Latest Ratios: P/E Ratio -3.1x · EV/EBITDA N/A · ROE -34.0%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $125M | $425M | $53M | $432M | $162M | $804M | — |
| Enterprise Value | $-99190412 | $201M | $-15513247 | $233M | $74M | $262M | — |
| P/E Ratio → | -3.14 | — | — | — | — | — | — |
| P/S Ratio | 2.34 | 7.96 | 2.07 | — | — | — | — |
| P/B Ratio | 0.67 | 1.76 | 0.78 | 2.43 | 0.46 | 1.44 | — |
| 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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.77 | -0.61 | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 93.0% | 93.0% | 93.6% | — | — | — | — |
| Operating Margin | -104.0% | -104.0% | -696.8% | — | — | — | — |
| Net Profit Margin | -98.2% | -98.2% | -669.4% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -34.0% | -34.0% | -138.7% | -74.5% | -52.8% | -92.0% | — |
| ROA | -25.8% | -25.8% | -94.7% | -64.9% | -48.1% | -61.5% | -95.4% |
| ROIC | -494.9% | -494.9% | — | -129.4% | -131.3% | — | — |
| ROCE | -35.8% | -35.8% | -143.6% | -79.2% | -54.1% | -68.5% | -107.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.93 | -1.01 | -1.12 | -0.25 | -0.97 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -5.25 | — | — |
Net cash position: cash ($227M) exceeds total debt ($2M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 7.24 | 7.24 | 1.62 | 4.47 | 15.06 | 9.94 | 8.98 |
| Quick Ratio | 6.50 | 6.50 | 1.62 | 4.47 | 15.06 | 9.94 | 8.98 |
| Cash Ratio | 6.64 | 6.64 | 1.12 | 3.99 | 14.86 | 9.53 | 8.80 |
| Asset Turnover | — | 0.19 | 0.20 | — | — | — | — |
| Inventory Turnover | 0.15 | 0.15 | — | — | — | — | — |
| Days Sales Outstanding | — | 95.09 | 160.60 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — |
| Shares Outstanding | — | $172M | $119M | $110M | $108M | $111M | $111M |
Rapid viral mutation obsolescence
According to current market data, Invivyd trades at a P/S ratio of 2.22, a valuation that appears to discount the company's long-term viability as a standalone entity, suggesting investors are pricing the stock as a distressed real option rather than a traditional commercial-stage biotechnology firm.
The lack of a meaningful P/E or EV/EBITDA multiple highlights the market's focus on the company's inability to generate sustainable earnings. This valuation level suggests that investors are heavily discounting the firm's future cash flows due to the high probability of product obsolescence, effectively treating the current revenue as a transient windfall rather than a durable base.
Based on reported financial statements, Invivyd's ROIC has consistently remained in negative territory, reaching -144.2% in 2026Q1, which indicates that the company is currently destroying shareholder capital at an accelerated rate while attempting to fund its iterative antibody discovery platform through dilutive financing.
The persistent decay in returns on invested capital suggests that the company's R&D expenditures are not yielding a commensurate increase in commercial value. This trend warrants further investigation into whether the underlying platform can ever achieve the scale necessary to generate positive returns, or if it is structurally trapped in a cycle of perpetual reinvestment.
As reported in recent filings, Invivyd's cash conversion cycle has exhibited extreme volatility, swinging from -1653 days in 2025Q2 to 1109 days in 2026Q1, which underscores the operational instability inherent in managing inventory for a single-product therapeutic that is subject to rapid regulatory and viral shifts.
The erratic nature of the cash conversion cycle suggests that the company struggles to align its procurement and manufacturing timelines with the unpredictable demand for its COVID-19 therapeutics. Investors should monitor these fluctuations as a primary indicator of the firm's ability to manage its limited liquidity during periods of low commercial activity.
According to the latest balance sheet data, the company's current ratio has declined from 7.24 in 2025Q4 to 6.47 in 2026Q1, indicating that while the firm maintains a nominal liquidity cushion, its ability to withstand prolonged operational stress is diminishing as cash reserves are depleted by ongoing development.
While the current ratio appears superficially healthy, the rapid depletion of cash and equivalents suggests that the company's liquidity position is more vulnerable than the headline numbers imply. The lack of diversified revenue streams means that any delay in regulatory authorization could quickly transform this adequate liquidity position into a critical funding shortfall.
Financial data suggests that the commonly cited gross margin of 92.99% is a misleading metric for Invivyd, as it obscures the massive, non-discretionary R&D costs required to maintain the efficacy of the company's antibody platform against the rapid evolution of SARS-CoV-2 variants.
Investors often misapply high gross margins to suggest a path to profitability that does not exist for this business model. A more appropriate metric would be an 'R&D-adjusted contribution margin,' which would account for the necessary maintenance costs of the discovery platform, likely revealing a much more strained economic reality than the headline gross margin suggests.
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Quick answers to the most common questions about buying IVVD stock.
Invivyd, Inc.'s current P/E ratio is -3.1x. This places it at the 50th percentile of its historical range.
Invivyd, Inc.'s return on equity (ROE) is -34.0%. The historical average is -78.4%.
Based on historical data, Invivyd, Inc. is trading at a P/E of -3.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Invivyd, Inc. has 93.0% gross margin and -104.0% operating margin.