Latest Ratios: P/E Ratio -0.3x · EV/EBITDA N/A · ROE -113.8%. (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 | $15M | $37M | $34M | $55M | $75M | $339M | $1.2B | — | — |
| Enterprise Value | $-7216293 | $15M | $22M | $60M | $68M | $210M | $1.0B | — | — |
| P/E Ratio → | -0.33 | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.80 | 2.00 | 0.56 | 0.50 | 0.37 | 1.06 | 3.83 | — | — |
| 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 | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -113.8% | -113.8% | -75.1% | -65.3% | -52.4% | -59.5% | -46.9% | -56.3% | — |
| ROA | -55.3% | -55.3% | -51.2% | -51.8% | -45.5% | -54.3% | -44.3% | -43.0% | -38.2% |
| ROIC | -141.9% | -141.9% | -64.0% | -48.5% | -54.1% | -77.5% | -91.4% | — | — |
| ROCE | -70.6% | -70.6% | -64.8% | -55.7% | -50.3% | -58.7% | -46.9% | -35.7% | -40.6% |
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 | 1.28 | 1.28 | 0.42 | 0.24 | 0.13 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.19 | -0.20 | 0.04 | -0.04 | -0.40 | -0.44 | -0.91 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($46M) exceeds total debt ($24M)
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 | 2.07 | 2.07 | 4.07 | 7.22 | 10.74 | 11.02 | 14.98 | 45.04 | 108.79 |
| Quick Ratio | 2.07 | 2.07 | 4.07 | 7.22 | 10.74 | 11.02 | 14.98 | 45.04 | 108.79 |
| Cash Ratio | 2.01 | 2.01 | 3.96 | 6.99 | 10.33 | 10.70 | 14.40 | 43.16 | 80.98 |
| 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 | 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 | — | $3M | $3M | $3M | $3M | $3M | $2M | $1M | $1M |
Capital exhaustion and insolvency
According to current market data, Passage Bio trades at a price-to-book ratio of 0.80, which, when compared to peers like Krystal Biotech, suggests that investors are heavily discounting the company's future clinical potential due to the acute risk of near-term capital depletion and ongoing operational losses.
The sub-1.0x P/B multiple indicates that the market currently values the company's assets at less than their accounting value, implying a lack of confidence in the long-term viability of the pipeline. This valuation gap appears to reflect a high probability of dilutive financing, as the market prices in the necessity of raising capital to fund the PBFT02 clinical program.
Based on reported figures, the company's ROIC has deteriorated significantly, reaching -161.3% in 2025Q3, which highlights the extreme difficulty of generating positive returns on invested capital while the firm remains in a pre-revenue, high-burn clinical development phase without any offsetting commercial income.
The persistent negative trend in ROIC suggests that every dollar of capital deployed into the UPenn GTP-linked pipeline is currently destroying shareholder value rather than compounding it. Investors should monitor whether the recent strategic pivot to focus on PBFT02 can eventually stabilize these returns, though current metrics indicate a long path to operational break-even.
As reported in financial statements, the current ratio has compressed from a peak of 8.43 in 2024Q1 to 1.73 in 2026Q1, signaling a narrowing margin of safety as the company consumes its cash reserves to fund clinical trials without the support of any recurring revenue streams.
The rapid decline in the current ratio suggests that the company's ability to meet short-term obligations is becoming increasingly sensitive to the timing of clinical trial expenditures. While a ratio of 1.73 remains technically above the threshold of immediate distress, the trend warrants close monitoring as the cash runway continues to shorten.
The most commonly misapplied metric for Passage Bio is the P/E ratio, which, at -0.33, provides no meaningful insight into the company's intrinsic value because the firm lacks the revenue and earnings base required for traditional earnings-based valuation models to function effectively in this sector.
Investors should instead focus on 'Cash Runway Months' and 'Clinical Milestone Probability' as more accurate proxies for value creation. Relying on P/E or EV/EBITDA for a pre-revenue biotech firm obscures the reality that the company's primary asset is its intellectual property and clinical data, not its current income statement performance.
Includes 30+ ratios · 8 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PASG stock.
Passage Bio, Inc.'s current P/E ratio is -0.3x. This places it at the 50th percentile of its historical range.
Passage Bio, Inc.'s return on equity (ROE) is -113.8%. The historical average is -67.0%.
Based on historical data, Passage Bio, Inc. is trading at a P/E of -0.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.