Latest Ratios: P/E Ratio -1.7x · EV/EBITDA N/A · ROE -471.4%. (2011–2025 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $30M | $216M | $27M | $27M | $70M | $122M | $40M | $13M | $8M | $7M | $111M |
| Enterprise Value | $8M | $194M | $12M | $18M | $36M | $71M | $36M | $9M | $823070 | $-564671 | $89M |
| P/E Ratio → | -1.73 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 29.32 | 209.43 | 2709.59 | 9.61 | 7.02 | — | — | — | — | — | 145.27 |
| P/B Ratio | 81.80 | 75.90 | — | — | 6.32 | 3.16 | — | 28.97 | 1.13 | 0.53 | 8.49 |
| P/FCF | — | — | 5.50 | — | — | — | — | — | — | — | — |
| P/OCF | — | — | 4.91 | — | — | — | — | — | — | — | — |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 188.02 | 1238.30 | 6.38 | 3.60 | — | — | — | — | — | 116.38 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | 2.51 | — | — | — | — | — | — | — | — |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -137.5% | -137.5% | -146110.2% | -670.6% | -201.4% | — | — | — | — | — | 47.8% |
| Operating Margin | -1315.5% | -1315.5% | -239692.2% | -1101.9% | -313.9% | — | — | — | — | — | -4850.4% |
| Net Profit Margin | -1300.7% | -1300.7% | -41430.9% | -1074.2% | -309.5% | — | — | — | — | — | -5131.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -471.4% | -471.4% | — | -994.7% | -124.1% | -205.8% | — | -398.0% | -167.2% | -87.1% | -127.1% |
| ROA | -49.1% | -49.1% | -18.7% | -92.6% | -62.1% | -122.2% | -365.5% | -186.8% | -151.6% | -44.3% | -67.8% |
| ROIC | — | — | — | — | — | — | — | — | -447.9% | — | — |
| ROCE | -292.0% | -292.0% | -3624.9% | -475.8% | -120.8% | -197.1% | -3185.4% | -334.9% | -168.6% | -65.7% | -89.9% |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.93 | 0.93 | — | — | 0.04 | 0.01 | — | 1.82 | — | — | 0.98 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -7.76 | — | — | -3.08 | -1.33 | — | -9.03 | -1.01 | -0.57 | -1.69 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | -2.99 | — | — | — | — | — | — | — | — |
| Interest Coverage | -16.47 | -16.47 | — | — | — | — | — | — | — | -34.65 | -16.57 |
Net cash position: cash ($25M) exceeds total debt ($3M)
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.14 | 1.14 | 0.85 | 0.86 | 1.36 | 3.44 | 0.91 | 1.15 | 6.64 | 8.64 | 2.17 |
| Quick Ratio | 1.14 | 1.14 | 0.85 | 0.86 | 1.36 | 3.44 | 0.91 | 1.15 | 375.72 | 8.31 | 2.28 |
| Cash Ratio | 1.04 | 1.04 | 0.73 | 0.51 | 1.10 | 3.22 | 0.61 | 0.85 | 6.24 | 7.82 | 2.06 |
| Asset Turnover | — | 0.03 | 0.00 | 0.13 | 0.23 | — | — | — | — | — | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 203.04 | 8579.66 | 123.39 | 62.17 | — | — | — | — | — | — |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | 18.2% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $112M | $8M | $7M | $7M | $5M | $3M | $1M | $894368 | $269356 | $1M |
Binary clinical trial outcomes
Based on reported figures, Daré's P/S ratio of 29.46 suggests that the market is pricing the company as a high-risk R&D vehicle rather than a traditional pharmaceutical entity, with valuation heavily dependent on the successful transition of pipeline assets like Ovaprene into recurring royalty-generating commercial products.
The elevated P/S multiple relative to diversified peers indicates that investors are paying a significant premium for the optionality of the company's proprietary delivery platforms. This valuation appears to discount the current lack of earnings, implying that the market expects a binary re-rating upon successful clinical trial readouts rather than a steady-state growth trajectory.
As reported in financial statements, Daré's gross margin profile remains deeply inconsistent, swinging from a negative 360.3% in 2024Q1 to a positive 100% in 2025Q3, which underscores the significant impact of non-recurring milestone payments and inventory adjustments inherent in the current early-stage commercialization phase.
The extreme fluctuations in operating margins suggest that the company's earning power is currently non-existent, as fixed R&D and clinical trial overheads consistently overwhelm nascent royalty income. Investors should monitor the transition of XACIATO sales, as the current margin profile is likely to remain strained until the company achieves a critical mass of commercialized products.
According to recent SEC filings, Daré's asset turnover remains near zero, reflecting the company's asset-light, R&D-focused business model where the primary value resides in intellectual property rather than physical capital, resulting in highly volatile DSO figures that often exceed 10,000 days during periods of minimal revenue recognition.
The lack of a stable cash conversion cycle highlights the company's dependence on lumpy, milestone-driven revenue rather than recurring operational cash flow. This inefficiency is a structural byproduct of the current business model, which prioritizes clinical development over the optimization of working capital or supply chain throughput.
Based on reported figures, the company's debt-to-equity ratio spiked to 9.78 in 2026Q1 from 0.93 in 2025Q4, indicating that management is increasingly relying on debt instruments to bridge the gap between R&D expenditures and the realization of commercial royalty revenue streams in a capital-constrained environment.
The sharp increase in leverage warrants further investigation, as it suggests that the company's ability to fund its clinical pipeline is becoming increasingly sensitive to credit market conditions. This trend may indicate that the firm is approaching a liquidity threshold where traditional financing options become more expensive or dilutive to existing shareholders.
The P/E ratio is the most commonly misapplied metric for Daré, as the company's negative earnings and reliance on non-recurring milestone payments render traditional valuation multiples fundamentally misleading for assessing the firm's true economic health or its long-term viability as a clinical-stage biotechnology developer.
Investors should instead focus on the cash burn rate and the clinical trial enrollment velocity, as these metrics provide a more accurate picture of the company's operational runway. Using P/E to evaluate a firm in this stage of development obscures the binary nature of its value proposition and the necessity of non-dilutive funding to sustain operations.
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying DARE stock.
Daré Bioscience, Inc.'s current P/E ratio is -1.7x. This places it at the 50th percentile of its historical range.
Daré Bioscience, Inc.'s return on equity (ROE) is -471.4%. The historical average is -193.3%.
Based on historical data, Daré Bioscience, Inc. is trading at a P/E of -1.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Daré Bioscience, Inc. has -137.5% gross margin and -1315.5% operating margin.