Latest Ratios: P/E Ratio -0.6x · EV/EBITDA N/A · ROE -35.0%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $68M | $34M | $950M | $987M | $1.2B | $5.4B | — | — | — |
| Enterprise Value | $43M | $9M | $918M | $877M | $1.1B | $5.2B | — | — | — |
| P/E Ratio → | -0.56 | — | — | — | — | — | — | — | — |
| P/S Ratio | 84.59 | 42.01 | 271.35 | 107.71 | 73.96 | 174.71 | — | — | — |
| P/B Ratio | 0.22 | 0.25 | 7.54 | 5.81 | 7.86 | 26.04 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.80 | 262.24 | 95.79 | 70.49 | 167.45 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -29.1% | -29.1% | 100.0% | 88.9% | -311.8% | -52.0% | -387.8% | -81.3% | -3838.0% |
| Operating Margin | -6056.4% | -6056.4% | -1057.1% | -823.3% | -454.0% | -110.2% | -484.2% | -134.5% | -4130.7% |
| Net Profit Margin | -5668.6% | -5668.6% | -1044.8% | -744.2% | -440.3% | -110.1% | -481.4% | -122.3% | -4127.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -35.0% | -35.0% | -24.7% | -43.0% | -38.8% | -63.9% | — | — | — |
| ROA | -30.8% | -30.8% | -21.9% | -37.4% | -32.7% | -16.4% | -34.8% | -31.5% | -197.6% |
| ROIC | -35.9% | -35.9% | -35.9% | -73.8% | -141.1% | — | — | — | — |
| ROCE | -35.6% | -35.6% | -24.0% | -45.9% | -38.2% | -18.9% | -44.1% | -47.1% | -242.7% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.08 | 0.08 | 0.06 | 0.06 | 0.04 | 0.03 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.19 | -0.25 | -0.64 | -0.37 | -1.08 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | -1.72 | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($35M) exceeds total debt ($10M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.49 | 12.49 | 11.80 | 12.58 | 7.44 | 8.70 | 5.86 | 3.51 | 5.22 |
| Quick Ratio | 12.49 | 12.49 | 11.80 | 12.58 | 7.44 | 8.70 | 5.86 | 3.51 | 5.22 |
| Cash Ratio | 6.75 | 6.75 | 11.54 | 12.35 | 7.30 | 8.54 | 5.74 | 3.38 | 4.75 |
| Asset Turnover | — | 0.01 | 0.02 | 0.05 | 0.09 | 0.13 | 0.05 | 0.16 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 591.30 | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $5M | $48M | $42M | $36M | $36M | $14M | $36M | $36M |
Total Capital Erosion
According to recent market data, ImageneBio trades at a price-to-sales ratio of 82.55, a figure that appears fundamentally detached from the company's reality given that it has reported zero revenue for every quarter since 2024Q1, rendering traditional sales-based valuation multiples effectively meaningless for this entity.
The extreme P/S ratio suggests that market participants may be pricing the firm based on speculative pipeline potential rather than any tangible commercial output. Investors should monitor the P/B ratio of 0.21, which indicates that the market is valuing the company at a significant discount to its book value, likely reflecting deep skepticism regarding the firm's ability to convert its remaining assets into future value.
As reported in financial statements, ImageneBio has consistently generated negative returns on invested capital, with the ROIC reaching -11.1% in 2026Q1, a trend that highlights the firm's inability to deploy capital efficiently in the absence of any commercial revenue streams or operational scale.
The persistent negative ROIC over the last ten quarters suggests that every dollar of capital invested is currently destroying shareholder value rather than compounding it. This trend warrants further investigation into whether the company's research initiatives possess any viable path toward commercialization or if the current capital allocation strategy is fundamentally flawed.
Based on the company's reported figures, ImageneBio maintains a current ratio of 18.39 as of 2026Q1, which appears superficially strong but is misleading because it reflects a lack of operational activity rather than a robust ability to meet short-term obligations through normal business cycles.
While the high current ratio suggests the company has sufficient cash to cover immediate liabilities, this liquidity is being rapidly depleted by ongoing research expenses. Investors should interpret this metric with caution, as the absence of revenue means the firm is entirely dependent on its existing cash balance to survive, leaving it vulnerable to any unexpected liquidity shocks.
As indicated by historical data, the current ratio is the most commonly misapplied metric for ImageneBio, as it obscures the company's lack of operational cash flow and suggests a level of financial health that is not supported by the firm's persistent and unmitigated cash burn.
Relying on the current ratio for a pre-revenue biotechnology firm ignores the reality that the company is not generating cash from operations to replenish its working capital. A more appropriate metric for assessing this business model would be the cash runway, which measures how many quarters the firm can sustain its current burn rate before requiring additional external financing.
Includes 30+ ratios · 8 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 IMA stock.
ImageneBio Inc's current P/E ratio is -0.6x. This places it at the 50th percentile of its historical range.
ImageneBio Inc's return on equity (ROE) is -35.0%. The historical average is -41.1%.
Based on historical data, ImageneBio Inc is trading at a P/E of -0.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ImageneBio Inc has -29.1% gross margin and -6056.4% operating margin.