Latest Ratios: P/E Ratio -1.6x · EV/EBITDA N/A · ROE -83.8%. (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 | $153M | $109M | $121M | $239M | $90M | $782M | — | — |
| Enterprise Value | $64M | $19M | $131M | $206M | $10M | $760M | — | — |
| P/E Ratio → | -1.56 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.14 | 0.88 | 1.31 | 1.71 | 0.37 | 2.81 | — | — |
| 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 | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -83.8% | -83.8% | -95.7% | -64.8% | -47.4% | -34.8% | -80.2% | — |
| ROA | -67.9% | -67.9% | -76.5% | -55.2% | -41.5% | -31.3% | -41.2% | -67.8% |
| ROIC | -103.2% | -103.2% | -83.5% | -73.1% | -44.9% | -40.9% | — | — |
| ROCE | -79.3% | -79.3% | -92.1% | -65.2% | -45.7% | -33.2% | -44.0% | -81.8% |
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 | 0.09 | 0.09 | 0.15 | 0.09 | 0.06 | 0.06 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.73 | 0.10 | -0.24 | -0.33 | -0.08 | -0.92 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — |
Net cash position: cash ($101M) exceeds total debt ($11M)
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 | 6.84 | 6.84 | 4.22 | 4.91 | 7.99 | 11.73 | 25.78 | 6.73 |
| Quick Ratio | 6.84 | 6.84 | 4.22 | 4.91 | 7.99 | 11.73 | 25.78 | 6.73 |
| Cash Ratio | 6.51 | 6.51 | 3.85 | 4.60 | 7.69 | 11.54 | 25.50 | 6.46 |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| 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 | — | $153M | $85M | $74M | $45M | $41M | $41M | $27M |
Clinical Trial Funding Gap
Based on reported figures, TNYA trades at a price-to-book ratio of 0.89, which appears to reflect a significant execution discount compared to peers like Beam Therapeutics, suggesting that investors are pricing in the high probability of future dilutive equity raises to fund the clinical pipeline.
The current valuation multiple indicates that the market is assigning little value to the company's proprietary MyoAAV platform beyond its tangible asset base. This valuation gap relative to peers suggests that the market remains skeptical of the company's ability to reach commercialization without substantial further dilution.
According to recent financial statements, TNYA's ROIC has remained consistently negative, reaching -43.6% in 2026Q1, which highlights the company's inability to generate returns on invested capital while it continues to prioritize high-cost R&D and internal manufacturing infrastructure over immediate profitability.
The persistent decay in ROIC reflects the structural reality of a clinical-stage biotech firm where capital is consumed to build long-term value rather than current earnings. Investors should monitor whether the transition to clinical trials for TN-201 can eventually stabilize these returns as the company moves toward potential commercial milestones.
As reported in financial filings, TNYA's days payable outstanding reached 140 days in 2026Q1, indicating that the company is actively managing its cash outflows by extending payment terms to suppliers to preserve its limited liquidity during this intensive clinical development phase.
The high DSO and fluctuating DPO metrics suggest that the company is attempting to optimize its cash conversion cycle in a high-burn environment. This reliance on extended supplier credit may indicate a strategic effort to stretch the cash runway, though it warrants monitoring for potential strain on vendor relationships.
Based on the latest quarterly data, TNYA's current ratio of 5.75 in 2026Q1, while appearing high, masks a rapid decline in absolute cash reserves, which have fallen from previous periods as the company funds its concurrent clinical trials and internal manufacturing operations.
While the current ratio suggests a comfortable buffer, the absolute cash burn rate remains the more critical metric for assessing solvency. The company's liquidity position appears vulnerable to any delays in clinical data readouts that would necessitate further capital market access in a restrictive financing environment.
The price-to-book ratio is frequently misapplied to TNYA, as it fails to capture the value of the company's proprietary MyoAAV platform and internal cGMP manufacturing capabilities, which are the primary drivers of long-term potential rather than the company's tangible book value.
Investors should instead focus on the cash-burn-to-milestone ratio, which provides a more accurate assessment of the company's operational runway. Relying on book value obscures the reality that TNYA's true assets are intangible intellectual property and specialized infrastructure that are not adequately reflected in traditional balance sheet accounting.
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Quick answers to the most common questions about buying TNYA stock.
Tenaya Therapeutics, Inc.'s current P/E ratio is -1.6x. This places it at the 50th percentile of its historical range.
Tenaya Therapeutics, Inc.'s return on equity (ROE) is -83.8%. The historical average is -67.8%.
Based on historical data, Tenaya Therapeutics, Inc. is trading at a P/E of -1.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.