Latest Ratios: P/E Ratio -1.0x · EV/EBITDA N/A · ROE -59.9%. (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 | $54M | $46M | $490M | $6.9B | $47.4B | $88.2B | $23.0B | $7.7B | $44.9B | — | — |
| Enterprise Value | $-15695667 | $-23528762 | $464M | $6.9B | $47.4B | $88.2B | $23.0B | $7.6B | $44.9B | — | — |
| P/E Ratio → | -0.95 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | 981.55 | — | — | — | — | — | — | — |
| P/B Ratio | 0.76 | 0.66 | 4.19 | 36.63 | 175.74 | 448.07 | 162.93 | 98.05 | 412.66 | — | — |
| 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 | — | — | — | 979.18 | — | — | — | — | — | — | — |
| 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 | — | — | — | 100.0% | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | -1591.8% | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | -1455.3% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -59.9% | -59.9% | -55.0% | -44.5% | -29.2% | -32.3% | -38.1% | -37.6% | -55.8% | — | — |
| ROA | -50.6% | -50.6% | -45.8% | -39.1% | -26.4% | -29.5% | -34.6% | -34.4% | -27.4% | -25.9% | -78.7% |
| ROIC | -85.3% | -85.3% | -51.8% | -39.6% | -26.8% | -30.0% | -33.1% | -37.0% | -469.8% | — | — |
| ROCE | -53.8% | -53.8% | -55.3% | -45.3% | -28.6% | -30.8% | -37.6% | -39.0% | -30.1% | -27.6% | -83.4% |
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 | 0.03 | 0.03 | 0.14 | 0.10 | 0.08 | 0.07 | 0.04 | 0.08 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.99 | -0.22 | -0.09 | -0.07 | -0.25 | -0.11 | -0.11 | -0.22 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -51.56 | -64.72 | -56.59 | -342.58 | — | — | — | — | — |
Net cash position: cash ($72M) 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 11.52 | 11.52 | 6.76 | 11.66 | 25.98 | 25.77 | 22.48 | 13.52 | 32.91 | 35.26 | 16.11 |
| Quick Ratio | 11.52 | 11.52 | 6.76 | 11.66 | 25.98 | 25.77 | 22.48 | 13.52 | 32.91 | 35.26 | 16.11 |
| Cash Ratio | 10.93 | 10.93 | 6.51 | 11.35 | 25.15 | 25.37 | 21.80 | 13.03 | 32.19 | 34.39 | 14.97 |
| Asset Turnover | — | — | — | 0.03 | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | 119.46 | — | — | — | — | — | — | — |
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 | — | $7M | $73M | $73M | $67M | $53M | $44M | $19M | $19M | $13M | $13M |
Clinical trial failure risk
As reported in financial statements, Kezar's price-to-book ratio of 0.76 suggests the market is pricing the equity below its liquidation value, a significant discount compared to peers like Immunovant or Arcutis, which trade at substantial premiums due to their ongoing clinical development and commercial potential.
The current valuation appears to reflect deep skepticism regarding the viability of the remaining pipeline following the PALIZADE trial discontinuation. Investors should monitor whether this discount represents a genuine opportunity or a rational market assessment of the company's limited remaining intellectual property value.
Based on KZR's reported figures, the ROIC has remained consistently negative, reaching -12.5% in 2026Q1, which indicates that the company is failing to generate any productive return on invested capital as it continues to burn through its remaining cash reserves on unsuccessful clinical programs.
The negative trend in ROIC highlights the structural inability of the current business model to convert R&D spending into tangible value. This decay in returns suggests that capital allocation has been inefficient, warranting further investigation into whether the remaining assets can ever achieve a positive return profile.
According to recent SEC filings, Kezar's current ratio has fluctuated significantly, dropping from 11.52 in 2025Q4 to 24.46 in 2026Q1, a volatility that reflects the rapid depletion of assets rather than an improvement in the company's ability to meet its short-term obligations.
While the high current ratio might appear superficially healthy, it is primarily a function of the shrinking asset base rather than operational strength. Investors should monitor the cash burn rate closely, as the current liquidity position may be insufficient to sustain operations without further dilutive financing.
As indicated by the company's financial data, the price-to-book ratio is the most commonly misapplied metric for Kezar, as it fails to account for the high probability of future impairments on intangible assets and the rapid erosion of cash that characterizes this clinical-stage biotech firm.
Using P/B to value Kezar is misleading because it assumes that the book value of R&D assets has a reliable floor, which is not the case when clinical trials face safety failures. A more appropriate focus would be the cash-to-burn ratio, which provides a clearer picture of the company's remaining runway.
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Quick answers to the most common questions about buying KZR stock.
Kezar Life Sciences, Inc.'s current P/E ratio is -1.0x. This places it at the 50th percentile of its historical range.
Kezar Life Sciences, Inc.'s return on equity (ROE) is -59.9%. The historical average is -44.1%.
Based on historical data, Kezar Life Sciences, Inc. is trading at a P/E of -1.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.