Latest Ratios: P/E Ratio -42.4x · EV/EBITDA N/A · ROE -60.4%. (1996–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.1B | $1000M | $1.1B | $430M | $473M | $367M | $282M | $96M | $342M | $429M | $533M |
| Enterprise Value | $2.1B | $950M | $1.1B | $487M | $567M | $426M | $397M | $203M | $326M | $390M | $469M |
| P/E Ratio → | -42.43 | — | — | — | — | 51.38 | — | — | 5.09 | — | 13.13 |
| P/S Ratio | 12.44 | 5.91 | 40.48 | — | — | 16.43 | 4.77 | 0.93 | 1.98 | 2.85 | 3.07 |
| P/B Ratio | 27.88 | 13.54 | 12.90 | — | 6.04 | 2.26 | — | 34.64 | 4.05 | 10.19 | 7.85 |
| P/FCF | — | — | — | — | — | — | — | — | — | 24.21 | 6.44 |
| P/OCF | — | — | — | — | — | — | — | — | 20.55 | 22.67 | 6.32 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.62 | 39.46 | — | — | 19.07 | 6.71 | 1.96 | 1.89 | 2.60 | 2.71 |
| EV / EBITDA | — | — | — | — | — | 56.74 | — | — | 3.50 | 40.97 | 5.54 |
| EV / EBIT | — | — | — | — | — | 53.82 | — | — | 5.35 | — | 6.03 |
| EV / FCF | — | — | — | — | — | — | — | — | — | 22.04 | 5.67 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 91.0% | 91.0% | 97.0% | — | — | 74.3% | 79.5% | 83.0% | 90.6% | 91.2% | 93.7% |
| Operating Margin | -25.1% | -25.1% | -493.0% | — | — | 26.0% | -40.7% | -101.6% | 51.1% | -3.3% | 41.2% |
| Net Profit Margin | -28.9% | -28.9% | -573.2% | — | — | 31.5% | -56.1% | -92.3% | 38.9% | -27.5% | 23.5% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -60.4% | -60.4% | -481.4% | -481.5% | -64.3% | 10.6% | — | -218.2% | 106.2% | -75.1% | 87.7% |
| ROA | -29.7% | -29.7% | -107.8% | -72.3% | -27.7% | 3.0% | -19.4% | -43.1% | 27.0% | -17.9% | 20.9% |
| ROIC | -76.3% | -76.3% | -217.4% | -70.9% | -32.6% | 2.8% | -18.6% | -88.6% | 184.1% | -98.1% | 99.7% |
| ROCE | -34.9% | -34.9% | -134.6% | -65.0% | -32.7% | 2.8% | -18.0% | -66.0% | 50.6% | -2.8% | 53.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.03 | — | 1.85 | 0.80 | — | 41.67 | 0.00 | 0.02 | 0.02 |
| Debt / EBITDA | — | — | — | — | — | 17.39 | — | — | 0.00 | 0.09 | 0.01 |
| Net Debt / Equity | — | -0.67 | -0.33 | — | 1.21 | 0.36 | — | 38.31 | -0.19 | -0.91 | -0.94 |
| Net Debt / EBITDA | — | — | — | — | — | 7.84 | — | — | -0.17 | -4.03 | -0.76 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | -2.17 | -0.77 |
| Interest Coverage | -3.91 | -3.91 | -13.94 | -7.99 | -8.60 | 0.45 | -1.93 | -9.88 | 83.94 | -5.16 | 11.34 |
Net cash position: cash ($51M) exceeds total debt ($2M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.75 | 2.75 | 3.64 | 1.81 | 9.17 | 17.44 | 2.29 | 3.25 | 1.44 | 2.90 | 3.41 |
| Quick Ratio | 2.33 | 2.33 | 3.36 | 1.81 | 9.17 | 17.44 | 2.19 | 3.13 | 1.37 | 2.85 | 3.32 |
| Cash Ratio | 1.51 | 1.51 | 2.85 | 1.73 | 7.49 | 14.65 | 1.78 | 2.60 | 1.09 | 2.47 | 2.97 |
| Asset Turnover | — | 1.03 | 0.17 | — | — | 0.07 | 0.39 | 0.54 | 0.69 | 0.61 | 0.81 |
| Inventory Turnover | 0.75 | 0.75 | 0.08 | — | — | — | 3.40 | 3.67 | 2.65 | 4.07 | 2.63 |
| Days Sales Outstanding | — | 73.59 | 157.98 | — | — | 633.81 | 73.81 | 49.17 | 34.88 | 43.34 | 15.78 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 1.9% | — | — | 19.6% | — | 7.6% |
| FCF Yield | — | — | — | — | — | — | — | — | — | 4.1% | 15.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 28.7% | 6.5% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 28.7% | 6.5% | 0.0% | 0.0% |
| Shares Outstanding | — | $95M | $80M | $60M | $59M | $55M | $37M | $37M | $42M | $41M | $44M |
Single product concentration risk
According to current market data, AVDL trades at a price-to-sales multiple of 12.44, which suggests that investors are pricing in significant future market share gains for LUMRYZ relative to its specialty pharmaceutical peers, despite the company's lack of a meaningful historical earnings track record.
