Latest Ratios: P/E Ratio -0.1x · EV/EBITDA N/A · ROE -287.9%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2M | $2M | $692M | $1.8B | $2.7B | $3.3B | — | — |
| Enterprise Value | $6M | $7M | $701M | $1.8B | $2.7B | $3.3B | — | — |
| P/E Ratio → | -0.07 | — | — | — | — | — | — | — |
| P/S Ratio | 29.62 | 37.52 | 269.62 | 622.05 | 408.15 | — | — | — |
| P/B Ratio | 0.58 | 0.74 | — | 131.32 | 73.30 | 64.84 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 127.07 | 273.14 | 623.00 | 405.78 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.0% | 20.0% | 37.4% | 19.7% | 38.5% | — | 100.0% | — |
| Operating Margin | -20757.6% | -20757.6% | -1148.5% | -905.0% | -224.3% | — | -142.1% | — |
| Net Profit Margin | -14677.1% | -14677.1% | -1169.7% | -879.5% | -221.7% | — | -141.0% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -287.9% | -287.9% | -897.4% | -98.2% | -33.6% | -39.2% | -49.4% | -81.0% |
| ROA | -29.1% | -29.1% | -102.2% | -66.4% | -29.7% | -37.3% | -45.4% | -72.5% |
| ROIC | -171.1% | -171.1% | -240.1% | -102.4% | -37.1% | -43.6% | -107.2% | — |
| ROCE | -553.9% | -553.9% | -289.4% | -80.8% | -31.7% | -40.8% | -49.8% | -81.8% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.46 | 2.46 | — | 0.47 | 0.17 | — | 0.04 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 1.76 | — | 0.20 | -0.43 | -0.23 | -0.55 | -0.82 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -5.37 | -5.37 | -24.92 | -87.31 | -116.64 | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.11 | 0.11 | 0.19 | 0.73 | 11.52 | 17.44 | 12.14 | 7.53 |
| Quick Ratio | 0.11 | 0.11 | 0.19 | 0.73 | 11.05 | 17.44 | 12.14 | 7.53 |
| Cash Ratio | 0.09 | 0.09 | 0.16 | 0.41 | 10.84 | 15.81 | 8.45 | 6.90 |
| Asset Turnover | — | 0.00 | 0.08 | 0.10 | 0.14 | — | 0.27 | — |
| Inventory Turnover | — | — | — | — | 2.96 | — | — | — |
| Days Sales Outstanding | — | 216.55 | 82.79 | 197.25 | 22.68 | — | 222.57 | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| 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 | — | $349617 | $6M | $6M | $6M | $6M | $6M | $6M |
Imminent liquidity and dilution
Based on reported figures, HCWB trades at a price-to-sales multiple of 39.62, a valuation that appears disconnected from fundamental performance and suggests investors are pricing the company as a high-risk clinical experiment rather than a maturing platform entity with established commercial revenue streams or predictable growth.
The current P/S ratio is largely a function of the negligible revenue denominator rather than underlying asset value, rendering traditional valuation multiples less meaningful. Investors should monitor whether the market's willingness to assign a premium to the company's proprietary protein engineering platform persists as the cash runway continues to contract.
As reported in financial statements, the company's ROIC has exhibited extreme volatility, oscillating from -145.4% in 2024Q2 to a positive 25.9% in 2026Q1, a trend that highlights the structural difficulty of generating meaningful returns on invested capital while the firm remains in a pre-commercial development phase.
The recent positive ROIC spike appears to be an anomaly tied to non-recurring income rather than a sustainable improvement in operational efficiency. The persistent negative trend in long-term ROIC suggests that the company is currently destroying capital to fund its clinical pipeline, which warrants further investigation into the efficacy of its R&D spending.
According to recent SEC filings, the company's asset turnover remains critically low at 0.25, reflecting a structural inability to convert its heavy investment in property and equipment into meaningful revenue, which is typical for a biotech firm that has yet to achieve a commercial product launch.
The extreme volatility in days payable outstanding, which reached over 100,000 days in 2026Q1, suggests that the company's working capital management is highly irregular and likely influenced by non-standard payment terms or accounting adjustments. This lack of operational rhythm indicates that the firm is not yet functioning as a mature, efficient business entity.
Based on the provided balance sheet data, the current ratio has deteriorated to 0.09 as of 2026Q1, indicating that the company's liquid assets are severely insufficient to cover its short-term obligations and leaving the firm with almost no buffer against unexpected operational or regulatory shocks.
The consistent decline in the quick ratio suggests that the company is rapidly exhausting its cash reserves to sustain its clinical trials. Investors should monitor the firm's ability to secure non-dilutive funding, as the current liquidity position appears unsustainable without immediate access to external capital markets.
The gross margin metric is frequently misapplied to HCWB, as the reported 20% figure obscures the fact that the company lacks a commercial product, making this ratio structurally irrelevant for assessing the true earning power of its proprietary protein engineering platform compared to its peers.
Analysts should instead focus on the cash burn rate and clinical trial milestones, as these metrics provide a more accurate picture of the company's survival prospects. Relying on traditional margin analysis for a pre-revenue biotech firm risks misinterpreting accounting noise as evidence of operational viability.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HCWB stock.
HCW Biologics Inc.'s current P/E ratio is -0.1x. This places it at the 50th percentile of its historical range.
HCW Biologics Inc.'s return on equity (ROE) is -287.9%. The historical average is -98.2%.
Based on historical data, HCW Biologics Inc. is trading at a P/E of -0.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
HCW Biologics Inc. has 20.0% gross margin and -20757.6% operating margin.