition of collaboration-related milestones.
The exceptionally high days payable outstanding, which reached 3981 in 2026Q1, suggests that the company is managing its cash outflows with extreme caution, likely delaying payments to preserve liquidity. This behavior is typical for clinical-stage firms that lack a predictable cash conversion cycle.
Based on recent SEC filings, ASMB maintains a current ratio of 6.65, which appears superficially strong; however, this metric is heavily influenced by deferred revenue liabilities that do not represent available cash, potentially overstating the company's actual ability to fund long-term clinical trials without further external capital.
Investors should monitor the quick ratio closely, as it provides a more conservative view of the company's immediate liquidity. The reliance on milestone-driven cash inflows means that the current liquidity position could deteriorate rapidly if clinical timelines slip or if partnership milestones are not met.
The most commonly misapplied ratio for ASMB is the gross margin, which, at 99.7% in 2026Q1, creates a misleading impression of high profitability that obscures the reality of a company that has yet to commercialize a product and is currently burning cash to fund its research pipeline.
Analysts should prioritize net cash burn over gross margin, as the latter is merely an accounting artifact of recognizing collaboration revenue without associated production costs. Focusing on margin percentages in a pre-revenue biotech context risks ignoring the fundamental reality of the company's ongoing capital consumption.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying ASMB stock.
Assembly Biosciences, Inc.'s current P/E ratio is -52.7x. This places it at the 50th percentile of its historical range.
Assembly Biosciences, Inc.'s return on equity (ROE) is -5.1%. The historical average is -69.7%.
Based on historical data, Assembly Biosciences, Inc. is trading at a P/E of -52.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Assembly Biosciences, Inc. has 99.8% gross margin and -16.8% operating margin.