Latest Ratios: P/E Ratio -4.0x · EV/EBITDA N/A · ROE -55.5%. (2008–2025 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 | $1.6B | $976M | $2.1B | $1.9B | $1.0B | $2.9B | $6.4B | $3.4B | $861M | $522M | $384M |
| Enterprise Value | $1.4B | $861M | $2.1B | $1.9B | $871M | $2.9B | $6.4B | $3.4B | $779M | $377M | $218M |
| P/E Ratio → | -3.99 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 5.90 | 3.70 | 13.07 | 1607.75 | — | — | — | — | — | — | — |
| P/B Ratio | 2.23 | 1.40 | 3.02 | 3.27 | 2.04 | 4.71 | 9.77 | 11.51 | 1.85 | 3.59 | 2.30 |
| 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 | — | 3.27 | 12.72 | 1574.93 | — | — | — | — | — | — | — |
| 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 | 97.2% | 97.2% | 24.4% | -804.5% | — | — | — | — | — | — | — |
| Operating Margin | -153.1% | -153.1% | -240.9% | -38735.0% | — | — | — | — | — | — | — |
| Net Profit Margin | -148.4% | -148.4% | -226.8% | -37345.4% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -55.5% | -55.5% | -57.5% | -81.9% | -70.6% | -53.6% | -54.3% | -51.6% | -40.4% | -58.9% | -39.0% |
| ROA | -42.9% | -42.9% | -44.0% | -61.5% | -54.9% | -44.3% | -46.6% | -47.9% | -38.8% | -56.3% | -38.1% |
| ROIC | -48.9% | -48.9% | -49.5% | -76.9% | -61.8% | -40.9% | -41.9% | -45.6% | -50.1% | -25056.7% | -10435.6% |
| ROCE | -51.6% | -51.6% | -54.2% | -74.1% | -63.3% | -48.9% | -51.4% | -53.6% | -41.9% | -59.5% | -39.6% |
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 | 0.07 | 0.07 | 0.08 | 0.13 | 0.17 | 0.12 | 0.08 | 0.04 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.16 | -0.08 | -0.07 | -0.29 | -0.01 | -0.02 | -0.01 | -0.18 | -1.00 | -1.00 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -133.63 | — | — | — | — | — | — |
Net cash position: cash ($163M) exceeds total debt ($48M)
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 | 3.20 | 3.20 | 3.74 | 2.79 | 5.24 | 5.69 | 11.59 | 8.10 | 33.02 | 15.09 | 34.12 |
| Quick Ratio | 2.83 | 2.83 | 3.31 | 2.70 | 5.24 | 5.69 | 11.59 | 8.10 | 33.02 | 15.09 | 34.12 |
| Cash Ratio | 2.15 | 2.15 | 2.65 | 2.54 | 5.16 | 5.65 | 11.47 | 7.86 | 32.54 | 14.70 | 33.51 |
| Asset Turnover | — | 0.29 | 0.18 | 0.00 | — | — | — | — | — | — | — |
| Inventory Turnover | 0.14 | 0.14 | 2.41 | 1.04 | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 114.21 | 154.26 | 46.35 | — | — | — | — | — | — | — |
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 | — | — | — | — | — | — | — | — | — | — | 12.9% |
| 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% | 0.2% | 0.2% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 13.0% |
| Shares Outstanding | — | $357M | $290M | $235M | $159M | $153M | $138M | $124M | $97M | $65M | $55M |
High Cash Burn Rate
Based on reported figures, Iovance trades at a P/S multiple of 5.77, which appears to price in significant future label expansion and market penetration for its TIL platform rather than current commercial output, as the company lacks a meaningful P/E or EV/EBITDA valuation baseline.
The current valuation multiple suggests investors are discounting the company's long-term potential in solid tumors, effectively ignoring the near-term lack of profitability. This premium valuation warrants caution, as any delay in clinical trial progress or commercial adoption could lead to significant multiple compression.
As reported in financial statements, Iovance's ROIC has remained consistently negative, bottoming at -17.6% in 2023Q4, which highlights the substantial drag created by heavy investments in centralized manufacturing facilities that have yet to achieve the scale necessary to generate positive returns on invested capital.
The persistent negative ROIC reflects the high cost of maintaining a specialized, autologous manufacturing footprint. Until the company can demonstrate a path toward operational leverage, these returns will likely remain suppressed by the ongoing capital intensity of the TIL platform.
According to recent SEC filings, the company's cash conversion cycle has shown extreme volatility, reaching 2331 days in 2026Q1, which underscores the significant logistical friction and inventory management challenges inherent in the complex, patient-specific vein-to-vein supply chain required for Iovance's personalized cell therapy platform.
The erratic nature of the CCC suggests that the company is still refining its manufacturing and distribution processes. Investors should monitor whether these metrics stabilize as the company gains more experience with commercial-scale production and patient throughput.
Based on the company's reported figures, the current ratio of 3.60 as of 2026Q1 provides a superficial appearance of liquidity, yet this is undermined by the high quarterly operating burn rates that continue to characterize the firm's transition from clinical development to commercial launch.
While the current ratio appears healthy relative to peers, the underlying cash burn suggests that the company's liquidity position is more vulnerable than the headline numbers imply. The reliance on external financing remains a critical risk factor for maintaining operations in the near term.
As detailed in recent financial statements, the P/S ratio is frequently misapplied to Iovance, as it fails to account for the non-recurring nature of early-stage milestone payments and the significant lag between patient biopsy and revenue recognition inherent in the autologous cell therapy business model.
Analysts should instead focus on the number of onboarded Authorized Treatment Centers and the manufacturing success rate as more reliable indicators of future revenue potential. Relying solely on P/S multiples obscures the operational reality of the company's high-touch, patient-specific commercial model.
Includes 30+ ratios · 18 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 IOVA stock.
Iovance Biotherapeutics, Inc.'s current P/E ratio is -4.0x. This places it at the 50th percentile of its historical range.
Iovance Biotherapeutics, Inc.'s return on equity (ROE) is -55.5%. The historical average is -53.3%.
Based on historical data, Iovance Biotherapeutics, Inc. is trading at a P/E of -4.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Iovance Biotherapeutics, Inc. has 97.2% gross margin and -153.1% operating margin.