Latest Ratios: P/E Ratio -8.9x · EV/EBITDA N/A · ROE -149.5%. (2016–2025 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 | $2.0B | $1.5B | $523M | $159M | $374M | $878M | $1.3B | $545M | $51M | — | — |
| Enterprise Value | $1.9B | $1.3B | $425M | $55M | $371M | $327M | $477M | $335M | $-37317116 | — | — |
| P/E Ratio → | -8.92 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 13.03 | 9.45 | 3.48 | 0.60 | 0.86 | 1.32 | 1.56 | 1.58 | 0.59 | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -149.5% | -149.5% | -84.7% | -74.2% | -60.7% | -35.0% | -22.1% | -21.9% | -458.1% | — | — |
| ROA | -66.9% | -66.9% | -43.2% | -45.5% | -42.5% | -27.1% | -18.7% | -21.0% | -86.9% | -363.8% | -141.4% |
| ROIC | -593.3% | -593.3% | -130.7% | -69.9% | -93.9% | -379.7% | -157.8% | -55.0% | — | — | — |
| ROCE | -76.1% | -76.1% | -50.0% | -52.7% | -47.0% | -28.5% | -19.7% | -22.6% | -64.8% | -1382.5% | -178.5% |
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 | 0.38 | 0.38 | 0.47 | 0.68 | 0.43 | 0.27 | 0.09 | 0.01 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.96 | -0.65 | -0.39 | -0.01 | -0.83 | -1.01 | -0.61 | -1.02 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | -20036.77 | -18544.72 | -12134.91 | -5322.84 | -5919.63 | -6.51 | -22.57 | -2854.33 |
Net cash position: cash ($210M) exceeds total debt ($59M)
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 | 4.72 | 4.72 | 6.72 | 6.93 | 9.26 | 11.36 | 30.93 | 28.97 | 18.74 | 0.17 | 4.06 |
| Quick Ratio | 4.72 | 4.72 | 6.72 | 6.93 | 9.26 | 11.36 | 30.93 | 28.97 | 18.74 | 0.17 | 4.06 |
| Cash Ratio | 4.61 | 4.61 | 6.57 | 6.84 | 9.12 | 11.31 | 30.84 | 28.73 | 18.29 | 0.15 | 3.84 |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| 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% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $53M | $53M | $52M | $52M | $52M | $46M | $38M | $36M | $27M | $7M |
Clinical trial binary outcomes
According to recent market data, Kodiak's price-to-book ratio of 12.15 suggests that investors are pricing in significant intangible value related to the ABC platform, despite the company's lack of revenue and the persistent negative earnings that render traditional P/E multiples entirely inapplicable for fundamental assessment.
The elevated P/B ratio indicates that the market is assigning a premium to the company's intellectual property and manufacturing infrastructure rather than its current financial performance. This valuation appears highly sensitive to clinical trial outcomes, as any failure to validate the platform's efficacy could lead to a rapid compression of this multiple toward the lower levels observed in smaller-cap peers.
As reported in financial statements, Kodiak's ROIC has remained deeply negative, fluctuating from -20.6% in 2024Q1 to -17.0% in 2026Q1, which highlights the company's inability to generate returns on invested capital while it continues to prioritize high-cost clinical development over immediate operational profitability.
The persistent negative ROIC reflects the heavy R&D burden required to advance the ABC platform, which currently yields no commercial return. Investors should monitor whether future clinical successes can shift these returns toward positive territory, as the current trend suggests a significant destruction of capital relative to the scale of investment.
Based on the most recent quarterly filings, Kodiak's current ratio has tightened from a peak of 10.59 in 2024Q2 to 3.54 in 2026Q1, signaling a reduction in the company's immediate liquidity cushion as it continues to fund its research operations without any offsetting product revenue.
While a current ratio of 3.54 appears adequate on the surface, the lack of revenue means this liquidity is entirely dependent on existing cash reserves and external financing. The rapid decline in this ratio warrants further investigation into the company's ability to maintain its current burn rate without resorting to dilutive capital raises.
According to historical balance sheet data, Kodiak's debt-to-equity ratio has shown significant volatility, peaking at 2.63 in 2025Q3 before moderating to 0.50 in 2026Q1, which underscores the company's reliance on opportunistic debt financing to bridge funding gaps during periods of intense clinical trial activity.
The fluctuation in leverage suggests that management is actively managing its capital structure to extend the cash runway, though this introduces interest expense risks that could further strain the bottom line. Investors should monitor whether future financing needs will require additional debt, which could increase the company's vulnerability to interest rate changes.
As noted in recent research, the use of P/E ratios to evaluate Kodiak is fundamentally flawed, as the company's pre-revenue status and heavy R&D investment render earnings-based metrics meaningless and obscure the true value of the underlying ABC platform and its potential for future commercialization.
Analysts should instead focus on metrics like cash burn rate and clinical milestone progress, which provide a more accurate picture of the company's operational health. Relying on P/E or EBITDA multiples in this context risks misinterpreting the company's financial position by ignoring the long-term optionality inherent in its proprietary technology.
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying KOD stock.
Kodiak Sciences Inc.'s current P/E ratio is -8.9x. This places it at the 50th percentile of its historical range.
Kodiak Sciences Inc.'s return on equity (ROE) is -149.5%. The historical average is -113.3%.
Based on historical data, Kodiak Sciences Inc. is trading at a P/E of -8.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.