Latest Ratios: P/E Ratio -3.8x · EV/EBITDA N/A · ROE -58.8%. (2013–2025 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 | $175M | $213M | $216M | $160M | $265M | $514M | $210M | $407M | $537M | $82M | $114M |
| Enterprise Value | $85M | $134M | $84M | $51M | $192M | $387M | $159M | $296M | $441M | $41M | $61M |
| P/E Ratio → | -3.82 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 10.02 | 13.93 | 11.45 | 24.62 | 73.75 | 385.09 | 204.33 | 210.39 | 108.75 | — | 50.13 |
| P/B Ratio | 3.10 | 4.31 | 2.44 | 3.51 | 3.98 | 4.54 | 3.04 | 3.86 | 5.80 | 2.08 | 2.15 |
| P/FCF | — | — | — | 7.95 | — | — | — | — | — | — | — |
| P/OCF | — | — | — | 7.44 | — | — | — | — | — | — | — |
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 | — | 8.80 | 4.45 | 7.80 | 53.50 | 289.85 | 154.91 | 153.25 | 89.28 | — | 26.68 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | 2.52 | — | — | — | — | — | — | — |
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 | 83.0% | 83.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -5943.6% | 80.1% | 165.5% | 43.8% |
| Operating Margin | -275.9% | -275.9% | -161.2% | -489.1% | -1813.0% | -4285.4% | -4117.4% | -2971.8% | -734.5% | 2648.7% | -1734.1% |
| Net Profit Margin | -265.2% | -265.2% | -146.9% | -431.7% | -1792.5% | -4549.8% | -4525.3% | -2935.6% | -746.7% | 2854.0% | -1713.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -58.8% | -58.8% | -41.4% | -50.0% | -71.6% | -66.6% | -53.4% | -57.3% | -55.9% | -94.4% | -54.7% |
| ROA | -28.9% | -28.9% | -17.3% | -17.4% | -33.8% | -36.8% | -36.8% | -46.9% | -45.2% | -73.6% | -47.2% |
| ROIC | — | — | — | — | — | -1945.1% | -480.7% | — | — | — | — |
| ROCE | -40.3% | -40.3% | -25.0% | -24.1% | -39.2% | -39.4% | -37.2% | -51.8% | -49.5% | -78.3% | -51.6% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.28 | 0.28 | 0.19 | 0.48 | 0.33 | 0.53 | 0.61 | 0.14 | 0.10 | 0.18 | 0.11 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.59 | -1.49 | -2.40 | -1.09 | -1.12 | -0.73 | -1.05 | -1.04 | -1.04 | -1.01 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | -5.43 | — | — | — | — | — | — | — |
| Interest Coverage | -48.66 | -48.66 | -24.96 | -22.12 | -11.50 | -16.82 | -24.90 | -159.14 | -44.78 | -67.95 | -69.16 |
Net cash position: cash ($92M) exceeds total debt ($14M)
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 | 3.09 | 3.09 | 3.95 | 3.54 | 7.36 | 6.94 | 7.77 | 10.43 | 13.28 | 5.95 | 9.24 |
| Quick Ratio | 3.09 | 3.09 | 3.95 | 3.54 | 7.36 | 6.94 | 7.77 | 10.43 | 13.17 | 5.94 | 9.07 |
| Cash Ratio | 2.85 | 2.85 | 3.84 | 3.48 | 4.52 | 6.80 | 7.36 | 10.18 | 12.94 | 5.66 | 8.82 |
| Asset Turnover | — | 0.14 | 0.11 | 0.04 | 0.02 | 0.01 | 0.01 | 0.01 | 0.04 | -0.03 | 0.03 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 1.09 | 13.72 | 1.10 |
| Days Sales Outstanding | — | 121.45 | — | 78.49 | 5713.05 | — | 347.21 | 252.23 | 91.82 | — | 250.32 |
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 | — | — | — | 12.6% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $105M | $82M | $81M | $72M | $64M | $50M | $41M | $34M | $25M | $23M |
High clinical milestone dependency
According to recent market data, ProQR trades at a price-to-sales multiple of 9.26, a valuation that appears disconnected from its current project-based revenue stream and suggests investors are pricing in the potential success of the Axiomer platform rather than any tangible, recurring commercial earnings power.
The elevated P/S ratio relative to the company's pre-commercial status indicates that the market is assigning a significant 'platform premium' to the firm's intellectual property. This valuation implies high expectations for future milestone achievements, yet it remains highly vulnerable to downward revisions should clinical data fail to validate the Axiomer platform's efficacy.
As reported in financial statements, the company's operating margin of -275.91% highlights a profound inability to scale, as R&D expenses consistently outpace revenue, leaving the firm in a perpetual state of capital consumption that necessitates frequent external funding to maintain its core research and development operations.
While gross margins appear artificially high due to the nature of collaboration-based accounting, the deep operating losses reveal the true economic cost of maintaining the Axiomer platform. Investors should monitor whether the company can transition toward a royalty-bearing model, as the current structure offers no path to profitability without significant, non-recurring milestone inflows.
Based on the most recent quarterly data, ProQR's cash position has dwindled to $81.2 million in 2026Q1, down from $149.4 million in 2024Q4, which indicates a tightening liquidity buffer that may limit the company's ability to sustain its current research intensity without further dilutive capital raises.
The current ratio of 2.48 suggests adequate short-term coverage, but this metric is heavily influenced by the timing of milestone-related receivables. The rapid erosion of the cash balance warrants close investigation, as the company's high burn rate leaves little room for error in its clinical development timeline.
Based on an analysis of the firm's historical performance, the most commonly misapplied ratio is the price-to-sales multiple, which obscures the fact that ProQR's revenue is derived from non-recurring R&D collaborations rather than a sustainable, scalable commercial product pipeline that would justify such a valuation metric.
Using P/S to evaluate a pre-commercial biotech firm like ProQR is fundamentally flawed because it treats milestone payments as recurring revenue. Analysts should instead focus on cash runway and the probability-weighted net present value of the pipeline, as these metrics better capture the firm's true economic risk and potential for long-term value creation.
Includes 30+ ratios · 13 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 PRQR stock.
ProQR Therapeutics N.V.'s current P/E ratio is -3.8x. This places it at the 50th percentile of its historical range.
ProQR Therapeutics N.V.'s return on equity (ROE) is -58.8%. The historical average is -53.9%.
Based on historical data, ProQR Therapeutics N.V. 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.
ProQR Therapeutics N.V. has 83.0% gross margin and -275.9% operating margin.