Latest Ratios: P/E Ratio -18.3x · EV/EBITDA N/A · ROE -5.7%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $23.8B | $23.0B | $27.4B | $25.6B | $37.5B | $67.0B | $20.3B | $7.2B | — | — |
| Enterprise Value | $15.4B | $15.6B | $17.9B | $14.2B | $23.9B | $65.6B | $19.3B | $6.7B | — | — |
| P/E Ratio → | -18.34 | — | — | 27.56 | 4.05 | 6.26 | 1430.18 | — | — | — |
| P/S Ratio | 7.59 | 8.35 | 9.96 | 6.71 | 2.17 | 3.53 | 42.01 | 65.98 | — | — |
| P/B Ratio | 1.04 | 1.20 | 1.41 | 1.27 | 1.87 | 5.63 | 14.77 | 14.52 | — | — |
| P/FCF | 77.53 | 85.28 | — | 5.49 | 2.84 | 91.00 | — | — | — | — |
| P/OCF | 47.76 | 52.53 | 131.89 | 4.77 | 2.76 | 75.25 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.66 | 6.50 | 3.71 | 1.38 | 3.45 | 40.00 | 61.88 | — | — |
| EV / EBITDA | — | — | — | 16.22 | 1.87 | 4.27 | — | — | — | — |
| EV / EBIT | — | — | — | 11.87 | 1.84 | 4.39 | — | — | — | — |
| EV / FCF | — | 57.84 | — | 3.04 | 1.81 | 89.11 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.6% | 77.6% | 80.3% | 84.3% | 82.7% | 84.7% | 87.7% | 84.0% | 89.3% | 84.9% |
| Operating Margin | -22.6% | -22.6% | -47.8% | 18.1% | 73.0% | 80.5% | -17.1% | -167.1% | -42.2% | -99.5% |
| Net Profit Margin | -39.6% | -39.6% | -24.2% | 24.4% | 54.5% | 54.2% | 3.2% | -164.9% | -37.6% | -139.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.7% | -5.7% | -3.4% | 4.6% | 59.1% | 155.2% | 1.6% | -47.1% | -43.9% | — |
| ROA | -4.9% | -4.9% | -2.9% | 4.0% | 48.2% | 113.4% | 1.0% | -24.7% | -9.3% | -22.9% |
| ROIC | -4.3% | -4.3% | -10.5% | 6.8% | 112.2% | 210.2% | -27.5% | -280.4% | — | — |
| ROCE | -3.1% | -3.1% | -6.4% | 3.3% | 77.4% | 217.4% | -6.9% | -30.6% | -14.5% | -28.3% |
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 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.18 | 0.15 | 0.20 | — |
| Debt / EBITDA | — | — | — | 0.25 | 0.02 | 0.02 | — | — | — | — |
| Net Debt / Equity | — | -0.39 | -0.49 | -0.57 | -0.68 | -0.12 | -0.71 | -0.90 | -1.34 | — |
| Net Debt / EBITDA | — | — | — | -13.10 | -1.07 | -0.09 | — | — | — | — |
| Debt / FCF | — | -27.44 | — | -2.45 | -1.03 | -1.89 | — | — | — | — |
| Interest Coverage | -73.00 | -73.00 | -50.53 | 153.85 | 819.96 | 2651.69 | -77.15 | -104.92 | -25.84 | -130.83 |
Net cash position: cash ($7.7B) exceeds total debt ($267M)
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.54 | 7.54 | 7.45 | 9.43 | 7.43 | 4.33 | 2.75 | 4.05 | 3.56 | 1.20 |
| Quick Ratio | 7.49 | 7.49 | 7.34 | 9.26 | 7.28 | 4.18 | 2.64 | 3.97 | 3.51 | 1.17 |
| Cash Ratio | 6.93 | 6.93 | 6.65 | 7.99 | 4.77 | 0.60 | 2.22 | 3.77 | 3.27 | 1.09 |
| Asset Turnover | — | 0.13 | 0.12 | 0.17 | 0.74 | 1.20 | 0.21 | 0.14 | 0.20 | 0.16 |
| Inventory Turnover | 5.57 | 5.57 | 1.91 | 1.68 | 6.81 | 5.79 | 0.93 | 1.44 | 2.36 | 2.40 |
| Days Sales Outstanding | — | 130.35 | 202.18 | 223.62 | 150.68 | 238.16 | 125.25 | 40.04 | 81.37 | 27.11 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 1.3% | — | — | — | — | — |
| Payout Ratio | — | — | — | — | 5.1% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 3.6% | 24.7% | 16.0% | 0.1% | — | — | — |
| FCF Yield | 1.3% | 1.2% | — | 18.2% | 35.2% | 1.1% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 2.9% | 2.6% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 2.9% | 3.9% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $242M | $240M | $243M | $250M | $260M | $249M | $211M | $227M | $227M |
Clinical trial execution failure
As reported in financial statements, BioNTech's P/S ratio of 7.35 and negative P/E of -17.76 suggest that the market is currently valuing the company primarily as a cash-rich holding entity rather than a growth-oriented biotechnology firm, effectively discounting the long-term potential of its oncology pipeline.
The valuation multiples appear heavily distorted by the company's massive cash position, which acts as a floor for the stock price despite the lack of current earnings. Investors should monitor the forward EV/EBITDA of 21.84, which implies that the market expects a return to profitability, though this remains highly speculative given the current clinical-stage focus.
Based on reported figures, BioNTech's ROIC has deteriorated from a positive 5.1% in 2023Q4 to a negative 4.8% in 2026Q1, reflecting the company's shift from a high-margin vaccine commercialization phase to a capital-intensive R&D phase that currently fails to generate positive returns on invested capital.
The sharp decline in ROIC highlights the difficulty of maintaining efficiency while scaling a multi-indication oncology pipeline. This trend suggests that the company is currently in a value-destructive phase of capital allocation, and investors should look for signs of stabilization in clinical trial milestones to justify the ongoing R&D spend.
According to recent SEC filings, BioNTech's cash conversion cycle has exhibited extreme volatility, swinging from a negative 203 days in 2024Q3 to a positive 417 days in 2026Q1, which indicates significant instability in inventory management and partner settlement cycles as the business model normalizes.
The erratic nature of the CCC suggests that the company's working capital is highly sensitive to the timing of vaccine-related profit-sharing payments. This lack of predictability in cash conversion warrants further investigation into the underlying operational efficiency of the supply chain as the company pivots away from pandemic-era volumes.
As evidenced by the company's financial data, the P/E ratio is the most commonly misapplied metric for BioNTech, as it fails to account for the massive cash-to-market-cap ratio and the immediate expensing of R&D costs that mask the long-term value of the clinical pipeline.
Using a P/E ratio for a company in this stage of development obscures the optionality inherent in the mRNA platform. Analysts should instead focus on an enterprise-value-to-pipeline-asset approach, which better captures the value of the R&D investments that are currently depressing net income.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying BNTX stock.
BioNTech SE's current P/E ratio is -18.3x. The historical average is 12.6x.
BioNTech SE's return on equity (ROE) is -5.7%. The historical average is 15.1%.
Based on historical data, BioNTech SE is trading at a P/E of -18.3x. Compare with industry peers and growth rates for a complete picture.
BioNTech SE has 77.6% gross margin and -22.6% operating margin.