Latest Ratios: P/E Ratio 8.8x · EV/EBITDA 3.8x · ROE 10.5%. (2001–2025 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 | $422M | $701M | $507M | $123M | $592M | $2.4B | $4.8B | $2.8B | $3.0B | $2.3B | $1.6B |
| Enterprise Value | $789M | $1.1B | $1.1B | $871M | $1.4B | $2.6B | $5.1B | $3.5B | $3.7B | $2.2B | $1.6B |
| P/E Ratio → | 8.80 | 13.29 | — | — | — | 10.71 | 15.80 | 51.88 | 48.59 | 27.18 | 29.06 |
| P/S Ratio | 0.57 | 0.94 | 0.49 | 0.12 | 0.53 | 1.33 | 3.06 | 2.56 | 3.89 | 4.17 | 3.31 |
| P/B Ratio | 0.89 | 1.34 | 1.05 | 0.19 | 0.43 | 1.46 | 3.33 | 2.60 | 3.01 | 2.56 | 2.72 |
| P/FCF | 2.69 | 4.47 | 14.15 | — | — | 24.47 | 12.20 | 27.96 | — | 15.25 | — |
| P/OCF | 2.47 | 4.11 | 8.63 | — | — | 7.32 | 8.98 | 15.04 | 72.89 | 11.24 | 30.29 |
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 | — | 1.44 | 1.04 | 0.83 | 1.23 | 1.49 | 3.25 | 3.16 | 4.77 | 3.88 | 3.31 |
| EV / EBITDA | 3.78 | 5.12 | — | — | — | 5.76 | 9.34 | 15.74 | 24.54 | 13.03 | 11.25 |
| EV / EBIT | 7.16 | 7.51 | — | — | — | 6.86 | 10.26 | 23.17 | 40.14 | 16.46 | 17.07 |
| EV / FCF | — | 6.81 | 30.26 | — | — | 27.54 | 12.97 | 34.58 | — | 14.18 | — |
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 | 47.2% | 47.2% | 36.0% | 34.3% | 42.3% | 44.7% | 54.7% | 43.7% | 41.0% | 50.6% | 50.1% |
| Operating Margin | 14.8% | 14.8% | -10.4% | -69.2% | -15.2% | 19.2% | 27.8% | 10.3% | 11.5% | 22.2% | 21.6% |
| Net Profit Margin | 7.1% | 7.1% | -18.3% | -72.5% | -18.9% | 12.4% | 19.4% | 4.9% | 8.0% | 14.7% | 10.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.5% | 10.5% | -33.7% | -74.7% | -14.1% | 14.4% | 24.1% | 5.2% | 6.5% | 11.0% | 8.2% |
| ROA | 3.9% | 3.9% | -11.9% | -30.5% | -6.9% | 7.5% | 11.7% | 2.4% | 3.8% | 8.1% | 5.1% |
| ROIC | 8.5% | 8.5% | -6.6% | -30.5% | -6.3% | 14.0% | 18.8% | 5.0% | 5.5% | 13.9% | 13.3% |
| ROCE | 9.1% | 9.1% | -9.1% | -46.7% | -7.5% | 13.4% | 19.0% | 5.5% | 6.0% | 13.6% | 11.7% |
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 | 1.09 | 1.09 | 1.40 | 1.32 | 1.03 | 0.54 | 0.64 | 0.77 | 0.79 | 0.01 | 0.45 |
| Debt / EBITDA | 2.74 | 2.74 | — | — | — | 1.90 | 1.68 | 3.77 | 5.23 | 0.08 | 1.87 |
| Net Debt / Equity | — | 0.70 | 1.19 | 1.15 | 0.56 | 0.18 | 0.21 | 0.61 | 0.68 | -0.18 | -0.01 |
| Net Debt / EBITDA | 1.76 | 1.76 | — | — | — | 0.64 | 0.55 | 3.01 | 4.49 | -0.99 | -0.02 |
| Debt / FCF | — | 2.34 | 16.11 | — | — | 3.07 | 0.76 | 6.62 | — | -1.08 | — |
| Interest Coverage | 2.40 | 2.40 | -0.74 | -1.91 | -2.93 | 11.19 | 15.95 | 3.93 | 9.38 | 20.05 | 12.43 |
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 | 5.01 | 5.01 | 3.69 | 1.04 | 0.98 | 3.40 | 3.11 | 3.17 | 3.10 | 4.85 | 4.82 |
| Quick Ratio | 2.41 | 2.41 | 1.77 | 0.54 | 0.70 | 2.47 | 2.31 | 2.14 | 2.07 | 3.42 | 4.12 |
| Cash Ratio | 1.55 | 1.55 | 0.61 | 0.17 | 0.52 | 1.54 | 1.62 | 0.78 | 0.56 | 1.78 | 2.56 |
| Asset Turnover | — | 0.56 | 0.75 | 0.58 | 0.35 | 0.60 | 0.55 | 0.48 | 0.35 | 0.52 | 0.50 |
| Inventory Turnover | 1.14 | 1.14 | 2.14 | 2.10 | 1.84 | 2.85 | 2.33 | 2.80 | 2.24 | 1.94 | 3.30 |
| Days Sales Outstanding | — | 41.37 | 54.04 | 66.44 | 52.00 | 57.40 | 53.43 | 90.85 | 122.46 | 95.07 | 110.87 |
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 | 11.4% | 7.5% | — | — | — | 9.3% | 6.3% | 1.9% | 2.1% | 3.7% | 3.4% |
| FCF Yield | 37.2% | 22.4% | 7.1% | — | — | 4.1% | 8.2% | 3.6% | — | 6.6% | — |
| Buyback Yield | 5.9% | 3.6% | 0.0% | 0.0% | 13.9% | 4.5% | 0.0% | 0.0% | 0.0% | 1.4% | 0.1% |
| Total Shareholder Yield | 5.9% | 3.6% | 0.0% | 0.0% | 13.9% | 4.5% | 0.0% | 0.0% | 0.0% | 1.4% | 0.1% |
| Shares Outstanding | — | $57M | $53M | $51M | $50M | $54M | $54M | $52M | $51M | $50M | $49M |
Government procurement cycle volatility
