Latest Ratios: P/E Ratio 2793.8x · EV/EBITDA 39.7x · ROE 4.0%. (2016–2025 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 | $1.5B | $1.4B | $498M | $324M | $180M | $232M | $210M | $184M | $205M | — | — |
| Enterprise Value | $1.5B | $1.3B | $697M | $485M | $256M | $252M | $259M | $223M | $191M | — | — |
| P/E Ratio → | 2793.75 | 2453.12 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 5.29 | 4.65 | 2.45 | 1.97 | 1.64 | 4.67 | 10.27 | 67.63 | 83.08 | — | — |
| P/B Ratio | 112.81 | 99.06 | — | — | 3.99 | 2.43 | 6.21 | 12.75 | 2.72 | — | — |
| P/FCF | 55.26 | 48.55 | — | — | — | — | — | — | — | — | — |
| P/OCF | 53.92 | 47.37 | — | — | — | — | — | — | — | — | — |
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 | — | 4.40 | 3.43 | 2.96 | 2.33 | 5.09 | 12.69 | 81.87 | 77.47 | — | — |
| EV / EBITDA | 39.68 | 34.62 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 59.05 | 2315.44 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 45.93 | — | — | — | — | — | — | — | — | — |
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 | 81.7% | 81.7% | 81.9% | 82.5% | 79.5% | 73.1% | 54.4% | 41.1% | 98.3% | 99.7% | 99.3% |
| Operating Margin | 8.5% | 8.5% | -16.6% | -26.8% | -74.3% | -232.2% | -408.8% | -4496.0% | -2407.5% | -1711.4% | -1230.8% |
| Net Profit Margin | 0.2% | 0.2% | -27.0% | -38.0% | -85.9% | -247.5% | -446.0% | -4613.5% | -2437.3% | -1706.6% | -1228.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.0% | 4.0% | — | -324.2% | -134.8% | -190.3% | -378.2% | -279.6% | -683.7% | — | — |
| ROA | 0.2% | 0.2% | -17.0% | -18.7% | -29.2% | -53.0% | -68.0% | -109.7% | -72.8% | -67.6% | -39.4% |
| ROIC | 33.8% | 33.8% | -15.5% | -23.9% | -51.8% | -86.7% | -91.9% | -159.9% | — | — | — |
| ROCE | 10.0% | 10.0% | -15.0% | -17.7% | -33.0% | -64.6% | -78.6% | -127.8% | -79.1% | -74.9% | -42.7% |
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 | 2.76 | 2.76 | — | — | 4.38 | 0.92 | 2.58 | 4.04 | 0.42 | — | — |
| Debt / EBITDA | 1.02 | 1.02 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -5.35 | — | — | 1.68 | 0.22 | 1.46 | 2.69 | -0.18 | — | — |
| Net Debt / EBITDA | -1.98 | -1.98 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -2.62 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 0.02 | 0.02 | -0.80 | -1.39 | -5.81 | -16.09 | -10.95 | -16.60 | -22.61 | -13277.00 | -6603.50 |
Net cash position: cash ($111M) exceeds total debt ($38M)
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 | 2.19 | 2.19 | 1.67 | 1.64 | 2.54 | 1.80 | 5.40 | 3.20 | 11.59 | 9.06 | 13.13 |
| Quick Ratio | 1.57 | 1.57 | 1.19 | 1.23 | 2.20 | 1.57 | 5.10 | 3.12 | 11.59 | 9.06 | 13.13 |
| Cash Ratio | 1.01 | 1.01 | 0.71 | 0.76 | 1.66 | 1.30 | 4.74 | 2.76 | 11.07 | 8.65 | 12.77 |
| Asset Turnover | — | 0.76 | 0.63 | 0.51 | 0.32 | 0.16 | 0.13 | 0.02 | 0.02 | 0.03 | 0.03 |
| Inventory Turnover | 0.78 | 0.78 | 0.76 | 0.74 | 0.92 | 0.74 | 1.12 | 0.74 | — | — | — |
| Days Sales Outstanding | — | 63.85 | 72.64 | 87.28 | 102.07 | 128.48 | 122.80 | 629.30 | 424.82 | 281.26 | 34.29 |
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 | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 1.8% | 2.1% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.7% | 0.8% | 0.8% | 0.3% | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.7% | 0.8% | 0.8% | 0.3% | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $173M | $147M | $138M | $136M | $79M | $43M | $26M | $12M | $2M | $2M |
High debt service burden
Based on current market data, XERS trades at a forward P/E of 53.00, which suggests that investors are pricing in significant future earnings expansion rather than current profitability, a valuation stance that appears aggressive when compared to the broader specialty pharmaceutical peer group's historical trading ranges.