The forward P/E of 28.28 indicates that the market expects a rapid transition to sustained profitability as the company scales its once-nightly dosing therapy. This valuation appears to hinge on the assumption that the company can successfully capture a meaningful portion of the existing oxybate market while maintaining its current pricing power.
Based on recent financial statements, AVDL's ROIC improved to 3.4% in 2025Q3 from a deeply negative -49.9% in 2023Q2, signaling that the company is finally beginning to generate positive returns on the massive capital investments previously sunk into its proprietary Micropump delivery technology and regulatory approval processes.
The dramatic swing in ROIC highlights the transition from a cash-consuming R&D phase to a commercial-stage entity where incremental revenue now contributes directly to capital efficiency. Investors should monitor whether this trend can be sustained as the company potentially expands its pipeline or faces increased competitive pricing pressure.
As reported in quarterly filings, AVDL's asset turnover ratio has increased to 0.39 in 2025Q3 from 0.01 in 2023Q2, demonstrating that the company is becoming significantly more efficient at utilizing its asset base to generate revenue as the commercial launch of LUMRYZ gains momentum in the U.S. market.
The improvement in asset turnover suggests that the fixed costs associated with the REMS program and sales force are being leveraged more effectively as patient volume grows. However, the volatility in the cash conversion cycle warrants further investigation, as it may reflect the complexities of managing specialty pharmacy distribution channels.
According to recent balance sheet data, AVDL maintains a current ratio of 2.76, which provides a substantial liquidity cushion that appears more than adequate to support ongoing commercial operations and potential market access investments without the immediate necessity for dilutive financing or additional debt-based capital raises.
This liquidity position is particularly important given the company's reliance on a single product, as it provides the flexibility to navigate potential regulatory or competitive shocks. The quick ratio of 2.37 further confirms that the company's current assets are highly liquid and not overly dependent on inventory realization.
As noted in industry research, the trailing P/E ratio is a fundamentally flawed metric for AVDL, as it obscures the company's rapid transition from a pre-revenue clinical entity to a commercial-stage firm, thereby failing to capture the underlying operating leverage inherent in its current high-growth business model.
Investors should instead focus on EV/Sales or forward-looking profitability metrics, as the trailing P/E is heavily distorted by the massive historical R&D expenses that are no longer representative of the company's current cost structure. Relying on historical earnings in this context may lead to an inaccurate assessment of the company's true valuation and growth trajectory.
Includes 30+ ratios · 29 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 AVDL stock.
Avadel Pharmaceuticals plc's current P/E ratio is -42.4x. The historical average is 26.1x.
Avadel Pharmaceuticals plc's return on equity (ROE) is -60.4%. The historical average is -77.0%.
Based on historical data, Avadel Pharmaceuticals plc is trading at a P/E of -42.4x. Compare with industry peers and growth rates for a complete picture.
Avadel Pharmaceuticals plc has 91.0% gross margin and -25.1% operating margin.