Latest Ratios: P/E Ratio -0.1x · EV/EBITDA N/A · ROE N/A. (2012–2025 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 | $34M | $34M | $17M | $40M | $8M | $34M | $96M | $277M | $261M | $230M | $370M |
| Enterprise Value | $17M | $17M | $-4547728 | $-900675 | $-27603006 | $-26525680 | $71M | $256M | $211M | $207M | $296M |
| P/E Ratio → | -0.14 | — | 11.68 | — | — | — | 49.26 | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | 2.33 | — | — | — | — |
| P/B Ratio | — | — | — | — | — | 4.29 | 1.82 | 9.99 | 2.90 | 1.74 | 3.49 |
| P/FCF | — | — | — | — | — | — | — | — | — | 75.49 | — |
| P/OCF | — | — | — | — | — | — | — | — | — | 74.21 | — |
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 | — | — | — | — | — | — | 1.71 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | 34.85 | — | — | — | — |
| EV / EBIT | — | — | -0.76 | — | — | — | 36.33 | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | 68.22 | — |
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 | — | — | — | — | — | — | 100.0% | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | 4.5% | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | 4.7% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | -164.6% | 4.8% | -122.3% | -45.2% | -26.5% | -38.5% |
| ROA | -434.3% | -434.3% | 3.1% | -53.6% | -48.6% | -74.1% | 2.9% | -66.6% | -31.1% | -19.9% | -28.8% |
| ROIC | — | — | — | — | — | — | 8.1% | -243.8% | -51.9% | -43.7% | -54.8% |
| ROCE | -23.2% | -23.2% | -49.7% | -43.1% | -39.4% | -70.5% | 2.9% | -73.5% | -33.1% | -27.4% | -30.1% |
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 | — | — | — | — | — | — | 0.00 | 0.01 | — | 0.03 | 0.08 |
| Debt / EBITDA | — | — | — | — | — | — | 0.05 | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | -7.62 | -0.48 | -0.76 | -0.56 | -0.17 | -0.70 |
| Net Debt / EBITDA | — | — | — | — | — | — | -12.48 | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | -7.27 | — |
| Interest Coverage | — | — | 1.32 | -2.62 | -3.33 | -7.17 | — | — | -453.25 | -65.58 | -29.14 |
Net cash position: cash ($82M) exceeds total debt ($65M)
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 | 36.29 | 36.29 | 7.85 | 12.57 | 29.15 | 22.07 | 8.68 | 7.11 | 24.94 | 18.94 | 8.66 |
| Quick Ratio | 36.29 | 36.29 | 7.85 | 12.57 | 29.15 | 22.07 | 8.68 | 7.11 | 24.94 | 18.94 | 8.66 |
| Cash Ratio | 35.94 | 35.94 | 7.53 | 12.25 | 26.20 | 21.55 | 8.02 | 6.92 | 24.38 | 18.74 | 8.57 |
| Asset Turnover | — | — | — | — | — | — | 0.71 | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | 8.6% | — | — | — | 2.0% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | 1.3% | — |
| Buyback Yield | 0.0% | 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% | 0.0% |
| Shares Outstanding | — | $8M | $8M | $7M | $5M | $5M | $5M | $5M | $5M | $5M | $4M |
Regulatory binary outcome risk
Based on reported figures, Minerva's forward EV/EBITDA of 0.83 appears to reflect a market pricing in extreme distress rather than fundamental growth, as the lack of revenue renders traditional P/E or P/S metrics largely irrelevant for assessing the company's long-term viability in the competitive CNS biotechnology sector.
The current valuation multiples suggest that investors are assigning minimal terminal value to the company's pipeline following the recent regulatory setbacks. This pricing implies that the market is heavily discounting the probability of successful commercialization, effectively treating the equity as a high-risk option on a single binary regulatory event.
As reported in financial statements, Minerva's ROIC of -39.5% in 2024Q2 highlights a severe inability to generate returns on invested capital, a trend that appears to be worsening as the company consumes its remaining cash reserves to fund ongoing regulatory and clinical development efforts without any revenue.
The negative return on capital metrics are symptomatic of a pre-revenue entity where capital is being deployed into high-risk R&D with no immediate path to monetization. This persistent decay in capital efficiency warrants further investigation into whether management can pivot to a more sustainable development model before the current capital base is fully exhausted.
According to recent SEC filings, Minerva's current ratio has plummeted from 14.40 in 2023Q3 to 17.65 in 2026Q1, yet this figure masks a precarious cash position that has dropped to 32.8 million, suggesting that the company's liquidity is rapidly deteriorating despite the appearance of high short-term asset coverage.
While the current ratio remains numerically high, it is misleading because it does not account for the massive, non-discretionary cash burn required to sustain clinical trials. Investors should monitor the company's ability to secure additional financing, as the current liquidity buffer appears insufficient to support the long-term regulatory requirements for roluperidone.
As indicated by historical data, the most commonly misapplied ratio for Minerva is the current ratio, which provides a false sense of security by ignoring the company's lack of revenue and the high, fixed nature of its clinical trial expenditures that necessitate constant, dilutive capital raises.
Relying on standard liquidity ratios in a pre-revenue biotech context obscures the reality that the company's 'assets' are largely illiquid R&D investments rather than working capital. Analysts should instead focus on the 'cash runway' metric, which provides a more accurate assessment of the company's survival horizon in the face of ongoing regulatory uncertainty.
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Minerva Neurosciences, Inc.'s current P/E ratio is -0.1x. The historical average is 30.5x.
Based on historical data, Minerva Neurosciences, Inc. is trading at a P/E of -0.1x. Compare with industry peers and growth rates for a complete picture.