Latest Ratios: P/E Ratio -5.8x · EV/EBITDA N/A · ROE -37.1%. (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 | $1.4B | $1.3B | $759M | $848M | $599M | $846M | $518M | $654M | $617M |
| Enterprise Value | $999M | $955M | $539M | $645M | $466M | $722M | $317M | $554M | $577M |
| P/E Ratio → | -5.83 | — | 50.79 | — | 16.13 | — | — | — | — |
| P/S Ratio | 24.94 | 26.62 | 4.87 | 15.71 | 3.47 | 24.32 | 16.57 | 35.46 | 163.53 |
| P/B Ratio | 2.27 | 2.65 | 1.32 | 3.77 | 2.81 | 35.14 | 4.97 | — | — |
| P/FCF | — | — | — | — | 6.38 | — | — | 9.52 | 30.55 |
| P/OCF | — | — | — | 46.53 | 5.99 | — | — | 9.22 | 29.81 |
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 | — | 19.78 | 3.46 | 11.95 | 2.69 | 20.78 | 10.13 | 30.04 | 153.09 |
| EV / EBITDA | — | — | — | — | 12.65 | — | — | — | — |
| EV / EBIT | — | — | 24.23 | — | 10.81 | — | — | — | — |
| EV / FCF | — | — | — | — | 4.96 | — | — | 8.06 | 28.60 |
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 | 100.0% | 100.0% | 100.0% | -119.8% | 38.2% | -151.9% | -114.7% | -117.3% | -801.1% |
| Operating Margin | -377.1% | -377.1% | -24.8% | -188.4% | 17.3% | -248.2% | -223.1% | -178.9% | -912.7% |
| Net Profit Margin | -407.0% | -407.0% | 9.8% | -179.6% | 21.7% | -273.5% | -733.8% | -172.0% | -834.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -37.1% | -37.1% | 3.8% | -44.3% | 31.6% | -148.2% | -723.3% | — | — |
| ROA | -31.2% | -31.2% | 2.5% | -21.1% | 12.9% | -44.3% | -117.9% | -32.5% | -51.3% |
| ROIC | -53.7% | -53.7% | -15.4% | -150.7% | 28.4% | — | — | — | — |
| ROCE | -31.7% | -31.7% | -7.9% | -31.1% | 15.7% | -63.1% | -53.8% | -66.4% | -99.8% |
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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.03 | 0.07 | 0.07 | 0.41 | 0.06 | — | — |
| Debt / EBITDA | — | — | — | — | 0.40 | — | — | — | — |
| Net Debt / Equity | — | -0.68 | -0.38 | -0.90 | -0.63 | -5.12 | -1.93 | — | — |
| Net Debt / EBITDA | — | — | — | — | -3.64 | — | — | — | — |
| Debt / FCF | — | — | — | — | -1.43 | — | — | -1.46 | -1.95 |
| Interest Coverage | -208.76 | -208.76 | 25.09 | -115.72 | 41.50 | -163.90 | -732.01 | -190.10 | -2021.19 |
Net cash position: cash ($346M) exceeds total debt ($16M)
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 | 11.72 | 11.72 | 9.26 | 2.87 | 3.54 | 1.60 | 3.94 | 1.79 | 2.06 |
| Quick Ratio | 11.72 | 11.72 | 9.26 | 2.87 | 3.54 | 1.60 | 3.89 | 1.77 | 2.06 |
| Cash Ratio | 10.91 | 10.91 | 8.89 | 2.72 | 3.40 | 1.53 | 3.83 | 1.72 | 1.95 |
| Asset Turnover | — | 0.09 | 0.22 | 0.11 | 0.42 | 0.20 | 0.12 | 0.14 | 0.06 |
| Inventory Turnover | — | — | — | — | — | — | 20.31 | 32.44 | — |
| Days Sales Outstanding | — | 52.01 | 15.80 | 38.78 | 2.35 | 24.77 | 34.14 | 53.87 | 176.01 |
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 | — | — | 2.0% | — | 6.2% | — | — | — | — |
| FCF Yield | — | — | — | — | 15.7% | — | — | 10.5% | 3.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $122M | $107M | $81M | $69M | $63M | $48M | $63M | $63M |
Clinical milestone funding dependency
According to recent market data, Immatics trades at a price-to-sales ratio of 23.22, which appears to reflect high investor expectations for the XPRESIDENT platform rather than current financial performance, as the company lacks the recurring revenue streams typically required to justify such elevated valuation multiples.
The current P/S multiple suggests that the market is pricing in significant future milestone achievements or eventual commercial success rather than the company's current, highly volatile revenue base. Investors should monitor whether this premium holds as the company continues to burn through its cash reserves without a clear path to self-sustaining profitability.
Based on reported figures, Immatics has consistently generated negative ROIC, with a -31.1% return in 2026Q1, illustrating that the company is currently in a capital-intensive phase where R&D expenditures significantly outweigh the returns generated from its strategic collaboration agreements and licensing milestones.
The persistent negative return on capital is a structural characteristic of a clinical-stage biotechnology firm that has yet to commercialize a product. This trend suggests that capital is being deployed into long-term development assets that have not yet reached the inflection point of generating positive economic value for shareholders.
As reported in financial statements, the company's asset turnover ratio remains extremely low at 0.01 in 2026Q1, which is typical for a pre-commercial firm where the primary assets are intangible intellectual property rather than revenue-generating physical inventory or high-velocity operational infrastructure.
The lack of meaningful asset turnover highlights that the company's operational efficiency is currently secondary to its clinical development progress. Investors should be cautious in applying traditional efficiency metrics, as the current business model is not designed to optimize for asset utilization until a product reaches the market.
According to recent SEC filings, Immatics maintains a strong liquidity position with a current ratio of 8.78 in 2026Q1, providing a substantial buffer that allows the company to fund its ongoing clinical trials despite the absence of consistent, recurring cash inflows from commercial operations.
While the high current ratio suggests excellent short-term solvency, it is largely a function of the cash raised from previous financing rounds and milestone payments. This liquidity is essential for navigating the long development timelines inherent in the biotechnology sector, though it remains subject to rapid depletion if clinical milestones are delayed.
As evidenced by the company's negative TTM P/E of -5.43, the price-to-earnings ratio is a fundamentally flawed metric for evaluating Immatics, as it fails to account for the non-recurring nature of milestone-based revenue and the massive, necessary R&D investments that currently drive net losses.
Investors should instead focus on cash-burn rates and the remaining runway relative to clinical trial milestones, as P/E ratios in this context provide no insight into the company's actual progress or long-term viability. Relying on earnings-based valuation for a pre-revenue biotech firm risks misinterpreting a necessary investment phase as a permanent failure of the business model.
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Quick answers to the most common questions about buying IMTX stock.
Immatics N.V.'s current P/E ratio is -5.8x. The historical average is 33.5x.
Immatics N.V.'s return on equity (ROE) is -37.1%. The historical average is -38.8%.
Based on historical data, Immatics N.V. is trading at a P/E of -5.8x. Compare with industry peers and growth rates for a complete picture.
Immatics N.V. has 100.0% gross margin and -377.1% operating margin.