Latest Ratios: P/E Ratio -9.4x · EV/EBITDA N/A · ROE -53.2%. (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 | $2.0B | $3.1B | $715M | $331M | $416M | $1.7B | $2.5B | — | — |
| Enterprise Value | $1.8B | $2.9B | $688M | $292M | $319M | $1.6B | $2.5B | — | — |
| P/E Ratio → | -9.45 | — | — | — | — | — | — | — | — |
| P/S Ratio | 31.30 | 48.65 | 90.81 | — | — | — | — | — | — |
| P/B Ratio | 6.33 | 10.01 | 1.54 | 0.55 | 0.64 | 2.25 | 11.84 | — | — |
| 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 | — | 46.20 | 87.40 | — | — | — | — | — | — |
| 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 | 86.6% | 86.6% | 10.1% | — | — | — | — | — | — |
| Operating Margin | -338.7% | -338.7% | -7527.3% | — | — | — | — | — | — |
| Net Profit Margin | -325.3% | -325.3% | -7213.8% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -53.2% | -53.2% | -106.3% | -12.0% | -14.9% | -18.1% | -25.0% | -57.4% | — |
| ROA | -36.0% | -36.0% | -97.7% | -11.7% | -14.4% | -17.4% | -24.3% | -55.4% | -627.8% |
| ROIC | -54.3% | -54.3% | -88.6% | -13.3% | -15.3% | -17.5% | -21.8% | -42.2% | — |
| ROCE | -42.8% | -42.8% | -108.7% | -15.8% | -16.9% | -19.2% | -26.2% | -54.9% | — |
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 | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | 0.00 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.50 | -0.06 | -0.06 | -0.15 | -0.17 | -0.14 | -0.03 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -13.96 | -13.96 | -1664.51 | — | — | — | — | — | — |
Net cash position: cash ($164M) 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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.95 | 6.95 | 9.04 | 44.11 | 50.70 | 45.62 | 33.69 | 37.42 | 0.18 |
| Quick Ratio | 6.81 | 6.81 | 9.04 | 44.11 | 50.70 | 45.62 | 33.69 | 37.42 | 0.18 |
| Cash Ratio | 6.44 | 6.44 | 8.63 | 43.74 | 50.23 | 45.22 | 32.93 | 37.10 | 0.15 |
| Asset Turnover | — | 0.11 | 0.01 | — | — | — | — | — | — |
| Inventory Turnover | 0.74 | 0.74 | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 112.35 | 755.31 | — | — | — | — | — | — |
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 | — | $342M | $269M | $219M | $217M | $198M | $218M | $207M | $184M |
Clinical trial execution risk
As reported in recent financial statements, Nuvation Bio trades at a price-to-sales ratio of 31.19, a valuation multiple that appears to heavily discount the company's clinical-stage status while simultaneously pricing in significant future success for the Taletrectinib program relative to its oncology-focused peer group.
The elevated P/S ratio suggests that investors are valuing the company based on potential future milestone achievements rather than current, non-recurring revenue streams. This valuation implies a high degree of market optimism regarding the company's ability to successfully navigate the regulatory landscape, which may be vulnerable to correction if clinical data fails to meet expectations.
Based on the provided financial data, Nuvation Bio's ROIC has remained consistently negative, with a recent reading of 1.6% in 2026Q1 that appears to be an outlier driven by non-recurring milestone recognition rather than a sustainable improvement in the company's underlying return on invested capital.
The persistent negative ROIC trend highlights the inherent difficulty of generating returns in a pre-commercial biotech environment where R&D expenditures are mandatory and non-discretionary. Investors should monitor whether the company can eventually transition to a positive ROIC profile as it moves closer to commercialization, though current figures suggest significant capital destruction remains the norm.
According to quarterly filings, the company's cash conversion cycle has exhibited extreme volatility, swinging from -13 days in 2026Q1 to -803 days in 2025Q4, which indicates that Nuvation Bio's working capital management is heavily influenced by lumpy milestone payments rather than standard operational efficiency.
The erratic nature of these metrics suggests that traditional efficiency ratios are poor indicators of operational health for this business model. The reliance on milestone-driven cash inflows creates a distorted picture of liquidity, making it difficult to assess the company's true ability to manage its day-to-day research-related payables.
As indicated by the company's financial statements, the interest coverage ratio has frequently been deeply negative, reflecting a reliance on external financing to cover operational losses rather than internal cash generation, which warrants further investigation into the company's long-term debt service sustainability.
While the current debt-to-equity ratio remains low, the lack of consistent operating income means that any future debt-based financing could rapidly increase the company's risk profile. The current leverage structure appears to be a function of necessity rather than strategic capital management, leaving the firm vulnerable to shifts in credit market conditions.
Based on an analysis of the company's financial structure, the price-to-sales ratio is the most commonly misapplied metric, as it obscures the non-recurring nature of milestone-driven revenue and fails to account for the massive R&D burn required to sustain the company's clinical pipeline.
Investors should instead focus on the cash runway and the net cash used in operating activities, as these metrics provide a more accurate assessment of the company's survival timeline. Relying on revenue-based multiples for a pre-commercial entity risks overestimating the company's financial stability and ignoring the reality of its ongoing capital requirements.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying NUVB stock.
Nuvation Bio Inc.'s current P/E ratio is -9.4x. This places it at the 50th percentile of its historical range.
Nuvation Bio Inc.'s return on equity (ROE) is -53.2%. The historical average is -41.0%.
Based on historical data, Nuvation Bio Inc. is trading at a P/E of -9.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nuvation Bio Inc. has 86.6% gross margin and -338.7% operating margin.