Latest Ratios: P/E Ratio 49.6x · EV/EBITDA 27.6x · ROE 1.9%. (2021–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Market Cap | $985M | $1.6B | $1.6B | $1.6B | $3.6B |
| Enterprise Value | $985M | $1.6B | $1.6B | $1.6B | $3.6B |
| P/E Ratio → | 49.65 | 43.76 | 7.48 | — | — |
| P/S Ratio | 24.21 | 39.47 | 7.34 | — | — |
| P/B Ratio | 1.02 | 0.90 | 0.78 | 0.81 | 0.91 |
| P/FCF | 3.55 | 5.79 | 7.31 | 5.26 | — |
| P/OCF | 3.55 | 5.79 | 7.31 | 5.26 | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| EV / Revenue | — | 39.47 | 7.34 | — | — |
| EV / EBITDA | 27.59 | 44.99 | 7.48 | — | — |
| EV / EBIT | 27.59 | — | — | — | — |
| EV / FCF | — | 5.79 | 7.31 | 5.26 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 87.7% | 87.7% | 98.1% | 100.2% | 100.1% |
| Net Profit Margin | 87.7% | 87.7% | 98.1% | 100.2% | 100.1% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| ROE | 1.9% | 1.9% | 10.4% | -55.1% | -16.1% |
| ROA | 1.8% | 1.8% | 10.3% | -54.5% | -15.9% |
| ROIC | 1.4% | 1.4% | 7.8% | -41.4% | — |
| ROCE | 1.8% | 1.8% | 10.3% | -54.5% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — |
| Net Debt / Equity | — | 0.00 | -0.00 | -0.00 | -0.00 |
| Net Debt / EBITDA | — | 0.00 | -0.00 | — | — |
| Debt / FCF | — | 0.00 | -0.00 | -0.00 | — |
| Interest Coverage | 2313.25 | 2313.25 | 141140.11 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | — |
| Quick Ratio | — | — | — | — | — |
| Cash Ratio | — | — | — | — | — |
| Asset Turnover | — | 0.02 | 0.10 | -0.80 | -0.16 |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | 0.60 | 0.56 | -0.92 | -3.65 |
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 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Dividend Yield | 10.1% | 11.5% | 11.1% | 14.4% | 4.5% |
| Payout Ratio | 517.4% | 517.4% | 83.2% | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 2.3% | 13.4% | — | — |
| FCF Yield | 28.1% | 17.3% | 13.7% | 19.0% | — |
| Buyback Yield | 9.4% | 5.8% | 2.6% | 4.6% | 1.7% |
| Total Shareholder Yield | 19.5% | 17.3% | 13.7% | 19.0% | 6.2% |
| Shares Outstanding | — | $216M | $216M | $240M | $248M |
NAV discount and liquidity
As reported in financial statements, BTX trades at a P/S of 25.10 and a P/B of 1.06, suggesting that the market is heavily discounting the trust's underlying private holdings compared to the perceived value of its public equity components and broader innovation-focused peer group.
The elevated P/S ratio appears to reflect the sharp contraction in realized gains rather than a premium on future growth potential. Investors should monitor whether the current P/B ratio near parity indicates a floor for the trust's net asset value or if further write-downs of Level 3 assets are required.
Based on the trust's reported figures, the 87.75% operating margin remains high, yet this metric is potentially misleading as it fails to account for the lack of scalability in advisory fees during periods of significant revenue decline, which reached -81.13% year-over-year.
The high operating margin is a structural artifact of the investment trust model rather than a reflection of operational efficiency. This suggests that the trust's true earning power is highly sensitive to the timing of liquidity events, which are currently stalled in the biotechnology sector.
According to recent SEC filings, the trust's closed-end term structure provides a locked-in capital base that mitigates forced liquidation risks, yet this structural advantage is currently offset by the illiquidity of its private biotechnology holdings, which represent up to 25% of the total portfolio.
While the trust is shielded from daily redemption pressures, the lack of liquidity in its private assets limits management's ability to pivot the portfolio in response to interest rate volatility. Investors should monitor the trust's distribution policy to ensure that payouts are supported by genuine investment income.
As indicated by the -81.13% revenue growth, the market often misapplies traditional revenue metrics to BTX, failing to distinguish between a genuine operational downturn and the cyclical, transactional nature of realized capital gains inherent in a closed-end trust's investment-based business model.
Using standard revenue growth to evaluate this trust obscures the underlying performance of the portfolio's innovation assets. Analysts should instead focus on the Total Return on NAV and the evolution of the discount to NAV to better gauge the trust's economic health and management's success.
Includes 30+ ratios · 4 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BTX stock.
BlackRock Technology and Private Equity Term Trust's current P/E ratio is 49.6x. The historical average is 25.6x. This places it at the 100th percentile of its historical range.
BlackRock Technology and Private Equity Term Trust's current EV/EBITDA is 27.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.2x.
BlackRock Technology and Private Equity Term Trust's return on equity (ROE) is 1.9%. The historical average is -14.7%.
Based on historical data, BlackRock Technology and Private Equity Term Trust is trading at a P/E of 49.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BlackRock Technology and Private Equity Term Trust's current dividend yield is 10.14% with a payout ratio of 517.4%.
BlackRock Technology and Private Equity Term Trust has 100.0% gross margin and 87.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.