Latest Ratios: P/E Ratio -2.3x · EV/EBITDA N/A · ROE -310.8%. (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 | $1.7B | $1.2B | $3.4B | $3.0B | $621M | — | — | — |
| Enterprise Value | $1.7B | $1.3B | $3.3B | $2.8B | $450M | — | — | — |
| P/E Ratio → | -2.34 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — |
| P/B Ratio | 33.17 | 23.33 | 8.05 | 7.12 | 1.15 | — | — | — |
| 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 | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -310.8% | -310.8% | -198.8% | -84.4% | -180.1% | -249.4% | -342.2% | — |
| ROA | -138.5% | -138.5% | -150.0% | -69.5% | -141.9% | -168.6% | -52.1% | -153.6% |
| ROIC | -242.1% | -242.1% | -232.4% | -113.2% | -218.8% | -1662.6% | — | — |
| ROCE | -187.2% | -187.2% | -192.7% | -84.7% | -169.1% | -240.9% | -63.7% | -172.3% |
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 | 5.36 | 5.36 | 0.09 | 0.07 | 0.06 | 0.03 | 0.05 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.94 | -0.15 | -0.51 | -0.32 | -0.77 | -1.03 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | -42.57 |
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 | 3.18 | 3.18 | 3.49 | 7.98 | 6.52 | 2.26 | 3.00 | 4.96 |
| Quick Ratio | 3.18 | 3.18 | 3.49 | 7.98 | 6.52 | 2.26 | 3.00 | 4.96 |
| Cash Ratio | 2.75 | 2.75 | 3.15 | 6.89 | 5.17 | 1.81 | 2.76 | 4.79 |
| 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 |
|---|---|---|---|---|---|---|---|---|
| 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% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $108M | $91M | $71M | $45M | $36M | $36M | $48M |
Clinical trial execution dilution
According to current market data, Biohaven's price-to-book ratio of 32.72 suggests investors are pricing in significant intangible value from the Kv7 and MoDE platforms, a valuation premium that appears aggressive when compared to the more modest book multiples of peers like ACADIA Pharmaceuticals.
The elevated P/B ratio indicates that the market is assigning substantial weight to the company's intellectual property rather than its tangible assets. This valuation implies a high probability of clinical success, which may leave the stock vulnerable to significant downside if upcoming data readouts fail to meet the market's high expectations.
Based on reported financial figures, Biohaven's ROIC has remained deeply negative, reaching -82.3% in 2026Q1, which highlights the company's current status as a capital-consuming entity that has yet to generate any return on its substantial investments in clinical development.
The persistent decay in ROIC is a direct consequence of the company's aggressive, multi-program R&D strategy. Investors should monitor whether the company can eventually pivot toward positive returns as it moves closer to commercialization, though current trends suggest that capital efficiency remains secondary to pipeline advancement.
As reported in recent SEC filings, Biohaven's current ratio has fluctuated significantly, dropping from 7.41 in 2026Q1 to lower levels in previous quarters, suggesting that the company's ability to cover short-term obligations is becoming increasingly dependent on the timing of external capital raises.
While the current ratio appears superficially healthy, the lack of recurring revenue means that liquidity is entirely reliant on cash reserves. The volatility in these ratios warrants caution, as the company's high burn rate could rapidly erode this buffer if clinical trial timelines are extended or costs escalate.
Based on the latest quarterly data, Biohaven's debt-to-equity ratio has climbed to 2.16 in 2026Q1, a marked increase from the 0.07 level seen in 2023Q4, signaling a shift toward debt-based financing to sustain operations in the absence of commercial revenue.
The escalation in leverage is concerning for a pre-revenue firm, as it introduces interest-related cash outflows that further strain the company's limited liquidity. This trend suggests that management is increasingly willing to utilize the balance sheet to bridge the gap between clinical milestones, which increases the overall risk profile for equity holders.
Investors frequently misapply P/E and EV/EBITDA ratios to Biohaven, which obscures the company's true financial health because these metrics are fundamentally incompatible with a pre-revenue biotechnology firm that lacks positive earnings or operational cash flow to serve as a denominator.
Using these multiples leads to distorted conclusions about the company's value, as they fail to account for the binary nature of clinical trial outcomes. A more appropriate approach would involve risk-adjusted net present value (rNPV) modeling, which explicitly incorporates the probability of success for each pipeline asset rather than relying on historical accounting metrics.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying BHVN stock.
Biohaven Ltd.'s current P/E ratio is -2.3x. This places it at the 50th percentile of its historical range.
Biohaven Ltd.'s return on equity (ROE) is -310.8%. The historical average is -227.6%.
Based on historical data, Biohaven Ltd. is trading at a P/E of -2.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.