Latest Ratios: P/E Ratio -64.7x · EV/EBITDA N/A · ROE N/A. (2012–2025 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 | $16.5B | $12.9B | $8.0B | $7.1B | $6.8B | $7.4B | $8.4B | $6.5B | $2.6B | $1.3B | $538M |
| Enterprise Value | $16.8B | $13.2B | $8.3B | $7.4B | $7.0B | $7.1B | $7.9B | $5.9B | $2.3B | $1.2B | $357M |
| P/E Ratio → | -64.70 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 20.92 | 18.68 | 21.92 | 26.58 | 133.82 | 947.34 | 1214.13 | 483.74 | 243.27 | 880.44 | 116.73 |
| P/B Ratio | — | — | — | — | 26.00 | 8.34 | 10.07 | 10.84 | 9.19 | 7.20 | 3.04 |
| P/FCF | 331.73 | 296.28 | — | — | — | — | — | — | — | — | — |
| P/OCF | 279.51 | 249.64 | — | — | — | — | — | — | — | — | — |
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 | — | 19.05 | 22.73 | 27.90 | 137.20 | 916.96 | 1143.29 | 441.76 | 217.00 | 752.76 | 77.58 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 302.15 | — | — | — | — | — | — | — | — | — |
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 | 85.1% | 85.1% | 87.8% | 83.4% | 76.3% | 54.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -18.9% | -18.9% | -76.7% | -170.8% | -1097.9% | -5808.6% | -4755.1% | -1695.1% | -1462.6% | -7290.3% | -1583.2% |
| Net Profit Margin | -31.7% | -31.7% | -104.0% | -180.5% | -1139.6% | -4931.6% | -6025.5% | -1630.0% | -1229.5% | -8097.8% | -1487.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | -818.4% | -101.7% | -44.5% | -58.4% | -49.7% | -55.7% | -68.1% | -46.1% |
| ROA | -17.7% | -17.7% | -37.7% | -50.3% | -53.6% | -37.2% | -50.6% | -43.8% | -49.1% | -61.8% | -42.6% |
| ROIC | -69.1% | -69.1% | -105.4% | -106.5% | -77.8% | -68.2% | -129.9% | -899.3% | -5304.7% | — | — |
| ROCE | -51.9% | -51.9% | -154.6% | -197.2% | -82.8% | -47.3% | -42.5% | -49.9% | -66.2% | -61.3% | -49.1% |
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 | — | — | — | — | 2.35 | 0.24 | 0.11 | 0.06 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | 0.66 | -0.27 | -0.59 | -0.94 | -0.99 | -1.04 | -1.02 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 5.86 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1.69 | -1.69 | -4.70 | -9.76 | -17.83 | -97.17 | -217.55 | -177.75 | -1026.49 | -1281.21 | -13745.40 |
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 | 1.04 | 1.04 | 1.17 | 0.95 | 1.29 | 8.03 | 14.02 | 12.74 | 7.53 | 8.61 | 13.67 |
| Quick Ratio | 0.76 | 0.76 | 0.84 | 0.67 | 1.11 | 7.28 | 14.02 | 12.74 | 7.53 | 8.61 | 13.67 |
| Cash Ratio | 0.58 | 0.58 | 0.62 | 0.54 | 1.03 | 6.80 | 13.61 | 12.46 | 7.14 | 8.22 | 13.40 |
| Asset Turnover | — | 0.53 | 0.31 | 0.32 | 0.05 | 0.01 | 0.01 | 0.02 | 0.03 | 0.01 | 0.02 |
| Inventory Turnover | 0.34 | 0.34 | 0.15 | 0.21 | 0.09 | 0.05 | — | — | — | — | — |
| Days Sales Outstanding | — | 83.18 | 166.90 | 49.09 | 84.95 | 103.24 | 20.32 | 21.94 | 0.21 | 44.85 | 22.74 |
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 | 0.3% | 0.3% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.0% | 1.5% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.0% | 0.0% | 1.5% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $61M | $58M | $56M | $56M | $55M | $51M | $47M | $41M | $34M | $27M |
Commercial execution and dilution
According to current market data, ASND trades at a price-to-sales ratio of 20.44, which suggests that investors are pricing in significant future growth and the successful commercialization of the TransCon platform rather than relying on current earnings, which remain negative on a trailing twelve-month basis.
The forward P/E of 19.40 implies that the market anticipates a rapid transition to profitability as the YORVIPATH launch gains momentum. This valuation appears to command a premium relative to peers, reflecting the perceived durability of the company's endocrine franchise and the potential for the pipeline to deliver multiple high-margin assets.
Based on reported figures, ASND's ROIC has fluctuated significantly, reaching 4.2% in 2026Q1 after periods of deep negative returns, which indicates that the company is still in the early stages of generating meaningful economic value from its substantial historical R&D and infrastructure investments.
The volatility in return metrics highlights the challenge of scaling a platform-based biotech model where high fixed costs precede revenue realization. Investors should monitor whether the recent improvement in ROIC can be sustained as the company moves beyond the initial launch phase of its core products.
As reported in financial statements, the cash conversion cycle reached 993 days in 2026Q1, a figure that reflects the extended nature of inventory management and receivables collection inherent in the specialized distribution channels required for rare disease therapies compared to broader pharmaceutical industry standards.
The high DIO and DPO figures suggest that the company maintains significant inventory levels to ensure supply chain reliability for its chronic care patients. This operational structure necessitates careful management of liquidity, as the long cycle between production and cash collection can create lumpy cash flow profiles.
Based on the most recent quarterly data, the company's debt-to-equity ratio of 1.84 indicates a reliance on external financing to support its ongoing commercialization efforts, which warrants close monitoring given the current interest coverage ratio of 0.37 as reported in 2026Q1 filings.
The elevated leverage profile suggests that the company's ability to service its debt is currently dependent on continued access to capital markets or successful milestone achievements. This financial structure leaves little room for operational error and may necessitate further dilutive equity raises if commercial revenue growth does not accelerate as projected.
The price-to-earnings ratio is frequently misapplied to ASND, as the metric fails to account for the heavy non-cash R&D expenses and milestone-driven revenue that characterize the company's current transition from a clinical-stage research entity to a commercial-stage pharmaceutical business model.
Investors should instead focus on price-to-sales or enterprise value-to-revenue metrics to gauge the company's commercial traction. Relying on P/E ratios in this context obscures the underlying growth trajectory and the value of the pipeline, which is not yet reflected in the company's bottom-line profitability.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying ASND stock.
Ascendis Pharma A/S's current P/E ratio is -64.7x. This places it at the 50th percentile of its historical range.
Based on historical data, Ascendis Pharma A/S is trading at a P/E of -64.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ascendis Pharma A/S has 85.1% gross margin and -18.9% operating margin.