Based on reported figures, EBS trades at a P/S ratio of 0.59 and a P/FCF of 2.81, suggesting that the market is pricing the company as a distressed asset rather than a growth-oriented biotechnology firm, despite a forward P/E multiple of 26.25 indicating significant earnings uncertainty.
The wide divergence between the trailing P/E of 9.17 and the forward P/E of 26.25 implies that investors anticipate a sharp contraction in near-term earnings power. This valuation discount relative to broader biotech peers suggests the market remains skeptical of the company's ability to stabilize its core biodefense revenue streams.
According to recent financial statements, ROIC has fluctuated from a negative 11.3% in 2024Q2 to a peak of 5.9% in 2025Q3, illustrating that the company is currently struggling to generate consistent returns on its invested capital base amidst ongoing operational restructuring and asset divestitures.
The inability to maintain a positive ROIC trend suggests that the company's capital allocation strategy has yet to yield sustainable value creation. Investors should monitor whether the recent focus on core biodefense assets can improve these returns or if the high fixed-cost base will continue to dilute capital efficiency.
As reported in quarterly filings, the cash conversion cycle remains extended at 352 days in 2026Q1, driven primarily by a high days inventory outstanding of 341, which highlights the significant working capital burden inherent in maintaining specialized biodefense stockpiles for government procurement.
The extreme length of the cash conversion cycle indicates that capital is trapped in inventory for extended periods, limiting the company's operational flexibility. This inefficiency appears structural, as the nature of the business requires maintaining readiness for government orders that do not align with standard commercial inventory turnover rates.
Based on the provided data, the current ratio has swung from 1.06 in 2024Q2 to 4.29 in 2026Q1, demonstrating that the company's short-term liquidity position is highly sensitive to the timing of government contract payments and the subsequent management of current assets.
While the current ratio appears improved, the underlying volatility suggests that liquidity is not yet stable. The reliance on large, lumpy government payments means that the company's ability to meet short-term obligations remains vulnerable to any delays in procurement cycles or shifts in federal budget appropriations.
The P/E ratio is frequently misapplied to this business model, as reported earnings are heavily distorted by non-recurring inventory write-downs and the lumpy nature of government contract recognition, which obscures the underlying cash-generative capacity of the firm's specialized manufacturing infrastructure.
Investors should prioritize FCF-based metrics or EV/EBITDA over P/E, as these better account for the significant non-cash charges and working capital swings that characterize the biodefense industry. Relying on P/E in this context may lead to an inaccurate assessment of the company's true economic earning power.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying EBS stock.
Emergent BioSolutions Inc.'s current P/E ratio is 8.8x. The historical average is 24.7x. This places it at the 6th percentile of its historical range.
Emergent BioSolutions Inc.'s current EV/EBITDA is 3.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.0x.
Emergent BioSolutions Inc.'s return on equity (ROE) is 10.5%. The historical average is 7.3%.
Based on historical data, Emergent BioSolutions Inc. is trading at a P/E of 8.8x. This is at the 6th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Emergent BioSolutions Inc. has 47.2% gross margin and 14.8% operating margin. Operating margin between 10-20% is typical for established companies.
Emergent BioSolutions Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.