Latest Ratios: P/E Ratio -10.0x · EV/EBITDA N/A · ROE -64.1%. (2015–2025 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 | $2.0B | $1.2B | $4.9B | $143M | $68M | $567M | $812M | $267485 | $468822 | $1M | — |
| Enterprise Value | $1.8B | $938M | $4.7B | $58M | $-74183581 | $433M | $732M | $249554 | $314031 | $1M | — |
| P/E Ratio → | -10.04 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 5.56 | 3.60 | 20.31 | 1.83 | 0.45 | 3.74 | 10.70 | 0.10 | 0.13 | 0.36 | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -64.1% | -64.1% | -68.0% | -83.6% | -37.5% | -81.8% | -86.8% | -35.6% | -23.0% | -60.2% | -87.4% |
| ROA | -49.5% | -49.5% | -50.9% | -65.0% | -34.0% | -75.8% | -80.8% | -34.5% | -22.7% | -58.0% | -72.8% |
| ROIC | -389.5% | -389.5% | — | -10014.2% | -368.9% | -1012.9% | — | -11.5% | -17.6% | -45.5% | -42.2% |
| ROCE | -52.2% | -52.2% | -58.4% | -76.8% | -43.4% | -80.9% | -81.3% | -15.0% | -23.1% | -60.6% | -54.1% |
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 | — | — | 0.09 | 0.18 | 0.00 | — | — | — | — | 0.00 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.78 | -1.04 | -1.10 | -0.94 | -0.88 | -1.06 | -0.01 | -0.04 | 0.00 | -0.09 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -32.53 | -32.53 | -46.60 | -104.06 | -44.37 | -261.43 | -205.93 | — | — | — | — |
Net cash position: cash ($258M) exceeds total debt ($0)
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 | 6.29 | 6.29 | 7.25 | 3.22 | 8.16 | 13.18 | 27.10 | 14.76 | 24.14 | 22.03 | 1.80 |
| Quick Ratio | 6.29 | 6.29 | 7.25 | 3.22 | 8.16 | 13.18 | 27.10 | 14.76 | 24.14 | 22.03 | 1.80 |
| Cash Ratio | 6.17 | 6.17 | 7.05 | 3.09 | 7.94 | 12.83 | 26.63 | 0.09 | 18.81 | 21.02 | 1.71 |
| Asset Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | 7537.35 | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $89M | $705M | $39M | $31M | $27M | $18M | $379411 | $312548 | $252818 | $80416 |
Clinical trial execution failure
As reported in financial statements, MindMed's ROIC has trended deeply into negative territory, reaching -67.5% in 2026Q1, which highlights the substantial capital intensity required to advance the MM-120 candidate through late-stage clinical trials without any offsetting revenue generation to support the invested capital base.
The persistent decay in return on invested capital suggests that the company is currently in a value-destructive phase, which is typical for pre-revenue biotech firms. Investors should monitor whether the eventual commercialization of its lead asset can achieve margins sufficient to overcome this long-term drag on capital efficiency.
Based on recent quarterly filings, the company maintains a current ratio of 4.69 as of 2026Q1, providing a sufficient liquidity cushion to fund near-term operations, though this metric remains highly sensitive to the rapid depletion of cash reserves required for ongoing Phase 3 trial site monitoring.
While the current ratio appears robust compared to historical levels, it masks the reality that the company lacks internal cash generation. The liquidity position is essentially a countdown clock, and any delays in trial enrollment could necessitate further dilutive financing to maintain this level of coverage.
According to the 2026Q1 balance sheet, MindMed has introduced a debt-to-equity ratio of 0.15, marking a departure from its historical reliance on pure equity financing and suggesting a potential shift in capital structure strategy as the firm seeks to extend its cash runway.
The introduction of debt in a pre-revenue environment warrants caution, as interest coverage remains deeply negative at -47.57. This leverage appears to be a bridge rather than a sustainable financing model, and investors should evaluate whether the cost of this debt outweighs the benefit of delaying further equity dilution.
As indicated by market data, MindMed trades at a price-to-book ratio of 5.56, which sits in line with Atai Life Sciences at 5.40, suggesting that the market is pricing both firms based on the speculative option value of their respective neuropsychiatric pipelines rather than fundamental operational metrics.
The valuation gap between MindMed and smaller peers like Cybin suggests that the market assigns a premium to the perceived regulatory de-risking of the MM-120 candidate. However, this premium is fragile and could evaporate if clinical data readouts fail to demonstrate a clear efficacy advantage over existing standard-of-care treatments.
The price-to-book ratio is frequently misapplied to MindMed, as it fails to capture the value of intangible intellectual property and the high probability of future impairment risks associated with clinical trial outcomes that are not reflected in the company's historical accounting book value.
Investors should instead focus on the enterprise value relative to R&D spend, as this provides a more accurate reflection of the capital required to reach the next clinical milestone. Relying on book value in a pre-revenue biotech context obscures the reality that the company's most valuable assets are off-balance-sheet clinical trial results.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying MNMD stock.
Mind Medicine (MindMed) Inc.'s current P/E ratio is -10.0x. This places it at the 50th percentile of its historical range.
Mind Medicine (MindMed) Inc.'s return on equity (ROE) is -64.1%. The historical average is -60.1%.
Based on historical data, Mind Medicine (MindMed) Inc. is trading at a P/E of -10.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.