Latest Ratios: P/E Ratio -537.8x · EV/EBITDA 105.3x · ROE -1.8%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.0B | $2.5B | $5.3B | — | — | — | — | — | — | — |
| Enterprise Value | $4.3B | $3.0B | $5.2B | — | — | — | — | — | — | — |
| P/E Ratio → | -537.83 | — | 110.00 | — | — | — | — | — | — | — |
| P/S Ratio | 4.78 | 2.10 | 6.79 | — | — | — | — | — | — | — |
| P/B Ratio | 9.23 | 4.07 | 9.36 | — | — | — | — | — | — | — |
| P/FCF | — | — | 185.18 | — | — | — | — | — | — | — |
| P/OCF | — | — | 123.54 | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.50 | 6.62 | — | — | — | — | — | — | — |
| EV / EBITDA | 105.30 | 50.89 | 59.07 | — | — | — | — | — | — | — |
| EV / EBIT | 234.40 | 63.99 | 56.05 | — | — | — | — | — | — | — |
| EV / FCF | — | — | 180.69 | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.1% | 53.1% | 65.1% | 62.6% | 59.3% | 66.5% | 61.2% | -340.7% | 100.0% | — |
| Operating Margin | 2.2% | 2.2% | 10.5% | 3.2% | -57.4% | -1069.6% | -847.7% | -1033.6% | -15016.1% | — |
| Net Profit Margin | -0.9% | -0.9% | 6.4% | 1.0% | -65.0% | -1059.9% | -861.1% | -799.6% | -7087.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.8% | -1.8% | 13.9% | 4.6% | -253.3% | -198.4% | -60.2% | -45.3% | -27.1% | -12.9% |
| ROA | -0.7% | -0.7% | 5.2% | 1.6% | -57.0% | -60.2% | -34.5% | -31.1% | -21.6% | -12.5% |
| ROIC | 2.6% | 2.6% | 25.5% | 137.8% | — | — | -214.6% | -95.7% | -147.8% | — |
| ROCE | 2.0% | 2.0% | 11.5% | 7.7% | -76.1% | -77.5% | -38.5% | -44.9% | -49.6% | -13.1% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.12 | 1.12 | 1.02 | 0.12 | 0.13 | 1.18 | 0.03 | 0.03 | 0.03 | 0.01 |
| Debt / EBITDA | 11.80 | 11.80 | 6.62 | 0.77 | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.78 | -0.23 | -0.71 | -1.32 | -9.04 | -0.96 | -0.61 | -0.45 | -0.98 |
| Net Debt / EBITDA | 8.22 | 8.22 | -1.47 | -4.68 | — | — | — | — | — | — |
| Debt / FCF | — | — | -4.49 | -7.45 | — | — | -44.24 | — | — | — |
| Interest Coverage | 0.86 | 0.86 | 4.31 | 1.81 | -241.91 | -384.54 | -37.61 | -11.92 | -1009.81 | -604.57 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.43 | 1.43 | 2.78 | 1.43 | 2.02 | 1.25 | 4.69 | 5.52 | 4.35 | 33.74 |
| Quick Ratio | 1.27 | 1.27 | 2.66 | 1.32 | 1.96 | 1.16 | 4.66 | 5.47 | 4.27 | 33.74 |
| Cash Ratio | 0.61 | 0.61 | 2.15 | 0.78 | 1.36 | 0.58 | 3.91 | 4.20 | 3.13 | 33.20 |
| Asset Turnover | — | 0.68 | 0.52 | 1.26 | 0.63 | 0.07 | 0.03 | 0.03 | 0.00 | — |
| Inventory Turnover | 10.17 | 10.17 | 7.17 | 10.87 | 11.30 | 11.20 | 3.20 | 28.34 | — | — |
| Days Sales Outstanding | — | 62.77 | 74.10 | 57.77 | 71.00 | 1001.64 | 993.62 | 1362.49 | 16778.73 | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.9% | — | — | — | — | — | — | — |
| FCF Yield | — | — | 0.5% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $338M | $345M | $324M | $311M | $282M | $257M | $233M | $202M | $128M |
Isotope supply chain volatility
As reported in recent financial statements, Telix's forward P/E of 232.75 suggests that investors are pricing in significant future therapeutic success, despite the company's TTM P/E of -488.81 and a decelerating revenue growth profile that warrants a cautious reassessment of its current market premium.
The current valuation multiples appear to reflect a growth-stage biotech premium that may be disconnected from the reality of the company's recent shift toward marginal profitability. Investors should monitor whether the forward earnings expectations are achievable given the inherent volatility in radiopharmaceutical manufacturing and the competitive pressures in the PSMA-PET market.
Based on historical financial data, Telix's ROIC has fluctuated significantly, dropping from a peak of 13.7% in 2024Q4 to 0.7% in 2025Q4, indicating that the company's aggressive capital deployment into acquisitions and infrastructure is currently failing to generate meaningful returns on invested capital.
The decay in ROIC suggests that the company is struggling to integrate its recent asset purchases effectively while simultaneously funding a broad clinical pipeline. This trend implies that management's strategy of vertical integration may be creating a drag on capital efficiency that will require sustained commercial success in therapeutic products to reverse.
According to quarterly filings, the company's cash conversion cycle has remained erratic, shifting from -28 days in 2023Q4 to 18 days in 2025Q4, which highlights the operational challenges of managing a complex, just-in-time radiopharmaceutical supply chain that is highly sensitive to inventory and payment timing.
The increase in the cash conversion cycle suggests that Telix is losing some of its working capital leverage, potentially due to the need to hold higher inventory levels to mitigate isotope supply risks. This inefficiency appears to be a structural byproduct of the company's transition toward a more vertically integrated manufacturing model.
As indicated by recent balance sheet data, the debt-to-equity ratio has climbed to 1.12 in 2025Q4, a significant increase from 0.04 in 2021Q2, signaling that the company is increasingly reliant on external financing to support its strategic expansion and capital-intensive therapeutic development programs.
The rise in leverage, coupled with an interest coverage ratio of 0.94, suggests that debt service is becoming less comfortable as the company navigates a period of negative net income. Investors should monitor whether this debt load limits management's flexibility to pursue further inorganic growth or if it necessitates future dilutive equity raises.
Market participants often misapply software-like margin expectations to Telix, failing to recognize that its 52.8% gross margin is structurally capped by the physical realities of radioactive decay and high-cost isotope logistics, rather than the scalable, low-marginal-cost economics typical of high-growth technology or pure-play biotech firms.
By treating Telix as a high-margin software business, analysts may be overestimating the potential for operating leverage to drive future profitability. A more appropriate framework would involve analyzing the company as a high-complexity logistics provider, where margins are fundamentally constrained by the cost of specialized transport and the limited shelf-life of its core products.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying TLX stock.
Telix Pharmaceuticals Limited's current P/E ratio is -537.8x. The historical average is 110.0x.
Telix Pharmaceuticals Limited's current EV/EBITDA is 105.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 55.0x.
Telix Pharmaceuticals Limited's return on equity (ROE) is -1.8%. The historical average is -64.5%.
Based on historical data, Telix Pharmaceuticals Limited is trading at a P/E of -537.8x. Compare with industry peers and growth rates for a complete picture.
Telix Pharmaceuticals Limited has 53.1% gross margin and 2.2% operating margin.
Telix Pharmaceuticals Limited's Debt/EBITDA ratio is 11.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.