Latest Ratios: P/E Ratio -0.0x · EV/EBITDA N/A · ROE -198.1%. (2019–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Market Cap | $327082 | $3M | $6M | $13M | — | — | — |
| Enterprise Value | $-1810176 | $1M | $3M | $8M | — | — | — |
| P/E Ratio → | -0.01 | — | — | — | — | — | — |
| P/S Ratio | 0.61 | 5.96 | 13.62 | 69.02 | — | — | — |
| P/B Ratio | 0.04 | 1.67 | 1.95 | 2.72 | — | — | — |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.98 | 6.60 | 43.54 | — | — | — |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Gross Margin | -573.7% | -573.7% | -575.9% | -1283.4% | -461.7% | -1.5% | 1.7% |
| Operating Margin | -947.2% | -947.2% | -1055.6% | -1406.3% | -738.7% | -5.9% | -7.7% |
| Net Profit Margin | -935.2% | -935.2% | -1027.3% | -1410.6% | -719.3% | -6.4% | -8.9% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| ROE | -198.1% | -198.1% | -118.1% | -85.2% | -197.7% | -35.7% | — |
| ROA | -160.5% | -160.5% | -97.0% | -65.2% | -125.7% | -11.5% | -52.0% |
| ROIC | — | — | — | -1407.2% | -534.0% | -42.4% | — |
| ROCE | -198.8% | -198.8% | -119.2% | -80.4% | -158.4% | -16.2% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.04 | 0.09 | 0.20 | 0.84 | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.11 | -1.00 | -1.00 | -0.79 | -0.47 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -424.79 | -269.26 | -271.97 | -6.74 | -6.41 |
Net cash position: cash ($2M) exceeds total debt ($47605)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 3.47 | 3.47 | 8.90 | 4.92 | 5.31 | 3.37 | 0.72 |
| Quick Ratio | 3.47 | 3.47 | 8.90 | 4.92 | 5.31 | 3.37 | 0.72 |
| Cash Ratio | 2.90 | 2.90 | 8.55 | 4.35 | 5.03 | 2.92 | 0.16 |
| Asset Turnover | — | 0.20 | 0.13 | 0.03 | 0.13 | 1.01 | 5.84 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 57.65 | 26.21 | 225.27 | — | 26.20 | 44.07 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | 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% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $1M | $750384 | $507578 | $426006 | $266400 | $260000 |
Capital Access and Dilution
Based on reported figures, Lipella's P/S ratio of 0.76 suggests that the market is assigning minimal value to the company's current revenue, which is consistent with a pre-commercial biotech entity where valuation is driven entirely by the speculative potential of the clinical pipeline rather than current sales.
The P/B ratio of 0.05 indicates that the market is pricing the company significantly below its book value, which may reflect investor skepticism regarding the recoverability of assets or the high probability of future equity dilution. This valuation gap suggests that the market is not pricing in a successful commercialization of LP-10, but rather the immediate risk of capital exhaustion.
As reported in financial statements, Lipella's ROIC has remained consistently negative, reaching -14.7% in 2025Q3, which highlights the company's inability to generate returns on the capital deployed into its research and development programs compared to the broader biotechnology sector's performance.
The negative ROIC trend indicates that every dollar invested in the company's clinical trials is currently destroying shareholder value rather than compounding it. Investors should monitor whether the company can achieve a positive inflection point, though current data suggests that the cost of capital significantly outweighs the potential returns from its current pipeline.
According to recent SEC filings, Lipella's DPO has fluctuated significantly, reaching 68 days in 2025Q3, which suggests that the company may be stretching its payables to manage its limited cash position as it navigates the high costs of clinical development.
The lack of meaningful asset turnover, which remains near zero, confirms that the company's assets are not being utilized to generate commercial output. This inefficiency is typical for a pre-revenue firm, but it underscores the reliance on external funding to cover basic operational obligations.
Based on the provided balance sheet data, Lipella's current ratio has declined from 11.27 in 2023Q2 to 3.24 in 2025Q3, indicating a tightening liquidity position that leaves the company with a shrinking buffer against its ongoing clinical trial and operational expenditures.
While a current ratio of 3.24 appears adequate on the surface, it masks the reality of a high cash burn rate that threatens to erode this liquidity rapidly. The company's dependence on non-recurring funding sources makes this liquidity position highly vulnerable to any delays in clinical milestones or regulatory approvals.
As indicated by the company's financial profile, the P/E ratio is fundamentally misapplied to Lipella, as the firm's negative earnings and lack of commercial revenue render traditional valuation metrics irrelevant for assessing its true economic potential or clinical progress.
Investors should instead focus on cash runway and clinical milestone achievement, as P/E ratios obscure the reality that the company is currently a capital-consuming research entity. Using earnings-based multiples for a pre-revenue biotech firm risks misinterpreting the company's survival risk as a valuation discount.
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Quick answers to the most common questions about buying LIPO stock.
Lipella Pharmaceuticals Inc.'s current P/E ratio is -0.0x. This places it at the 50th percentile of its historical range.
Lipella Pharmaceuticals Inc.'s return on equity (ROE) is -198.1%. The historical average is -127.0%.
Based on historical data, Lipella Pharmaceuticals Inc. is trading at a P/E of -0.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Lipella Pharmaceuticals Inc. has -573.7% gross margin and -947.2% operating margin.