Latest Ratios: P/E Ratio -2.3x · EV/EBITDA N/A · ROE -33.1%. (2016–2025 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 | $86M | $50M | $35M | $47M | $40M | $836M | $220M | $275M | $114M | — | — |
| Enterprise Value | $34M | $-2353447 | $35M | $25M | $28M | $843M | $214M | $278M | $98M | — | — |
| P/E Ratio → | -2.25 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 93.78 | 54.22 | 55.54 | 166.76 | 97.39 | 1042.66 | 44.85 | 55.73 | 25.99 | — | — |
| P/B Ratio | 0.70 | 0.51 | 0.41 | 0.48 | 0.41 | 6.12 | 1.69 | 2.20 | 0.98 | — | — |
| P/FCF | — | — | — | 1.14 | — | — | — | — | — | — | — |
| 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 | — | -2.57 | 55.09 | 89.71 | 69.25 | 1050.98 | 43.59 | 56.32 | 22.38 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | 0.61 | — | — | — | — | — | — | — |
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 | 54.0% | 54.0% | 75.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -2847.2% | -2847.2% | -16111.0% | -5391.8% | -14750.5% | -2643.3% | -172.4% | -135.8% | -87.9% | 3.9% | 21.3% |
| Net Profit Margin | -3328.2% | -3328.2% | -5401.9% | -672.4% | -30404.4% | -3060.3% | -212.1% | -99.9% | -266.5% | 2.5% | 12.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -33.1% | -33.1% | -37.6% | -1.9% | -106.6% | -18.4% | -8.2% | -4.1% | -13.1% | 0.2% | 1.5% |
| ROA | -28.9% | -28.9% | -35.2% | -1.7% | -91.5% | -16.9% | -7.5% | -3.8% | -11.5% | 0.2% | 1.1% |
| ROIC | -29.6% | -29.6% | -95.6% | -14.0% | -39.6% | -11.9% | -5.0% | -4.4% | -3.8% | 0.3% | 1.9% |
| ROCE | -27.2% | -27.2% | -110.4% | -15.5% | -51.7% | -15.9% | -6.2% | -5.2% | -3.8% | 0.3% | 1.9% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.03 | — | 0.15 | 0.11 | — | 0.12 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.53 | -0.00 | -0.22 | -0.12 | 0.05 | -0.05 | 0.02 | -0.14 | -0.19 | -0.05 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | -6.22 | -0.83 |
| Debt / FCF | — | — | — | -0.53 | — | — | — | — | — | — | — |
| Interest Coverage | -49.45 | -49.45 | -270.21 | — | -23327.67 | -1951.17 | -81.95 | -7.48 | — | — | 59.60 |
Net cash position: cash ($53M) exceeds total debt ($692000)
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 | 4.89 | 4.89 | 9.65 | 38.67 | 5.15 | 0.85 | 1.72 | 9.29 | 49.96 | 33.52 | 8.65 |
| Quick Ratio | 4.86 | 4.86 | 9.65 | 38.67 | 5.15 | 0.85 | 1.72 | 9.29 | 49.96 | 33.52 | 8.65 |
| Cash Ratio | 4.55 | 4.55 | 8.78 | 37.07 | 3.01 | 0.45 | 1.08 | 8.43 | 45.46 | 32.39 | 7.75 |
| Asset Turnover | — | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | 0.04 | 0.03 | 0.04 | 0.07 | 0.09 |
| Inventory Turnover | 1.50 | 1.50 | — | — | — | — | — | — | — | — | — |
| 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 | 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 | — | — | — | 87.7% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.5% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.5% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $29M | $24M | $23M | $20M | $17M | $16M | $13M | $12M | $13M | $13M |
Clinical Trial Burn Rate
According to recent market data, RFL trades at a P/S multiple of 110.61, a figure that appears disconnected from fundamental performance and likely reflects the market's attempt to price the company as a speculative call option on its remaining clinical-stage pharmaceutical assets rather than a real estate entity.
The extreme P/S ratio suggests that investors are not valuing the company based on its current revenue-generating capacity, which is minimal and tied to legacy real estate. The P/B ratio of 0.83 indicates that the market is pricing the firm at a discount to its book value, potentially reflecting skepticism regarding the recoverability of its pharmaceutical investments and the long-term utility of its Newark commercial holdings.
As reported in financial statements, RFL's ROIC has remained consistently negative, reaching -10.6% in 2026Q3, which demonstrates that the company is failing to generate returns on its capital base while simultaneously depleting its cash reserves to fund high-risk oncology research projects.
The trend of negative ROIC over the last ten quarters highlights a structural inability to deploy capital effectively. This decay in returns suggests that the company's strategy of cross-subsidizing biotech development with real estate income is not creating shareholder value, but rather accelerating the consumption of the firm's net asset base.
Based on RFL's reported figures, the company exhibits extreme volatility in its cash conversion cycle, with a 2026Q3 value of -11509 days, indicating that the firm's operational efficiency is severely hampered by its hybrid business model and lack of meaningful commercial scale in its pharmaceutical segment.
The massive DPO figures suggest that the company may be managing its cash position by delaying payments to vendors, a tactic that provides temporary liquidity but does not address the underlying lack of operational velocity. Investors should monitor whether these working capital patterns are sustainable or if they indicate an increasing reliance on cash reserves to cover basic operating obligations.
According to recent SEC filings, the company's current ratio has compressed from 9.79 in 2024Q3 to 3.16 in 2026Q3, signaling that while the firm maintains a nominal liquidity cushion, its ability to cover short-term obligations is deteriorating as cash reserves are consumed by ongoing clinical trial expenses.
While a current ratio above 3.0 appears healthy on the surface, it is misleading given the company's high cash burn rate and lack of recurring revenue growth. The rapid decline in liquidity suggests that the company may face significant financing pressure if it cannot achieve a breakthrough in its pharmaceutical pipeline or divest its real estate assets at favorable valuations.
Financial data from recent periods suggests that the P/E ratio is a fundamentally flawed metric for RFL, as the company's persistent operating losses render earnings-based multiples meaningless and obscure the true economic value of its cash-heavy balance sheet and real estate holdings.
Analysts often misapply P/E or EV/EBITDA to RFL, failing to account for the fact that the company functions more like a liquidating trust or a venture capital vehicle than an operating business. A more appropriate approach would be to evaluate the company on a sum-of-the-parts basis, focusing on the net cash position and the fair market value of its Newark real estate, rather than attempting to normalize its deeply negative earnings.
Includes 30+ ratios · 10 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying RFL stock.
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Rafael Holdings, Inc.'s return on equity (ROE) is -33.1%. The historical average is -22.1%.
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