Latest Ratios: P/E Ratio -259.4x · EV/EBITDA 2913.9x · ROE -8.6%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.1B | $4.0B | $2.0B | $1.2B | $663M | $484M | $441M | $564M | — |
| Enterprise Value | $6.1B | $4.0B | $2.1B | $1.2B | $637M | $455M | $302M | $555M | — |
| P/E Ratio → | -259.38 | — | — | — | — | — | — | — | — |
| P/S Ratio | 11.74 | 7.61 | 5.83 | 6.48 | 8.60 | 25.27 | — | — | — |
| P/B Ratio | 19.45 | 12.60 | 8.71 | 4.85 | 4.67 | 4.02 | 2.56 | 4.32 | — |
| P/FCF | 111.52 | 72.26 | 210.57 | — | — | — | — | — | — |
| P/OCF | 109.62 | 71.03 | 190.32 | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.65 | 6.12 | 6.59 | 8.26 | 23.77 | — | — | — |
| EV / EBITDA | 2913.89 | 1891.81 | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 72.68 | 220.78 | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.7% | 80.7% | 75.8% | 74.8% | 83.9% | 90.1% | — | — | — |
| Operating Margin | -4.2% | -4.2% | -26.0% | -58.6% | -170.3% | -906.1% | — | — | — |
| Net Profit Margin | -4.5% | -4.5% | -26.1% | -87.7% | -176.0% | -438.9% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.6% | -8.6% | -37.1% | -83.7% | -103.5% | -57.5% | -68.3% | -87.6% | — |
| ROA | -3.1% | -3.1% | -13.4% | -32.7% | -41.9% | -31.4% | -53.3% | -52.9% | -33.4% |
| ROIC | -5.0% | -5.0% | -22.2% | -42.3% | -94.8% | -208.5% | -100.7% | -137.5% | — |
| ROCE | -3.7% | -3.7% | -15.9% | -25.8% | -48.6% | -73.1% | -58.6% | -59.8% | -5.9% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.02 | 1.02 | 1.41 | 1.24 | 0.02 | 0.02 | 0.02 | 0.03 | — |
| Debt / EBITDA | 151.54 | 151.54 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.07 | 0.42 | 0.09 | -0.18 | -0.24 | -0.81 | -0.06 | — |
| Net Debt / EBITDA | 10.80 | 10.80 | — | — | — | — | — | — | -35.64 |
| Debt / FCF | — | 0.41 | 10.21 | — | — | — | — | — | — |
| Interest Coverage | -0.49 | -0.49 | -5.07 | -9.75 | -7.89 | -3.77 | -307.25 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.67 | 2.67 | 3.10 | 4.45 | 2.94 | 3.91 | 12.80 | 9.13 | 21.22 |
| Quick Ratio | 2.55 | 2.55 | 2.93 | 4.19 | 2.85 | 3.88 | 12.80 | 9.13 | 21.22 |
| Cash Ratio | 1.86 | 1.86 | 2.22 | 3.29 | 2.34 | 3.68 | 12.56 | 8.92 | 21.22 |
| Asset Turnover | — | 0.62 | 0.50 | 0.29 | 0.22 | 0.06 | — | — | — |
| Inventory Turnover | 4.04 | 4.04 | 3.64 | 2.11 | 2.22 | 1.26 | — | — | — |
| Days Sales Outstanding | — | 86.35 | 84.82 | 133.11 | 113.65 | 62.31 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | 0.9% | 1.4% | 0.5% | — | — | — | — | — | — |
| Buyback Yield | 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% | — |
| Shares Outstanding | — | $50M | $48M | $41M | $34M | $30M | $25M | $23M | $23M |
Clinical label expansion failure
Based on current market data, MIRM trades at a price-to-sales multiple of 11.92, which suggests that investors are pricing in significant future revenue expansion from the company's rare disease hepatology platform relative to its mid-cap biotech peers.
The elevated P/S ratio indicates that the market is looking past current GAAP losses to focus on the long-term revenue durability of the LIVMARLI franchise. This valuation appears to imply a high degree of confidence in the company's ability to successfully penetrate larger adult indications like Biliary Atresia.
As reported in financial statements, MIRM's ROIC has fluctuated significantly, reaching -2.1% in 2026Q1, which highlights the ongoing challenge of generating positive returns on invested capital while the company remains in a heavy investment phase for its commercial infrastructure.
The negative ROIC trend reflects the substantial capital deployed into R&D and the recent Sobi asset acquisition. Investors should monitor whether the company can achieve a positive spread between its return on capital and its cost of capital as the revenue base matures.
According to recent quarterly filings, the company's cash conversion cycle reached 115 days in 2025Q4, a metric that suggests significant capital is tied up in inventory and receivables as the firm scales its specialized distribution network.
The variability in the CCC, particularly the fluctuations in days sales outstanding, indicates that the company's cash flow is highly sensitive to the timing of reimbursement cycles. Improving these efficiency metrics will be critical for the company to achieve sustainable, self-funded operations.
Based on the 2026Q1 reported figures, MIRM maintains a current ratio of 2.09, which provides a comfortable liquidity cushion to navigate the high-touch commercialization costs and potential volatility inherent in the rare disease pharmaceutical market.
This liquidity position appears sufficient to support the company's current operating needs without immediate recourse to dilutive financing. The quick ratio of 1.99 further confirms that the company is not overly reliant on inventory liquidation to meet its short-term obligations.
The P/E ratio is a fundamentally flawed metric for evaluating MIRM, as the company's current GAAP earnings are heavily distorted by non-cash stock-based compensation and significant R&D investments required for long-term pipeline development.
Investors should instead focus on EV/Sales or adjusted EBITDA to better capture the underlying commercial momentum of the hepatology platform. Relying on P/E in this context obscures the company's progress toward operational scale and misrepresents its true economic earning power.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying MIRM stock.
Mirum Pharmaceuticals, Inc.'s current P/E ratio is -259.4x. This places it at the 50th percentile of its historical range.
Mirum Pharmaceuticals, Inc.'s current EV/EBITDA is 2913.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Mirum Pharmaceuticals, Inc.'s return on equity (ROE) is -8.6%. The historical average is -63.7%.
Based on historical data, Mirum Pharmaceuticals, Inc. is trading at a P/E of -259.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Mirum Pharmaceuticals, Inc. has 80.7% gross margin and -4.2% operating margin.
Mirum Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 151.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.