Latest Ratios: P/E Ratio -5.1x · EV/EBITDA N/A · ROE -449.4%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.5B | $1.3B | $32M | — | — | — | — | — |
| Enterprise Value | $3.5B | $1.2B | $1M | — | — | — | — | — |
| P/E Ratio → | -5.06 | — | — | — | — | — | — | — |
| P/S Ratio | 247.89 | 88.10 | 2.89 | — | — | — | — | — |
| P/B Ratio | 164.19 | 81.49 | 4.73 | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 84.92 | 0.13 | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | — |
| Operating Margin | -271.9% | -271.9% | -564.7% | -55.5% | 45.7% | -3854.8% | — | — |
| Net Profit Margin | -349.3% | -349.3% | -523.4% | -52.4% | 44.9% | -9625.3% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -449.4% | -449.4% | -203.2% | -20.8% | 52.3% | -1295.1% | — | — |
| ROA | -113.9% | -113.9% | -126.7% | -19.4% | 47.7% | -259.1% | -253.0% | -345.8% |
| ROIC | — | — | — | -526.4% | 1493.1% | — | — | — |
| ROCE | -113.5% | -113.5% | -164.5% | -22.0% | 53.2% | -123.7% | -575.7% | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 0.02 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -2.94 | -4.51 | -1.01 | -0.92 | -1.08 | — | — |
| Net Debt / EBITDA | — | — | — | — | -2.34 | — | — | — |
| Debt / FCF | — | — | — | — | -2.98 | — | — | — |
| Interest Coverage | -32.83 | -32.83 | — | -7.51 | 2023.56 | -28345.50 | -2.60 | -3.38 |
Net cash position: cash ($45M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.43 | 6.43 | 3.24 | 13.35 | 17.79 | 6.76 | 5.55 | 0.19 |
| Quick Ratio | 6.43 | 6.43 | 3.24 | 13.35 | 17.79 | 6.76 | 5.55 | 0.19 |
| Cash Ratio | 5.80 | 5.80 | 2.68 | 12.50 | 15.50 | 6.42 | 5.15 | 0.16 |
| Asset Turnover | — | 0.28 | 0.30 | 0.35 | 0.81 | 0.02 | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 81.38 | 191.66 | 44.70 | 44.42 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.2% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.2% | — | — | — | — | — |
| Shares Outstanding | — | $622M | $27M | $22M | $21M | $15M | $5M | $7M |
Clinical trial execution risk
Based on reported figures, IRD trades at a price-to-sales ratio of 244.83, a valuation level that appears disconnected from fundamental performance and suggests investors are pricing the company primarily on the long-term potential of its gene therapy pipeline rather than current, lumpy milestone-driven revenue streams.
The extreme P/S multiple reflects the market's attempt to assign value to future clinical milestones in the absence of recurring commercial revenue. Investors should monitor whether this premium holds as the company transitions toward higher-cost commercialization phases, as current multiples may be unsustainable if clinical readouts fail to meet high expectations.
As reported in recent financial statements, IRD's asset turnover remains exceptionally low at 0.04, indicating that the company's current asset base is not effectively generating revenue, a trend consistent with its pre-commercial status and heavy reliance on non-recurring licensing milestones rather than operational product sales.
The erratic nature of the cash conversion cycle, evidenced by DSO fluctuations from 67 to 372 days, highlights the operational friction inherent in milestone-based revenue recognition. This lack of efficiency suggests that management's focus remains on clinical development rather than optimizing the working capital cycle, which may pose risks to liquidity if milestones are delayed.
According to the latest quarterly filings, IRD has shifted toward debt financing, with a notable emergence of debt-to-equity dynamics that warrant caution, as the company's negative equity position of $45.8M suggests that its capital structure is becoming increasingly fragile under the weight of persistent operating losses.
The transition to debt-based funding indicates that equity markets may be becoming more restrictive or that management is attempting to minimize further dilution. Investors should monitor the interest coverage ratio, which remains deeply negative, as it suggests that the company lacks the operational cash flow to service debt obligations without further capital infusions.
Based on the company's reported figures, the price-to-book ratio of 162.16 is a fundamentally misapplied metric for IRD, as it fails to account for the negative equity position caused by accumulated R&D losses and the intangible nature of the company's core gene therapy intellectual property assets.
Using P/B to value a clinical-stage biotech obscures the reality that the company's true value resides in its pipeline and regulatory status rather than its tangible book value. Analysts should instead focus on cash runway and the probability-adjusted net present value of clinical assets to better gauge the company's intrinsic worth.
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Quick answers to the most common questions about buying IRD stock.
Opus Genetics, Inc.'s current P/E ratio is -5.1x. This places it at the 50th percentile of its historical range.
Opus Genetics, Inc.'s return on equity (ROE) is -449.4%. The historical average is -155.3%.
Based on historical data, Opus Genetics, Inc. is trading at a P/E of -5.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Opus Genetics, Inc. has 100.0% gross margin and -271.9% operating margin.