Latest Ratios: P/E Ratio -0.0x · EV/EBITDA N/A · ROE -7.2%. (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 | $4M | $14608 | $889673 | $3M | $12M | $47M | — | — | — |
| Enterprise Value | $-20774810 | $-24320498 | $-20613834 | $4M | $10M | $43M | — | — | — |
| P/E Ratio → | -0.01 | — | — | — | — | 4.14 | — | — | — |
| P/S Ratio | 0.20 | 0.00 | 0.04 | 0.10 | 0.30 | 0.98 | — | — | — |
| P/B Ratio | 0.00 | 0.00 | 0.02 | 0.09 | 0.26 | 0.80 | — | — | — |
| P/FCF | — | — | — | 3.14 | — | — | — | — | — |
| P/OCF | — | — | — | 3.01 | — | — | — | — | — |
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 | — | -1.36 | -0.90 | 0.11 | 0.26 | 0.90 | — | — | — |
| EV / EBITDA | — | — | — | — | — | 3.07 | — | — | — |
| EV / EBIT | — | — | — | — | — | 3.13 | — | — | — |
| EV / FCF | — | — | — | 3.32 | — | — | — | — | — |
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 | 35.3% | 35.3% | 26.4% | 31.9% | 54.5% | 52.8% | 45.9% | 40.3% | 47.0% |
| Operating Margin | -16.3% | -16.3% | -34.8% | -10.9% | -17.5% | 28.3% | 33.4% | 29.4% | 33.9% |
| Net Profit Margin | -20.6% | -20.6% | -37.9% | -19.1% | -21.8% | 23.6% | 24.6% | 22.7% | 26.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.2% | -7.2% | -20.5% | -14.3% | -16.6% | 28.4% | 45.5% | 68.4% | 78.5% |
| ROA | -5.4% | -5.4% | -14.4% | -10.9% | -13.5% | 22.9% | 32.4% | 32.9% | 27.1% |
| ROIC | -7.8% | -7.8% | -18.9% | -6.3% | -10.5% | 29.7% | 61.2% | 82.0% | 118.5% |
| ROCE | -5.6% | -5.6% | -18.4% | -8.2% | -13.3% | 34.1% | 61.8% | 88.4% | 99.7% |
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 | 0.16 | 0.16 | 0.18 | 0.14 | 0.08 | 0.07 | 0.13 | 0.20 | 0.27 |
| Debt / EBITDA | — | — | — | — | — | 0.31 | 0.25 | 0.25 | 0.26 |
| Net Debt / Equity | — | -0.43 | -0.47 | 0.00 | -0.04 | -0.06 | -0.36 | -0.05 | -0.37 |
| Net Debt / EBITDA | — | — | — | — | — | -0.27 | -0.70 | -0.06 | -0.35 |
| Debt / FCF | — | — | — | 0.18 | — | — | -1.22 | -0.05 | -0.83 |
| Interest Coverage | -14.83 | -14.83 | -28.19 | -23.55 | -42.68 | 135.63 | 82.61 | 75.67 | 58.71 |
Net cash position: cash ($34M) exceeds total debt ($9M)
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 | 4.07 | 4.07 | 2.54 | 2.68 | 3.17 | 4.50 | 2.85 | 2.24 | 1.19 |
| Quick Ratio | 3.90 | 3.90 | 2.46 | 2.43 | 3.00 | 4.28 | 2.62 | 1.76 | 0.75 |
| Cash Ratio | 2.55 | 2.55 | 1.45 | 1.35 | 1.44 | 1.94 | 1.26 | 0.58 | 0.34 |
| Asset Turnover | — | 0.26 | 0.34 | 0.61 | 0.67 | 0.68 | 1.07 | 1.86 | 1.02 |
| Inventory Turnover | 5.27 | 5.27 | 9.76 | 6.58 | 8.27 | 9.20 | 8.71 | 7.58 | 1.86 |
| Days Sales Outstanding | — | 269.50 | 283.40 | 121.21 | 138.06 | 120.27 | 129.24 | 70.53 | 97.76 |
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 | — | — | — | — | — | — | — | 211.9% | 40.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 24.1% | — | — | — |
| FCF Yield | — | — | — | 31.9% | — | — | — | — | — |
| 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 | — | $3478 | $6077 | $5923 | $5923 | $5272 | $5833 | $5833 | $5833 |
Sustained Revenue Contraction
According to recent market data, UPC trades at a P/S ratio of 0.09, which suggests that investors are pricing the company as a distressed asset rather than a growth-oriented pharmaceutical entity, given the absence of a meaningful P/E multiple and the persistent negative operating margins.
The current valuation appears to be heavily discounted relative to historical norms, reflecting deep skepticism regarding the company's ability to return to profitability. This low multiple implies that the market is essentially valuing the company's cash reserves while assigning negligible value to the underlying pharmaceutical distribution business.
Based on reported financial statements, UPC's ROIC has collapsed from a peak of 46.6% in 2021Q2 to -1.9% in 2025Q4, indicating a severe decay in the company's ability to generate returns on its invested capital as the business model fails to scale effectively.
The sharp decline in ROIC suggests that the company's capital allocation has become increasingly inefficient, with recent investments failing to generate positive economic value. This trend warrants further investigation into whether the company's core TCM manufacturing segment can ever regain the competitive returns observed in earlier fiscal periods.
As indicated by recent SEC filings, the company's cash conversion cycle has ballooned to 118 days in 2025Q4, driven by a significant increase in DSO to 140 days, which highlights growing difficulties in collecting payments from regional clinics and pharmacy partners.
The lengthening of the cash conversion cycle suggests that UPC is effectively financing its customers' operations, which places unnecessary strain on its own liquidity. Investors should monitor whether this trend reflects a structural shift in customer payment behavior or a weakening of the company's bargaining power within its distribution network.
Based on reported figures, UPC maintains a current ratio of 4.07, yet this liquidity position is largely supported by a $33.5M cash balance that appears disconnected from the company's ongoing operational cash burn, which reached an outflow of $7.6M in the most recent quarter.
While the high current ratio suggests a strong short-term safety net, the underlying operational reality is one of persistent cash consumption. The company's liquidity appears robust only in isolation, as the lack of positive operating cash flow suggests that the cash reserves are being depleted to fund ongoing losses.
The Price-to-Sales ratio is frequently misapplied to UPC, as it obscures the dilutive impact of low-margin third-party distribution revenue, which artificially inflates the top-line while failing to contribute to the company's bottom-line profitability or long-term value creation.
Investors should instead focus on the gross margin of the proprietary manufacturing segment to gauge true earning power, as the P/S ratio fails to distinguish between high-margin proprietary products and low-margin distribution volume. Relying on P/S in this context may lead to an overestimation of the company's intrinsic value.
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Quick answers to the most common questions about buying UPC stock.
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