Latest Ratios: P/E Ratio -0.1x · EV/EBITDA N/A · ROE -230.3%. (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 | $8M | $28M | $312M | $82M | $18M | $89M | $17M | — |
| Enterprise Value | $-19883302 | $604150 | $242M | $-1737022 | $-16978484 | $8M | $-898502 | — |
| P/E Ratio → | -0.12 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.72 | 6.76 | 5.06 | 1.05 | 0.49 | 1.29 | — | — |
| 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 | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -230.3% | -230.3% | -101.7% | -112.7% | -71.4% | -178.2% | — | -23.6% |
| ROA | -131.1% | -131.1% | -81.5% | -90.0% | -53.1% | -52.4% | -125.3% | -18.3% |
| ROIC | — | — | — | — | — | — | — | — |
| ROCE | -184.6% | -184.6% | -103.6% | -111.2% | -80.7% | -70.2% | -92.8% | -18.7% |
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 | 0.30 | 0.30 | 0.03 | 0.04 | 0.10 | 0.04 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -6.61 | -1.13 | -1.07 | -0.96 | -1.18 | — | -1.29 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — |
Net cash position: cash ($29M) exceeds total debt ($1M)
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 | 2.62 | 2.62 | 4.98 | 7.19 | 5.91 | 10.95 | 5.16 | 13.63 |
| Quick Ratio | 2.62 | 2.62 | 4.98 | 7.19 | 5.91 | 10.95 | 5.16 | 13.63 |
| Cash Ratio | 2.17 | 2.17 | 4.70 | 7.02 | 5.41 | 10.56 | 4.94 | 13.63 |
| 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 | 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% | 0.0% | 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% | — |
| Shares Outstanding | — | $15M | $15M | $10M | $4M | $1M | $172982 | $176000 |
Clinical trial funding exhaustion
Based on reported figures, JSPR trades at a P/B ratio of 1.26, which appears to reflect a significant discount relative to peers like Beam Therapeutics, likely signaling investor skepticism regarding the company's ability to bridge the gap between current clinical development and eventual commercialization of its lead asset.
The current valuation multiple suggests that the market is pricing the company primarily on its remaining cash position rather than the long-term potential of its pipeline. Investors should monitor whether this discount persists as the company approaches critical clinical data readouts, which may serve as the primary catalyst for a valuation re-rating.
As reported in financial statements, JSPR's ROE has consistently trended in negative territory, reaching -31.1% in 2026Q1, which underscores the company's inability to generate returns on invested capital while it remains in a pre-revenue, high-expenditure phase of its clinical development lifecycle.
The persistent negative ROE is a direct consequence of the company's heavy reliance on external equity to fund R&D, which dilutes existing shareholders without providing immediate operational returns. This trend warrants further investigation into whether the company can achieve a positive return profile before its current capital base is fully exhausted.
According to recent quarterly data, JSPR's current ratio has compressed from 13.49 in 2024Q1 to 2.26 in 2026Q1, indicating a rapid depletion of the liquidity buffer that the company relies upon to sustain its ongoing clinical trial operations and administrative overhead.
While a current ratio of 2.26 may appear adequate in isolation, the rapid downward trajectory suggests that the company's ability to cover short-term obligations is becoming increasingly constrained. Investors should monitor the potential for further capital raises, as the current liquidity position may not be sufficient to support the company's long-term clinical roadmap.
Based on reported figures, JSPR maintains a low D/E ratio of 0.22 as of 2026Q1, which suggests that while the company has avoided traditional debt-related insolvency risks, its financial flexibility is severely limited by the lack of recurring revenue to service even modest leverage.
The company's reliance on equity financing rather than debt is a standard approach for pre-revenue biotech, yet it leaves the firm highly sensitive to market conditions when seeking to replenish its cash reserves. This capital structure appears to prioritize survival over growth, as the absence of debt prevents the use of financial leverage to accelerate clinical milestones.
As indicated by the company's financial profile, the Price-to-Book ratio is frequently misapplied to JSPR, as it fails to account for the intangible value of the briquilimab pipeline, which represents the vast majority of the company's potential future worth rather than its current tangible asset base.
Investors should instead focus on cash runway and clinical milestone probability, as the book value is largely composed of cash that is being rapidly consumed. Relying on P/B in this context obscures the reality that the company's true value is tied to binary clinical outcomes rather than the liquidation value of its balance sheet.
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Quick answers to the most common questions about buying JSPR stock.
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Jasper Therapeutics, Inc.'s return on equity (ROE) is -230.3%. The historical average is -119.7%.
Based on historical data, Jasper Therapeutics, Inc. is trading at a P/E of -0.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.