Latest Ratios: P/E Ratio -2.8x · EV/EBITDA N/A · ROE -100.2%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $21M | $31M | $5M | $23M | $52M | $108M | — | — | — |
| Enterprise Value | $6M | $15M | $10M | $29M | $50M | $79M | — | — | — |
| P/E Ratio → | -2.79 | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.84 | 4.06 | 1.36 | 320.91 | — | — | — | — | — |
| P/B Ratio | 1.27 | 1.79 | — | — | 6.32 | 3.32 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.97 | 2.87 | 393.34 | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | — | — | — | — | — |
| Operating Margin | -122.7% | -122.7% | -440.6% | -30406.8% | — | — | — | — | — |
| Net Profit Margin | -102.4% | -102.4% | -316.0% | -30308.2% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -100.2% | -100.2% | — | -1238.1% | -113.7% | -124.3% | -183.1% | -265.5% | — |
| ROA | -37.7% | -37.7% | -83.3% | -126.7% | -74.5% | -94.1% | -130.3% | -114.2% | -65.0% |
| ROIC | -294.3% | -294.3% | -558.7% | -561.3% | -406.0% | -747.4% | -2337.9% | -11916.9% | -1388.2% |
| ROCE | -57.2% | -57.2% | -211.6% | -184.5% | -93.4% | -120.5% | -202.0% | -268.7% | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | — | — | 1.24 | 0.11 | 0.00 | 0.00 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.92 | — | — | -0.35 | -0.88 | -0.83 | -1.02 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -8.83 | -8.83 | -10.80 | -24.55 | -15.35 | -26.83 | -74.30 | -9.80 | -8.95 |
Net cash position: cash ($23M) exceeds total debt ($8M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.85 | 5.85 | 2.01 | 1.18 | 4.51 | 8.03 | 2.22 | 6.36 | 0.89 |
| Quick Ratio | 5.85 | 5.85 | 2.01 | 1.18 | 4.51 | 8.03 | 2.22 | 6.36 | 1.03 |
| Cash Ratio | 5.46 | 5.46 | 1.16 | 0.79 | 3.50 | 7.44 | 1.18 | 5.55 | 0.79 |
| Asset Turnover | — | 0.27 | 0.27 | 0.01 | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 50.96 | 202.80 | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — | — |
| Shares Outstanding | — | $6M | $1M | $683395 | $590967 | $487328 | $404966 | $404966 | $479966 |
Clinical milestone dependency
Based on reported figures, Evaxion trades at a price-to-sales ratio of 2.59, a valuation that appears highly sensitive to the timing of milestone payments rather than underlying commercial demand, reflecting a market pricing model that heavily discounts the long-term potential of the PIONEER platform against significant clinical risks.
The current P/S multiple suggests investors are paying for the potential of the AI-driven pipeline rather than current earnings, which remain non-existent. This valuation warrants further investigation as it likely fluctuates wildly based on the proximity of clinical data readouts rather than fundamental business growth.
As reported in financial statements, the company's ROIC has exhibited extreme volatility, swinging from -117.8% in 2025Q2 to 51.6% in 2025Q3, which underscores the lack of a stable capital compounding mechanism and highlights the firm's reliance on intermittent, non-recurring milestone inflows to temporarily mask structural operating losses.
The erratic nature of these returns suggests that the company is not yet generating sustainable value from its invested capital. Investors should monitor whether future clinical successes can transition these metrics from volatile spikes to a consistent, positive trend.
According to recent SEC filings, the company's asset turnover ratio remains negligible at 0.01 to 0.29, indicating that the firm's asset base is currently utilized primarily for R&D activities rather than generating revenue, which is typical for a pre-commercial biotech entity lacking a scalable manufacturing or sales infrastructure.
The lack of meaningful asset turnover confirms that the business model is not yet operational in a traditional sense. The focus remains entirely on the development of intellectual property, making standard efficiency ratios less relevant than the progress of clinical trial enrollment.
Based on reported figures, the current ratio of 5.85 in 2025Q4 provides a temporary liquidity cushion, yet this metric appears inflated by recent financing activities rather than operational cash generation, suggesting that the company remains highly vulnerable to liquidity stress if clinical milestones are delayed or partnership funding stalls.
While the current ratio appears healthy, it masks the underlying cash burn inherent in the clinical-stage biotech model. The company's reliance on external capital markets to maintain this liquidity position suggests that the current buffer may be insufficient to reach commercialization without further dilution.
As indicated by the financial data, the use of P/E ratios to evaluate Evaxion is fundamentally flawed, as the company's earnings are driven by lumpy, non-recurring milestone payments that do not reflect the underlying operational health or the long-term viability of the PIONEER AI-driven immunotherapy platform.
Analysts should instead focus on the cash burn rate and the duration of the cash runway relative to clinical trial milestones. Relying on P/E or net margin metrics obscures the reality that the company is currently a research-intensive entity rather than a commercial enterprise.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying EVAX stock.
Evaxion Biotech A/S's current P/E ratio is -2.8x. This places it at the 50th percentile of its historical range.
Evaxion Biotech A/S's return on equity (ROE) is -100.2%. The historical average is -157.4%.
Based on historical data, Evaxion Biotech A/S is trading at a P/E of -2.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Evaxion Biotech A/S has 100.0% gross margin and -122.7% operating margin.