Latest Ratios: P/E Ratio -68.3x · EV/EBITDA N/A · ROE -16.9%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $6.3B | $5.4B | $1.9B | $1.2B | $602M | — | — |
| Enterprise Value | $6.0B | $5.0B | $1.9B | $1.1B | $561M | — | — |
| P/E Ratio → | -68.26 | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — |
| P/B Ratio | 6.86 | 6.96 | 13.21 | 13.45 | 14.51 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -16.9% | -16.9% | -30.6% | -48.0% | -95.8% | — | — |
| ROA | -16.6% | -16.6% | -29.3% | -45.5% | -40.4% | -43.8% | -22.3% |
| ROIC | -23.7% | -23.7% | -50.9% | -1381.7% | — | — | — |
| ROCE | -18.4% | -18.4% | -33.7% | -47.6% | -43.5% | -47.2% | -23.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.01 | 0.02 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.46 | -0.21 | -0.97 | -0.99 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -1805.90 | -1263.92 | -789.50 | — | -273.48 |
Net cash position: cash ($353M) exceeds total debt ($429000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 50.02 | 50.02 | 24.31 | 24.76 | 20.35 | 10.66 | 26.41 |
| Quick Ratio | 50.02 | 50.02 | 24.31 | 24.76 | 20.35 | 10.66 | 26.41 |
| Cash Ratio | 49.83 | 49.83 | 23.99 | 24.27 | 20.00 | 10.61 | 26.36 |
| 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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| 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 | — | $34M | $31M | $27M | $20M | $24M | $9M |
Binary clinical trial outcomes
Based on reported figures, Belite Bio trades at a price-to-book ratio of 6.47, which, when compared to the broader biotech sector, suggests that investors are assigning a significant premium to the company's intellectual property and the potential success of its late-stage clinical pipeline over current book value.
The negative P/E ratio of -64.39 is characteristic of a pre-revenue firm and provides little utility for traditional valuation, shifting the focus entirely to the probability-weighted net present value of future cash flows. Investors should monitor whether this valuation multiple compresses as the company approaches critical data readouts, as the market may be pricing in a high probability of regulatory success that remains unproven.
As reported in financial statements, the company's ROIC has fluctuated significantly, reaching -10.1% in 2025Q4, which highlights the inherent difficulty in generating positive returns on invested capital while the firm remains entirely focused on the high-cost, non-revenue-generating phase of clinical drug development.
The volatility in ROIC, which saw a sharp decline from -78.3% in 2024Q2, suggests that capital efficiency is currently secondary to the aggressive deployment of funds into Phase 3 trials. This trend warrants further investigation, as sustained negative returns on capital will eventually necessitate either a successful commercial launch or further dilutive financing to maintain operations.
According to recent SEC filings, Belite Bio maintains a current ratio of 50.02 as of 2025Q4, indicating an exceptionally strong liquidity position that provides a substantial buffer against the firm's ongoing operational cash burn as it advances its late-stage clinical programs toward potential regulatory milestones.
This high current ratio is a direct result of the company's successful capital-raising efforts, which have left it with a cash-heavy balance sheet and minimal current liabilities. While this position is enviable for a clinical-stage biotech, it also implies that the company is not currently utilizing its balance sheet to optimize for growth, instead prioritizing the preservation of capital for trial execution.
Based on an analysis of the company's financial structure, the price-to-book ratio is the most commonly misapplied metric for Belite Bio, as it fails to capture the value of intangible assets like clinical trial data and intellectual property that drive the firm's true market valuation.
Investors should instead focus on the cash runway and the probability-adjusted value of the lead asset, Tinlarebant, rather than accounting book value. Relying on P/B ratios in this context obscures the reality that the company's primary value is derived from future potential, not the historical cost of its assets.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying BLTE stock.
Belite Bio, Inc's current P/E ratio is -68.3x. This places it at the 50th percentile of its historical range.
Belite Bio, Inc's return on equity (ROE) is -16.9%. The historical average is -47.8%.
Based on historical data, Belite Bio, Inc is trading at a P/E of -68.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.