Latest Ratios: P/E Ratio -4.3x · EV/EBITDA N/A · ROE -118.7%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $1.0B | $376M | $794M | $744M | $2.6B | — | — | — |
| Enterprise Value | $1.2B | $1.0B | $343M | $764M | $675M | $2.4B | — | — | — |
| P/E Ratio → | -4.29 | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 6.48 | 6.41 | 1.50 | 2.76 | 1.49 | 3.54 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -118.7% | -118.7% | -99.2% | -72.0% | -43.9% | -231.6% | — | — | — |
| ROA | -53.2% | -53.2% | -50.0% | -40.8% | -27.6% | -38.3% | -49.8% | -58.2% | -38.6% |
| ROIC | -74.4% | -74.4% | -86.1% | -63.8% | -40.2% | -476.6% | — | — | — |
| ROCE | -48.1% | -48.1% | -57.0% | -48.4% | -31.3% | -41.3% | -29.4% | -65.9% | -25.3% |
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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.49 | 0.49 | 0.38 | 0.36 | 0.22 | 0.15 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.04 | -0.13 | -0.10 | -0.14 | -0.20 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.89 | 1.89 | 3.54 | 3.31 | 3.99 | 5.62 | 12.22 | 7.47 | 18.26 |
| Quick Ratio | 1.89 | 1.89 | 3.54 | 3.31 | 3.99 | 5.62 | 12.22 | 7.47 | 18.26 |
| Cash Ratio | 1.76 | 1.76 | 3.36 | 3.18 | 3.80 | 5.55 | 12.03 | 7.19 | 17.16 |
| Asset Turnover | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| 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 | — | $253M | $231M | $195M | $188M | $166M | $188M | $187M | $187M |
Liquidity and clinical execution
As reported in financial statements, Sana's ROIC has trended downward to -20.4% in 2026Q1, reflecting a persistent inability to generate positive returns on invested capital as the company continues to prioritize high-cost clinical development over operational efficiency in its pursuit of long-term platform validation.
The consistent negative ROIC suggests that the capital deployed into the hypoimmune platform is currently failing to create economic value, which is typical for pre-revenue biotech but warrants caution given the narrowing liquidity. Investors should monitor whether the recent strategic pivot to prioritize specific clinical assets can stabilize these returns or if the structural cost of R&D will continue to erode capital base.
Based on recent SEC filings, Sana's current ratio has compressed to 1.29 in 2026Q1, a significant decline from the 6.07 observed in 2024Q1, indicating that the company's ability to cover short-term obligations is rapidly diminishing as cash reserves are depleted by ongoing clinical trial expenditures.
The rapid contraction in the current ratio suggests that the company is approaching a point where external financing will be required to maintain operations. This liquidity profile appears increasingly fragile, as the lack of commercial revenue leaves little room for error in managing working capital or unexpected delays in clinical milestones.
According to reported figures, Sana's debt-to-equity ratio has climbed to 0.63 in 2026Q1 from 0.28 in 2024Q1, signaling an increasing reliance on debt financing to bridge the gap between its high cash burn and the absence of commercial revenue streams to support its capital structure.
While the company is not yet burdened by significant interest coverage issues, the upward trend in leverage suggests a shift toward debt-heavy funding that may complicate future capital raises. This reliance on debt in a pre-revenue environment appears to increase the company's vulnerability to interest rate volatility and potential covenant constraints.
As evidenced by the current P/B ratio of 5.38, investors frequently misapply this metric to Sana, as it fails to account for the fact that the company's book value is heavily skewed by intangible assets and goodwill rather than tangible, productive assets capable of generating near-term cash flow.
Using P/B to value a clinical-stage biotech firm like Sana obscures the reality that the company's true value lies in its intellectual property and future clinical potential, not its balance sheet assets. A more appropriate focus would be on the cash runway and the probability-weighted net present value of the pipeline, as book value provides little insight into the company's actual commercial viability.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying SANA stock.
Sana Biotechnology, Inc.'s current P/E ratio is -4.3x. This places it at the 50th percentile of its historical range.
Sana Biotechnology, Inc.'s return on equity (ROE) is -118.7%. The historical average is -113.1%.
Based on historical data, Sana Biotechnology, Inc. is trading at a P/E of -4.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.