Latest Ratios: P/E Ratio -0.8x · EV/EBITDA N/A · ROE -232.0%. (2006–2025 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 | $11M | $16M | $48M | $7M | $17M | $27M | — | — | — | — | — |
| Enterprise Value | $9M | $14M | $42M | $6M | $12M | $16M | — | — | — | — | — |
| P/E Ratio → | -0.80 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 15.36 | 22.44 | 104.29 | 30.70 | 68.21 | 37.79 | — | — | — | — | — |
| P/B Ratio | 3.67 | 6.09 | 6.32 | 2.59 | 2.28 | 2.09 | — | — | — | — | — |
| 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 | — | 20.05 | 90.59 | 25.45 | 45.64 | 22.82 | — | — | — | — | — |
| 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 | 99.6% | 99.6% | 99.0% | 86.1% | 71.9% | 75.7% | 56.0% | 89.7% | 94.2% | 53.3% | -12.0% |
| Operating Margin | -1683.0% | -1683.0% | -1239.2% | -2888.5% | -2591.7% | -786.8% | -1078.9% | -1823.7% | -1523.3% | -2914.6% | -3023.1% |
| Net Profit Margin | -1686.0% | -1686.0% | -1248.2% | -2946.4% | -2846.3% | -557.2% | -1023.0% | -1841.5% | -1523.0% | -2937.3% | -2983.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -232.0% | -232.0% | -112.1% | -129.3% | -70.2% | -51.8% | -158.2% | -168.0% | -256.0% | -130.9% | -326.4% |
| ROA | -182.5% | -182.5% | -97.0% | -122.1% | -68.9% | -50.0% | -143.0% | -160.5% | -249.4% | -109.1% | -190.1% |
| ROIC | -807.7% | -807.7% | -309.5% | -291.6% | -241.4% | -237.8% | -244.0% | -324.9% | -1046.5% | -879.0% | -423.6% |
| ROCE | -227.4% | -227.4% | -108.7% | -125.0% | -63.8% | -72.4% | -162.9% | -166.4% | -256.0% | -127.9% | -311.9% |
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 | 0.04 | 0.04 | 0.02 | 0.06 | 0.01 | 0.01 | 0.06 | — | 0.00 | 0.02 | 0.51 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.65 | -0.83 | -0.44 | -0.76 | -0.83 | -0.46 | -0.52 | -0.72 | -0.90 | -0.55 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | -319.78 | -566.67 |
Net cash position: cash ($2M) exceeds total debt ($109320)
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 | 2.32 | 2.32 | 7.18 | 8.22 | 35.96 | 81.18 | 8.53 | 9.86 | 52.34 | 30.27 | 1.18 |
| Quick Ratio | 2.32 | 2.32 | 7.18 | 8.22 | 35.76 | 80.99 | 8.01 | 9.17 | 50.34 | 29.54 | 0.87 |
| Cash Ratio | 1.32 | 1.32 | 5.96 | 5.52 | 31.75 | 76.67 | 5.81 | 7.31 | 39.81 | 27.43 | 0.22 |
| Asset Turnover | — | 0.17 | 0.05 | 0.07 | 0.03 | 0.05 | 0.14 | 0.08 | 0.18 | 0.02 | 0.07 |
| Inventory Turnover | — | — | — | — | 1.87 | 5.91 | 0.85 | 0.18 | 0.29 | 0.44 | 0.34 |
| Days Sales Outstanding | — | 89.97 | 121.44 | 282.77 | 288.38 | 172.92 | 297.97 | 447.86 | 223.87 | 259.78 | 1175.04 |
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% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $18M | $12M | $7M | $6M | $4M | $3M | $3M | $2M | $2M | $1M |
Imminent liquidity and dilution
According to current market data, Lexaria trades at a price-to-sales multiple of 15.35x, which appears to reflect speculative optimism regarding its GLP-1 delivery platform rather than any tangible earnings, as the company currently lacks positive net income or a clear path to near-term profitability.
The elevated P/S ratio suggests that investors are pricing the company as a high-growth technology play rather than a distressed biotech entity. This valuation implies significant future milestone success, yet it remains disconnected from the company's current inability to generate consistent, recurring revenue streams.
Based on reported financial figures, Lexaria's ROIC has remained deeply negative, reaching -143.2% in 2026Q2, which indicates that the company is currently destroying shareholder capital as it funds clinical trials without achieving the commercial scale necessary to generate a positive return on its invested capital.
The persistent negative ROIC highlights the structural challenge of an IP-licensing model that requires heavy upfront R&D investment before any meaningful return is realized. Investors should monitor whether the pivot to GLP-1 applications can eventually drive the efficiency gains required to reverse this multi-year trend of capital erosion.
As reported in recent SEC filings, Lexaria's DSO has fluctuated wildly, reaching 293 days in 2026Q2, which suggests significant delays in collecting milestone payments and underscores the inherent unpredictability of a business model that relies on sporadic, project-based revenue rather than a stable, recurring customer base.
The lack of a consistent cash conversion cycle indicates that the company lacks leverage over its partners, often waiting extended periods for project-based payments. This inefficiency forces the company to maintain higher cash balances than would otherwise be necessary, further exacerbating the need for dilutive financing.
Based on the 2026Q2 current ratio of 26.88, Lexaria appears to have sufficient short-term liquidity, yet this figure is misleading as it masks the company's rapid cash burn rate and the lack of sustainable, recurring revenue to cover ongoing clinical trial expenditures.
While the current ratio suggests a buffer, the company's reliance on equity markets to fund operations means that liquidity is effectively tied to the market's willingness to absorb further dilution. The absence of a clear path to self-funding suggests that this liquidity position is highly fragile and subject to sudden exhaustion.
As evidenced by the company's 99.61% gross margin, traditional profitability metrics like gross margin are fundamentally misapplied to Lexaria, as they obscure the reality that the company's primary costs are not COGS but rather the massive R&D and patent maintenance expenses required to sustain the business.
Analysts often mistake high gross margins for operational efficiency, but in this case, it is merely a structural artifact of an IP-licensing model. A more appropriate metric for evaluating Lexaria would be the 'burn-to-milestone' ratio, which better captures the company's true operational efficiency and its proximity to commercial viability.
Includes 30+ ratios · 20 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying LEXX stock.
Lexaria Bioscience Corp.'s current P/E ratio is -0.8x. This places it at the 50th percentile of its historical range.
Lexaria Bioscience Corp.'s return on equity (ROE) is -232.0%. The historical average is -107.9%.
Based on historical data, Lexaria Bioscience Corp. is trading at a P/E of -0.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Lexaria Bioscience Corp. has 99.6% gross margin and -1683.0% operating margin.