Latest Ratios: P/E Ratio -0.7x · EV/EBITDA N/A · ROE -183.5%. (1999–2025 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 | $836M | $816M | $50M | $136M | $372M | $12.9B | $18.0B | $4.9B | $4.4B | $4.1B | $6.1B |
| Enterprise Value | $801M | $781M | $-4243731 | $152M | $358M | $12.8B | $17.8B | $5.0B | $4.4B | $4.0B | $6.1B |
| P/E Ratio → | -0.67 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 9999.00 | 12485.24 | 228.26 | 163.10 | 36.27 | 7241.33 | 2434.12 | 1200.19 | 145.72 | 96.16 | 172.39 |
| P/B Ratio | 23.54 | 33.86 | 0.73 | 1.16 | 1.67 | 32.16 | 39.12 | 913.07 | 51.04 | 28.49 | 49.42 |
| 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 | — | 11951.06 | -19.49 | 182.21 | 34.88 | 7219.85 | 2405.55 | 1218.99 | 144.95 | 95.60 | 171.85 |
| 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 | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -132871.3% | -132871.3% | -51616.9% | -17300.3% | -2607.4% | -16972.3% | -1674.2% | -2702.1% | -308.7% | -198.1% | -215.5% |
| Net Profit Margin | -130000.0% | -130000.0% | -49254.3% | -16239.9% | -2726.7% | -17109.9% | -2245.4% | -2902.8% | -318.1% | -208.9% | -208.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -183.5% | -183.5% | -115.4% | -79.5% | -90.0% | -70.6% | -71.3% | -258.2% | -84.5% | -66.4% | -49.3% |
| ROA | -90.6% | -90.6% | -75.5% | -52.0% | -66.3% | -58.6% | -48.7% | -86.8% | -60.9% | -48.9% | -38.1% |
| ROIC | -3476.2% | -3476.2% | -114.1% | -63.3% | -70.5% | -73.9% | -56.0% | -114.1% | -77.5% | -56.3% | -51.4% |
| ROCE | -160.0% | -160.0% | -109.0% | -75.7% | -78.5% | -64.9% | -40.7% | -107.0% | -76.0% | -59.4% | -48.8% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.39 | 0.39 | 0.17 | 0.26 | 0.14 | 0.08 | 0.08 | 18.41 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.45 | -0.79 | 0.14 | -0.06 | -0.10 | -0.46 | 14.30 | -0.27 | -0.17 | -0.16 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -602.12 | -109.50 | -220.42 | -155.59 | -17.72 | -14.20 | — | -3400.29 | -554.66 |
Net cash position: cash ($44M) 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.40 | 1.40 | 2.77 | 3.60 | 3.25 | 6.82 | 11.30 | 2.94 | 2.49 | 3.91 | 2.84 |
| Quick Ratio | 1.40 | 1.40 | 2.77 | 3.60 | 3.25 | 6.82 | 11.30 | 2.94 | 2.49 | 3.91 | 2.84 |
| Cash Ratio | 1.34 | 1.34 | 2.66 | 3.41 | 2.61 | 6.10 | 9.87 | 2.80 | 2.30 | 3.60 | 2.39 |
| Asset Turnover | — | 0.00 | 0.00 | 0.00 | 0.03 | 0.00 | 0.01 | 0.03 | 0.23 | 0.23 | 0.20 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 2.51 | 2009.84 | 1055.17 | 417.50 | 1651.88 | 938.88 | 180.38 | 48.56 | 56.11 | 171.00 |
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% | 0.0% | 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% | 0.0% | 0.0% |
| Shares Outstanding | — | $469M | $27M | $22M | $20M | $215M | $170M | $125M | $93M | $82M | $73M |
Liquidity and dilution risk
As reported in financial statements, Inovio’s P/S ratio of 9999.00 and negative P/E of -0.61 underscore a market valuation decoupled from fundamental earnings, instead pricing the firm as a high-risk, binary-outcome asset contingent entirely on the successful regulatory approval of its lead DNA-based therapeutic candidate.
The extreme valuation multiples suggest that investors are not pricing the company based on current operational output, but rather as a speculative option on future clinical success. Compared to peers like Novavax, which maintain some revenue-based valuation, Inovio’s lack of commercial traction makes traditional multiples largely irrelevant and potentially misleading for assessing intrinsic value.
Based on the company's reported figures, ROIC has consistently languished in negative territory, reaching -92.5% in 2025Q2, which indicates that every dollar of invested capital is currently being consumed by R&D and clinical trial expenses rather than generating any meaningful return for shareholders.
The persistent decay in return on capital highlights the structural challenge of a pre-revenue biotech firm that lacks a commercial product to offset its massive fixed-cost base. This trend suggests that the company is effectively destroying capital at an accelerating rate, necessitating a fundamental shift toward commercialization to reverse the multi-year trend of negative returns.
According to recent SEC filings, the company's DPO has fluctuated significantly, reaching 278 days in 2026Q1, which suggests that Inovio is increasingly reliant on stretching supplier payment terms to preserve its rapidly dwindling cash reserves amidst a lack of meaningful asset turnover.
The inability to generate asset turnover, combined with erratic working capital management, indicates a lack of operational leverage. Investors should monitor whether these extended payment cycles are a strategic choice to manage cash or a sign of mounting pressure on the firm's ability to meet its short-term financial obligations.
As indicated by the provided financial data, the current ratio has compressed from 4.77 in 2024Q1 to 1.04 in 2026Q1, signaling a narrowing margin of safety that leaves the firm with minimal flexibility to navigate unexpected clinical delays or further increases in the cash burn rate.
The rapid deterioration of the liquidity position suggests that the company is approaching a point where external financing will be required to maintain operations. This trend warrants close investigation, as the current ratio of 1.04 provides little room for error in a sector where regulatory hurdles frequently cause unforeseen capital requirements.
Based on the reported figures, the P/B ratio of 21.40 is a fundamentally flawed metric for Inovio, as it obscures the fact that the company's book value is primarily composed of intangible clinical prospects rather than tangible assets capable of generating future cash flows.
Investors often misapply the P/B ratio to biotech firms, assuming it represents a floor for valuation, whereas for Inovio, it merely reflects the market's speculative premium on R&D pipeline potential. A more appropriate focus would be the cash runway and the net cash used in operating activities, which provide a clearer picture of the firm's proximity to insolvency.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying INO stock.
Inovio Pharmaceuticals, Inc.'s current P/E ratio is -0.7x. This places it at the 50th percentile of its historical range.
Inovio Pharmaceuticals, Inc.'s return on equity (ROE) is -183.5%. The historical average is -81.6%.
Based on historical data, Inovio Pharmaceuticals, Inc. is trading at a P/E of -0.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Inovio Pharmaceuticals, Inc. has 100.0% gross margin and -132871.3% operating margin.