Latest Ratios: P/E Ratio -223.6x · EV/EBITDA 254.3x · ROE -18.2%. (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 | $1.0B | $455M | $345M | $112M | $71M | $108M | $171M | $128M | $39M | — |
| Enterprise Value | $1.0B | $460M | $360M | $96M | $61M | $100M | $157M | $120M | $13M | — |
| P/E Ratio → | -223.65 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 13.03 | 5.69 | 8.84 | 3.55 | 3.34 | 4.95 | 4379.78 | 133.35 | — | — |
| P/B Ratio | 39.12 | 17.40 | 14.12 | 7.26 | 5.42 | 6.13 | 10.91 | 12.12 | 1.49 | — |
| P/FCF | 102.19 | 44.65 | 365.77 | 18.60 | 34.88 | — | — | — | — | — |
| P/OCF | 98.96 | 43.24 | 355.96 | 16.48 | 14.71 | — | — | — | — | — |
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 | — | 5.75 | 9.23 | 3.04 | 2.88 | 4.60 | 4016.88 | 125.52 | — | — |
| EV / EBITDA | 254.26 | 111.78 | — | — | — | — | — | — | — | — |
| EV / EBIT | 9999.00 | 6390.14 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 45.15 | 381.66 | 15.95 | 30.07 | — | — | — | — | — |
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 | 53.5% | 53.5% | 60.0% | 66.6% | 67.4% | 88.0% | -633.3% | 52.8% | — | — |
| Operating Margin | 0.1% | 0.1% | -6.7% | -3.8% | -38.9% | -6.8% | -69515.4% | -1939.6% | — | — |
| Net Profit Margin | -5.8% | -5.8% | -9.8% | -3.0% | -42.4% | -9.0% | -71717.9% | -1910.3% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -18.2% | -18.2% | -19.2% | -6.6% | -58.8% | -11.7% | -213.4% | -99.4% | -66.3% | -59.0% |
| ROA | -5.5% | -5.5% | -7.1% | -3.3% | -34.4% | -7.3% | -128.9% | -80.7% | -61.0% | -53.2% |
| ROIC | 0.2% | 0.2% | -10.0% | -64.1% | -93.8% | -19.6% | -893.2% | -1068.6% | — | — |
| ROCE | 0.1% | 0.1% | -7.2% | -7.0% | -39.8% | -6.6% | -144.1% | -89.8% | -53.0% | -56.5% |
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 | 1.19 | 1.19 | 1.22 | 0.35 | 0.50 | 0.38 | 0.46 | 0.43 | — | — |
| Debt / EBITDA | 7.54 | 7.54 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.19 | 0.61 | -1.03 | -0.75 | -0.44 | -0.90 | -0.71 | -1.02 | -1.08 |
| Net Debt / EBITDA | 1.23 | 1.23 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 0.50 | 15.89 | -2.65 | -4.81 | — | — | — | — | — |
| Interest Coverage | 0.02 | 0.02 | -1.30 | — | — | — | -30.50 | — | — | — |
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 | 1.57 | 1.57 | 2.06 | 1.65 | 3.10 | 5.18 | 6.51 | 7.65 | 13.59 | 16.76 |
| Quick Ratio | 1.17 | 1.17 | 1.29 | 1.60 | 3.01 | 5.06 | 6.18 | 7.45 | 13.59 | 16.76 |
| Cash Ratio | 0.67 | 0.67 | 0.75 | 1.32 | 2.52 | 3.16 | 5.61 | 6.15 | 13.21 | 16.59 |
| Asset Turnover | — | 0.87 | 0.51 | 1.00 | 0.85 | 0.79 | 0.00 | 0.06 | — | — |
| Inventory Turnover | 2.41 | 2.41 | 1.02 | 11.61 | 12.45 | 4.77 | 0.23 | 1.19 | — | — |
| Days Sales Outstanding | — | 53.67 | 50.16 | 39.35 | 31.81 | 91.47 | 449.23 | 180.03 | — | — |
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 | — | — | — | — | — | — | — | — | 2.7% | — |
| 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 | 1.0% | 2.2% | 0.3% | 5.4% | 2.9% | — | — | — | — | — |
| Buyback Yield | 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% | 2.7% | — |
| Shares Outstanding | — | $27M | $26M | $26M | $25M | $25M | $21M | $18M | $6M | $17M |
Orphan drug regulatory dependency
Based on reported figures, Eton trades at a P/S ratio of 12.23, which suggests that investors are pricing the company on future orphan drug commercialization rather than current earnings, as evidenced by the negative TTM P/E of -210.00 and high forward P/E of 44.47.
The valuation multiples appear to be heavily influenced by the market's expectation of successful pipeline conversion rather than existing cash flow generation. Investors should monitor whether the forward P/E of 44.47 remains sustainable if the company fails to demonstrate consistent net income growth in upcoming quarters.
As reported in financial statements, Eton's ROIC has fluctuated wildly from -95.9% in 2024Q2 to 11.1% in 2026Q1, indicating that the company is still in a transitional phase where capital allocation effectiveness is heavily dependent on the timing of product launches and associated R&D investments.
The erratic nature of these returns suggests that the company has not yet achieved a stable compounding phase. The recent improvement in ROIC warrants further investigation to determine if it is driven by sustainable operational efficiencies or temporary spikes in revenue recognition from new product rollouts.
According to recent quarterly data, the cash conversion cycle has remained volatile, reaching 72 days in 2026Q1, which suggests that Eton faces significant challenges in managing inventory and receivables as it scales its specialized orphan drug distribution network across the U.S. market.
The high DIO of 141 days in 2026Q1 implies that the company may be carrying excess inventory, potentially due to the complexities of managing specialized formulations. This inefficiency in working capital management may continue to pressure liquidity until the company achieves more predictable demand patterns for its orphan portfolio.
Based on reported figures, Eton's interest coverage ratio of 2.87 in 2026Q1 indicates that while the company is currently meeting its debt obligations, the margin of safety remains thin given the historical volatility in operating income and the reliance on external financing for growth.
The D/E ratio of 0.40 suggests a relatively conservative capital structure, yet the sensitivity of interest coverage to operating income swings warrants caution. Investors should monitor whether the company can maintain this coverage level if revenue growth decelerates or if R&D costs exceed current projections.
The P/E ratio is frequently misapplied to Eton's business model, as it obscures the company's heavy investment in R&D and commercial infrastructure, which artificially depresses current earnings and fails to capture the long-term value of the company's patent-protected orphan drug delivery systems.
Analysts should instead focus on EV/Sales or adjusted EBITDA metrics to better evaluate the company's underlying commercial traction. Relying on P/E in this context may lead to an inaccurate assessment of the company's true earning power during its critical scale-up phase.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying ETON stock.
Eton Pharmaceuticals, Inc.'s current P/E ratio is -223.6x. This places it at the 50th percentile of its historical range.
Eton Pharmaceuticals, Inc.'s current EV/EBITDA is 254.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Eton Pharmaceuticals, Inc.'s return on equity (ROE) is -18.2%. The historical average is -61.4%.
Based on historical data, Eton Pharmaceuticals, Inc. is trading at a P/E of -223.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Eton Pharmaceuticals, Inc. has 53.5% gross margin and 0.1% operating margin.
Eton Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 7.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.