Latest Ratios: P/E Ratio -3.8x · EV/EBITDA N/A · ROE -19.6%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $277M | $300M | $165M | $110M | $422M | $316M | — | — |
| Enterprise Value | $171M | $194M | $70M | $54M | $-65687015 | $296M | — | — |
| P/E Ratio → | -3.75 | — | — | — | — | — | — | — |
| P/S Ratio | 310.05 | 335.98 | 2177.35 | — | — | — | — | — |
| P/B Ratio | 0.87 | 1.00 | 0.41 | 0.28 | 0.84 | 11.73 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 217.76 | 915.72 | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | — | — | — | — | — |
| Operating Margin | -18477.8% | -18477.8% | -241678.9% | — | — | — | — | — |
| Net Profit Margin | -7725.2% | -7725.2% | -80507.9% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -19.6% | -19.6% | -15.4% | -7.9% | -40.6% | -299.9% | -207.8% | -501.3% |
| ROA | -17.8% | -17.8% | -14.2% | -7.6% | -38.7% | -193.5% | -147.3% | -406.1% |
| ROIC | -49.4% | -49.4% | -43.0% | -64.5% | -926.2% | -568.6% | -470.6% | -3365.5% |
| ROCE | -46.5% | -46.5% | -45.9% | -33.6% | -57.2% | -281.3% | -192.4% | -469.9% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.05 | 0.16 | 0.07 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.35 | -0.24 | -0.14 | -0.97 | -0.71 | -0.31 | -0.89 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -37798.50 | -37798.50 | -18213.78 | -10786.58 | -683.83 | — | — | — |
Net cash position: cash ($109M) exceeds total debt ($3M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.13 | 9.13 | 10.93 | 14.94 | 46.42 | 2.21 | 1.02 | 5.68 |
| Quick Ratio | 9.13 | 9.13 | 10.93 | 14.94 | 46.42 | 2.21 | 1.02 | 5.68 |
| Cash Ratio | 8.78 | 8.78 | 9.89 | 14.50 | 45.09 | 1.67 | 0.83 | 5.61 |
| Asset Turnover | — | 0.00 | 0.00 | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 460.64 | 11752.04 | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 8.6% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 8.6% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $134M | $98M | $62M | $62M | $32M | $187M | $79M |
Clinical Trial Funding Runway
Based on reported figures, ProKidney trades at a price-to-book ratio of 0.81, which suggests that the market is currently pricing the company below its accounting net asset value, reflecting deep skepticism regarding the future commercial viability of the REACT platform amidst ongoing clinical trial uncertainty.
The P/S ratio of 290.97 is essentially meaningless given the pre-revenue status, serving only to highlight the extreme disconnect between current market capitalization and actual operational output. Investors should interpret this valuation as a binary option on Phase III trial success rather than a reflection of fundamental earnings power or growth potential.
As reported in financial statements, ProKidney's ROIC has consistently trended in negative territory, reaching -18.7% in 2026Q1, which underscores the company's inability to generate returns on invested capital while it remains in the heavy-investment, pre-commercial phase of its autologous cell therapy development cycle.
The persistent decay in ROIC is a direct consequence of the massive R&D and clinical trial expenditures required to advance the REACT platform. This trend suggests that until the company can demonstrate clinical efficacy and a path to commercialization, capital efficiency will remain secondary to the primary objective of survival.
According to recent SEC filings, ProKidney's asset turnover ratio is effectively zero, reflecting the lack of commercial product sales and the company's reliance on external financing to fund the high-cost, bespoke manufacturing infrastructure required for its clinical-stage renal cell therapy operations.
The absence of meaningful inventory turnover or a standard cash conversion cycle highlights that the company is not yet operating as a commercial entity. Analysts should monitor the DSO trend, which has fluctuated significantly, as it may indicate the timing of milestone payments rather than operational efficiency.
Based on the latest quarterly data, ProKidney maintains a current ratio of 9.06, which appears superficially strong but masks the reality that the company is rapidly consuming its cash reserves to support the intensive, concurrent Phase III clinical trials required for the REACT platform.
While the high current ratio suggests no immediate solvency crisis, the rapid depletion of assets indicates that the liquidity position is highly vulnerable to trial delays or unexpected regulatory hurdles. Investors should monitor the cash burn rate relative to the remaining runway, as the current liquidity profile is unsustainable without further capital injections.
The most commonly misapplied ratio for ProKidney is the P/E multiple, which is fundamentally inappropriate for a pre-commercial biotech firm because it obscures the company's lack of earnings and ignores the binary nature of clinical trial outcomes that drive the true value of the business.
Instead of earnings-based multiples, analysts should focus on cash runway and clinical trial milestones, as these metrics provide a more accurate assessment of the company's survival and potential for future value creation. Using P/E or EV/EBITDA in this context risks misinterpreting the company's financial health by applying traditional industrial valuation frameworks to a high-risk, clinical-stage entity.
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Quick answers to the most common questions about buying PROK stock.
ProKidney Corp.'s current P/E ratio is -3.8x. This places it at the 50th percentile of its historical range.
ProKidney Corp.'s return on equity (ROE) is -19.6%. The historical average is -98.5%.
Based on historical data, ProKidney Corp. is trading at a P/E of -3.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ProKidney Corp. has 100.0% gross margin and -18477.8% operating margin.