Latest Ratios: P/E Ratio -5.2x · EV/EBITDA N/A · ROE -62.3%. (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 | $695M | $484M | $76M | $596M | $717M | $288M | — |
| Enterprise Value | $607M | $396M | $42M | $573M | $696M | $234M | — |
| P/E Ratio → | -5.25 | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — |
| P/B Ratio | 2.01 | 1.46 | 0.99 | 5.44 | 5.66 | 1.67 | — |
| 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 | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -62.3% | -62.3% | -74.9% | -63.9% | -34.4% | -26.2% | -326.8% |
| ROA | -59.2% | -59.2% | -67.0% | -57.5% | -33.2% | -25.5% | -203.8% |
| ROIC | -59.2% | -59.2% | -86.2% | -63.6% | -35.6% | -29.5% | — |
| ROCE | -55.4% | -55.4% | -80.1% | -68.6% | -35.5% | -26.2% | -302.2% |
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 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.00 | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.26 | -0.44 | -0.21 | -0.17 | -0.31 | -1.55 |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | -127.15 |
Net cash position: cash ($88M) exceeds total debt ($724000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 20.33 | 20.33 | 20.93 | 7.04 | 16.90 | 68.37 | 2.64 |
| Quick Ratio | 20.33 | 20.33 | 20.93 | 7.04 | 16.90 | 68.37 | 2.64 |
| Cash Ratio | 20.33 | 20.33 | 20.54 | 6.94 | 16.60 | 65.64 | 2.58 |
| 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 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 | — | $31M | $816634 | $752332 | $699202 | $697439 | $697439 |
Clinical trial execution failure
As reported in financial statements, Jade Biosciences' ROIC has remained deeply negative, fluctuating between -10.3% and -170.0% over the last ten quarters, which highlights the company's current status as a pre-revenue entity focused entirely on capital-intensive clinical development rather than generating returns on invested capital.
The extreme volatility in ROIC, particularly the -170.0% figure in 2025Q2, suggests that the company's capital base is being rapidly deployed into R&D projects that have yet to yield any commercial output. Investors should monitor whether these returns stabilize as the company moves closer to potential clinical readouts, though negative returns are expected for this stage of the biotech lifecycle.
According to recent SEC filings, the company's current ratio has contracted from a peak of 20.93 in 2024Q4 to 14.29 in 2026Q1, indicating that while the firm maintains a high liquidity buffer, the rapid depletion of cash reserves is accelerating as clinical trial expenses mount.
The high current ratio is a function of the company's cash-heavy balance sheet rather than operational efficiency, as there are no significant current liabilities to offset. This liquidity position appears adequate for the near term, but the downward trend warrants close monitoring as the company approaches critical H1 2026 data milestones.
Based on reported figures, Jade Biosciences maintains a negligible debt-to-equity ratio of 0.00 as of 2026Q1, which suggests that the company is currently avoiding interest-bearing obligations in favor of equity-based financing to fund its ongoing research and development activities.
The absence of debt is typical for early-stage biotechnology firms that lack the stable cash flows required to service interest payments. While this structure minimizes immediate insolvency risk, it leaves the company entirely dependent on equity markets for future capital, exposing shareholders to significant dilution risk.
As indicated by the company's financial data, the use of P/E or EV/EBITDA ratios is fundamentally inappropriate for Jade Biosciences, as the firm lacks both earnings and EBITDA, rendering these metrics meaningless for assessing the company's intrinsic value or competitive positioning within the IgAN market.
Analysts should instead focus on the 'Cash Runway to Data' and the 'Burn Rate' to evaluate the company's viability, as these metrics better capture the risks associated with the preclinical-to-clinical transition. Relying on standard valuation multiples may obscure the reality that the company's value is tied to binary clinical outcomes rather than current operational performance.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying JBIO stock.
Jade Biosciences, Inc.'s current P/E ratio is -5.2x. This places it at the 50th percentile of its historical range.
Jade Biosciences, Inc.'s return on equity (ROE) is -62.3%. The historical average is -98.1%.
Based on historical data, Jade Biosciences, Inc. is trading at a P/E of -5.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.