Latest Ratios: P/E Ratio -24.7x · EV/EBITDA N/A · ROE -26.7%. (2014–2025 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 | $2.0B | $2.0B | $1.1B | $715M | $513M | $854M | $2.4B | $1.7B | $427M | $162M | — |
| Enterprise Value | $1.9B | $2.0B | $1.1B | $585M | $140M | $685M | $2.1B | $1.6B | $385M | $126M | — |
| P/E Ratio → | -24.74 | — | — | — | 4.14 | — | — | — | — | — | — |
| P/S Ratio | 18.55 | 18.72 | 14.56 | 9.41 | 1.24 | 32.03 | 61.13 | 58.51 | 8.05 | 3.13 | — |
| P/B Ratio | 7.50 | 7.39 | 3.28 | 1.54 | 1.04 | 3.43 | 5.81 | 7.04 | — | 1.39 | — |
| P/FCF | — | — | — | — | 3.92 | — | — | — | 20.57 | — | — |
| P/OCF | — | — | — | — | 3.56 | — | — | — | 17.66 | 739.24 | — |
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 | — | 18.50 | 13.93 | 7.69 | 0.34 | 25.67 | 55.14 | 54.39 | 7.26 | 2.43 | — |
| EV / EBITDA | — | — | — | — | 0.98 | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | 1.07 | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | 1.07 | — | — | — | 18.54 | — | — |
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% | -88.1% | 100.0% | 100.0% | -338.7% | -296.3% | -7.4% | 20.5% | -222.9% |
| Operating Margin | -87.3% | -87.3% | -179.7% | -181.6% | 31.6% | -808.2% | -481.3% | -512.1% | -62.5% | -17.4% | -343.9% |
| Net Profit Margin | -76.6% | -76.6% | -160.8% | -156.1% | 30.1% | -794.0% | -463.5% | -492.3% | -68.9% | -20.1% | -307.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -26.7% | -26.7% | -30.5% | -24.8% | 33.5% | -64.3% | -55.1% | -289.7% | — | -16.6% | -248.2% |
| ROA | -20.0% | -20.0% | -23.5% | -19.3% | 24.0% | -45.7% | -39.8% | -47.5% | -19.4% | -9.2% | -57.7% |
| ROIC | -25.9% | -25.9% | -32.9% | -45.6% | 98.0% | -126.3% | -93.5% | -91.4% | — | -17.4% | -1528.4% |
| ROCE | -27.3% | -27.3% | -30.5% | -25.6% | 30.0% | -56.0% | -50.8% | -60.5% | -20.0% | -9.2% | -79.1% |
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 | 0.07 | 0.07 | 0.05 | 0.06 | 0.06 | 0.13 | 0.02 | 0.03 | — | 0.00 | 0.49 |
| Debt / EBITDA | — | — | — | — | 0.20 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.09 | -0.14 | -0.28 | -0.76 | -0.68 | -0.57 | -0.49 | — | -0.31 | -1.33 |
| Net Debt / EBITDA | — | — | — | — | -2.62 | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | -2.85 | — | — | — | -2.03 | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | -200.99 | -6.96 | -39.93 |
Net cash position: cash ($41M) 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 | 5.52 | 5.52 | 3.40 | 7.41 | 5.70 | 4.01 | 5.31 | 3.78 | 6.82 | 6.30 | 2.81 |
| Quick Ratio | 5.52 | 5.52 | 3.40 | 7.41 | 5.70 | 4.01 | 5.31 | 3.78 | 6.82 | 6.30 | 2.81 |
| Cash Ratio | 5.41 | 5.41 | 2.56 | 6.71 | 5.15 | 3.52 | 4.98 | 3.62 | 6.68 | 5.99 | 2.43 |
| Asset Turnover | — | 0.31 | 0.16 | 0.13 | 0.64 | 0.07 | 0.07 | 0.08 | 0.22 | 0.39 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 15.98 | 266.99 | 93.53 | 29.56 | 213.61 | 143.31 | 26.99 | 2.46 | 16.43 | 142.80 |
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 | — | — | — | — | 24.2% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | 25.5% | — | — | — | 4.9% | — | — |
| Buyback Yield | 2.1% | 2.1% | 2.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 2.1% | 2.1% | 2.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $75M | $76M | $69M | $65M | $52M | $50M | $38M | $29M | $21M | $20M |
Imminent liquidity and dilution
Based on reported figures, ZYME trades at a P/S ratio of 16.77, which appears to reflect speculative market pricing for its clinical-stage pipeline rather than fundamental earnings, as the company lacks a commercial product and relies entirely on volatile, milestone-driven licensing revenue for its top-line valuation.
The forward P/E of 17.67 suggests that the market is pricing in a rapid transition to profitability, likely contingent on the successful commercialization of zanidatamab. Investors should monitor whether this valuation remains sustainable if clinical milestones are delayed, as the current multiple appears highly sensitive to regulatory sentiment rather than historical financial performance.
According to recent financial statements, ZYME's ROIC has remained consistently negative, reaching -0.0% in 2026Q1, which underscores the company's struggle to generate meaningful returns on invested capital while it continues to fund high-cost, long-duration oncology research without a self-sustaining commercial revenue stream.
The persistent negative ROIC trend suggests that the company's capital allocation is currently focused on value-creation through R&D rather than immediate efficiency. This warrants further investigation into whether the platform's biparatopic antibody technology can eventually achieve the margins necessary to offset the massive historical capital outlays.
As reported in quarterly filings, ZYME's asset turnover remains negligible at 0.00 in 2026Q1, reflecting a business model that is structurally disconnected from traditional inventory-based manufacturing and instead relies on the sporadic recognition of licensing income from strategic partners like Jazz Pharmaceuticals.
The extreme fluctuations in DSO, which reached 87,433 in 2026Q1, suggest that the timing of milestone payments creates significant noise in working capital metrics. This lack of operational consistency makes traditional efficiency ratios less useful for assessing the company's day-to-day management of its clinical trial expenses.
Based on reported figures, ZYME's liquidity position appears increasingly precarious, with cash and equivalents falling to $41.1 million, a level that may be insufficient to support the company's high operating burn rate without the immediate infusion of new capital or milestone payments.
While the current ratio of 10.82 appears superficially strong, it is heavily influenced by the timing of deferred revenue recognition rather than liquid cash availability. Investors should monitor the company's ability to secure non-dilutive financing, as the current cash trajectory suggests a high probability of future equity issuance.
The P/E ratio is frequently misapplied to ZYME, as the company's current earnings are heavily distorted by non-recurring licensing milestones and stock-based compensation, which obscures the underlying cash-burn reality of a clinical-stage biotech firm that has yet to achieve a sustainable commercial product launch.
Analysts should instead prioritize the 'Cash Runway' and 'Burn Rate' metrics to evaluate the company's operational viability. Relying on P/E multiples in this context may lead to a false sense of security regarding the company's profitability, as the reported earnings do not reflect the ongoing, massive R&D investment required to maintain the platform.
Includes 30+ ratios · 12 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 ZYME stock.
Zymeworks Inc.'s current P/E ratio is -24.7x. The historical average is 4.1x.
Zymeworks Inc.'s return on equity (ROE) is -26.7%. The historical average is -74.6%.
Based on historical data, Zymeworks Inc. is trading at a P/E of -24.7x. Compare with industry peers and growth rates for a complete picture.
Zymeworks Inc. has 100.0% gross margin and -87.3% operating margin.