Latest Ratios: P/E Ratio -4.6x · EV/EBITDA N/A · ROE -397.8%. (2003–2025 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 | $39M | $31M | $51M | $46M | $35M | $126M | $148M | $140M | $52M | $40M | $61M |
| Enterprise Value | $39M | $31M | $50M | $40M | $29M | $110M | $127M | $135M | $50M | $34M | $54M |
| P/E Ratio → | -4.61 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 31.34 | 24.89 | 14.68 | 15.99 | 11.91 | 52.34 | 92.26 | 83.21 | 40.37 | 53.00 | 102.30 |
| P/B Ratio | 28.06 | 24.88 | 20.77 | 7.89 | 3.15 | 6.84 | 5.20 | 3.90 | 1.23 | 0.80 | 1.05 |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 25.24 | 14.27 | 13.79 | 9.93 | 45.79 | 79.38 | 80.34 | 38.53 | 45.37 | 90.68 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | 138.16 | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -88.3% | -88.3% | 65.8% | 31.8% | 27.5% | 19.1% | 11.0% | 13.2% | 20.7% | 10.3% | 12.9% |
| Operating Margin | -579.9% | -579.9% | -168.8% | -283.9% | -346.9% | -612.7% | -625.9% | -552.2% | -586.1% | -939.7% | -1004.5% |
| Net Profit Margin | -597.6% | -597.6% | -166.2% | -234.4% | -332.2% | -543.7% | -582.1% | -494.2% | -439.4% | -281.6% | -608.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -397.8% | -397.8% | -139.2% | -80.1% | -66.1% | -55.8% | -29.0% | -21.2% | -12.3% | -4.0% | -5.5% |
| ROA | -74.1% | -74.1% | -64.0% | -62.0% | -55.6% | -50.9% | -27.6% | -20.6% | -12.1% | -3.9% | -5.3% |
| ROIC | -396.9% | -396.9% | -1669.3% | -257.5% | -192.2% | -211.4% | -38.7% | -19.6% | -13.5% | -11.3% | -16.0% |
| ROCE | -104.0% | -104.0% | -87.7% | -95.5% | -67.8% | -62.4% | -31.2% | -23.7% | -16.4% | -13.2% | -9.1% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.11 | 4.11 | 2.05 | 0.02 | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.36 | -0.58 | -1.08 | -0.52 | -0.86 | -0.73 | -0.13 | -0.06 | -0.12 | -0.12 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | -23.23 | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -15.15 | -15.15 | -12.57 | — | — | — | — | — | -8.46 | -13.03 | -6389.34 |
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 | 2.68 | 2.68 | 4.01 | 3.58 | 5.48 | 8.22 | 18.32 | 22.44 | 50.31 | 64.53 | 57.04 |
| Quick Ratio | 2.68 | 2.68 | 4.01 | 3.58 | 5.48 | 8.22 | 18.32 | 22.44 | 50.01 | 63.21 | 49.75 |
| Cash Ratio | 1.99 | 1.99 | 3.78 | 3.23 | 5.16 | 7.93 | 17.89 | 21.55 | 48.49 | 62.02 | 48.44 |
| Asset Turnover | — | 0.12 | 0.35 | 0.35 | 0.21 | 0.11 | 0.05 | 0.04 | 0.03 | 0.01 | 0.01 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 4.05 | 0.67 | 0.07 |
| Days Sales Outstanding | — | 333.34 | 24.75 | 58.70 | 41.11 | 56.52 | 67.03 | 247.21 | 315.52 | 366.18 | 665.72 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.4% | 15.5% | 21.9% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.4% | 15.5% | 21.9% |
| Shares Outstanding | — | $33M | $29M | $29M | $28M | $28M | $27M | $27M | $28M | $29M | $37M |
Limited operational cash runway
Based on reported figures, Dyadic trades at a P/S multiple of 23.69, which appears disconnected from the 64.74% YoY revenue decline and suggests that investors are pricing in a high-probability breakthrough for the C1 platform rather than reflecting the company's current, highly volatile financial performance.
The elevated P/S ratio relative to the broader biotech sector implies that the market is valuing the firm as a pure-play intellectual property asset rather than a service-based business. This valuation appears fragile, as any delay in clinical validation or failure to secure new milestone-based contracts could lead to a significant downward re-rating of the stock.
According to recent quarterly filings, the company's gross margin has fluctuated wildly, reaching -63.2% in 2025Q4, which indicates that the direct costs of research services are currently outpacing revenue generation and underscores the lack of operational scale inherent in the current project-based business model.
The persistent operating losses, evidenced by a -172.1% operating margin in 2026Q1, suggest that the company's fixed cost base remains too heavy for its current revenue trajectory. Investors should monitor whether management can transition toward high-margin royalty streams, as the current service-heavy model appears structurally incapable of achieving profitability.
As reported in financial statements, the ROIC has remained deeply negative, hitting -104.7% in 2025Q4, which suggests that the company is currently destroying shareholder value rather than compounding it through its ongoing investments in the C1 expression platform and associated clinical trial activities.
The inability to generate positive returns on invested capital is a direct consequence of the company's high R&D burn rate relative to its limited revenue base. Without a successful commercialization of the C1 platform, the company appears to be trapped in a cycle of capital consumption that necessitates frequent external funding.
Based on the provided data, the DSO has shown extreme volatility, spiking to 405 days in 2025Q4, which indicates significant challenges in collecting payments from partners and suggests that the company lacks the leverage to enforce favorable payment terms within its R&D service agreements.
The erratic nature of the cash conversion cycle highlights the company's dependence on the timing of milestone payments, which are inherently unpredictable. This lack of efficiency in working capital management exacerbates the firm's liquidity constraints and leaves it vulnerable to even minor delays in project milestones.
The Price-to-Sales ratio is frequently misapplied to Dyadic, as it obscures the fact that the company's revenue is derived from lumpy, non-recurring R&D milestones rather than a stable, high-volume product stream, making the metric a poor indicator of the firm's true underlying commercial viability.
Analysts should instead focus on the cash burn rate and the number of active molecules in the C1 pipeline as more reliable indicators of future potential. Relying on P/S in this context may lead to an overestimation of the company's growth prospects, as it fails to account for the high probability of revenue volatility.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying DYAI stock.
Dyadic International, Inc.'s current P/E ratio is -4.6x. The historical average is 24.5x.
Dyadic International, Inc.'s return on equity (ROE) is -397.8%. The historical average is -49.4%.
Based on historical data, Dyadic International, Inc. is trading at a P/E of -4.6x. Compare with industry peers and growth rates for a complete picture.
Dyadic International, Inc. has -88.3% gross margin and -579.9% operating margin.