Latest Ratios: P/E Ratio -15.6x · EV/EBITDA N/A · ROE N/A. (2012–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $585M | $1.3B | $2.2B | $37.5B | $32.6B | $83.3B | $92.9B | $97.3B | $86.5B | $33.6B | $46.0B |
| Enterprise Value | $625M | $1.4B | $2.2B | $37.4B | $32.5B | $82.7B | $92.8B | $97.3B | $85.9B | $33.5B | $45.9B |
| P/E Ratio → | -15.63 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 19.75 | 44.72 | 46.07 | 266.32 | 138.34 | 472.54 | 362.04 | 456.71 | 688.24 | 186.93 | 254.17 |
| P/B Ratio | — | — | — | — | 142.08 | 188.74 | 173.50 | 184.04 | 148.49 | 191.70 | 233.52 |
| P/FCF | — | — | — | — | — | 1073.56 | — | — | — | 5732.25 | — |
| P/OCF | — | — | — | — | — | 1021.02 | — | — | — | 4722.57 | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 46.06 | 47.28 | 265.85 | 138.04 | 468.91 | 361.75 | 456.75 | 683.66 | 186.50 | 253.86 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | 1065.33 | — | — | — | 5719.20 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.5% | 47.5% | 91.5% | 85.6% | -90.9% | 95.0% | 99.6% | -10.7% | -56.4% | -4.2% | -18.4% |
| Operating Margin | -507.8% | -507.8% | -689.5% | -213.9% | -122.6% | -108.8% | -34.8% | -40.7% | -97.6% | -29.9% | -42.9% |
| Net Profit Margin | -160.6% | -160.6% | -607.3% | -208.7% | -123.3% | -107.4% | -30.0% | -40.6% | -100.4% | -34.3% | -47.4% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | -258.0% | -86.5% | -38.8% | -14.5% | -15.6% | -33.3% | -33.2% | -39.2% |
| ROA | -14.9% | -14.9% | -55.0% | -42.4% | -36.2% | -22.5% | -8.9% | -9.7% | -18.4% | -13.1% | -18.0% |
| ROIC | — | — | — | -500.0% | -137.3% | -109.1% | -13.4% | -24.0% | -174.8% | -33.6% | -37.2% |
| ROCE | -104.8% | -104.8% | -119.0% | -68.0% | -47.6% | -27.1% | -11.6% | -10.7% | -20.0% | -13.3% | -18.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.44 | 0.09 | 0.10 | 0.18 | 0.17 | 0.56 | 0.49 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | -0.31 | -1.45 | -0.14 | 0.01 | -0.99 | -0.44 | -0.29 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | -8.23 | — | — | — | -13.05 | — |
| Interest Coverage | -18.24 | -18.24 | -39.87 | -209.05 | -268.40 | -79.88 | -31.05 | -7.89 | -12.63 | -5.00 | -7.04 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.47 | 1.47 | 1.52 | 1.80 | 2.10 | 4.63 | 6.84 | 7.75 | 9.69 | 4.09 | 2.99 |
| Quick Ratio | 1.45 | 1.45 | 1.33 | 1.65 | 1.96 | 4.53 | 6.77 | 7.75 | 9.69 | 4.09 | 2.99 |
| Cash Ratio | 0.38 | 0.38 | 1.08 | 1.54 | 1.80 | 4.21 | 5.19 | 6.98 | 9.52 | 3.89 | 2.70 |
| Asset Turnover | — | 0.14 | 0.11 | 0.23 | 0.30 | 0.21 | 0.30 | 0.24 | 0.14 | 0.38 | 0.38 |
| Inventory Turnover | 4.93 | 4.93 | 0.10 | 0.50 | 14.48 | 0.54 | 0.17 | — | — | — | — |
| Days Sales Outstanding | — | 5.93 | 320.16 | 42.27 | 39.40 | 86.70 | 218.60 | 109.15 | 24.55 | 21.24 | 31.09 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.3% | 0.2% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | 0.1% | — | — | — | 0.0% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $100M | $97M | $94M | $92M | $90M | $87M | $84M | $73M | $63M | $60M |
Imminent liquidity and insolvency
According to recent market data, FibroGen trades at a price-to-sales ratio of 19.75, a figure that appears disconnected from the company's contracting revenue base and suggests investors are pricing in speculative recovery scenarios rather than the current reality of a severely diminished commercial footprint.
The elevated P/S multiple relative to the company's lack of profitability indicates that the market is not valuing FGEN on traditional earnings metrics, but rather as a high-risk option on its remaining clinical pipeline. This valuation level warrants caution, as it implies a growth expectation that the current financial trajectory fails to support.
As reported in financial statements, the company's operating margin has remained deeply negative, frequently exceeding -150% over the last ten quarters, which highlights a fundamental inability to scale commercial activities to cover the high fixed costs inherent in its late-stage clinical development programs.
The volatility in gross margins, which have swung from negative levels to over 100% in recent periods, suggests that accounting recognition of partnership milestones is heavily distorting the underlying earning power of the business. Investors should monitor the core product sales margin, as the current reliance on non-recurring items masks a persistent and unsustainable operational burn.
Based on quarterly filings, the cash conversion cycle has exhibited extreme instability, with figures oscillating between massive negative values and thousands of days, indicating that the company's working capital management is driven by erratic partnership payment timing rather than standard operational efficiency.
The extreme fluctuations in days sales outstanding and days payable outstanding suggest that the company lacks control over its cash flow timing, leaving it vulnerable to liquidity shocks. This lack of predictability in working capital cycles makes it difficult to assess the true underlying efficiency of the firm's commercial operations.
According to the most recent balance sheet data, the current ratio of 3.71 provides a misleading sense of security, as the company's rapid cash depletion and reliance on non-operating asset divestitures suggest that its actual liquidity position is far more vulnerable than the headline ratio implies.
While the current ratio appears elevated, the underlying cash burn rate relative to the limited cash balance suggests that the company is operating with a very narrow window for survival. Investors should focus on the absolute cash runway rather than liquidity ratios, as the latter are heavily influenced by short-term liabilities that may not reflect the firm's long-term solvency.
The price-to-sales ratio is the most commonly misapplied metric for FibroGen, as it obscures the fact that a significant portion of reported revenue is derived from non-recurring milestone payments rather than sustainable, recurring product demand from the core anemia business.
Using P/S to value this business model leads to an overestimation of value because it treats lumpy, one-time partnership inflows as if they were high-quality, repeatable revenue. Analysts should instead focus on a risk-adjusted cash burn analysis or a sum-of-the-parts valuation that separates the China commercial business from the speculative value of the clinical pipeline.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying FGEN stock.
FibroGen, Inc.'s current P/E ratio is -15.6x. This places it at the 50th percentile of its historical range.
Based on historical data, FibroGen, Inc. is trading at a P/E of -15.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FibroGen, Inc.'s current dividend yield is 0.30%.
FibroGen, Inc. has 47.5% gross margin and -507.8% operating margin.