Latest Ratios: P/E Ratio -3.0x · EV/EBITDA N/A · ROE -31.6%. (2012–2025 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 | $156M | $228M | $109M | $21M | $30M | $76M | $175M | $67M | $232M | $33M | $31M |
| Enterprise Value | $110M | $182M | $-49584768 | $-12816085 | $12M | $47M | $8M | $60M | $213M | $12M | $-4924656 |
| P/E Ratio → | -3.01 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.88 | 1.16 | 0.65 | 0.31 | 0.30 | 0.47 | 0.88 | 10.42 | 11.37 | 0.94 | 0.82 |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -31.6% | -31.6% | -37.9% | -47.4% | -50.0% | -26.2% | -33.0% | -111.7% | -92.2% | -81.9% | -56.0% |
| ROA | -29.4% | -29.4% | -34.3% | -42.1% | -46.1% | -25.2% | -32.3% | -98.3% | -75.4% | -68.5% | -51.4% |
| ROIC | -60.9% | -60.9% | -171.4% | -55.2% | -46.2% | -43.1% | -161.7% | -1783.4% | -266.8% | -291.2% | -169.4% |
| ROCE | -35.0% | -35.0% | -40.4% | -48.4% | -48.6% | -25.8% | -33.3% | -113.7% | -94.5% | -83.0% | -56.4% |
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 | 0.02 | 0.02 | 0.03 | 0.08 | 0.06 | 0.04 | 0.01 | — | — | 0.00 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.24 | -0.95 | -0.50 | -0.17 | -0.18 | -0.84 | -0.97 | -0.95 | -0.61 | -0.95 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -57.01 | -26.20 | -999.35 | — | — | -115.69 | -147.80 |
Net cash position: cash ($50M) exceeds total debt ($3M)
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 | 14.58 | 14.58 | 15.71 | 11.17 | 15.01 | 21.66 | 58.13 | 11.96 | 7.55 | 4.71 | 8.42 |
| Quick Ratio | 14.58 | 14.58 | 15.71 | 11.17 | 14.81 | 21.66 | 58.13 | 11.96 | 7.55 | 4.71 | 8.42 |
| Cash Ratio | 14.22 | 14.22 | 15.54 | 10.67 | 14.70 | 21.23 | 57.84 | 10.60 | 7.10 | 4.56 | 8.13 |
| 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 | 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% | 0.4% | 0.3% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.7% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.4% | 0.3% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.7% |
| Shares Outstanding | — | $43M | $21M | $11M | $11M | $11M | $7M | $4M | $3M | $431858 | $414044 |
Clinical trial funding exhaustion
According to recent market data, Protara trades at a price-to-book ratio of 0.90, which, as reported in financial statements, suggests the market is currently valuing the company at a discount to its net asset base, likely reflecting deep skepticism regarding the commercial viability of its clinical-stage pipeline.
The sub-1.0x P/B multiple indicates that investors are assigning little to no premium for the company's intellectual property or the potential of the TARA-002 platform. This valuation appears to be a direct consequence of the company's pre-revenue status and the significant dilution risk inherent in its current capital-intensive development cycle.
Based on historical financial data, Protara's ROIC has fluctuated significantly, reaching a low of -84.8% in 2024Q2, which demonstrates that the company is currently destroying invested capital at an accelerated rate as it funds non-revenue-generating clinical trials without any offsetting operational efficiency gains.
The extreme volatility in ROIC metrics highlights the lack of a stable earnings base and the heavy reliance on external equity to sustain operations. Investors should monitor whether the company can stabilize these returns as it approaches critical data readouts, though current trends suggest a continued erosion of capital efficiency.
As reported in recent SEC filings, the company's current ratio has contracted from 18.03 in 2025Q1 to 15.69 in 2026Q1, indicating that while the firm maintains a high nominal liquidity ratio, the absolute cash balance is rapidly depleting relative to the ongoing clinical development burn rate.
The high current ratio is somewhat misleading for a pre-revenue biotech, as it reflects a lack of current liabilities rather than an abundance of operational cash. The rapid decline in absolute liquidity suggests that the company's ability to withstand further clinical delays without immediate external financing is becoming increasingly constrained.
As indicated by standard financial analysis, the current ratio is frequently misapplied to Protara, as it obscures the reality that the company's assets are primarily cash being consumed by R&D rather than working capital that can be recycled through a productive, revenue-generating operating cycle.
Analysts should instead focus on the 'cash runway' metric, calculated as the current cash balance divided by the quarterly net cash burn. Relying on the current ratio provides a false sense of security, as it fails to account for the non-discretionary nature of clinical trial expenditures that will inevitably exhaust the company's cash reserves.
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Quick answers to the most common questions about buying TARA stock.
Protara Therapeutics, Inc.'s current P/E ratio is -3.0x. This places it at the 50th percentile of its historical range.
Protara Therapeutics, Inc.'s return on equity (ROE) is -31.6%. The historical average is -63.5%.
Based on historical data, Protara Therapeutics, Inc. is trading at a P/E of -3.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.