Latest Ratios: P/E Ratio -9.2x · EV/EBITDA N/A · ROE -50.7%. (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 | $3.1B | $3.3B | $2.3B | $657M | $514M | $359M | — | — |
| Enterprise Value | $2.8B | $3.0B | $2.3B | $665M | $502M | $284M | — | — |
| P/E Ratio → | -9.22 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — |
| P/B Ratio | 4.56 | 5.38 | 4.05 | 6.46 | 6.69 | 5.16 | — | — |
| 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 | -50.7% | -50.7% | -44.8% | -107.5% | -121.6% | -46.9% | — | — |
| ROA | -43.1% | -43.1% | -36.6% | -62.5% | -82.8% | -47.2% | -178.2% | -220.3% |
| ROIC | -54.6% | -54.6% | -38.6% | -87.7% | -228.9% | — | — | — |
| ROCE | -48.1% | -48.1% | -42.7% | -78.8% | -100.0% | -53.7% | -170.2% | -276.8% |
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 | 0.13 | 0.13 | 0.09 | 0.53 | 0.41 | 0.07 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.46 | -0.07 | 0.08 | -0.16 | -1.07 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -38.78 | -38.78 | -18.95 | -24.35 | -88.77 | -1629.40 | -320.76 | -231.41 |
Net cash position: cash ($355M) exceeds total debt ($77M)
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 | 13.64 | 13.64 | 25.67 | 7.71 | 4.91 | 10.73 | 22.55 | 3.36 |
| Quick Ratio | 13.64 | 13.64 | 25.67 | 7.71 | 4.91 | 10.73 | 22.55 | 3.36 |
| Cash Ratio | 13.37 | 13.37 | 25.26 | 7.21 | 4.48 | 10.36 | 22.30 | 3.01 |
| 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 | — | $64M | $55M | $43M | $27M | $13M | $4M | $3M |
Clinical Trial Funding Dependency
Based on reported financial statements, VERA's P/B ratio of 4.51 reflects a market valuation heavily skewed toward intangible clinical assets rather than tangible book value, which is typical for pre-revenue biotech firms where traditional multiples like P/E are rendered meaningless by the absence of earnings.
The current valuation appears to be driven entirely by the probability-adjusted net present value of the atacicept pipeline rather than historical financial performance. Investors should monitor whether this premium holds as the company approaches critical Phase 3 data readouts, which will likely trigger significant volatility in the stock's price-to-book relationship.
As reported in recent quarterly filings, VERA's ROIC has consistently remained in negative territory, reaching -23.8% in 2026Q1, which underscores the company's current status as a capital-consuming entity that has yet to generate any return on its invested capital through commercial operations.
The persistent decay in ROIC is a direct consequence of the escalating R&D spend required to fund the ORIGIN trial. This trend is expected to remain negative until the company achieves regulatory approval and begins to generate revenue, at which point the focus will shift to the efficiency of capital deployment.
According to recent SEC filings, VERA's current ratio has plummeted from 28.63 in 2024Q1 to 13.64 in 2026Q1, a sharp decline that highlights the accelerating depletion of cash reserves as the company intensifies its clinical trial activities and manufacturing preparations for potential commercialization.
While the current ratio remains numerically high, the rapid downward trajectory suggests that the company's liquidity buffer is being consumed at an unsustainable rate. Investors should monitor the potential for future dilutive equity raises, as the current cash runway appears increasingly constrained by the high-burn nature of Phase 3 development.
Based on the company's reported figures, the debt-to-equity ratio has fluctuated between 0.09 and 0.53 over the last ten quarters, indicating a strategic, albeit limited, reliance on debt financing to supplement cash reserves while the firm continues to operate without any meaningful revenue streams.
The negative interest coverage ratios, such as -68.64 in 2026Q1, confirm that the company is not currently generating sufficient operating income to service its debt obligations. This reliance on external financing warrants further investigation into the company's long-term debt covenants and the potential for future refinancing risks.
The most commonly misapplied metric for VERA is the P/E ratio, which, at -9.11, provides no insight into the company's fundamental health and instead obscures the reality that the firm is a pre-revenue clinical-stage entity focused on long-term asset development rather than short-term earnings.
Investors should prioritize probability-adjusted net present value (rNPV) models over earnings-based multiples, as the latter fail to account for the binary nature of clinical trial outcomes. Relying on P/E or EBITDA-based valuation for this business model may lead to a fundamental misunderstanding of the company's risk-reward profile.
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Quick answers to the most common questions about buying VERA stock.
Vera Therapeutics, Inc.'s current P/E ratio is -9.2x. This places it at the 50th percentile of its historical range.
Vera Therapeutics, Inc.'s return on equity (ROE) is -50.7%. The historical average is -74.3%.
Based on historical data, Vera Therapeutics, Inc. is trading at a P/E of -9.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.