Latest Ratios: P/E Ratio 77.5x · EV/EBITDA 503.2x · ROE 4.5%. (2002–2024 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $1.7B | $1.8B | $1.6B | $1.9B | $448M | $412M | $571M | $984M | $152M | $794M |
| Enterprise Value | $2.0B | $1.9B | $1.9B | $1.7B | $1.7B | $634M | $589M | $622M | $957M | $128M | $750M |
| P/E Ratio → | 77.50 | 63.85 | — | 5.40 | 24.68 | — | — | — | — | — | — |
| P/S Ratio | 6.56 | 6.14 | 7.75 | 2.22 | 4.26 | 9.63 | 11.70 | 69.60 | 3008.76 | 13.77 | 196.15 |
| P/B Ratio | 3.46 | 2.85 | 2.89 | 2.76 | 8.42 | 7.64 | 49.70 | 9.05 | 4.93 | 1.71 | 4.25 |
| P/FCF | 30.24 | 28.30 | 18.66 | 28.87 | 5.74 | — | — | — | — | — | — |
| P/OCF | 27.35 | 25.60 | 17.90 | 25.58 | 5.58 | — | — | — | — | — | — |
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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.71 | 8.21 | 2.30 | 3.85 | 13.62 | 16.71 | 75.89 | 2927.46 | 11.57 | 185.08 |
| EV / EBITDA | 503.23 | 473.62 | — | 5.72 | 11.96 | — | — | — | — | — | — |
| EV / EBIT | — | 49.44 | 797.62 | 5.52 | 19.08 | — | — | — | — | — | — |
| EV / FCF | — | 30.94 | 19.76 | 29.88 | 5.19 | — | — | — | — | — | — |
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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.2% | 82.2% | 78.4% | 63.7% | 60.5% | 70.1% | 44.9% | -165.9% | -265.1% | 100.0% | 100.0% |
| Operating Margin | -1.5% | -1.5% | -15.9% | 39.2% | 30.6% | -161.6% | -382.9% | -1870.2% | -29359.3% | -1002.5% | -2594.4% |
| Net Profit Margin | 9.9% | 9.9% | -2.8% | 40.6% | 17.5% | -161.6% | -433.3% | -1938.3% | -29099.1% | -1018.2% | -2636.9% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.5% | 4.5% | -1.1% | 73.0% | 54.6% | -224.7% | -427.7% | -121.0% | -65.9% | -81.4% | -74.3% |
| ROA | 2.8% | 2.8% | -0.6% | 29.0% | 11.0% | -23.8% | -62.3% | -74.0% | -57.9% | -68.9% | -60.2% |
| ROIC | -0.4% | -0.4% | -4.1% | 62.5% | 70.0% | -26.3% | -67.5% | -80.0% | -60.5% | -80.2% | -77.7% |
| ROCE | -0.4% | -0.4% | -4.2% | 43.0% | 35.5% | -30.0% | -67.6% | -82.2% | -66.2% | -79.8% | -68.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.43 | 0.43 | 0.41 | 0.44 | 1.16 | 3.71 | 26.11 | 1.60 | — | — | — |
| Debt / EBITDA | 64.74 | 64.74 | — | 0.89 | 1.82 | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.27 | 0.17 | 0.10 | -0.80 | 3.17 | 21.30 | 0.82 | -0.13 | -0.27 | -0.24 |
| Net Debt / EBITDA | 40.34 | 40.34 | — | 0.19 | -1.26 | — | — | — | — | — | — |
| Debt / FCF | — | 2.64 | 1.11 | 1.01 | -0.55 | — | — | — | — | — | — |
| Interest Coverage | -0.61 | -0.61 | -5.48 | 42.12 | 12.03 | -3.95 | -7.94 | -16.42 | — | — | -183.69 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.80 | 10.80 | 13.81 | 6.11 | 1.75 | 3.75 | 3.93 | 4.33 | 10.32 | 4.06 | 6.81 |
| Quick Ratio | 9.91 | 9.91 | 12.96 | 5.71 | 1.64 | 2.92 | 3.15 | 3.83 | 10.30 | 4.47 | 6.95 |
| Cash Ratio | 9.08 | 9.08 | 11.94 | 4.16 | 0.98 | 2.13 | 2.85 | 3.83 | 10.32 | 4.06 | 6.81 |
| Asset Turnover | — | 0.28 | 0.23 | 0.73 | 0.42 | 0.13 | 0.13 | 0.04 | 0.00 | 0.10 | 0.02 |
| Inventory Turnover | 0.71 | 0.71 | 0.94 | 4.41 | 2.83 | 0.22 | 0.47 | 1.15 | 3.83 | — | — |
| Days Sales Outstanding | — | 61.75 | 69.98 | 74.50 | 109.49 | 177.68 | 92.09 | 164.91 | 953.24 | 44.36 | 125.63 |
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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 1.6% | — | 18.5% | 4.1% | — | — | — | — | — | — |
| FCF Yield | 3.3% | 3.5% | 5.4% | 3.5% | 17.4% | — | — | — | — | — | — |
| Buyback Yield | 5.5% | 5.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
| Total Shareholder Yield | 5.5% | 5.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
| Shares Outstanding | — | $133M | $129M | $151M | $133M | $101M | $72M | $62M | $53M | $39M | $33M |
Pipeline diversification execution risk
