Latest Ratios: P/E Ratio -14.5x · EV/EBITDA N/A · ROE -64.8%. (2018–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.2B | $4.5B | $2.6B | $4.5B | $1.9B | $604M | $1.4B | $673M | — | — |
| Enterprise Value | $7.3B | $3.6B | $1.9B | $3.8B | $1.5B | $113M | $1.0B | $575M | — | — |
| P/E Ratio → | -14.47 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 8.58 | 5.31 | 3.66 | 7.22 | 5.27 | 1.29 | 3.60 | 7.15 | — | — |
| 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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — | — |
| 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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -64.8% | -64.8% | -62.5% | -52.9% | -50.7% | -36.4% | -44.3% | -141.1% | -1.8% | — |
| ROA | -58.3% | -58.3% | -57.4% | -48.4% | -45.8% | -33.8% | -41.2% | -120.9% | -0.2% | -120827.1% |
| ROIC | — | — | — | — | — | — | — | — | — | — |
| ROCE | -68.3% | -68.3% | -66.1% | -55.1% | -50.0% | -36.1% | -44.3% | -126.8% | -1.8% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.03 | 12.22 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 31.41 | — |
| Net Debt / Equity | — | -1.06 | -1.01 | -1.03 | -1.04 | -1.05 | -1.01 | -1.04 | -1.02 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | -2.62 | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -16.69 | — | — | -105.07 | — | — |
Net cash position: cash ($902M) exceeds total debt ($72000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.09 | 9.09 | 11.16 | 13.70 | 9.34 | 11.52 | 21.79 | 7.12 | 0.85 | 0.07 |
| Quick Ratio | 9.09 | 9.09 | 11.16 | 13.70 | 9.34 | 11.52 | 21.79 | 7.12 | 0.85 | 0.07 |
| Cash Ratio | 8.64 | 8.64 | 10.38 | 13.07 | 8.70 | 11.09 | 21.32 | 6.57 | 0.85 | — |
| Asset Turnover | — | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | 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% | 0.0% | 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% | — | — |
| Shares Outstanding | — | $182M | $152M | $138M | $123M | $110M | $88M | $43M | $14M | $10M |
Clinical trial execution failure
Based on reported financial statements, Immunovant trades at a price-to-book ratio of 8.31, a valuation that appears to price in significant clinical success for the IMVT-1402 program rather than current fundamental performance, as the company remains entirely pre-revenue and continues to generate substantial net losses.
The elevated P/B multiple relative to broader biotech benchmarks suggests that investors are assigning a high probability of success to the company's late-stage FcRn inhibitor pipeline. This valuation implies that the market expects the company to achieve a best-in-class safety and efficacy profile, which would justify the current premium over its tangible asset base.
As reported in financial statements, Immunovant’s ROIC has remained deeply negative, reaching -26.5% in 2026Q2, which is an expected outcome for a clinical-stage biotechnology firm that is currently deploying capital into high-cost research and development rather than generating returns from commercialized assets.
The persistent decay in return on invested capital highlights the heavy burden of funding multi-indication Phase 3 trials without any offsetting product revenue. Investors should monitor whether the company can eventually pivot toward positive capital efficiency once the lead asset transitions from the development phase to commercialization.
According to recent SEC filings, Immunovant maintains a current ratio of 9.09 as of 2026Q4, indicating a strong short-term liquidity position that appears sufficient to fund the company's intensive R&D requirements through the next several quarters of clinical data readouts and regulatory milestones.
The high current ratio is primarily a function of the company's significant cash reserves, which are essential for maintaining operations in the absence of revenue. This liquidity profile provides a necessary cushion against potential volatility in capital markets, allowing management to focus on trial execution without immediate financing pressure.
Based on a comparison with peers like Praxis Precision Medicine and Viking Therapeutics, Immunovant’s P/B ratio of 8.31 sits at the higher end of the cohort, suggesting that the market views its FcRn-focused pipeline as having a more favorable risk-reward profile than other mid-cap immunology competitors.
While the peer group consistently exhibits negative profitability and high cash burn, Immunovant’s valuation appears to be driven by the specific mechanistic differentiation of its lead candidate. The gap between Immunovant and its peers may be structural, reflecting the perceived higher probability of achieving a 'clean' safety profile in the competitive FcRn inhibitor market.
As noted in financial analysis, the price-to-book ratio is frequently misapplied to Immunovant, as it fails to capture the value of the company's intellectual property and clinical pipeline, which are the primary drivers of its economic worth rather than the physical assets on the balance sheet.
Investors should instead focus on risk-adjusted net present value models that account for the probability of clinical success and the potential peak market share of IMVT-1402. Relying on book value in a pre-revenue biotech context obscures the true value of the company's intangible assets and may lead to an underestimation of the potential upside.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying IMVT stock.
Immunovant, Inc.'s current P/E ratio is -14.5x. This places it at the 50th percentile of its historical range.
Immunovant, Inc.'s return on equity (ROE) is -64.8%. The historical average is -56.8%.
Based on historical data, Immunovant, Inc. is trading at a P/E of -14.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.