Latest Ratios: P/E Ratio -0.7x · EV/EBITDA N/A · ROE -2440.4%. (2004–2025 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 | $24M | $179M | $115M | $102M | $105M | $116M | — | — | — | — | — |
| Enterprise Value | $90M | $245M | $129M | $121M | $129M | $73M | — | — | — | — | — |
| P/E Ratio → | -0.70 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.22 | 1.66 | 1.28 | 1.45 | 2.83 | 5.22 | — | — | — | — | — |
| P/B Ratio | — | — | 7.77 | 14.16 | 11.26 | 2.48 | — | — | — | — | — |
| 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 | — | 2.27 | 1.43 | 1.72 | 3.49 | 3.29 | — | — | — | — | — |
| 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 | 59.7% | 59.7% | 61.2% | 62.6% | 51.9% | 47.5% | 43.6% | -1.2% | 58.9% | 74.8% | 66.2% |
| Operating Margin | -14.3% | -14.3% | -27.5% | -38.9% | -102.3% | -120.7% | -146.9% | -366.3% | -113.3% | -30.3% | -43.0% |
| Net Profit Margin | -31.1% | -31.1% | -42.3% | -61.4% | -118.9% | -130.4% | -155.3% | -365.7% | -114.5% | -30.3% | -44.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2440.4% | -2440.4% | -345.3% | -521.7% | -156.7% | -110.0% | -224.2% | -120.0% | -67.8% | -25.5% | -27.2% |
| ROA | -22.0% | -22.0% | -26.6% | -34.7% | -45.4% | -54.2% | -79.1% | -81.2% | -52.3% | -19.5% | -21.0% |
| ROIC | -28.1% | -28.1% | -68.4% | -68.7% | -151.3% | -414.0% | -281.7% | -184.4% | -89.1% | -36.5% | -51.6% |
| ROCE | -14.5% | -14.5% | -22.0% | -26.0% | -47.5% | -69.3% | -110.6% | -102.5% | -64.6% | -24.4% | -25.2% |
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 | — | — | 4.05 | 5.72 | 4.27 | 0.33 | 2.71 | 0.56 | 0.01 | 0.02 | 0.01 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | 0.89 | 2.62 | 2.61 | -0.92 | -0.01 | -0.56 | -0.49 | -0.37 | -0.57 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1.27 | -1.27 | -3.94 | -6.47 | -15.06 | -14.47 | -17.70 | -83.64 | -395.23 | -101.65 | — |
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 | 1.08 | 1.08 | 1.57 | 1.95 | 1.59 | 4.05 | 1.77 | 2.96 | 4.17 | 3.00 | 4.09 |
| Quick Ratio | 0.94 | 0.94 | 1.48 | 1.81 | 1.47 | 3.94 | 1.59 | 2.85 | 4.01 | 2.85 | 3.97 |
| Cash Ratio | 0.59 | 0.59 | 1.10 | 1.15 | 0.85 | 3.57 | 1.23 | 2.12 | 2.28 | 1.28 | 2.42 |
| Asset Turnover | — | 0.73 | 0.57 | 0.54 | 0.31 | 0.30 | 0.58 | 0.29 | 0.43 | 0.69 | 0.44 |
| Inventory Turnover | 6.44 | 6.44 | 9.02 | 9.45 | 7.66 | 6.11 | 4.48 | 10.01 | 6.45 | 5.32 | 6.83 |
| Days Sales Outstanding | — | 49.65 | 58.90 | 58.61 | 92.17 | 75.20 | 76.99 | 205.81 | 246.42 | 179.59 | 226.51 |
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 | — | $50M | $49M | $26M | $16M | $12M | $8M | $6M | $6M | $5M | $5M |
Liquidity and reimbursement dependence
Based on reported financial data, MDXH trades at a P/S multiple of 0.21, which significantly trails the broader molecular diagnostics peer group and suggests that the market is heavily discounting the company's ability to achieve sustainable profitability given its current negative earnings profile and limited cash runway.
The low P/S multiple appears to reflect investor skepticism regarding the company's path to positive net income rather than a fundamental undervaluation of its diagnostic portfolio. This valuation suggests that the market is pricing in a high probability of further dilutive capital raises to bridge the gap toward operational break-even.
As reported in financial statements, MDXH's ROIC has remained consistently negative, bottoming out at -168.5% in 2021Q2 and hovering at -16.6% in 2025Q4, indicating that the company has struggled to generate meaningful returns on the capital deployed into its laboratory infrastructure and commercial expansion efforts.
The persistent negative ROIC suggests that the company's investments in clinical validation and sales force expansion have yet to reach the critical mass required for compounding returns. Investors should monitor whether the integration of the GPS test can eventually drive the efficiency gains necessary to reverse this multi-year trend of capital destruction.
According to recent SEC filings, MDXH's cash conversion cycle has exhibited extreme volatility, swinging from a 15-day cycle in 2025Q2 to a -25-day cycle in 2023Q4, which complicates the assessment of the company's underlying ability to manage its receivables and payables effectively across different reimbursement cycles.
The erratic nature of the CCC appears to be driven by the timing of third-party payer collections and the variable consideration inherent in diagnostic revenue recognition. This instability suggests that management's control over working capital is highly sensitive to external reimbursement delays, which may obscure the true operational efficiency of the business.
Based on the latest quarterly figures, MDXH's current ratio has compressed to 1.08, down from 4.05 in 2021Q4, signaling that the company's liquidity position is increasingly vulnerable to short-term operational shocks as cash reserves are depleted to fund ongoing negative operating margins.
The narrowing gap between current assets and liabilities suggests that the company has limited flexibility to absorb unexpected regulatory or reimbursement setbacks. This trend warrants close monitoring, as the current liquidity profile may necessitate external financing sooner than the market currently anticipates to maintain standard laboratory operations.
Investors frequently over-rely on top-line revenue growth as a proxy for business health, yet as reported in financial statements, this metric often obscures the high cost of customer acquisition and the volatility of reimbursement collections that continue to drive the company's persistent negative operating margins.
Focusing on revenue growth without adjusting for the high SG&A spend required to generate that volume leads to an incomplete picture of the company's economic viability. A more appropriate metric for this business model would be contribution margin per test, which would better isolate the profitability of the core diagnostic service from the heavy overhead of the commercial sales force.
Includes 30+ ratios · 22 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MDXH stock.
MDxHealth S.A.'s current P/E ratio is -0.7x. This places it at the 50th percentile of its historical range.
MDxHealth S.A.'s return on equity (ROE) is -2440.4%. The historical average is -88.1%.
Based on historical data, MDxHealth S.A. is trading at a P/E of -0.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MDxHealth S.A. has 59.7% gross margin and -14.3% operating margin.