Latest Ratios: P/E Ratio -7.4x · EV/EBITDA N/A · ROE -94.0%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $277M | $142M | $26M | $25M | $36M | $109M | $109M | $59M | $99M | — |
| Enterprise Value | $248M | $113M | $9M | $3M | $-13170378 | $70M | $95M | $55M | $71M | — |
| P/E Ratio → | -7.38 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | 0.64 | 0.70 | 2.27 | — | — | — | — | — |
| P/B Ratio | 9.25 | 4.98 | 1.39 | 1.11 | 1.12 | 1.63 | 1.56 | 1.40 | 1.53 | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | 0.21 | 0.08 | -0.84 | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | 100.0% | 100.0% | 100.0% | — | — | — | — | — |
| Operating Margin | — | — | -20.1% | -40.2% | -393.9% | — | — | — | — | — |
| Net Profit Margin | — | — | -19.6% | -37.0% | -396.1% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -94.0% | -94.0% | -38.8% | -48.9% | -126.8% | -57.2% | -53.4% | -47.9% | -42.3% | — |
| ROA | -77.9% | -77.9% | -21.2% | -20.7% | -76.2% | -45.6% | -42.3% | -41.7% | -35.7% | -31.6% |
| ROIC | -8885.0% | -8885.0% | -804.9% | -6017.4% | -850.5% | -67.7% | -47.1% | -53.5% | -36.6% | — |
| ROCE | -98.1% | -98.1% | -39.2% | -41.9% | -101.0% | -48.9% | -45.5% | -45.8% | -24.0% | -26.0% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.02 | 0.04 | 0.32 | 0.18 | 0.14 | 0.23 | 0.00 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.03 | -0.93 | -0.99 | -1.53 | -0.58 | -0.20 | -0.08 | -0.44 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | -24.98 | -58.29 | -35.40 | -26.13 | -90.76 | -4.18 | -4.96 |
Net cash position: cash ($30M) exceeds total debt ($719000)
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.32 | 10.32 | 3.93 | 1.79 | 2.40 | 9.35 | 11.76 | 14.30 | 33.12 | 12.57 |
| Quick Ratio | 10.32 | 10.32 | 3.93 | 1.79 | 2.40 | 9.35 | 11.76 | 14.30 | 33.12 | 12.57 |
| Cash Ratio | 10.32 | 10.32 | 3.55 | 1.48 | 2.22 | 9.05 | 11.34 | 13.69 | 32.50 | 12.49 |
| Asset Turnover | — | — | 1.61 | 0.71 | 0.20 | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | 10.16 | 63.58 | 95.26 | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 1.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | — |
| Shares Outstanding | — | $92M | $35M | $35M | $34M | $29M | $20M | $17M | $12M | $12M |
Clinical trial funding shortfall
According to recent market data, Equillium trades at a price-to-book ratio of 9.80, which appears elevated relative to its peers and suggests that investors are pricing in significant intangible value tied to the potential success of the itolizumab pipeline rather than current tangible asset backing.
The lack of meaningful P/E or P/S multiples underscores that the company's valuation is entirely speculative, contingent on binary clinical outcomes rather than earnings generation. Investors should monitor whether this premium holds as the cash runway tightens, as the market may be overestimating the probability of success for its early-stage immunology assets.
As reported in financial statements, Equillium's ROE has consistently trended in negative territory, reaching -12.7% in 2025Q4, which highlights the structural inability of the current business model to generate positive returns on invested capital while the company remains in a cash-burning development phase.
The persistent decay in ROE reflects the high cost of clinical trial execution relative to the company's limited equity base. This trend suggests that until the company achieves a commercial milestone or a successful partnership exit, capital efficiency will remain secondary to the survival-driven necessity of funding R&D.
Based on Equillium's reported figures, the current ratio has compressed from 18.62 in 2026Q1 to 10.32 by 2025Q4, indicating that while the company maintains a high short-term liquidity buffer, the rapid depletion of cash reserves warrants close monitoring by investors concerned about future financing needs.
The high current ratio is somewhat misleading as it is primarily a function of cash on hand rather than operational working capital efficiency. Given the high burn rate associated with Phase III trials, this liquidity position may prove insufficient if clinical timelines are extended or if capital market conditions deteriorate.
As indicated by historical data, the price-to-book ratio is frequently misapplied to Equillium, as it obscures the fact that the company's book value is largely composed of cash rather than productive operating assets, rendering traditional valuation benchmarks ineffective for assessing the firm's true long-term intrinsic value.
Analysts should instead focus on the cash runway ratio and the probability-weighted net present value of the clinical pipeline. Relying on P/B ratios in a pre-revenue biotech context risks misinterpreting a shrinking cash balance as a valuation discount when it is actually a signal of operational distress.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying EQ stock.
Equillium, Inc.'s current P/E ratio is -7.4x. This places it at the 50th percentile of its historical range.
Equillium, Inc.'s return on equity (ROE) is -94.0%. The historical average is -63.7%.
Based on historical data, Equillium, Inc. is trading at a P/E of -7.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.