Latest Ratios: P/E Ratio -0.3x · EV/EBITDA N/A · ROE -123.9%. (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 | $17M | $30M | $65M | $138M | $59M | $220M | — | — |
| Enterprise Value | $-31798701 | $-18838300 | $-8995697 | $55M | $-55459800 | $78M | — | — |
| P/E Ratio → | -0.26 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | 34.44 | 6.90 | 3.61 | — | — | — |
| P/B Ratio | 0.65 | 1.20 | 0.88 | 1.24 | 0.48 | 1.44 | — | — |
| 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 | — | — | -4.77 | 2.77 | -3.38 | — | — | — |
| 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 | — | — | 3.8% | 91.2% | 84.7% | — | — | — |
| Operating Margin | — | — | -3904.2% | -203.1% | -341.8% | — | — | — |
| Net Profit Margin | — | — | -3740.8% | -187.4% | -328.1% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -123.9% | -123.9% | -76.3% | -32.0% | -39.1% | -41.3% | -30.2% | -112.5% |
| ROA | -62.0% | -62.0% | -46.7% | -22.3% | -31.7% | -36.3% | -25.3% | -50.7% |
| ROIC | — | — | -388.2% | -165.7% | -451.5% | -743.4% | — | — |
| ROCE | -83.7% | -83.7% | -55.1% | -27.8% | -36.9% | -38.8% | -40.5% | -50.6% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.38 | 0.38 | 0.51 | 0.47 | 0.12 | 0.10 | 0.03 | 0.32 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.96 | -1.01 | -0.74 | -0.94 | -0.93 | -1.01 | -1.51 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -11.50 | -11.50 | -14.14 | -10.90 | — | — | — | -26.55 |
Net cash position: cash ($58M) exceeds total debt ($9M)
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 | 1.62 | 1.62 | 7.45 | 7.14 | 5.84 | 13.56 | 17.58 | 8.84 |
| Quick Ratio | 1.62 | 1.62 | 7.45 | 7.14 | 5.84 | 13.56 | 17.58 | 8.84 |
| Cash Ratio | 1.60 | 1.60 | 7.31 | 6.93 | 5.39 | 13.27 | 17.52 | 8.76 |
| Asset Turnover | — | — | 0.01 | 0.11 | 0.10 | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | 24.71 | 154.18 | — | — | — |
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 | — | $47M | $44M | $36M | $29M | $18M | $29M | $29M |
Clinical Trial Funding Gap
As reported in financial statements, HOWL trades at a price-to-book ratio of 0.61, which suggests that the market is heavily discounting the company's intellectual property and clinical assets relative to its historical valuation and the broader peer group of early-stage immuno-oncology firms.
The current P/B multiple indicates that investors are pricing the company below its accounting book value, likely reflecting skepticism regarding the clinical durability of the INDUKINE platform. This valuation suggests that the market is assigning little to no terminal value to the pipeline, effectively treating the company as a liquidation play rather than a growth-oriented biotech entity.
Based on reported figures, the ROIC has deteriorated significantly, reaching -152.3% in 2026Q1, which highlights the company's inability to generate positive returns on invested capital as clinical trial expenditures continue to outpace the value created by the underlying research and development programs.
The persistent negative ROIC trend underscores the structural challenge of a pre-commercial business model where capital is consumed to fund long-term R&D without immediate revenue generation. Investors should monitor whether future clinical readouts can reverse this trend, as the current trajectory suggests a rapid erosion of shareholder value through sustained operational losses.
According to recent SEC filings, the company's days payable outstanding has fluctuated significantly, reaching 489 days in 2026Q1, which suggests that management is aggressively managing cash outflows to vendors to preserve liquidity in the face of a shrinking cash reserve.
The extreme volatility in DPO indicates that the company is likely stretching payment terms to maintain its operational runway, a common but risky strategy for cash-constrained biotech firms. This reliance on supplier leverage may become unsustainable if vendors demand more stringent payment terms as the company's liquidity position continues to tighten.
As indicated by the quarterly data, the current ratio has compressed from 12.13 in 2024Q2 to 1.27 in 2026Q1, signaling a rapid reduction in the company's short-term liquidity buffer as cash reserves are exhausted to support ongoing oncology research and development efforts.
The sharp decline in the current ratio suggests that the company's ability to cover short-term obligations is becoming increasingly precarious. This trend warrants close monitoring, as a further reduction in liquidity could force management to seek dilutive financing or enter into unfavorable partnership agreements to sustain clinical momentum.
The most commonly misapplied metric for this business model is the P/E ratio, which, at -0.24, obscures the company's true economic reality by focusing on accounting losses rather than the underlying clinical progress and the potential value of the INDUKINE platform.
Using P/E to evaluate a pre-commercial biotech firm is fundamentally flawed because it ignores the binary nature of clinical trial outcomes and the lack of recurring revenue. Analysts should instead focus on cash runway and the probability-adjusted net present value of the pipeline, as these metrics better capture the company's actual risk-reward profile.
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 HOWL stock.
Werewolf Therapeutics, Inc.'s current P/E ratio is -0.3x. This places it at the 50th percentile of its historical range.
Werewolf Therapeutics, Inc.'s return on equity (ROE) is -123.9%. The historical average is -65.0%.
Based on historical data, Werewolf Therapeutics, Inc. is trading at a P/E of -0.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.