Latest Ratios: P/E Ratio 8.2x · EV/EBITDA N/A · ROE 44.8%. (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 | $875M | $964M | $460M | $622M | $826M | $768M | $1.1B | $1.4B | $1.4B | $1.5B | $1.4B |
| Enterprise Value | $783M | $871M | $472M | $631M | $580M | $1.3B | $1.7B | $1.9B | $1.5B | $1.6B | $1.3B |
| P/E Ratio → | 8.24 | 9.08 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 8.15 | 8.97 | 7.14 | 10.82 | 16.08 | 13.88 | 15.42 | 19.61 | 22.88 | 94.90 | 29.30 |
| P/B Ratio | 2.95 | 3.25 | 2.62 | 2.92 | 1.87 | — | — | — | — | 12.68 | 4.07 |
| P/FCF | 3.67 | 4.04 | — | — | — | — | — | — | — | — | — |
| P/OCF | 3.67 | 4.04 | — | — | — | — | — | — | — | — | — |
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 | — | 8.11 | 7.33 | 10.99 | 11.29 | 24.36 | 23.70 | 25.77 | 24.14 | 103.66 | 26.79 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 3.65 | — | — | — | — | — | — | — | — | — |
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 | 94.9% | 94.9% | 100.0% | 29.3% | -23.5% | -250.1% | 100.0% | 100.0% | 98.8% | 60.8% | 94.1% |
| Operating Margin | -12.3% | -12.3% | -72.9% | -97.6% | -179.1% | -466.1% | -414.2% | -343.1% | -395.5% | -1690.6% | -371.0% |
| Net Profit Margin | 98.5% | 98.5% | -87.6% | -96.1% | 1698.5% | -360.6% | -386.9% | -322.1% | -357.0% | -1855.0% | -391.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 44.8% | 44.8% | -29.0% | -16.9% | 1689.7% | — | — | — | -677.9% | -122.6% | -64.3% |
| ROA | 25.2% | 25.2% | -15.3% | -11.2% | 177.6% | -47.3% | -63.3% | -48.8% | -43.0% | -52.8% | -40.6% |
| ROIC | -5.1% | -5.1% | -17.2% | -20.1% | -31.6% | -72.7% | -85.9% | -149.1% | -130.4% | -81.6% | -75.5% |
| ROCE | -3.4% | -3.4% | -13.8% | -12.0% | -20.6% | -77.9% | -92.6% | -66.4% | -56.8% | -53.7% | -42.9% |
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 | 0.25 | 0.25 | 0.28 | 0.23 | 0.12 | — | — | — | — | 1.94 | 0.64 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.31 | 0.07 | 0.05 | -0.56 | — | — | — | — | 1.17 | -0.35 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.39 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -5.38 | -5.38 | -16.52 | -22.83 | -12.42 | -27.80 | -34.49 | -6.59 | -20.57 | -30.79 | -127.60 |
Net cash position: cash ($168M) exceeds total debt ($75M)
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 | 10.93 | 10.93 | 5.02 | 5.39 | 12.31 | 4.26 | 3.18 | 3.03 | 5.41 | 6.05 | 10.73 |
| Quick Ratio | 10.93 | 10.93 | 5.02 | 5.39 | 12.31 | 4.26 | 3.18 | 3.03 | 5.41 | 5.79 | 10.48 |
| Cash Ratio | 8.23 | 8.23 | 2.75 | 4.14 | 11.40 | 2.96 | 2.37 | 2.51 | 5.13 | 5.57 | 10.17 |
| Asset Turnover | — | 0.22 | 0.18 | 0.15 | 0.08 | 0.15 | 0.15 | 0.18 | 0.11 | 0.03 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 0.36 | 0.24 |
| Days Sales Outstanding | — | 324.50 | 388.01 | 111.07 | 119.32 | 380.10 | 353.88 | 251.42 | 64.53 | 222.09 | 72.94 |
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 | 12.1% | 11.0% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 27.2% | 24.7% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.5% | 0.4% | 0.7% | 32.1% | 16.0% | 1.2% | 0.9% | 0.2% | 0.7% | 0.6% | 0.3% |
| Total Shareholder Yield | 0.5% | 0.4% | 0.7% | 32.1% | 16.0% | 1.2% | 0.9% | 0.2% | 0.7% | 0.6% | 0.3% |
| Shares Outstanding | — | $52M | $49M | $55M | $74M | $69M | $62M | $56M | $54M | $52M | $45M |
Binary Clinical Trial Dependency
According to current market data, TBPH trades at a P/S ratio of 8.46 and a TTM P/E of 8.56, suggesting that investors are heavily discounting the company's long-term clinical pipeline while assigning a mature, specialty-pharma valuation to the remaining YUPELRI-related cash flows.
The divergence between the forward P/E of 7.50 and the current P/S suggests the market anticipates a contraction in revenue quality as royalty streams diminish. This valuation profile implies that the market is not pricing in significant success for the Ampreloxetine program, treating the stock as a terminal-value play rather than a growth-oriented biotech entity.
Based on reported financial figures, TBPH's ROIC has remained largely negative, fluctuating between -4.4% and -10.5% over the last ten quarters, which underscores the company's ongoing struggle to generate returns on invested capital that exceed the cost of its clinical development programs.
The sporadic positive ROE spikes, such as the 28.1% observed in 2025Q2, are clearly artifacts of non-recurring asset divestments rather than operational compounding. Investors should monitor the persistent negative ROIC as a primary indicator that the core business model has yet to achieve the necessary scale to justify its historical R&D expenditure.
As reported in recent quarterly filings, the company's asset turnover remains exceptionally low at 0.04 to 0.10, reflecting a business model that is heavily reliant on intangible intellectual property rather than physical assets to drive its limited commercial revenue.
The erratic DSO figures, which have swung from 65 to 283 days, suggest significant variability in collection cycles or potential accounting adjustments related to partner revenue recognition. This lack of consistency in working capital management makes it difficult to assess the underlying efficiency of the YUPELRI commercialization effort.
According to recent balance sheet data, TBPH maintains a modest debt-to-equity ratio of 0.25, yet the lack of consistent operating income renders traditional interest coverage metrics largely meaningless, as evidenced by the volatile and often negative coverage ratios reported over the last two years.
While the debt load appears manageable in isolation, the company's reliance on non-recurring royalty sales to maintain liquidity suggests that its ability to service debt is structurally fragile. The absence of a stable, recurring operating profit stream warrants further investigation into the firm's long-term solvency should clinical catalysts fail to materialize.
The P/E ratio is the most commonly misapplied metric for TBPH, as it obscures the company's reliance on non-recurring royalty divestments and masks the underlying operational cash burn inherent in its clinical-stage biotech business model.
Using P/E to value TBPH is fundamentally flawed because it treats one-time gains from asset sales as sustainable earnings, leading to an artificially low and misleading valuation multiple. Analysts should instead focus on EV/Revenue or a sum-of-the-parts valuation that separates the commercial YUPELRI business from the high-risk, cash-consuming clinical pipeline.
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Quick answers to the most common questions about buying TBPH stock.
Theravance Biopharma, Inc.'s current P/E ratio is 8.2x. The historical average is 9.1x.
Theravance Biopharma, Inc.'s return on equity (ROE) is 44.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -61.5%.
Based on historical data, Theravance Biopharma, Inc. is trading at a P/E of 8.2x. Compare with industry peers and growth rates for a complete picture.
Theravance Biopharma, Inc. has 94.9% gross margin and -12.3% operating margin.