Latest Ratios: P/E Ratio -0.3x · EV/EBITDA N/A · ROE N/A. (2004–2025 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 | $7M | $27M | $52M | $51M | $135M | $165M | $176M | $186M | $57M | $78M | $105M |
| Enterprise Value | $18M | $38M | $54M | $36M | $129M | $149M | $161M | $173M | $47M | $70M | $85M |
| P/E Ratio → | -0.32 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.33 | 15.80 | 42.09 | 65.88 | 438.98 | 1836.39 | 13112.09 | 10863.06 | — | — | — |
| P/B Ratio | — | — | — | — | — | 9.33 | 10.81 | 13.08 | 4.68 | 7.79 | 4.97 |
| 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 | — | 21.79 | 44.16 | 46.70 | 419.75 | 1652.42 | 11995.20 | 10100.98 | — | — | — |
| 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 | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | — | — |
| Operating Margin | -1228.6% | -1228.6% | -2190.9% | -4641.8% | -10372.4% | -31469.0% | -158176.2% | -93840.2% | — | — | — |
| Net Profit Margin | -1352.2% | -1352.2% | -2186.3% | -4555.5% | -9879.1% | -29782.5% | -151508.3% | -94168.5% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -414.8% | -157.7% | -133.5% | -122.2% | -163.0% | -94.9% | -87.5% |
| ROA | -286.6% | -286.6% | -144.4% | -152.7% | -132.2% | -100.0% | -85.8% | -83.0% | -112.2% | -75.1% | -73.4% |
| ROIC | — | — | — | — | — | -1735.8% | -1295.3% | -764.1% | -584.7% | -630.4% | -1245.4% |
| ROCE | — | — | -262.2% | -361.4% | -290.4% | -138.6% | -113.8% | -98.5% | -130.2% | -85.9% | -83.8% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 0.23 | 0.27 | 0.28 | 0.27 | 0.28 | 0.07 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | -0.93 | -0.92 | -0.92 | -0.84 | -0.74 | -0.95 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -8.44 | -8.44 | -79.09 | -159.98 | -175.78 | -172.23 | -156.16 | -126.19 | -161.35 | -200.95 | — |
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 | 0.17 | 0.17 | 0.52 | 2.44 | 0.70 | 3.37 | 3.26 | 4.55 | 5.96 | 4.61 | 10.82 |
| Quick Ratio | 0.17 | 0.17 | 0.52 | 2.44 | 0.70 | 3.28 | 3.26 | 4.55 | 5.96 | 4.61 | 10.82 |
| Cash Ratio | 0.09 | 0.09 | 0.42 | 2.32 | 0.63 | 3.16 | 3.12 | 4.40 | 5.75 | 4.42 | 10.66 |
| Asset Turnover | — | 0.25 | 0.13 | 0.03 | 0.02 | 0.00 | 0.00 | 0.00 | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 67.15 | 32.72 | 114.22 | 86.50 | 50.72 | 193.41 | — | — | — | — |
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% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $5M | $4M | $4M | $3M | $3M | $2M | $2M | $2M | $1M | $1M |
Severe liquidity and dilution
Based on current market data, VNRX trades at a price-to-sales ratio of 3.96, a valuation that appears to be driven entirely by speculative interest in clinical trial outcomes rather than any underlying fundamental earnings power or established cash flow generation capacity.
The absence of meaningful P/E or EV/EBITDA multiples reflects the company's pre-commercial status, where traditional valuation metrics fail to capture the binary nature of its diagnostic pipeline. Investors should monitor whether this P/S multiple compresses as the company attempts to transition from milestone-based revenue to high-volume product sales.
As reported in recent financial statements, VNRX maintains a 100% gross margin, which, according to regulatory filings, is a temporary artifact of licensing-heavy revenue that obscures the underlying reality of an operating margin that has reached as low as -1228.57% in recent periods.
This extreme disconnect between gross and operating profitability suggests that the company's current business model is not yet optimized for scale. The reliance on non-recurring licensing fees warrants further investigation, as it may provide a misleading picture of the company's ability to achieve sustainable, long-term profitability.
Based on the provided quarterly data, asset turnover remains exceptionally low at 0.03 to 0.12, indicating that the company's capital base is currently inefficient at generating revenue compared to established diagnostic peers who leverage high-throughput infrastructure to drive consistent asset utilization.
The erratic nature of the cash conversion cycle, influenced by lumpy milestone payments, suggests that management lacks control over the timing of cash inflows. This inefficiency may indicate that the company's current operational processes are not yet integrated into standard clinical workflows, limiting its ability to scale.
According to the most recent quarterly filings, the company's current ratio has deteriorated to 0.17, a level that indicates a severe lack of liquidity and suggests that VNRX may struggle to meet its near-term obligations without immediate external capital intervention.
The rapid depletion of cash reserves, coupled with a high burn rate, implies that the company is operating in a state of extreme financial vulnerability. Investors should monitor the potential for dilutive equity raises, which appear increasingly likely given the current inability to self-fund research and development activities.
The most commonly misapplied metric for VNRX is the price-to-sales ratio, which obscures the fact that current revenue is largely derived from non-recurring licensing milestones rather than sustainable, high-volume diagnostic testing, thereby leading to an inflated perception of the company's commercial maturity.
Analysts should instead focus on the cash burn rate and the progress of clinical trial milestones as more accurate indicators of the company's health. Relying on revenue multiples in this context may lead to an overestimation of the company's intrinsic value, as it ignores the significant capital requirements still needed to reach commercial viability.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying VNRX stock.
VolitionRx Limited's current P/E ratio is -0.3x. This places it at the 50th percentile of its historical range.
Based on historical data, VolitionRx Limited is trading at a P/E of -0.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
VolitionRx Limited has 100.0% gross margin and -1228.6% operating margin.