Latest Ratios: P/E Ratio -0.4x · EV/EBITDA N/A · ROE -65.0%. (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 | $26M | $28M | $48M | $142M | $90M | $413M | — | — |
| Enterprise Value | $-33419776 | $-30805947 | $-51043920 | $13M | $-95914850 | $206M | — | — |
| P/E Ratio → | -0.38 | — | — | — | 16.79 | — | — | — |
| P/S Ratio | — | — | 3.18 | 176.61 | 2.01 | 1541.68 | — | — |
| P/B Ratio | 0.34 | 0.38 | 0.37 | 0.76 | 0.37 | 1.64 | — | — |
| 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 | — | — | -3.41 | 15.62 | -2.15 | 769.92 | — | — |
| EV / EBITDA | — | — | — | — | -340.12 | — | — | — |
| EV / EBIT | — | — | — | — | -110.37 | — | — | — |
| 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 | — | — | 100.0% | 100.0% | 100.0% | 100.0% | -198.4% | -336.0% |
| Operating Margin | — | — | -454.1% | -10463.1% | -9.0% | -16873.5% | -415.8% | -374.9% |
| Net Profit Margin | — | — | -408.0% | -9145.5% | 11.9% | -18979.5% | -367.3% | -302.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -65.0% | -65.0% | -38.5% | -34.1% | 2.2% | -40.8% | — | — |
| ROA | -51.4% | -51.4% | -32.6% | -30.3% | 1.9% | -30.7% | -50.8% | -108.9% |
| ROIC | -174.5% | -174.5% | -114.1% | -109.0% | -5.9% | -148.5% | — | — |
| ROCE | -46.6% | -46.6% | -39.2% | -36.5% | -1.5% | -28.9% | -71.2% | -193.1% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.15 | 0.15 | 0.09 | 0.07 | 0.04 | 0.03 | — | — |
| Debt / EBITDA | — | — | — | — | 31.11 | — | — | — |
| Net Debt / Equity | — | -0.80 | -0.76 | -0.69 | -0.76 | -0.82 | — | — |
| Net Debt / EBITDA | — | — | — | — | -658.20 | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -1060.16 | -1060.16 | -1154.23 | -2731.93 | 45.74 | -18.17 | -4.66 | -170.21 |
Net cash position: cash ($70M) exceeds total debt ($11M)
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 | 7.77 | 7.77 | 8.03 | 12.45 | 17.40 | 20.32 | 6.27 | 2.83 |
| Quick Ratio | 7.77 | 7.77 | 8.03 | 12.45 | 17.40 | 20.32 | 6.27 | 2.83 |
| Cash Ratio | 7.03 | 7.03 | 7.07 | 11.28 | 15.88 | 19.18 | 5.66 | 1.99 |
| Asset Turnover | — | — | 0.09 | 0.00 | 0.17 | 0.00 | 0.10 | 0.36 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | 316.94 | 3613.14 | 147.34 | 15956.49 | 39.22 | 208.38 |
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 | — | — | — | — | 6.0% | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $41M | $39M | $38M | $38M | $37M | $8M | $8M |
Clinical trial funding exhaustion
Based on reported figures, Barinthus trades at a price-to-book ratio of 0.38, which suggests the market is pricing the company significantly below its net asset value, likely reflecting deep skepticism regarding the future commercial viability of its clinical-stage T-cell redirection platform.
The current valuation appears to be a 'cash-plus-option' model where the market assigns minimal value to the pipeline beyond the liquid assets on the balance sheet. This discount relative to peers like Immunocore suggests that investors are heavily discounting the company's ability to achieve a functional cure for HBV without further dilutive financing.
As reported in financial statements, the company's ROIC has fluctuated significantly, hitting a low of -61.8% in 2025Q2, which underscores the inherent difficulty of generating positive returns on invested capital while the firm remains in a pre-revenue, high-expenditure clinical development phase.
The volatility in ROIC, ranging from -12.0% to -61.8% over the last ten quarters, highlights the lack of operational leverage currently present in the business model. Investors should monitor whether future milestone payments can stabilize these returns, though current trends suggest that capital is being consumed faster than it can be productively deployed.
According to recent quarterly filings, the current ratio has compressed from 12.45 in 2023Q4 to 6.05 in 2026Q1, indicating that while the company maintains a high level of short-term liquidity, the rapid consumption of cash reserves is steadily reducing its financial flexibility.
The decline in the current ratio is a direct consequence of the persistent cash burn required to fund the VTP-300 and VTP-200 programs. While the current liquidity position remains adequate for immediate operations, the downward trend warrants close scrutiny as the company approaches critical clinical inflection points without a recurring revenue stream.
Data from recent quarterly reports suggests that analysts often misapply traditional profitability metrics like P/E or net margins to Barinthus, which obscures the reality that the company is a clinical-stage entity where current losses are a deliberate investment in future intellectual property.
Using P/E ratios for a company with -100% revenue growth is fundamentally flawed as it ignores the optionality of the SNAP-TI platform. Instead, investors should focus on the cash runway and the probability-weighted net present value of the clinical pipeline to better assess the company's true economic potential.
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Barinthus Biotherapeutics plc's current P/E ratio is -0.4x. The historical average is 16.8x.
Barinthus Biotherapeutics plc's return on equity (ROE) is -65.0%. The historical average is -35.2%.
Based on historical data, Barinthus Biotherapeutics plc is trading at a P/E of -0.4x. Compare with industry peers and growth rates for a complete picture.