Latest Ratios: P/E Ratio -23.4x · EV/EBITDA N/A · ROE N/A. (2013–2025 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.3B | $1.8B | $1.8B | $2.6B | $2.0B | $2.4B | $5.1B | $1.5B | $377M | $1.4B | $1.9B |
| Enterprise Value | $10.1B | $2.6B | $2.2B | $3.0B | $2.6B | $2.8B | $5.3B | $1.5B | $367M | $1.4B | $1.9B |
| P/E Ratio → | -23.45 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 82.37 | 16.08 | 121.61 | 4105.07 | 8447.89 | 2533.77 | 8442.61 | 33773.25 | 8022.39 | 31544.39 | 42711.99 |
| P/B Ratio | — | — | — | — | — | — | — | 12.03 | 2.82 | 6.49 | 6.40 |
| 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 23.05 | 146.07 | 4846.66 | 11027.60 | 3031.16 | 8840.35 | 33757.90 | 7811.52 | 31175.41 | 42714.87 |
| 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.3% | 99.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -20858.1% | 6717.0% | 100.0% | 100.0% |
| Operating Margin | -226.0% | -226.0% | -2334.2% | -58239.5% | -146374.2% | -35361.9% | -36509.1% | -155597.7% | -209338.3% | -220266.7% | -282954.5% |
| Net Profit Margin | -310.2% | -310.2% | -2804.8% | -93761.4% | -173569.6% | -37129.6% | -36669.6% | -152997.7% | -204736.2% | -214273.3% | -274565.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | -20269.6% | -51.7% | -54.6% | -37.6% | -37.2% |
| ROA | -79.4% | -79.4% | -93.2% | -134.6% | -100.2% | -100.5% | -121.7% | -40.5% | -44.5% | -34.0% | -35.3% |
| ROIC | -235.9% | -235.9% | — | -1217.1% | -135.1% | -144.5% | -136.8% | -41.2% | -45.3% | -30.0% | -39.2% |
| ROCE | -66.7% | -66.7% | -88.9% | -235.5% | — | -260.9% | -155.1% | -46.7% | -51.2% | -37.1% | -37.4% |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | 0.12 | 0.05 | 0.03 | 0.03 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | — | — | -0.01 | -0.07 | -0.08 | 0.00 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -2.12 | -2.12 | -2.14 | -5.73 | -7.85 | -22.56 | -23.91 | -11.13 | -222.39 | -155.82 | -1838.11 |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.10 | 5.10 | 3.36 | 5.05 | 0.28 | 0.91 | 1.64 | 4.82 | 3.26 | 6.35 | 16.34 |
| Quick Ratio | 5.08 | 5.08 | 3.21 | 5.05 | 0.28 | 0.91 | 1.64 | 4.82 | 3.26 | 6.35 | 16.34 |
| Cash Ratio | 3.93 | 3.93 | 2.73 | 4.57 | 0.21 | 0.86 | 1.41 | 4.47 | 2.72 | 6.14 | 15.85 |
| Asset Turnover | — | 0.23 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventory Turnover | 0.83 | 0.83 | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 137.31 | 65.67 | 1859.04 | 2874.38 | 520.93 | 1208.42 | 2571.98 | 94496.17 | 10203.78 | — |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.2% | 0.1% | 1.1% | 0.8% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.2% | 0.1% | 1.1% | 0.8% |
| Shares Outstanding | — | $920M | $700M | $509M | $400M | $389M | $383M | $383M | $325M | $316M | $329M |
High cash burn dilution
According to current market data, IBRX trades at a price-to-sales ratio of 80.52, a significant premium that suggests investors are pricing in the long-term platform potential of its cytokine fusion proteins rather than the immediate, early-stage commercial revenue generated from its NMIBC product launch.
This elevated multiple indicates that the market is valuing the company as a multi-indication immunotherapy powerhouse rather than a single-asset biotech. Investors should monitor whether future clinical readouts in other solid tumors justify this premium or if the valuation will compress as the company faces the reality of commercial scaling.
Based on reported figures, IBRX's ROIC of -30.7% in 2026Q1 highlights the company's current inability to generate positive returns on its invested capital, a trend consistent with the heavy R&D and manufacturing infrastructure investments required to support its early-stage commercialization phase.
The negative return profile is typical for a company in the J-curve of commercialization where fixed costs significantly outpace revenue. The primary driver of this decay is the massive operating expense base, which warrants further investigation into whether the company can achieve the necessary scale to eventually turn these returns positive.
As indicated by recent quarterly reports, IBRX's cash conversion cycle remains highly erratic, with a -3141 day cycle in 2026Q1, reflecting the significant challenges in managing working capital during the initial rollout of a complex biologic product in a fragmented urology market.
The extreme fluctuations in DSO and DPO suggest that the company is still refining its supply chain and distribution logistics. This inefficiency appears to be a structural byproduct of the transition from clinical-stage R&D to a commercial entity, which may improve as the company establishes more predictable manufacturing and sales cycles.
According to recent SEC filings, IBRX maintains a current ratio of 6.67, which provides a temporary liquidity cushion, yet this figure is somewhat misleading given the company's persistent operating losses and the ongoing need for external capital to fund its broad clinical pipeline.
While the current ratio appears healthy compared to peers, the company's reliance on founder-led financing suggests that traditional liquidity metrics may not fully capture the underlying financial risk. Investors should monitor the cash burn rate closely, as the current liquidity position remains highly sensitive to regulatory and financing hurdles.
As noted in recent financial statements, the reported 99.5% gross margin is a commonly misapplied metric for IBRX, as it likely excludes significant production and distribution costs that are currently being capitalized or categorized as R&D during the initial commercial launch phase.
Relying on this headline margin obscures the true economic cost of manufacturing and delivering complex biologic therapies. Analysts should instead focus on operating margins and cash flow metrics to better understand the company's path to profitability, as the current gross margin is likely to contract as the business matures.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying IBRX stock.
ImmunityBio, Inc.'s current P/E ratio is -23.4x. This places it at the 50th percentile of its historical range.
Based on historical data, ImmunityBio, Inc. is trading at a P/E of -23.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ImmunityBio, Inc. has 99.3% gross margin and -226.0% operating margin.