Based on current market data, DVAX trades at a forward P/E of 31.59, which suggests that investors are pricing in significant long-term volume expansion for HEPLISAV-B rather than relying on the historical, lumpy revenue contributions from pandemic-era adjuvant supply contracts that previously inflated valuation multiples.
The current P/S ratio of 6.56 indicates a valuation premium relative to traditional specialty pharma peers, likely driven by the market's anticipation of sustained adoption following the ACIP universal recommendation. Investors should monitor whether the company can maintain this multiple as the revenue mix shifts toward core commercial sales, as any deceleration in market share gains could lead to a significant compression of these growth-oriented valuation metrics.
As reported in recent financial statements, DVAX's ROIC of 2.4% in 2025Q3 highlights the ongoing challenge of generating meaningful returns on invested capital while the company continues to absorb the high fixed costs associated with its specialized manufacturing infrastructure and internal commercial sales force expansion.
The modest ROIC trend suggests that the company is still in the early stages of compounding capital effectively, as the heavy R&D and SG&A investments required to support the HEPLISAV-B franchise continue to weigh on bottom-line returns. Future improvements in this metric will likely depend on the company's ability to achieve operating leverage through increased vaccine volume without requiring proportional increases in capital expenditure.
According to quarterly filings, DVAX's cash conversion cycle remains elevated at 2039 days as of 2025Q3, a figure heavily influenced by significant inventory holding periods that reflect the specialized nature of vaccine production and the inherent complexities of managing shelf-life-sensitive biological assets in a commercial setting.
The high DIO (Days Inventory Outstanding) suggests that the company maintains substantial safety stocks, which may be a strategic necessity to ensure supply chain reliability but creates a drag on overall asset turnover. Analysts should investigate whether these inventory levels are a structural requirement of the manufacturing process or if they indicate potential inefficiencies in demand forecasting that could lead to future write-downs.
The P/E ratio is frequently misapplied to DVAX because it fails to account for the significant non-cash stock-based compensation and the lumpy, non-recurring nature of historical adjuvant revenue, which together obscure the true underlying cash-generating capacity of the company's core commercial vaccine business model.
Investors should prioritize EV/EBITDA or P/FCF metrics to better capture the company's operational performance, as these ratios are less sensitive to the accounting distortions inherent in the current earnings profile. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation, particularly during periods where the transition from pandemic-era revenue streams creates artificial volatility in net income.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying DVAX stock.
Dynavax Technologies Corporation's current P/E ratio is 77.5x. The historical average is 31.3x. This places it at the 100th percentile of its historical range.
Dynavax Technologies Corporation's current EV/EBITDA is 503.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.8x.
Dynavax Technologies Corporation's return on equity (ROE) is 4.5%. The historical average is -92.2%.
Based on historical data, Dynavax Technologies Corporation is trading at a P/E of 77.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dynavax Technologies Corporation has 82.2% gross margin and -1.5% operating margin.
Dynavax Technologies Corporation's Debt/EBITDA ratio is 64.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.