Latest Ratios: P/E Ratio -6.0x · EV/EBITDA N/A · ROE -70.1%. (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 | $775M | $1.0B | $687M | $336M | $331M | $317M | — |
| Enterprise Value | $677M | $966M | $660M | $298M | $434M | $385M | — |
| P/E Ratio → | -6.04 | — | — | — | — | — | — |
| P/S Ratio | — | — | 1001.34 | — | — | — | — |
| P/B Ratio | 2.92 | 5.33 | 9.36 | 3.58 | — | — | — |
| 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 | — | — | 962.67 | — | — | — | — |
| 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 | — | — | -7492.3% | — | — | — | — |
| Operating Margin | — | — | -10671.1% | — | — | — | — |
| Net Profit Margin | — | — | -12503.9% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -70.1% | -70.1% | -102.7% | -94.7% | — | — | — |
| ROA | -53.0% | -53.0% | -73.1% | -117.3% | -81.4% | -49.9% | -90.8% |
| ROIC | -72.4% | -72.4% | -106.8% | -197.5% | -393.4% | -149.9% | -149.1% |
| ROCE | -57.4% | -57.4% | -85.4% | -134.2% | -81.9% | -40.1% | -102.5% |
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 | 0.01 | 0.01 | 0.02 | 0.01 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.40 | -0.36 | -0.40 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -99.49 | -99.49 | — | -59.71 | -5.00 | -2.62 | -4.69 |
Net cash position: cash ($81M) exceeds total debt ($2M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 5.96 | 5.96 | 2.37 | 5.29 | 1.97 | 11.81 | 1.42 |
| Quick Ratio | 5.96 | 5.96 | 2.37 | 5.29 | 1.97 | 11.81 | 1.42 |
| Cash Ratio | 5.80 | 5.80 | 2.23 | 4.80 | 1.65 | 11.39 | 1.14 |
| Asset Turnover | — | — | 0.01 | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | 413.42 | — | — | — | — |
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% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $52M | $40M | $30M | $33M | $33M | $33M |
Binary clinical trial dependency
As reported in financial statements, Oculis has consistently posted negative ROIC figures, with the metric reaching -13.4% in 2026Q1, illustrating the structural challenge of generating returns on invested capital while the company remains entirely dependent on external funding to sustain its late-stage clinical development pipeline.
The persistent negative ROIC trend, which bottomed at -26.9% in 2024Q2, highlights that capital is being consumed rather than compounded as the firm advances its SNP platform. Investors should interpret these figures as a reflection of high R&D intensity rather than operational inefficiency, as the company lacks the commercial revenue necessary to generate positive returns on its asset base.
Based on Oculis's reported figures, the current ratio has compressed from 5.96 in 2025Q4 to 5.18 in 2026Q1, suggesting that while the firm maintains a nominal liquidity cushion, the rapid depletion of cash reserves relative to ongoing clinical obligations warrants close monitoring by institutional investors.
The decline in the current ratio reflects the inevitable drawdown of cash as the DIAMOND Phase 3 trials progress toward completion. While the current ratio remains above 5.0, this metric may overstate the company's true flexibility, as significant accrued expenses related to CRO contracts represent committed liabilities that will continue to pressure the balance sheet.
According to recent SEC filings, Oculis maintains a negligible debt-to-equity ratio of 0.01, which suggests that the company has avoided traditional leverage, opting instead to rely on equity-based financing to fund its operations during this pre-revenue phase of its corporate lifecycle.
The lack of significant debt is typical for clinical-stage biotechs, yet the negative interest coverage ratios, such as -126.80 in 2026Q1, underscore the firm's inability to service debt through internal cash generation. This capital structure implies that the company's primary financial risk is not insolvency from debt, but rather the dilution risk associated with future equity raises.
As indicated by the company's financial statements, the P/B ratio of 2.59 is a commonly misapplied metric for Oculis, as it fails to capture the value of the proprietary SNP platform and the potential market disruption of its late-stage clinical assets.
Using book value to assess a pre-revenue biotechnology firm is fundamentally flawed because it ignores the significant investment in intellectual property and clinical trial data that constitutes the company's true value. Analysts should instead focus on the cash runway and the probability-adjusted net present value of the pipeline, as book value provides no insight into the commercial viability of the firm's lead candidates.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying OCS stock.
Oculis Holding AG's current P/E ratio is -6.0x. This places it at the 50th percentile of its historical range.
Oculis Holding AG's return on equity (ROE) is -70.1%. The historical average is -89.2%.
Based on historical data, Oculis Holding AG is trading at a P/E of -6.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.