Latest Ratios: P/E Ratio -6.2x · EV/EBITDA N/A · ROE -607.5%. (2011–2025 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 | $3.5B | $2.3B | $3.8B | $3.5B | $3.2B | $5.7B | $8.4B | $2.4B | $2.2B | $2.0B | $2.8B |
| Enterprise Value | $4.4B | $3.1B | $3.7B | $3.3B | $3.1B | $5.4B | $7.8B | $2.0B | $2.1B | $1.9B | $2.6B |
| P/E Ratio → | -6.15 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 5.24 | 3.37 | 6.80 | 8.10 | 8.92 | 16.22 | 31.08 | 23.30 | 42.03 | 753.82 | 20927.48 |
| P/B Ratio | — | — | 14.52 | 12.77 | 9.19 | 6.18 | 7.30 | 3.70 | 3.55 | 5.13 | 5.87 |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.62 | 6.56 | 7.71 | 8.64 | 15.47 | 28.62 | 19.47 | 39.83 | 715.35 | 19716.06 |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.8% | 83.8% | 86.3% | 89.6% | 92.2% | 95.4% | 97.7% | 91.3% | 97.8% | 100.0% | -137647.4% |
| Operating Margin | -79.5% | -79.5% | -95.7% | -131.1% | -178.6% | -108.6% | -121.8% | -409.0% | -721.2% | -12593.5% | -186471.4% |
| Net Profit Margin | -85.4% | -85.4% | -101.6% | -139.7% | -194.7% | -129.2% | -68.8% | -388.3% | -383.7% | -11567.3% | -184867.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -607.5% | -607.5% | -211.7% | -193.2% | -111.0% | -43.7% | -20.6% | -63.8% | -39.8% | -70.5% | -48.9% |
| ROA | -37.9% | -37.9% | -38.0% | -40.0% | -46.1% | -27.7% | -12.9% | -43.4% | -32.7% | -58.6% | -44.7% |
| ROIC | -89.4% | -89.4% | -343.7% | -239.7% | -107.2% | -50.0% | -66.4% | -84.5% | -71.6% | -82.8% | -49.6% |
| ROCE | -46.4% | -46.4% | -45.2% | -45.6% | -49.4% | -26.2% | -25.4% | -50.6% | -69.8% | -73.1% | -49.0% |
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 | — | — | 0.15 | 0.16 | 0.09 | 0.05 | 0.04 | 0.06 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | -0.51 | -0.62 | -0.29 | -0.29 | -0.58 | -0.61 | -0.19 | -0.26 | -0.34 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -8.63 | -8.63 | -8.00 | -8.22 | -15.31 | -14.40 | -4.57 | -350.93 | — | — | — |
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 | 2.48 | 2.48 | 2.37 | 2.61 | 3.38 | 4.72 | 6.83 | 8.24 | 6.99 | 3.44 | 8.27 |
| Quick Ratio | 2.34 | 2.34 | 2.24 | 2.49 | 3.28 | 4.63 | 6.76 | 8.13 | 6.90 | 3.43 | 8.27 |
| Cash Ratio | 1.80 | 1.80 | 1.77 | 2.06 | 2.86 | 4.08 | 6.34 | 7.31 | 6.15 | 3.30 | 6.31 |
| Asset Turnover | — | 0.44 | 0.37 | 0.29 | 0.24 | 0.23 | 0.15 | 0.09 | 0.07 | 0.01 | 0.00 |
| Inventory Turnover | 2.10 | 2.10 | 1.70 | 1.33 | 1.06 | 0.99 | 0.47 | 0.78 | 0.16 | 0.00 | — |
| Days Sales Outstanding | — | 86.23 | 79.36 | 61.69 | 40.63 | 29.53 | 31.10 | 115.59 | 90.30 | 722.73 | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | $99M | $91M | $74M | $70M | $68M | $61M | $57M | $50M | $42M | $40M |
Sustained High Cash Burn
As reported in financial statements, Ultragenyx's ROIC has remained deeply negative, reaching -69.5% in 2026Q1, which underscores the company's inability to generate positive returns on invested capital while the majority of its resources are funneled into long-term, high-risk clinical development programs.
The persistent decay in ROIC suggests that the company's capital allocation strategy is currently prioritizing pipeline expansion over the generation of economic profit. Investors should monitor whether the transition of gene therapy candidates to commercial stages can eventually offset this structural drag on capital efficiency.
Based on Ultragenyx's reported figures, the cash conversion cycle has fluctuated significantly, peaking at 144 days in 2026Q1, which indicates that the company's ability to efficiently manage its inventory and receivables is hampered by the complex, low-volume nature of its ultra-rare disease product portfolio.
The high DIO and DSO metrics suggest that the company faces challenges in aligning its supply chain with the specific diagnostic and reimbursement timelines of its patient base. This inefficiency may imply that the firm's commercial infrastructure is not yet optimized for the rapid conversion of inventory into cash.
According to recent SEC filings, the company's current ratio has compressed to 2.02 in 2026Q1 from a peak of 3.54 in 2024Q2, signaling that the firm's liquidity position is becoming increasingly vulnerable as cash reserves are depleted to fund ongoing operational losses.
While the current ratio remains above 2.0, the rapid decline suggests that the company's ability to withstand prolonged regulatory delays or clinical setbacks is diminishing. This trend warrants further investigation into the firm's potential need for future dilutive financing to maintain its current R&D trajectory.
Based on an analysis of the company's valuation, the P/S ratio of 4.50 is frequently misapplied to Ultragenyx, as it fails to account for the lumpy nature of collaboration revenue and the high proportion of non-cash milestone payments that do not reflect sustainable commercial growth.
Investors should instead focus on the underlying growth of core product sales and the probability-weighted value of the pipeline, as the P/S multiple obscures the true earning power of the business. Relying on this metric may lead to an overestimation of the company's near-term valuation support.
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying RARE stock.
Ultragenyx Pharmaceutical Inc.'s current P/E ratio is -6.2x. This places it at the 50th percentile of its historical range.
Ultragenyx Pharmaceutical Inc.'s return on equity (ROE) is -607.5%. The historical average is -74.7%.
Based on historical data, Ultragenyx Pharmaceutical Inc. is trading at a P/E of -6.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ultragenyx Pharmaceutical Inc. has 83.8% gross margin and -79.5% operating margin.