Latest Ratios: P/E Ratio -1.6x · EV/EBITDA N/A · ROE -131.9%. (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 | $46M | $89M | $39M | $85M | $141M | $319M | — | — |
| Enterprise Value | $32M | $75M | $65M | $109M | $144M | $202M | — | — |
| P/E Ratio → | -1.58 | — | — | — | — | — | — | — |
| P/S Ratio | 28.37 | 54.68 | 37.95 | — | — | 117.55 | — | — |
| P/B Ratio | 1.13 | 2.15 | 11.17 | 3.33 | 1.90 | 2.63 | — | — |
| 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 | — | 45.92 | 63.19 | — | — | 74.32 | — | — |
| 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 | 44.9% | 44.9% | 100.0% | — | — | 100.0% | 100.0% | 100.0% |
| Operating Margin | -2346.0% | -2346.0% | -5186.2% | — | — | -1899.1% | -3581.0% | -2764.6% |
| Net Profit Margin | -1817.1% | -1817.1% | -2920.0% | — | — | -306.6% | -3615.4% | -2716.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -131.9% | -131.9% | -207.5% | -68.3% | -31.3% | -202.5% | — | — |
| ROA | -62.3% | -62.3% | -63.5% | -40.9% | -26.3% | -8.2% | -32.6% | -115.5% |
| ROIC | -101.4% | -101.4% | -101.1% | -78.1% | -117.0% | -940.7% | — | — |
| ROCE | -122.2% | -122.2% | -159.9% | -86.3% | -56.5% | -52.7% | -35.3% | -138.6% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 8.51 | 1.18 | 0.41 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.34 | 7.43 | 0.95 | 0.04 | -0.97 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -13.25 | -13.25 | -10.24 | -13.00 | -58.08 | -112.83 | -133.42 | -2657.70 |
Net cash position: cash ($19M) exceeds total debt ($4M)
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 | 4.21 | 4.21 | 1.50 | 6.36 | 20.96 | 45.30 | 14.12 | 4.84 |
| Quick Ratio | 4.21 | 4.21 | 1.50 | 6.36 | 20.96 | 45.30 | 14.12 | 4.84 |
| Cash Ratio | 3.92 | 3.92 | 1.39 | 6.08 | 20.45 | 44.49 | 13.76 | 4.73 |
| Asset Turnover | — | 0.03 | 0.03 | — | — | 0.02 | 0.01 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 456.42 | 151.97 | — | — | — | 1358.87 | 93.21 |
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% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $66M | $28M | $26M | $24M | $20M | $19M | $19M |
Binary clinical liquidity risk
According to current market data, RANI trades at a price-to-sales multiple of 29.90, which appears to reflect significant investor optimism regarding the platform's long-term potential rather than any near-term fundamental support from the company's limited $1.6M trailing twelve-month revenue base.
The elevated P/S ratio suggests that the market is pricing the company as a high-growth technology platform rather than a traditional biotech entity. Investors should monitor whether this valuation can be sustained as the company approaches critical clinical milestones, as any delay in platform validation could lead to a sharp contraction in these multiples.
Based on reported figures, RANI's return on invested capital has remained consistently negative, with recent quarterly data showing a -21.9% ROIC, highlighting the substantial capital intensity required to develop and validate the mechanical RaniPill platform before any meaningful commercialization can occur.
The persistent negative returns on capital are a structural feature of the company's current development phase, where massive R&D spending is necessary to prove the efficacy of the robotic delivery system. This trend suggests that capital efficiency will remain elusive until the company can successfully transition to a high-volume manufacturing model.
As reported in financial statements, the company's current ratio has declined from 6.36 in 2023Q4 to 3.40 in 2026Q1, indicating that while the firm maintains a nominal liquidity cushion, the rapid consumption of cash reserves poses a significant risk to ongoing operational continuity.
The contraction in the current ratio suggests that the company's ability to fund its ambitious clinical pipeline is becoming increasingly constrained. Investors should monitor the cash burn rate closely, as the current liquidity position may necessitate further dilutive financing to bridge the gap toward commercial viability.
As indicated by the company's financial data, the price-to-sales ratio is a fundamentally flawed metric for RANI, as it obscures the fact that the company's revenue is derived from non-recurring milestone payments rather than a stable, volume-driven commercial product cycle.
Using P/S to value this business model ignores the binary nature of clinical success and the lack of recurring revenue streams. A more appropriate analytical framework would focus on the company's cash runway and the probability-weighted net present value of its pipeline assets rather than traditional revenue-based multiples.
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Quick answers to the most common questions about buying RANI stock.
Rani Therapeutics Holdings, Inc.'s current P/E ratio is -1.6x. This places it at the 50th percentile of its historical range.
Rani Therapeutics Holdings, Inc.'s return on equity (ROE) is -131.9%. The historical average is -128.3%.
Based on historical data, Rani Therapeutics Holdings, Inc. is trading at a P/E of -1.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Rani Therapeutics Holdings, Inc. has 44.9% gross margin and -2346.0% operating margin.