Latest Ratios: P/E Ratio -2.4x · EV/EBITDA N/A · ROE -28.9%. (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 | $242M | $137M | $169M | $323M | $261M | $504M | $2.0B | — | — |
| Enterprise Value | $279M | $174M | $221M | $381M | $307M | $456M | $1.9B | — | — |
| P/E Ratio → | -2.40 | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.80 | 0.44 | 0.41 | 1.18 | 0.70 | 2.01 | 6.08 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | 85.1% | 35.1% |
| Operating Margin | — | — | — | — | — | — | — | -19368.7% | -5.4% |
| Net Profit Margin | — | — | — | — | — | — | — | -18265.7% | -4.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -28.9% | -28.9% | -31.9% | -36.4% | -36.5% | -30.1% | -61.8% | — | — |
| ROA | -23.0% | -23.0% | -24.7% | -27.6% | -30.5% | -28.1% | -47.3% | -72.7% | -2.9% |
| ROIC | -22.5% | -22.5% | -24.3% | -26.4% | -28.8% | -29.7% | -39.7% | — | — |
| ROCE | -28.0% | -28.0% | -30.6% | -32.6% | -33.4% | -29.3% | -27.9% | -93.6% | -4.7% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.20 | 0.32 | 0.22 | 0.05 | 0.03 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.12 | 0.13 | 0.21 | 0.12 | -0.19 | -0.27 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -21.29 | — | — | -43.56 | — |
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 | 12.69 | 12.69 | 14.45 | 10.85 | 16.36 | 18.99 | 36.10 | 4.56 | 3.96 |
| Quick Ratio | 12.69 | 12.69 | 14.45 | 10.85 | 16.36 | 18.99 | 36.10 | 4.56 | 3.91 |
| Cash Ratio | 12.41 | 12.41 | 14.13 | 10.64 | 15.97 | 18.40 | 35.66 | 4.51 | 3.79 |
| Asset Turnover | — | — | — | — | — | — | — | 0.00 | 0.68 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 36.25 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | 8.36 |
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 | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $74M | $68M | $49M | $44M | $33M | $32M | $9M | $50M |
Liquidity and clinical execution
Based on reported figures, Nkarta trades at a price-to-book ratio of 0.67, which suggests that the market is currently valuing the firm at a significant discount to its net asset value, likely reflecting deep skepticism regarding the commercial viability of its current clinical-stage pipeline.
The depressed P/B multiple indicates that investors are pricing in a high probability of further equity dilution or asset impairment as the company burns through its remaining cash. This valuation level is consistent with other high-risk, pre-revenue biotech peers, suggesting that the market is discounting the firm's intellectual property and manufacturing infrastructure until definitive clinical data readouts occur.
As reported in financial statements, Nkarta’s ROIC has remained consistently negative, fluctuating between -5.0% and -7.7% over the last ten quarters, which highlights the structural inability of the current business model to generate positive returns on invested capital prior to commercialization.
The persistent negative ROIC is a direct consequence of the company's heavy investment in proprietary mbIL15 engineering and internal manufacturing capabilities without offsetting revenue streams. This trend suggests that capital is being consumed at a rate that outpaces the value creation of its clinical programs, necessitating a successful pivot to commercial-ready data to reverse this decay.
According to recent SEC filings, the company's current ratio has shown significant volatility, dropping from 19.95 in 2024Q1 to 12.96 in 2026Q1, which underscores the rapid depletion of liquid assets relative to the firm's ongoing operational and research-related liabilities.
While the current ratio appears high in isolation, it is misleading for a pre-revenue firm where the primary asset is cash being rapidly consumed by clinical trial costs. The narrowing liquidity buffer suggests that the company may soon face a binary outcome regarding its ability to fund operations without seeking dilutive capital, which warrants close monitoring by investors.
Based on an analysis of the company's financial structure, the current ratio is the most commonly misapplied metric for Nkarta, as it obscures the reality that the firm's assets are primarily cash being consumed by a fixed, high-burn R&D operational model.
Investors often mistake a high current ratio for financial health, failing to realize that in a pre-revenue biotech context, this ratio merely measures the remaining runway before a capital raise is required. A more appropriate metric would be the 'cash burn rate per quarter' relative to total cash and equivalents, which provides a clearer picture of the firm's actual operational survival timeline.
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Quick answers to the most common questions about buying NKTX stock.
Nkarta, Inc.'s current P/E ratio is -2.4x. This places it at the 50th percentile of its historical range.
Nkarta, Inc.'s return on equity (ROE) is -28.9%. The historical average is -37.6%.
Based on historical data, Nkarta, Inc. is trading at a P/E of -2.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.