Latest Ratios: P/E Ratio -5.3x · EV/EBITDA N/A · ROE -27.6%. (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 | $670M | $434M | $300M | $793M | $719M | $608M | $1.1B | — | — | — |
| Enterprise Value | $631M | $396M | $176M | $558M | $682M | $472M | $829M | — | — | — |
| P/E Ratio → | -5.30 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 7.86 | 5.10 | 8120.72 | 38.26 | 229.63 | 33.73 | 81.25 | — | — | — |
| P/B Ratio | 1.47 | 0.86 | 0.59 | 2.58 | 3.11 | 1.91 | 4.31 | — | — | — |
| 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 | — | 4.64 | 4749.64 | 26.94 | 218.05 | 26.16 | 60.92 | — | — | — |
| 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 | 91.1% | 91.1% | 100.0% | -368.5% | -2464.8% | -240.2% | -289.6% | -454.2% | -30.0% | -134.4% |
| Operating Margin | -187.2% | -187.2% | -507678.4% | -544.6% | -3516.5% | -395.5% | -416.3% | -726.7% | -73.6% | -194.7% |
| Net Profit Margin | -164.4% | -164.4% | -434778.4% | -486.6% | -3435.4% | -395.4% | -416.5% | -705.8% | -67.6% | -193.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -27.6% | -27.6% | -39.3% | -37.4% | -39.1% | -24.8% | -61.8% | — | — | — |
| ROA | -24.9% | -24.9% | -35.7% | -33.5% | -34.9% | -22.2% | -32.7% | -63.5% | -15.4% | -41.1% |
| ROIC | -28.1% | -28.1% | -61.4% | -63.1% | -43.7% | -66.0% | — | — | — | — |
| ROCE | -30.3% | -30.3% | -44.1% | -39.8% | -37.7% | -23.4% | -35.8% | -75.7% | -18.9% | -52.6% |
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 | 0.04 | 0.04 | 0.05 | 0.05 | 0.07 | 0.05 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.08 | -0.24 | -0.76 | -0.16 | -0.43 | -1.08 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | -3.11 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($60M) exceeds total debt ($21M)
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 | 9.39 | 9.39 | 14.92 | 15.65 | 14.02 | 15.69 | 16.88 | 4.05 | 11.68 | 4.15 |
| Quick Ratio | 9.39 | 9.39 | 14.92 | 15.65 | 14.02 | 15.69 | 16.88 | 4.05 | 11.68 | 4.15 |
| Cash Ratio | 9.15 | 9.15 | 14.58 | 15.21 | 13.58 | 15.17 | 16.53 | 3.83 | 11.39 | 4.04 |
| Asset Turnover | — | 0.15 | 0.00 | 0.06 | 0.01 | 0.05 | 0.05 | 0.12 | 0.15 | 0.21 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | 81.66 | 0.95 | 39.85 | 51.10 | 29.03 | 20.24 |
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% | 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% | — | — | — |
| Shares Outstanding | — | $58M | $54M | $39M | $32M | $28M | $27M | $26M | $13M | $15M |
Binary clinical milestone dependence
Based on reported figures, FDMT trades at a price-to-sales ratio of 7.12, a valuation that appears to reflect speculative platform potential rather than current fundamental performance, as the company lacks a commercial product to justify traditional earnings-based multiples in comparison to its clinical-stage biotechnology peers.
The current P/S multiple suggests that investors are pricing in the long-term success of the synthetic capsid platform rather than the immediate financial results. This valuation warrants caution, as it remains highly sensitive to clinical data readouts that could either validate the platform's premium or lead to a significant contraction if safety signals emerge.
As indicated by the company's financial statements, the ROIC has consistently remained in negative territory, reaching -12.7% in 2026Q1, which underscores the structural challenge of generating positive returns on invested capital while the firm remains in a high-burn, pre-commercial development phase of its pipeline.
The persistent negative ROIC reflects the heavy R&D investment required to advance gene therapy candidates without the offsetting benefit of commercial revenue. Investors should monitor whether future partnership milestones can bridge this gap, though current trends suggest that capital is being consumed faster than it is being effectively deployed to generate returns.
According to recent quarterly filings, the current ratio has declined from 32.65 in 2024Q1 to 9.34 in 2026Q1, indicating that while the company maintains a nominal liquidity cushion, the rapid depletion of cash reserves leaves the firm increasingly vulnerable to operational stress and future financing requirements.
The sharp contraction in the current ratio highlights the aggressive pace of cash burn relative to the company's liquid assets. This trend suggests that the firm's ability to sustain operations without external capital injections is diminishing, necessitating a close watch on the timing of upcoming clinical milestones and potential partnership payments.
Based on an analysis of reported financial data, the gross margin of 32.6% in 2026Q1 is a commonly misapplied metric for FDMT, as it obscures the reality that the company lacks a commercial manufacturing cost structure and relies entirely on non-recurring, milestone-based revenue recognition.
Using gross margin to evaluate FDMT's operational efficiency is fundamentally flawed because the metric does not reflect the true cost of goods sold for a commercial product. Analysts should instead focus on the R&D-to-revenue ratio or the absolute cash burn rate to better understand the company's underlying financial health and sustainability.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying FDMT stock.
4D Molecular Therapeutics, Inc.'s current P/E ratio is -5.3x. This places it at the 50th percentile of its historical range.
4D Molecular Therapeutics, Inc.'s return on equity (ROE) is -27.6%. The historical average is -38.3%.
Based on historical data, 4D Molecular Therapeutics, Inc. is trading at a P/E of -5.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
4D Molecular Therapeutics, Inc. has 91.1% gross margin and -187.2% operating margin.