Latest Ratios: P/E Ratio -1.8x · EV/EBITDA N/A · ROE -389.9%. (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 | $1.9B | $927M | $213M | $224M | $414M | $1.2B | — | — |
| Enterprise Value | $1.8B | $843M | $220M | $198M | $239M | $864M | — | — |
| P/E Ratio → | -1.78 | — | — | — | — | — | — | — |
| P/S Ratio | 467.30 | 226.59 | 691.60 | 713.23 | 1777.74 | 60.17 | — | — |
| P/B Ratio | 5.30 | 4.17 | 1.83 | 0.92 | 1.56 | 3.18 | — | — |
| 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 | — | 206.23 | 714.98 | 630.78 | 1025.50 | 42.42 | — | — |
| 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 | 75.3% | 75.3% | -53.6% | -1.6% | 27.9% | 99.8% | — | — |
| Operating Margin | -2439.7% | -2439.7% | -33341.2% | -39958.9% | -61987.1% | -590.5% | — | — |
| Net Profit Margin | -16142.0% | -16142.0% | -48464.0% | -12810.2% | -65401.3% | -823.6% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -389.9% | -389.9% | -82.7% | -15.8% | -46.8% | -69.7% | -218.9% | -23.7% |
| ROA | -280.9% | -280.9% | -65.9% | -13.4% | -42.4% | -63.8% | -195.6% | -22.8% |
| ROIC | -57.0% | -57.0% | -45.0% | -60.9% | -188.5% | -729.7% | -517.8% | -44.8% |
| ROCE | -47.3% | -47.3% | -50.4% | -44.9% | -42.6% | -48.9% | -130.4% | -29.5% |
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 | 0.01 | 0.01 | 0.21 | 0.08 | 0.06 | 0.00 | 0.02 | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.37 | 0.06 | -0.11 | -0.66 | -0.94 | -1.00 | -0.50 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -85.85 | -85.85 | -32.87 | -47.24 | -156.48 | — | — | — |
Net cash position: cash ($85M) exceeds total debt ($2M)
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 | 11.74 | 11.74 | 3.21 | 9.22 | 14.43 | 17.92 | 8.09 | 24.36 |
| Quick Ratio | 11.74 | 11.74 | 3.21 | 9.22 | 14.43 | 17.92 | 8.09 | 24.36 |
| Cash Ratio | 10.91 | 10.91 | 2.50 | 8.91 | 13.73 | 17.30 | 7.91 | 18.71 |
| Asset Turnover | — | 0.01 | 0.00 | 0.00 | 0.00 | 0.05 | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 1287.81 | 1597.47 | 2623.58 | 8821.09 | 113.19 | — | — |
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% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $227M | $160M | $159M | $156M | $161M | $153M | $153M |
Clinical Trial Funding Runway
Based on reported figures, ATAI trades at a price-to-sales multiple of 476.30, a valuation that appears to heavily discount future clinical success while ignoring the current lack of commercial revenue, as evidenced by the company's non-commercial status and reliance on milestone-driven project funding.
The extreme P/S ratio suggests that investors are pricing the firm as a speculative option on its intellectual property library rather than a traditional pharmaceutical entity. This valuation warrants caution, as it implies a high probability of success for its pipeline that may not be supported by the current clinical data readouts.
According to recent financial statements, ATAI's ROIC has consistently remained in negative territory, reaching -15.6% in 2026Q1, which highlights the company's inability to generate positive returns on its invested capital while it continues to fund a broad, decentralized portfolio of early-stage psychedelic clinical programs.
The persistent decay in ROIC suggests that the hub-and-spoke model is currently consuming capital faster than it can create value through clinical milestones. Investors should monitor whether the company can narrow its focus to higher-probability assets to improve these returns, as the current trend indicates significant capital destruction.
As reported in quarterly filings, ATAI's asset turnover remains effectively at zero, reflecting a business model that has yet to transition from research-intensive development to commercial-scale operations, thereby rendering standard efficiency metrics like the cash conversion cycle largely irrelevant for assessing current operational performance.
The lack of meaningful asset turnover confirms that the company is not yet generating revenue from its core pharmaceutical assets. The high volatility in days sales outstanding and payables suggests that working capital management is currently secondary to the primary objective of extending the clinical trial runway.
Based on the provided data, ATAI's current ratio has declined from 11.74 in 2025Q4 to 10.02 in 2026Q1, a trend that, while numerically high, masks the rapid depletion of cash reserves required to sustain the firm's extensive and capital-intensive clinical trial infrastructure.
While the current ratio appears robust, it is a misleading indicator of long-term health given the company's high cash burn rate and lack of recurring revenue. The rapid consumption of cash suggests that the firm may face liquidity constraints in the near term if clinical milestones are not met.
The most commonly misapplied metric for ATAI is the P/E ratio, which, at -1.82, provides no meaningful insight into the company's value because the firm is pre-revenue and currently in a phase of heavy investment where earnings are intentionally negative to fund future clinical development.
Investors should instead focus on cash runway and the net present value of the pipeline, as the P/E ratio obscures the reality that the company is an investment vehicle for psychedelic IP. Relying on earnings-based multiples in this context may lead to an incorrect assessment of the firm's true risk profile.
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 ATAI stock.
Atai Beckley N.V's current P/E ratio is -1.8x. This places it at the 50th percentile of its historical range.
Atai Beckley N.V's return on equity (ROE) is -389.9%. The historical average is -121.1%.
Based on historical data, Atai Beckley N.V is trading at a P/E of -1.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Atai Beckley N.V has 75.3% gross margin and -2439.7% operating margin.