Latest Ratios: P/E Ratio -8.7x · EV/EBITDA N/A · ROE -31.4%. (2011–2025 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 | $582M | $436M | $402M | $249M | $131M | $5.3B | $14.6B | $6.7B | $1.0B | $5.5B | $6.2B |
| Enterprise Value | $488M | $342M | $277M | $117M | $53M | $5.2B | $14.4B | $6.5B | $939M | $5.5B | $6.2B |
| P/E Ratio → | -8.68 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | 434.14 | — | — | — | — | — | 40.64 | — | — |
| P/B Ratio | 2.94 | 1.65 | 1.29 | 1.34 | 1.32 | — | 76.43 | 47.01 | 13.98 | 55.78 | 43.13 |
| 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 | — | — | 299.92 | — | — | — | — | — | 37.56 | — | — |
| 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 | — | — | -251.0% | — | — | — | — | — | 100.0% | — | — |
| Operating Margin | — | — | -8930.3% | — | — | — | — | — | -94.1% | — | — |
| Net Profit Margin | — | — | -8123.7% | — | — | — | — | — | -126.3% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -31.4% | -31.4% | -30.3% | -25.5% | -1634.7% | -101.7% | -20.0% | -64.8% | -36.8% | -41.2% | -29.2% |
| ROA | -28.9% | -28.9% | -26.9% | -21.9% | -52.4% | -32.4% | -18.6% | -61.8% | -33.6% | -37.9% | -27.6% |
| ROIC | -43.3% | -43.3% | -51.6% | -110.6% | — | — | -588.8% | — | -82.8% | -48.1% | -31.1% |
| ROCE | -34.8% | -34.8% | -31.8% | -36.8% | -58.5% | -34.5% | -24.1% | -22.7% | -27.3% | -41.9% | -29.7% |
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 | 0.04 | 0.04 | 0.04 | 0.09 | 0.05 | — | 0.06 | 0.01 | 0.00 | 0.00 | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.35 | -0.40 | -0.71 | -0.78 | — | -0.94 | -1.00 | -1.06 | -0.53 | -0.22 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -20641.60 | -20641.60 | -6261.00 | -4631.92 | -27593.50 | — | — | -69441.00 | -7895.25 | -12544.75 | -37001.00 |
Net cash position: cash ($104M) exceeds total debt ($10M)
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 | 16.56 | 16.56 | 20.84 | 8.72 | 12.74 | 6.81 | 24.66 | 30.28 | 16.68 | 9.93 | 10.87 |
| Quick Ratio | 16.56 | 16.56 | 20.84 | 8.72 | 12.74 | 6.64 | 24.66 | 30.28 | 16.68 | 9.93 | 10.87 |
| Cash Ratio | 16.39 | 16.39 | 20.61 | 8.58 | 12.33 | 6.50 | 24.41 | 30.17 | 16.63 | 9.87 | 10.83 |
| Asset Turnover | — | — | 0.00 | — | — | — | — | — | 0.32 | — | — |
| Inventory Turnover | — | — | — | — | — | 22.09 | — | — | — | — | — |
| Days Sales Outstanding | — | — | 255.70 | — | — | — | — | — | — | — | — |
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% | 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 | — | $21M | $18M | $13M | $13M | $55M | $52M | $27M | $24M | $23M | $19M |
Clinical trial execution failure
Based on reported figures, Neurogene's forward EV/EBITDA of 1485.34 suggests that market participants are pricing in significant long-term success for the EXACT platform rather than current operational performance, as the company remains a pre-revenue entity with no meaningful earnings to support traditional valuation multiples.
The extreme forward multiple indicates that investors are valuing the company as a binary option on clinical success rather than a traditional industrial entity. This valuation appears highly sensitive to the perceived probability of regulatory approval for NGN-401, as any delay in clinical milestones would likely necessitate a significant downward revision in market expectations.
As reported in financial statements, Neurogene's ROIC has trended toward -17.0% in 2026Q1, reflecting the structural reality that capital is being consumed to build clinical infrastructure rather than generating returns on invested assets, a trend consistent with early-stage biotechnology firms in the pre-commercial phase.
The persistent negative ROIC highlights the company's reliance on external capital to fund R&D, as there is no underlying operational engine to generate returns. Investors should monitor whether the company can eventually shift from this capital-consuming phase to a self-sustaining model, though current metrics suggest this remains a distant prospect.
According to recent SEC filings, the company maintains a current ratio of 13.08 as of 2026Q1, which provides a substantial, albeit temporary, cushion to fund ongoing clinical trials, though this liquidity is rapidly depleting as the firm advances its high-cost gene therapy development programs.
While the high current ratio suggests a lack of immediate solvency risk, it is a byproduct of the cash raised during the recent merger rather than operational efficiency. The rapid decline from a peak of 21.03 in 2025Q1 underscores the high burn rate and the necessity for future capital market access.
As indicated by the provided financial data, the use of P/E ratios to evaluate Neurogene is fundamentally flawed, as the company's negative earnings and lack of revenue render traditional valuation multiples meaningless for assessing the true economic value of its proprietary gene regulation technology.
Investors should instead focus on the 'cash runway' and 'clinical milestone progress' as the primary indicators of value creation. Applying standard profitability ratios to a pre-revenue biotech firm obscures the reality that the company is essentially a research project, where the value lies in the intellectual property rather than current income statements.
Includes 30+ ratios · 15 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NGNE stock.
Neurogene Inc.'s current P/E ratio is -8.7x. This places it at the 50th percentile of its historical range.
Neurogene Inc.'s return on equity (ROE) is -31.4%. The historical average is -56.0%.
Based on historical data, Neurogene Inc. is trading at a P/E of -8.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.