Latest Ratios: P/E Ratio -23.3x · EV/EBITDA N/A · ROE -45.8%. (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 | $9.1B | $6.6B | $1.4B | $147M | $110M | $836M | $492M | — | — |
| Enterprise Value | $8.7B | $6.3B | $1.2B | $68M | $52M | $702M | $197M | — | — |
| P/E Ratio → | -23.26 | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | 161.13 | 60.04 | — | — | — | — | — |
| P/B Ratio | 8.03 | 7.55 | 3.09 | 2.11 | 1.44 | 3.33 | 1.71 | — | — |
| 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 | — | — | 136.10 | 27.84 | — | — | — | — | — |
| 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 | — | — | -1682.0% | -3445.8% | — | — | — | — | — |
| Operating Margin | — | — | -2340.3% | -5164.4% | — | — | — | — | — |
| Net Profit Margin | — | — | -2137.5% | -5037.9% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -45.8% | -45.8% | -71.0% | -169.1% | -130.9% | -62.1% | -37.7% | -129.6% | -180.7% |
| ROA | -42.7% | -42.7% | -64.0% | -121.4% | -104.9% | -56.1% | -35.2% | -105.2% | -133.8% |
| ROIC | -65.0% | -65.0% | -135.1% | -2140.7% | -239.9% | -232.3% | — | — | — |
| ROCE | -49.3% | -49.3% | -77.3% | -165.2% | -128.3% | -61.8% | -37.7% | -128.8% | -154.7% |
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 | 0.00 | 0.00 | 0.00 | 0.04 | 0.05 | 0.02 | 0.00 | 0.04 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.41 | -0.48 | -1.13 | -0.76 | -0.54 | -1.03 | -1.08 | -1.22 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | -206.89 |
Net cash position: cash ($357M) exceeds total debt ($110000)
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 | 10.22 | 10.22 | 10.77 | 5.39 | 3.23 | 7.48 | 19.23 | 6.67 | 3.72 |
| Quick Ratio | 10.22 | 10.22 | 10.77 | 5.39 | 3.23 | 7.48 | 19.23 | 6.67 | 3.72 |
| Cash Ratio | 10.03 | 10.03 | 10.45 | 5.16 | 2.93 | 7.18 | 18.87 | 6.57 | 3.49 |
| Asset Turnover | — | — | 0.02 | 0.03 | — | — | — | — | — |
| 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% | 6.1% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 6.1% | — | — |
| Shares Outstanding | — | $23M | $18M | $7M | $3M | $3M | $596677 | $101975 | $86509 |
Binary Clinical Trial Outcomes
As reported in recent financial data, the company's P/B ratio of 8.40 reflects a market premium placed on intellectual property rather than tangible assets, suggesting that investors are pricing in the potential success of the Ulixacaltamide program rather than any current fundamental earnings or book value metrics.
The absence of meaningful P/E or EV/Sales multiples renders traditional valuation models largely inapplicable for Praxis. Investors appear to be applying a venture-style valuation, where the current market capitalization is driven by the probability-weighted success of the pipeline rather than historical financial performance.
Based on quarterly filings, the company's ROIC has remained deeply negative, reaching -11.4% in 2026Q1, which highlights the structural reality that capital is being consumed to fund clinical development rather than generating returns on invested capital through commercial operations or existing product sales.
The persistent decay in ROIC is a direct consequence of the company's pre-revenue status and the high cost of specialized CNS research. This trend suggests that until a lead asset reaches commercialization, capital efficiency will remain secondary to the primary objective of achieving clinical milestones.
According to the 2026Q1 balance sheet, the company maintains a current ratio of 15.88, which indicates a strong short-term liquidity position that provides a necessary, albeit temporary, buffer against the firm's ongoing high-burn clinical development activities and potential market volatility in the biotechnology sector.
While the high current ratio suggests an ability to meet immediate obligations, this liquidity is entirely dependent on the cash raised through equity offerings. Investors should monitor how this ratio evolves as the company approaches critical Phase III trial milestones, which will likely accelerate cash outflows.
As indicated by historical financial statements, the most commonly misapplied metric for this business model is the net margin, which obscures the company's true operational health by failing to account for the non-recurring nature of R&D investments and the absence of commercial revenue streams.
Using net margin to evaluate Praxis is misleading because it treats essential R&D investment as a standard operating expense rather than a capital-like expenditure for future growth. Analysts should instead focus on the net cash burn rate to better understand the company's proximity to a liquidity event.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying PRAX stock.
Praxis Precision Medicines, Inc.'s current P/E ratio is -23.3x. This places it at the 50th percentile of its historical range.
Praxis Precision Medicines, Inc.'s return on equity (ROE) is -45.8%. The historical average is -103.4%.
Based on historical data, Praxis Precision Medicines, Inc. is trading at a P/E of -23.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.