Latest Ratios: P/E Ratio -0.2x · EV/EBITDA N/A · ROE -290.8%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $17M | $32M | $23M | $92M | $120M | $481M | $1.1B | — | — |
| Enterprise Value | $-30104530 | $-36105482 | $-24632723 | $3M | $26M | $372M | $1.1B | — | — |
| P/E Ratio → | -0.17 | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.37 | 1.16 | 0.50 | 0.71 | 0.51 | 1.50 | 4.06 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| 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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -290.8% | -290.8% | -110.8% | -64.4% | -34.4% | -18.4% | -15.7% | — | — |
| ROA | -139.9% | -139.9% | -88.5% | -56.2% | -32.4% | -17.9% | -14.2% | -144.9% | -103.3% |
| ROIC | — | — | -390.0% | -103.3% | -44.1% | -22.5% | -15.4% | — | — |
| ROCE | -226.5% | -226.5% | -114.0% | -68.2% | -37.2% | -21.4% | -14.5% | -206.5% | -114.9% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.03 | 0.01 | 0.01 | 0.01 | 0.00 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -2.46 | -1.05 | -0.68 | -0.40 | -0.34 | -0.22 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -3.65 | -18283.33 | -53.37 | -13.92 | -565.33 |
Net cash position: cash ($69M) exceeds total debt ($803000)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.88 | 1.88 | 4.18 | 5.37 | 9.68 | 28.07 | 43.66 | 1.70 | 8.56 |
| Quick Ratio | 1.88 | 1.88 | 4.18 | 5.37 | 9.74 | 28.07 | 43.66 | 1.70 | 8.56 |
| Cash Ratio | 1.86 | 1.86 | 3.90 | 5.11 | 9.35 | 27.31 | 41.93 | 1.62 | 8.42 |
| 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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $3M |
Binary Clinical Trial Outcome
According to recent financial data, Athira trades at a price-to-book ratio of 0.37, which, as reported in financial statements, suggests that the market is heavily discounting the firm's intellectual property and clinical pipeline relative to its historical valuation and the broader neurology-focused biotechnology peer group.
The low P/B multiple indicates that investors are assigning minimal value to the company's R&D assets, likely reflecting the market's skepticism following mixed Phase 2 results. This valuation level implies that the market views the current cash position as the primary floor for the stock, rather than the potential future commercial success of the HGF/MET pathway.
Based on reported figures, Athira's ROIC has consistently remained in negative territory, with a recent reading of -51.7% in 2025Q3, illustrating the substantial capital destruction inherent in funding late-stage clinical trials without any offsetting revenue generation or commercialized product success to date.
The persistent negative ROIC highlights the company's inability to generate returns on invested capital, which is expected for a pre-revenue biotech but underscores the high-risk nature of the current business model. Investors should monitor whether the upcoming clinical data can provide a catalyst to reverse this trend, as the current trajectory suggests continued erosion of shareholder value.
As reported in financial statements, Athira's current ratio has fluctuated significantly, dropping from 10.81 in 2025Q2 to 1.88 by 2025Q4, which indicates a rapid narrowing of the company's liquidity cushion as it accelerates spending on the LIFT-AD clinical trial program.
While the current ratio remains above 1.0, the sharp decline suggests that the company's ability to withstand operational shocks or further trial delays is diminishing. This trend warrants close investigation, as the firm's reliance on cash reserves to fund ongoing R&D leaves little room for error before a potential liquidity crunch.
As indicated by the company's quarterly financial statements, the use of P/E ratios to evaluate Athira is fundamentally flawed, as the firm is pre-revenue and currently generating significant net losses, which obscures the true value of its clinical-stage pipeline and potential future therapeutic market share.
Analysts should instead focus on metrics like cash runway and the probability-weighted net present value of clinical assets, as traditional earnings-based multiples are irrelevant for a company in this stage of development. Relying on P/E or EV/EBITDA in this context may lead to erroneous conclusions regarding the firm's long-term viability and intrinsic value.
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Quick answers to the most common questions about buying ATHA stock.
Athira Pharma, Inc.'s current P/E ratio is -0.2x. This places it at the 50th percentile of its historical range.
Athira Pharma, Inc.'s return on equity (ROE) is -290.8%. The historical average is -89.1%.
Based on historical data, Athira Pharma, Inc. is trading at a P/E of -0.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.