Latest Ratios: P/E Ratio -3.6x · EV/EBITDA N/A · ROE -80.2%. (2005–2025 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 | $465M | $742M | $307M | $719M | $734M | $2.7B | — | — | — | — | — |
| Enterprise Value | $576M | $839M | $355M | $802M | $597M | $2.5B | — | — | — | — | — |
| P/E Ratio → | -3.58 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.33 | 4.25 | 1.81 | 4.68 | 2.03 | 7.78 | — | — | — | — | — |
| P/B Ratio | 3.74 | 6.99 | 1.69 | 5.60 | 3.34 | 15.88 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | 35.23 | — | — | — | — | — |
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 | — | 4.81 | 2.09 | 5.21 | 1.65 | 7.12 | — | — | — | — | — |
| EV / EBITDA | — | — | 10.79 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | 28.41 | — | — | — | — | — | — | — | — |
| 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 | 38.7% | 38.7% | 41.9% | 34.4% | 10.2% | 46.0% | 50.8% | 60.4% | 61.6% | 56.3% | 54.2% |
| Operating Margin | -46.7% | -46.7% | 7.9% | -53.4% | -31.4% | -17.6% | -50.0% | -0.6% | 5.5% | -3.8% | -45.3% |
| Net Profit Margin | -66.0% | -66.0% | -7.2% | -66.0% | -39.7% | -21.1% | -58.4% | -1.4% | 2.9% | -10.9% | -52.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -80.2% | -80.2% | -7.9% | -58.3% | -73.4% | -59.2% | -60.6% | -1.3% | 2.8% | -11.9% | -40.3% |
| ROA | -25.6% | -25.6% | -2.6% | -18.8% | -19.9% | -11.6% | -18.0% | -0.7% | 1.6% | -5.8% | -20.4% |
| ROIC | -28.3% | -28.3% | 4.5% | -41.9% | -797.3% | — | -61.5% | -0.4% | 3.7% | -2.1% | -18.1% |
| ROCE | -23.6% | -23.6% | 3.9% | -25.4% | -28.6% | -17.0% | -22.2% | -0.4% | 3.7% | -2.5% | -21.5% |
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 | 1.95 | 1.95 | 1.19 | 1.63 | 0.69 | 0.67 | 1.36 | 0.63 | 0.40 | 0.77 | 0.82 |
| Debt / EBITDA | — | — | 6.57 | — | — | — | — | 11.04 | 4.40 | 9.95 | — |
| Net Debt / Equity | — | 0.92 | 0.27 | 0.65 | -0.62 | -1.36 | -1.28 | 0.15 | -0.14 | 0.41 | 0.47 |
| Net Debt / EBITDA | — | — | 1.46 | — | — | — | — | 2.69 | -1.49 | 5.28 | — |
| Debt / FCF | — | — | — | — | — | — | -0.84 | — | -1.48 | 4.32 | 16.73 |
| Interest Coverage | -1.72 | -1.72 | 0.52 | -3.23 | -6.60 | -3.13 | -5.08 | 0.67 | 1.88 | -1.48 | -7.02 |
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 | 2.38 | 2.38 | 2.61 | 1.65 | 1.53 | 1.59 | 1.75 | 3.13 | 2.93 | 2.22 | 2.35 |
| Quick Ratio | 1.85 | 1.85 | 2.14 | 1.37 | 1.40 | 1.25 | 1.60 | 2.50 | 2.40 | 1.69 | 1.76 |
| Cash Ratio | 1.17 | 1.17 | 1.47 | 0.79 | 1.04 | 0.94 | 1.16 | 1.56 | 1.79 | 0.89 | 0.91 |
| Asset Turnover | — | 0.44 | 0.34 | 0.33 | 0.58 | 0.43 | 0.25 | 0.48 | 0.49 | 0.56 | 0.45 |
| Inventory Turnover | 2.13 | 2.13 | 1.84 | 2.27 | 9.24 | 1.51 | 2.02 | 1.94 | 1.91 | 2.31 | 1.90 |
| Days Sales Outstanding | — | 58.12 | 75.78 | 98.89 | 24.16 | 46.15 | 63.63 | 69.50 | 36.36 | 61.09 | 65.63 |
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% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $84M | $70M | $69M | $58M | $49M | $45M | $46M | $41M | $39M | $37M |
Liquidity and commercial execution
Based on reported figures, Valneva trades at a P/S multiple of 2.24, which appears to discount the company's current negative earnings profile while placing a premium on the potential long-term value of its late-stage clinical assets rather than its immediate, volatile product revenue streams.
The absence of a meaningful P/E or EV/EBITDA multiple underscores that the market is currently valuing the firm as a speculative R&D entity rather than a commercial enterprise. Investors should monitor whether the commercial rollout of IXCHIQ justifies this valuation, as current multiples imply a significant growth expectation that the historical revenue contraction has yet to support.
As reported in recent financial statements, Valneva's ROIC has trended into negative territory, reaching -9.2% in 2026Q1, which suggests that the company is currently destroying shareholder value through its heavy investment in specialized manufacturing infrastructure that has yet to achieve sufficient commercial scale.
The sharp decline in return metrics compared to the 2024Q1 peak of 23.0% highlights the volatility introduced by lumpy milestone payments and the subsequent failure to sustain profitability. This trend warrants further investigation into whether the current capital allocation strategy can pivot toward positive returns as the product portfolio matures.
According to quarterly data, the company's cash conversion cycle has expanded to 176 days in 2026Q1, reflecting significant inefficiencies in inventory management and a reliance on extended payment terms that may be symptomatic of the firm's limited leverage over its supply chain and distribution partners.
The elevated DIO of 173 days suggests that the company is carrying substantial inventory, which poses a risk of obsolescence or write-downs given the specialized nature of its vaccine products. This inefficiency appears to be a structural drag on liquidity, as capital remains tied up in unsold stock rather than supporting ongoing R&D operations.
Based on the latest quarterly filings, Valneva's debt-to-equity ratio has climbed to 2.73, a marked increase from 0.93 in 2024Q3, which suggests that the company is increasingly reliant on external financing to bridge the gap between its operational burn and its limited internal cash generation.
The negative interest coverage ratio of -5.14 in 2026Q1 indicates that the company is currently unable to service its debt obligations from operating income alone. This leverage profile appears increasingly vulnerable, and investors should monitor the potential for further dilutive financing if the company cannot improve its cash flow trajectory.
The P/S ratio is frequently misapplied to Valneva's business model, as it obscures the high volatility of milestone-driven revenue and fails to account for the significant R&D and manufacturing overhead that currently prevents the company from translating top-line figures into sustainable, positive free cash flow.
Analysts should instead prioritize the cash burn rate and the timing of milestone payments, as these metrics provide a more accurate picture of the company's survival horizon. Relying on revenue multiples in this context may lead to an overestimation of the firm's commercial maturity and an underappreciation of its ongoing liquidity risks.
Includes 30+ ratios · 21 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying VALN stock.
Valneva SE's current P/E ratio is -3.6x. This places it at the 50th percentile of its historical range.
Valneva SE's return on equity (ROE) is -80.2%. The historical average is -29.3%.
Based on historical data, Valneva SE is trading at a P/E of -3.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Valneva SE has 38.7% gross margin and -46.7% operating margin.