Latest Ratios: P/E Ratio -1.2x · EV/EBITDA N/A · ROE -121.2%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $313M | $292M | $1.7B | $2.7B | — | — | — |
| Enterprise Value | $131M | $110M | $1.5B | $2.3B | — | — | — |
| P/E Ratio → | -1.17 | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — |
| P/B Ratio | 2.66 | 2.82 | 5.89 | 5.77 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -121.2% | -121.2% | -64.5% | -2123.0% | — | — | — |
| ROA | -93.3% | -93.3% | -60.0% | -51.2% | -30.6% | -75.7% | -50.2% |
| ROIC | -527.4% | -527.4% | -160.0% | -140.8% | — | — | — |
| ROCE | -108.2% | -108.2% | -69.5% | -43.1% | -33.6% | -79.8% | -50.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.75 | -0.49 | -0.79 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -72.56 | -72.56 | — | — | — | — | — |
Net cash position: cash ($183M) exceeds total debt ($477000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 5.87 | 5.87 | 10.51 | 19.05 | 16.37 | 17.85 | 20.69 |
| Quick Ratio | 5.87 | 5.87 | 10.51 | 19.05 | 16.37 | 17.85 | 20.69 |
| Cash Ratio | 5.62 | 5.62 | 10.29 | 18.08 | 15.69 | 17.58 | 20.49 |
| Asset Turnover | — | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $163M | $159M | $159M | $152M | $152M | $152M |
Clinical hold liquidity crunch
According to recent market data, Neumora trades at a price-to-book ratio of 2.54, which suggests that investors are assigning a significant premium to the company's intellectual property and data-driven platform despite the absence of commercial revenue and the recent clinical hold on its secondary muscarinic program.
The current valuation appears to be driven by speculative interest in the navacaprant program rather than fundamental earnings, as the company lacks a P/E or EV/EBITDA multiple. Investors should monitor whether this premium holds if the company is forced to raise dilutive capital to extend its runway, as the current P/B ratio may be vulnerable to a downward correction.
Based on reported financial statements, Neumora's ROIC has trended downward to -105.6% in 2025Q3, reflecting the aggressive deployment of capital into high-cost clinical trials that have yet to generate any offsetting returns on invested capital for the firm's shareholders.
The persistent negative ROIC is characteristic of a clinical-stage biotech, but the magnitude of the decline suggests that the company's capital allocation is becoming increasingly inefficient as it scales its R&D efforts. This trend warrants further investigation into whether the company can achieve a positive return profile before its current cash reserves are exhausted.
As reported in quarterly filings, Neumora's current ratio has contracted significantly from 19.05 in 2023Q4 to 5.09 in 2026Q1, indicating that the company's liquidity position is rapidly deteriorating as it funds its ongoing clinical development programs without the benefit of commercial cash inflows.
While a current ratio of 5.09 remains technically adequate, the rapid decline suggests that the company's cash runway is shortening at an accelerating pace. Investors should be cautious, as this liquidity profile leaves little room for error should the company encounter further regulatory delays or unexpected increases in trial costs.
Based on industry standards, the price-to-earnings ratio is the most commonly misapplied metric for Neumora, as it obscures the company's pre-revenue status and fails to account for the massive R&D investments that are essential for long-term value creation in the precision psychiatry space.
Using P/E ratios for a company like Neumora is fundamentally flawed because it ignores the binary nature of clinical trial outcomes and the lack of current profitability. Analysts should instead focus on cash burn rates and the probability-weighted net present value of the pipeline to better assess the company's true economic potential.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying NMRA stock.
Neumora Therapeutics, Inc. Common Stock's current P/E ratio is -1.2x. This places it at the 50th percentile of its historical range.
Neumora Therapeutics, Inc. Common Stock's return on equity (ROE) is -121.2%. The historical average is -92.8%.
Based on historical data, Neumora Therapeutics, Inc. Common Stock is trading at a P/E of -1.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.