Latest Ratios: P/E Ratio -84.4x · EV/EBITDA N/A · ROE -5.7%. (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 | $26.1B | $19.2B | $7.3B | $8.8B | $5.3B | $3.3B | $6.7B | — |
| Enterprise Value | $24.8B | $17.9B | $4.7B | $2.7B | $4.1B | $1.5B | $4.8B | — |
| P/E Ratio → | -84.44 | — | — | 2.02 | — | — | — | — |
| P/S Ratio | 3161.83 | 2327.30 | 251.93 | 267.76 | 166.84 | 59.84 | 281.46 | — |
| P/B Ratio | 4.76 | 3.63 | 1.41 | 1.36 | 3.27 | 1.60 | 3.10 | — |
| 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 | — | 2168.02 | 161.91 | 83.25 | 128.92 | 27.71 | 202.12 | — |
| 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 | 84.4% | 84.4% | 96.9% | 95.1% | 90.4% | 83.8% | 91.4% | 98.3% |
| Operating Margin | -15560.6% | -15560.6% | -3833.3% | -2521.7% | -2565.9% | -2191.8% | -4500.5% | -786.6% |
| Net Profit Margin | -3629.2% | -3629.2% | -592.0% | 13294.2% | -3200.2% | -1528.9% | -3400.9% | 1773.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -5.7% | -5.7% | -3.0% | 108.0% | -55.0% | -40.0% | -37.9% | 56.9% |
| ROA | -5.4% | -5.4% | -2.7% | 90.5% | -40.6% | -32.0% | -31.3% | 48.5% |
| ROIC | -29.4% | -29.4% | -56.0% | -150.0% | -174.1% | -325.1% | -424.6% | -383.6% |
| ROCE | -23.9% | -23.9% | -18.2% | -18.2% | -35.8% | -49.7% | -44.1% | -22.3% |
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 | 0.02 | 0.02 | 0.02 | 0.08 | 0.30 | 0.14 | 0.11 | 0.09 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.25 | -0.50 | -0.94 | -0.74 | -0.86 | -0.87 | -0.95 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | -23.72 | -28.93 | -130.20 | -318.88 | -72.02 |
Net cash position: cash ($1.4B) exceeds total debt ($107M)
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 | 18.37 | 18.37 | 33.47 | 25.24 | 6.60 | 11.64 | 9.99 | 24.09 |
| Quick Ratio | 18.37 | 18.37 | 33.47 | 25.10 | 6.59 | 11.64 | 9.99 | 24.09 |
| Cash Ratio | 15.27 | 15.27 | 32.71 | 24.52 | 6.17 | 11.18 | 9.74 | 23.72 |
| Asset Turnover | — | 0.00 | 0.01 | 0.00 | 0.01 | 0.02 | 0.01 | 0.03 |
| Inventory Turnover | — | — | — | 0.05 | 1.10 | — | — | — |
| Days Sales Outstanding | — | 34901.91 | — | 924.00 | 435.78 | 44.44 | 212.17 | 82.39 |
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 | — | — | — | 0.1% | — | — | — | — |
| Payout Ratio | — | — | — | 0.1% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 49.6% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 1.2% | 1.7% | 17.7% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 1.2% | 1.7% | 17.7% | 0.1% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $694M | $725M | $831M | $713M | $670M | $685M | $685M |
Binary Clinical Trial Outcomes
Based on reported figures, Roivant trades at a price-to-sales ratio of 2966.77, which appears disconnected from traditional biotech metrics and instead reflects the market's struggle to value a platform-based merchant bank that relies on sporadic, high-value divestitures rather than consistent, recurring commercial revenue streams.
The extreme P/S multiple suggests that investors are not pricing the company based on current product sales, but rather on the potential for future 'Vant' exits. This valuation approach warrants caution, as it implies that the market may be over-discounting the underlying pipeline value due to the inherent volatility of the hub-and-spoke model.
As reported in financial statements, Roivant's ROIC has remained consistently negative, hovering around -6.9% in recent quarters, which indicates that the company's massive investment in clinical development is currently failing to generate returns that exceed the cost of capital required to sustain its decentralized research operations.
The persistent negative ROIC is a structural feature of the company's current phase, where capital is aggressively deployed into long-dated clinical assets. Investors should monitor whether the company can transition from this capital-intensive R&D phase to a model where successful asset commercialization or licensing drives meaningful, positive returns on invested capital.
According to recent SEC filings, Roivant's asset turnover remains near zero, a figure that highlights the company's reliance on intellectual property development rather than physical asset utilization, while the erratic nature of its cash conversion cycle suggests significant friction in managing working capital across multiple independent subsidiaries.
The lack of meaningful asset turnover is expected for a pre-commercial biotech platform, but the volatility in working capital metrics suggests that the decentralized 'Vant' structure may introduce operational inefficiencies. This complexity makes it difficult to gauge the true underlying efficiency of the company's asset-recycling engine.
Based on reported figures, Roivant maintains a conservative capital structure with a debt-to-equity ratio of 0.02, which provides the company with significant financial flexibility and insulates it from the credit market stress that often plagues smaller, more leveraged biotechnology firms in the current interest rate environment.
The minimal debt load is a strategic advantage that allows management to focus on clinical milestones without the immediate pressure of debt service obligations. This balance sheet strength appears to be a deliberate choice to maintain independence and avoid the dilutive financing traps common in the sector.
The most commonly misapplied metric for Roivant is the P/E ratio, which, at -79.23, obscures the company's true economic value by failing to account for the massive, non-recurring gains from subsidiary divestitures that frequently distort net income and render standard earnings-based valuation models entirely ineffective for this business.
Analysts should instead focus on a sum-of-the-parts valuation that accounts for the cash-on-hand and the risk-adjusted net present value of the clinical pipeline. Relying on P/E or other earnings-based multiples for a company that functions as a pharmaceutical merchant bank leads to a fundamental misunderstanding of its value creation mechanism.
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Quick answers to the most common questions about buying ROIV stock.
Roivant Sciences Ltd.'s current P/E ratio is -84.4x. The historical average is 2.0x.
Roivant Sciences Ltd.'s return on equity (ROE) is -5.7%. The historical average is 3.3%.
Based on historical data, Roivant Sciences Ltd. is trading at a P/E of -84.4x. Compare with industry peers and growth rates for a complete picture.
Roivant Sciences Ltd. has 84.4% gross margin and -15560.6% operating margin.