Latest Ratios: P/E Ratio -5.3x · EV/EBITDA N/A · ROE -55.6%. (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 | $1.2B | $2.9B | $1.7B | $536M | $552M | $163M | $309M | $272M | $1.2B | $931M | $596M |
| Enterprise Value | $643M | $2.3B | $1.4B | $368M | $501M | $42M | $154M | $157M | $1.1B | $792M | $446M |
| P/E Ratio → | -5.27 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 28.73 | 67.10 | 15.79 | 4.73 | 151.27 | 3.97 | 15.38 | 16.99 | 84.50 | 251.25 | 401.51 |
| P/B Ratio | 2.04 | 5.45 | 8.16 | 13.52 | — | 5.01 | 3.41 | 3.79 | 16.60 | 6.66 | 4.42 |
| 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 | — | 53.43 | 13.24 | 3.24 | 137.33 | 1.03 | 7.65 | 9.82 | 73.09 | 213.71 | 300.35 |
| 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 | 79.3% | 79.3% | 100.0% | 100.0% | 100.0% | 100.0% | -552.2% | -997.6% | -832.6% | -2041.2% | 73.5% |
| Operating Margin | -504.1% | -504.1% | -101.9% | -60.0% | -4459.3% | -310.1% | -763.9% | -1303.4% | -1106.7% | -2769.4% | -3725.7% |
| Net Profit Margin | -478.3% | -478.3% | -89.6% | -50.8% | -4434.7% | -298.4% | -746.7% | -1211.5% | -1017.4% | -2754.7% | -3730.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -55.6% | -55.6% | -77.9% | -145.1% | — | -198.5% | -184.8% | -267.2% | -137.6% | -74.3% | -38.4% |
| ROA | -41.3% | -41.3% | -30.9% | -27.3% | -91.6% | -50.3% | -53.2% | -66.7% | -61.4% | -58.9% | -33.6% |
| ROIC | — | — | — | — | — | — | — | — | — | -10056.9% | — |
| ROCE | -54.9% | -54.9% | -67.0% | -83.2% | -149.5% | -84.4% | -94.6% | -125.5% | -97.2% | -65.2% | -35.2% |
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 | 0.03 | 0.03 | 0.12 | 0.81 | — | 0.92 | 0.32 | 0.45 | 0.14 | 0.02 | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.11 | -1.32 | -4.25 | — | -3.71 | -1.71 | -1.60 | -2.24 | -0.99 | -1.11 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | -9586.06 | — | -7251.05 | -17065.17 | -165.34 |
Net cash position: cash ($602M) exceeds total debt ($18M)
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 | 6.47 | 6.47 | 2.89 | 1.26 | 1.38 | 2.53 | 1.90 | 1.57 | 1.56 | 7.67 | 12.50 |
| Quick Ratio | 6.47 | 6.47 | 2.89 | 1.26 | 1.38 | 2.53 | 1.90 | 1.57 | 1.56 | 7.67 | 12.50 |
| Cash Ratio | 6.33 | 6.33 | 2.72 | 1.07 | 1.24 | 2.35 | 1.52 | 1.25 | 1.34 | 7.26 | 12.36 |
| Asset Turnover | — | 0.07 | 0.31 | 0.41 | 0.02 | 0.20 | 0.07 | 0.06 | 0.05 | 0.02 | 0.01 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 10.90 | 4.79 | 67.93 | — | — | 545.40 | 456.74 | 253.23 | 98.54 | — |
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% | 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% | 0.0% |
| Shares Outstanding | — | $169M | $138M | $106M | $79M | $52M | $39M | $34M | $29M | $27M | $23M |
Clinical milestone dependency
According to recent market data, WVE trades at a price-to-sales multiple of 26.25, which appears to reflect investor optimism regarding the PRISM platform's long-term potential rather than current revenue, as the company remains in a pre-commercial stage with no meaningful earnings to support traditional valuation metrics.
The elevated P/S ratio suggests that the market is pricing WVE as a high-growth biotechnology platform rather than a traditional pharmaceutical entity. Investors should monitor whether this valuation premium holds as clinical data readouts approach, as any failure to validate the AIMer technology could lead to a significant contraction in these multiples.
As reported in financial statements, WVE's gross margin of 79.28% is structurally high due to the nature of milestone-based collaboration accounting, yet this figure fails to reflect true earning power, as the company continues to record significant operating losses driven by heavy investment in clinical-stage research.
The high gross margin is an artifact of accounting for partnership payments against minimal direct costs, rather than a reflection of commercial product profitability. Analysts should focus on operating margins, which remain deeply negative, to gauge the true underlying burn rate and the efficiency of the company's R&D spending.
Based on the 2026Q1 balance sheet, WVE maintains a strong liquidity profile with a current ratio of 11.26, providing a substantial buffer that appears sufficient to fund ongoing clinical development programs without the immediate necessity for dilutive equity financing in the near term.
This liquidity position is a critical safeguard for a company that lacks consistent product revenue and relies on milestone payments. The high current ratio suggests that the company is well-positioned to weather potential delays in clinical trials, though investors should remain cautious regarding the long-term sustainability of this cash runway.
The most commonly misapplied metric for WVE is the price-to-sales ratio, which obscures the reality that current revenue is derived from non-recurring collaboration milestones rather than sustainable product demand, warranting the use of cash-runway-to-data metrics as a more accurate indicator of the company's fundamental health.
Using P/S to evaluate WVE is misleading because it treats transactional milestone payments as recurring revenue, which can lead to an overestimation of the company's commercial maturity. A more appropriate analytical framework would involve adjusting for deferred revenue and focusing on the cash burn rate relative to upcoming clinical milestones.
Includes 30+ ratios · 13 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying WVE stock.
Wave Life Sciences Ltd.'s current P/E ratio is -5.3x. This places it at the 50th percentile of its historical range.
Wave Life Sciences Ltd.'s return on equity (ROE) is -55.6%. The historical average is -132.9%.
Based on historical data, Wave Life Sciences Ltd. is trading at a P/E of -5.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Wave Life Sciences Ltd. has 79.3% gross margin and -504.1% operating margin.