Latest Ratios: P/E Ratio -65.9x · EV/EBITDA N/A · ROE -252.1%. (2013–2025 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 | $12.5B | $9.1B | $4.1B | $3.6B | $3.1B | $1.4B | $3.0B | $3.5B | $76M | $127M | $129M |
| Enterprise Value | $12.4B | $9.0B | $3.9B | $3.4B | $3.0B | $1.4B | $2.9B | $3.3B | $69M | $103M | $102M |
| P/E Ratio → | -65.92 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 19.55 | 14.23 | 10.51 | 13.36 | 62.67 | — | — | — | — | — | — |
| P/B Ratio | 136.69 | 102.90 | 71.10 | 18.93 | 28.62 | 90.93 | 26.64 | 19.67 | 80.83 | 7.63 | 5.99 |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 14.10 | 10.19 | 12.62 | 60.55 | — | — | — | — | — | — |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 92.6% | 92.6% | 91.4% | 90.4% | 89.6% | — | — | — | — | — | — |
| Operating Margin | -26.5% | -26.5% | -72.7% | -85.7% | -359.3% | — | — | — | — | — | — |
| Net Profit Margin | -28.7% | -28.7% | -74.5% | -88.4% | -374.0% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -252.1% | -252.1% | -231.6% | -159.2% | -299.0% | -201.5% | -70.4% | -76.1% | -350.8% | -151.2% | -80.0% |
| ROA | -29.1% | -29.1% | -49.7% | -52.0% | -89.3% | -95.2% | -50.6% | -57.9% | -121.6% | -78.5% | -62.3% |
| ROIC | -1906.7% | -1906.7% | — | — | — | — | — | — | — | — | — |
| ROCE | -52.1% | -52.1% | -71.2% | -67.8% | -120.0% | -109.7% | -55.3% | -67.0% | -235.1% | -99.8% | -71.1% |
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 | 2.73 | 2.73 | 3.38 | 0.98 | 0.86 | 3.18 | 0.44 | 0.11 | 7.37 | 0.59 | 0.45 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.92 | -2.15 | -1.05 | -0.97 | -2.35 | -1.18 | -1.12 | -7.53 | -1.44 | -1.25 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -27.02 | -27.02 | -42.71 | -35.93 | -24.51 | -21.89 | -39.12 | -54.25 | -28.94 | -20.75 | -207.99 |
Net cash position: cash ($323M) exceeds total debt ($241M)
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 | 1.55 | 1.55 | 2.11 | 3.63 | 2.54 | 3.75 | 7.85 | 9.00 | 1.41 | 2.90 | 5.30 |
| Quick Ratio | 1.48 | 1.48 | 2.04 | 3.52 | 2.50 | 3.75 | 7.85 | 9.00 | 1.41 | 2.90 | 5.30 |
| Cash Ratio | 0.85 | 0.85 | 1.37 | 2.78 | 2.08 | 3.75 | 7.85 | 8.98 | 1.29 | 2.79 | 5.11 |
| Asset Turnover | — | 0.93 | 0.68 | 0.46 | 0.15 | — | — | — | — | — | — |
| Inventory Turnover | 1.70 | 1.70 | 2.12 | 1.72 | 1.20 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 128.32 | 134.38 | 127.90 | 275.00 | — | — | — | — | — | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | $50M | $48M | $45M | $41M | $38M | $37M | $34M | $27M | $23M | $19M |
High financial leverage
According to current market data, Axsome trades at a price-to-sales multiple of 19.48, which suggests investors are pricing in significant future growth and clinical success for the pipeline rather than current earnings, as evidenced by the negative TTM P/E ratio of -65.67.
The elevated P/S ratio relative to broader biotech peers indicates that the market assigns substantial value to the 'pipeline-in-a-product' potential of AXS-05. Investors should monitor whether this premium remains sustainable if the commercial ramp of Auvelity does not accelerate sufficiently to justify such high expectations.
Based on reported financial statements, the company's cash conversion cycle remains deeply negative at -233 days in 2026Q1, which, while indicative of strong supplier leverage, also reflects the inherent challenges of managing inventory and receivables during a rapid commercial scaling phase for CNS therapeutics.
The high days-inventory-outstanding of 182 days suggests that Axsome is maintaining significant stock levels to support its market expansion, which may tie up capital unnecessarily. Analysts should investigate whether this inventory buildup is a strategic buffer for anticipated demand or a sign of potential channel stuffing that could lead to future write-downs.
As reported in recent balance sheet filings, Axsome's debt-to-equity ratio has climbed to 3.97 in 2026Q1, a marked increase from 0.98 in 2023Q4, which indicates that the company is increasingly reliant on debt financing to sustain its commercial infrastructure and ongoing clinical development programs.
This trend of rising leverage warrants close monitoring, as the negative interest coverage ratio of -53.47 highlights the company's inability to service debt from current operations. The reliance on external capital to bridge the funding gap creates a precarious position should credit markets tighten or commercial growth stall.
Based on an analysis of the company's financial profile, the price-to-earnings ratio is the most commonly misapplied metric for Axsome, as it obscures the firm's true economic value by focusing on accounting losses that are driven by heavy R&D and commercial investment rather than operational failure.
Investors should instead utilize EV/Sales or probability-weighted net present value models to assess the company's worth, as these metrics better capture the long-term potential of the CNS pipeline. Relying on P/E in this context leads to a distorted view of the company's viability as a commercial-stage entity.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying AXSM stock.
Axsome Therapeutics, Inc.'s current P/E ratio is -65.9x. This places it at the 50th percentile of its historical range.
Axsome Therapeutics, Inc.'s return on equity (ROE) is -252.1%. The historical average is -175.3%.
Based on historical data, Axsome Therapeutics, Inc. is trading at a P/E of -65.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Axsome Therapeutics, Inc. has 92.6% gross margin and -26.5% operating margin.