Latest Ratios: P/E Ratio -11.8x · EV/EBITDA N/A · ROE N/A. (2013–2025 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 | $1.8B | $1.1B | $457M | $433M | $202M | $213M | $392M | $685M | $678M | $362M | — |
| Enterprise Value | $1.9B | $1.1B | $408M | $437M | $246M | $169M | $341M | $638M | $577M | $325M | — |
| P/E Ratio → | -11.83 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 16.75 | 10.26 | 5.05 | 5.23 | 3.14 | 4.42 | 33.26 | 38057.98 | 601.40 | 44.32 | — |
| P/B Ratio | — | — | — | — | — | 25.26 | 4.07 | 3.80 | 7.53 | 5.28 | — |
| 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 | — | 10.42 | 4.51 | 5.28 | 3.82 | 3.51 | 28.91 | 35442.20 | 511.58 | 39.78 | — |
| 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 | 88.7% | 88.7% | 90.2% | 88.7% | 88.1% | 89.3% | 91.4% | 100.0% | -59.8% | 92.6% | 99.8% |
| Operating Margin | -113.7% | -113.7% | -107.1% | -79.2% | -122.8% | -192.1% | -1074.2% | -608211.1% | -6842.2% | -244.5% | 4.6% |
| Net Profit Margin | -139.8% | -139.8% | -140.4% | -123.6% | -170.6% | -230.7% | -1088.9% | -584144.4% | -6707.2% | -245.2% | -11.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | -211.6% | -92.9% | -77.8% | -95.4% | -47.2% | -11.6% |
| ROA | -63.1% | -63.1% | -54.7% | -65.1% | -86.0% | -91.7% | -79.2% | -68.7% | -84.5% | -40.6% | -9.1% |
| ROIC | — | — | — | — | — | -1466.7% | -106.7% | -134.6% | -570.5% | -113.1% | — |
| ROCE | -63.4% | -63.4% | -50.0% | -50.6% | -75.6% | -93.3% | -89.4% | -80.2% | -97.3% | -45.1% | 4.3% |
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 | — | — | — | — | — | 0.05 | 0.02 | 0.01 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | -5.23 | -0.53 | -0.26 | -1.12 | -0.54 | -1.31 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | -21.13 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | -6.11 |
| Interest Coverage | -4.08 | -4.08 | -7.64 | -4.22 | -9.25 | — | -349.45 | -385.49 | — | — | — |
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 | 4.01 | 4.01 | 6.01 | 5.42 | 5.39 | 5.11 | 5.39 | 7.63 | 7.59 | 10.59 | 7.03 |
| Quick Ratio | 3.65 | 3.65 | 5.81 | 5.24 | 5.21 | 4.90 | 5.30 | 7.63 | 7.59 | 10.54 | 6.99 |
| Cash Ratio | 2.60 | 2.60 | 5.15 | 4.39 | 4.18 | 3.98 | 4.76 | 7.55 | 7.52 | 10.38 | 6.81 |
| Asset Turnover | — | 0.55 | 0.32 | 0.46 | 0.47 | 0.40 | 0.10 | 0.00 | 0.01 | 0.11 | 0.76 |
| Inventory Turnover | 0.76 | 0.76 | 0.96 | 1.65 | 1.77 | 1.07 | 0.51 | — | — | 1.90 | 0.27 |
| Days Sales Outstanding | — | 109.98 | 81.97 | 68.15 | 72.05 | 89.02 | 218.00 | — | — | — | 1.73 |
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 | 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% | 0.0% | 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% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $48M | $43M | $29M | $23M | $22M | $22M | $21M | $16M | $10M | $12M |
Clinical and liquidity dependence
Based on reported figures, URGN trades at a 15.33x price-to-sales multiple, a valuation that appears to heavily discount the successful commercialization of UGN-102 rather than reflecting the current, loss-making reality of the Jelmyto franchise, which warrants caution regarding the company's high-growth market pricing expectations.
The current P/S multiple suggests that investors are pricing in a significant expansion of the addressable market, effectively ignoring the current lack of earnings. This valuation is highly sensitive to clinical trial outcomes, as any delay in the UGN-102 pipeline would likely trigger a sharp contraction in the multiple.
As reported in financial statements, UroGen maintains gross margins consistently above 88%, yet the company's operating margin of -39.8% in 2026Q1 underscores a fundamental inability to convert high-margin product sales into bottom-line profitability due to excessive commercialization and research-related overhead costs.
While the gross margin profile is impressive for a specialty biotech, the persistent negative operating margin indicates that the current revenue scale is insufficient to cover the fixed costs of the specialized sales force. Investors should monitor whether future revenue growth can outpace the high SG&A burden required to maintain market presence.
According to quarterly data, the cash conversion cycle has fluctuated wildly, reaching 166 days in 2026Q1, which suggests that the company faces significant challenges in managing its inventory and receivables effectively within the complex buy-and-bill urology distribution model.
The high days-in-inventory, which peaked at 406 days in 2026Q1, indicates potential inefficiencies in supply chain management or a buildup of stock that has yet to be converted into patient instillations. This volatility in working capital adds an unnecessary layer of risk to the company's already strained cash position.
Based on the latest balance sheet, the current ratio of 4.69 provides a superficial appearance of stability, yet the rapid depletion of cash reserves against ongoing operational losses suggests that the company's liquidity position is increasingly vulnerable to further capital market volatility.
While the current ratio remains elevated, it is largely a function of current assets that may not be easily liquidated in a stress scenario. The company's reliance on external financing to cover its burn rate means that liquidity is not a static metric but a function of the company's ability to access capital markets.
Market participants often misapply revenue growth as the primary indicator of success for URGN, failing to account for the procedural friction that limits the adoption of office-based therapies over traditional surgical interventions, which is a more critical determinant of long-term value than top-line expansion.
Focusing solely on revenue growth obscures the reality that UGN-102 is a procedure replacement, not just a drug replacement. Analysts should instead prioritize tracking the 'adoption rate per clinic' and 'durability of response' metrics, as these provide a more accurate picture of the company's competitive moat and long-term commercial viability.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying URGN stock.
UroGen Pharma Ltd.'s current P/E ratio is -11.8x. This places it at the 50th percentile of its historical range.
Based on historical data, UroGen Pharma Ltd. is trading at a P/E of -11.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
UroGen Pharma Ltd. has 88.7% gross margin and -113.7% operating margin.