Latest Ratios: P/E Ratio -6.5x · EV/EBITDA N/A · ROE -776.9%. (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 | $504M | $405M | $218M | $140M | $279M | $887M | $205M | $7M | $3M | $46M | $24M |
| Enterprise Value | $519M | $420M | $192M | $108M | $208M | $796M | $184M | $1M | $-12039999 | $40M | $-7116635 |
| P/E Ratio → | -6.48 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 114.30 | 91.83 | 53.80 | 23.28 | 112.13 | — | 4776.56 | — | — | — | — |
| P/B Ratio | — | — | 7.36 | 3.46 | 3.77 | 9.26 | 9.53 | 0.66 | — | — | 1.77 |
| 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 95.13 | 47.38 | 17.89 | 83.52 | — | 4275.42 | — | — | — | — |
| 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 | 45.9% | 45.9% | 51.5% | 88.3% | 100.0% | — | -14676.7% | — | — | — | — |
| Operating Margin | -1425.7% | -1425.7% | -1350.4% | -1085.7% | -3580.0% | — | -49500.0% | — | — | — | — |
| Net Profit Margin | -1537.4% | -1537.4% | -1333.0% | -1045.0% | -3488.9% | — | -50748.8% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -776.9% | -776.9% | -154.0% | -110.1% | -102.2% | -99.5% | -134.0% | -383.4% | — | -2297.9% | -77.6% |
| ROA | -107.7% | -107.7% | -73.5% | -72.8% | -81.0% | -87.7% | -98.8% | -118.3% | -60.7% | -112.1% | -44.5% |
| ROIC | -1565.6% | -1565.6% | -704.2% | -907.2% | -1920.2% | -2088.8% | -640.7% | — | — | — | — |
| ROCE | -154.7% | -154.7% | -101.1% | -102.7% | -99.6% | -94.7% | -118.2% | -105.6% | -276.4% | -130.8% | -98.8% |
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 | — | — | 1.10 | 0.17 | 0.09 | 0.03 | 0.12 | 0.13 | — | — | 0.06 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | -0.88 | -0.80 | -0.96 | -0.96 | -1.00 | -0.55 | — | — | -2.30 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -12.13 | -12.13 | — | — | — | -734.53 | -19.81 | -8.01 | -88.77 | -197.12 | -217.47 |
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 | 1.06 | 1.06 | 2.86 | 2.51 | 3.45 | 14.66 | 7.16 | 3.47 | 5.71 | 2.15 | 6.20 |
| Quick Ratio | 1.06 | 1.06 | 2.86 | 2.51 | 3.45 | 14.66 | 7.16 | 3.47 | 5.71 | 2.15 | 6.20 |
| Cash Ratio | 0.81 | 0.81 | 2.71 | 2.31 | 3.19 | 13.57 | 6.65 | 1.64 | 5.41 | 2.10 | 6.17 |
| Asset Turnover | — | 0.10 | 0.05 | 0.09 | 0.02 | — | 0.00 | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $300M | $271M | $244M | $215M | $195M | $112M | $14M | $618182 | $377837 | $239824 |
Imminent Capital Exhaustion Risk
As reported in recent financial filings, Ocugen's P/S ratio of 115.07 suggests that market participants are pricing in an aggressive probability of platform-wide success, significantly outpacing the valuation multiples of institutional-focused peers who maintain more narrow, single-indication clinical pipelines and lower speculative premiums.
The current valuation appears to be decoupled from fundamental performance, reflecting retail-driven volatility rather than the underlying clinical progress of the modifier gene therapy platform. Investors should monitor whether this premium persists as the company approaches critical Phase 3 milestones, as any deviation from projected timelines may trigger a sharp re-rating.
Based on historical financial data, Ocugen's ROIC has consistently trended in negative territory, reaching -2.8% in 2026Q1, which underscores the company's inability to generate positive returns on invested capital while it remains in a pre-commercial, high-burn clinical development phase.
The negative ROIC trend is a direct consequence of the massive R&D expenditures required to sustain the modifier gene therapy platform without a corresponding stream of commercial revenue. This suggests that capital allocation is currently focused on survival and trial advancement rather than value creation, warranting caution regarding long-term compounding potential.
According to the most recent balance sheet data, Ocugen's current ratio of 1.86 in 2026Q1 masks a precarious liquidity position, as the company's cash reserves are being rapidly depleted by the high fixed-cost structure of its ongoing Phase 3 clinical trial activities.
While the current ratio appears adequate on the surface, the lack of recurring revenue means that the company is highly dependent on external financing to maintain its operations. Under severe stress, the company's reliance on milestone-based cash inflows could lead to a liquidity crunch if clinical milestones are delayed.
As indicated by the company's TTM P/E of -6.52, traditional earnings-based valuation metrics are fundamentally misapplied to Ocugen, as they obscure the company's pre-commercial status and the binary nature of its clinical-stage pipeline, which is better evaluated through cash runway and trial enrollment velocity.
Investors should prioritize 'Pro-Forma Cash Exhaustion' dates over P/E or EBITDA multiples, as the latter fail to account for the non-recurring nature of milestone payments and the high R&D burn rate. Relying on earnings multiples in this context may lead to a fundamental misunderstanding of the company's true financial risk profile.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying OCGN stock.
Ocugen, Inc.'s current P/E ratio is -6.5x. This places it at the 50th percentile of its historical range.
Ocugen, Inc.'s return on equity (ROE) is -776.9%. The historical average is -131.2%.
Based on historical data, Ocugen, Inc. is trading at a P/E of -6.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ocugen, Inc. has 45.9% gross margin and -1425.7% operating margin.