The elevated P/S ratio of 4.55 indicates that the market is prioritizing top-line growth and the potential of the XeriJect platform over immediate bottom-line earnings. This valuation premium warrants caution, as any deceleration in the Recorlev commercial ramp could lead to a rapid contraction in multiples given the company's limited history of sustained GAAP profitability.
According to recent financial statements, the company's ROE of 16.7% in 2026Q1 marks a volatile recovery from previous periods of negative returns, highlighting that XERS is still in the early stages of demonstrating its ability to compound capital effectively within its specialized therapeutic niche.
The historical inconsistency in ROIC, which fluctuated from -6.1% in 2024Q1 to positive territory in recent quarters, suggests that the company's returns are highly sensitive to the timing of commercial milestones and debt-related interest expenses. Investors should monitor whether the current positive trend in returns on capital can be sustained as the company scales its commercial infrastructure.
As reported in quarterly filings, the cash conversion cycle remains notably elevated at 493 days in 2026Q1, a figure that reflects significant inefficiencies in inventory management and suggests that the company's capital is being tied up in product stock for extended periods relative to industry peers.
The high DIO (Days Inventory Outstanding) of 484 days indicates that the company may be carrying excessive inventory levels, which could pose a risk of obsolescence or write-downs. Improving these working capital metrics is essential for XERS to transition from a cash-burning entity to a self-sustaining commercial enterprise.
Based on reported figures, the debt-to-equity ratio of 2.87 in 2026Q1 underscores a persistent reliance on external financing, which creates a structural vulnerability that may limit management's ability to pursue strategic initiatives without further dilutive capital raises or expensive refinancing in a high-rate environment.
The interest coverage ratio of 1.15 in 2026Q1 is precariously close to unity, implying that even minor operational setbacks could jeopardize the company's ability to service its debt obligations. This leverage profile necessitates a cautious outlook, as the company's financial health remains heavily dependent on maintaining consistent revenue growth to cover its interest expenses.
The P/E ratio is frequently misapplied to XERS, as it obscures the company's underlying cash-generating potential by failing to account for the significant non-cash amortization of intangible assets and the lumpy nature of milestone-driven revenue common in the specialty biopharma sector.
Investors should instead focus on EV/EBITDA or P/FCF, as these metrics better reflect the company's operational performance and cash-flow-generating capacity. Relying on P/E in this context may lead to an inaccurate assessment of the company's true valuation, as it ignores the capital-intensive nature of the commercial launch phase.
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Quick answers to the most common questions about buying XERS stock.
Xeris Biopharma Holdings, Inc.'s current P/E ratio is 2793.8x. This places it at the 50th percentile of its historical range.
Xeris Biopharma Holdings, Inc.'s current EV/EBITDA is 39.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 34.6x.
Xeris Biopharma Holdings, Inc.'s return on equity (ROE) is 4.0%. The historical average is -217.2%.
Based on historical data, Xeris Biopharma Holdings, Inc. is trading at a P/E of 2793.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Xeris Biopharma Holdings, Inc. has 81.7% gross margin and 8.5% operating margin.
Xeris Biopharma Holdings, Inc.'s Debt/EBITDA ratio is 1.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.