4D Molecular Therapeutics, Inc. (FDMT) Key Metrics
FDMT valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $670.7M
- Enterprise value
- $506.0M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 7.3 10-yr median 38.3
- Price / book
- 2.0 10-yr median 2.2
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 2.74
FDMT key metrics, 2017–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFDMT valuation Price multiples at each fiscal year-end price.
FDMT returns How much profit the business earns on the capital it uses.
FDMT per-share figures Results divided by the shares outstanding at year-end.
FDMT financial health Debt, liquidity and how easily interest is covered.
FDMT efficiency & capital use Working capital cycle and where the cash goes.
FDMT valuation history
FDMT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FDMT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FDMT cash returned to shareholders
FDMT price vs earnings per share
FDMT key metrics
2017–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||
| Market capitalization | $434.5M | $300.5M | $792.8M | $718.5M | $608.4M | $1.11B | — | — | — |
| Enterprise value | $53.2M | −$99.8M | $519.2M | $521.1M | $377.1M | $829.2M | — | — | — |
| Price / sales | 5.1 | — | 38.3 | 229.6 | 33.7 | 81.2 | — | — | — |
| Price / book | 0.9 | 0.6 | 2.6 | 3.1 | 1.9 | 4.3 | — | — | — |
| EV / sales | 0.6 | -2,697.4 | 25.1 | 166.5 | 20.9 | 60.9 | — | — | — |
| Earnings yield | −32.2% | −53.5% | −12.7% | −14.1% | −11.2% | −5.1% | — | — | — |
| Free cash flow yield | −25.1% | −46.1% | −9.9% | −13.7% | −12.9% | −4.7% | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | — | — | 0.1% | 0.0% | 25.1% | — | — | — |
| Share price at fiscal year-end | $7.50 | $5.57 | $20.26 | $22.21 | $21.94 | $41.45 | — | — | — |
| Per share | |||||||||
| Revenue per share | $1.47 | $0.00 | $0.53 | $0.10 | $0.65 | $0.51 | $0.26 | $1.13 | $0.39 |
| Earnings per share | −$2.42 | −$2.98 | −$2.58 | −$3.12 | −$2.46 | −$2.12 | −$1.86 | −$0.76 | −$0.76 |
| Operating cash flow per share | −$1.88 | −$2.49 | −$1.94 | −$2.68 | −$2.49 | −$1.91 | −$1.39 | −$1.30 | $0.56 |
| Free cash flow per share | −$1.88 | −$2.57 | −$2.01 | −$3.04 | −$2.82 | −$1.95 | −$1.51 | −$1.33 | $0.52 |
| Cash per share | $6.95 | $7.88 | $7.37 | $6.60 | $8.94 | $10.37 | $1.87 | $7.33 | $1.61 |
| Book value per share | $8.73 | $9.47 | $7.87 | $7.15 | $11.51 | $9.61 | −$2.75 | −$2.20 | −$1.32 |
| Tangible book value per share | $8.73 | $9.47 | $7.87 | $7.15 | $11.51 | $9.61 | −$2.75 | −$2.20 | −$1.32 |
| Capex per share | $0.01 | $0.07 | $0.07 | $0.36 | $0.33 | $0.04 | $0.12 | $0.03 | $0.04 |
| Debt per share | $0.37 | $0.46 | $0.37 | $0.50 | $0.59 | — | — | $0.01 | $0.00 |
| Shares outstanding | 57.9M | 53.9M | 39.1M | 32.4M | 27.7M | 26.7M | 26.5M | 12.5M | 14.8M |
| Change in shares outstanding | +7.4% | +37.9% | +21.0% | +16.7% | +3.9% | +0.7% | +111.6% | −15.6% | — |
| Returns & profitability | |||||||||
| Return on equity (ROE) | −27.6% | −39.3% | −37.4% | −36.7% | −23.7% | −61.8% | — | — | — |
| Return on invested capital (ROIC) | −107.4% | −205.2% | −261.6% | −142.9% | −167.1% | — | — | — | — |
| Return on assets (ROA) | −24.9% | −35.7% | −33.5% | −32.9% | −21.3% | −32.7% | −63.5% | −15.4% | −41.1% |
| Return on tangible assets | −24.7% | −28.7% | −29.7% | −38.6% | −19.3% | −19.7% | −84.7% | −9.8% | −41.1% |
| Free cash flow margin | −128.0% | — | −379.1% | — | −433.8% | −381.3% | −571.3% | −117.9% | 132.4% |
| Financial health | |||||||||
| Total debt | $21.4M | $24.6M | $14.7M | $16.1M | $16.4M | — | — | $93,000 | $51,000 |
| Cash & short-term investments | $402.7M | $424.9M | $288.2M | $213.6M | $247.8M | $276.7M | $49.7M | $91.8M | $23.9M |
| Net debt | −$381.2M | −$400.3M | −$273.6M | −$197.4M | −$231.3M | −$276.7M | −$49.7M | −$91.7M | −$23.8M |
| Debt / equity | 0.04 | 0.05 | 0.05 | 0.07 | 0.05 | — | — | — | — |
| Debt / assets | 0.04 | 0.04 | 0.04 | 0.06 | 0.05 | — | — | 0.00 | 0.00 |
| Current ratio | 9.39 | 14.92 | 15.65 | 14.02 | 15.69 | 16.88 | 4.05 | 11.68 | 4.15 |
| Quick ratio | 9.39 | 14.92 | 15.65 | 14.39 | 16.21 | 16.88 | 4.05 | 11.68 | 4.15 |
| Interest coverage | — | — | — | -17.1 | -23.5 | -372.8 | — | — | — |
| Working capital | $369.1M | $405.8M | $277.6M | $204.8M | $239.9M | $265.9M | $39.6M | $86.0M | $18.6M |
| Invested capital | $124.4M | $110.3M | $34.3M | $33.9M | $87.8M | −$20.3M | −$122.6M | −$119.3M | −$43.4M |
| Tangible asset value | $505.7M | $510.6M | $307.8M | $231.3M | $319.1M | $256.4M | −$73.0M | −$27.6M | −$19.6M |
| Net current asset value | $352.1M | $385.2M | $264.5M | $190.0M | $221.9M | $250.7M | −$78.7M | −$30.5M | −$22.4M |
| Graham net-net per share | $5.90 | $6.95 | $6.55 | $5.58 | $7.54 | $9.22 | −$3.05 | −$2.55 | −$1.54 |
| Capital allocation | |||||||||
| Share buybacks (net) | $0 | — | — | $468,000 | $0 | $278.1M | $2.3M | — | — |
| Capex / revenue | 0.6% | 10,232.4% | 13.4% | 368.7% | 50.5% | 7.3% | 45.8% | 2.9% | 9.9% |
| Capex / operating cash flow | — | — | — | — | — | — | — | — | 7.0% |
| Capex / depreciation | 0.07 | 0.56 | 0.48 | 2.97 | 3.02 | 0.69 | 3.19 | 0.59 | 0.92 |
| Stock-based compensation / revenue | 25.8% | 70,583.8% | 94.9% | 547.2% | 76.5% | 36.6% | 50.7% | 9.7% | 4.4% |
| R&D / revenue | 229.7% | 381,889.2% | 468.5% | 2,564.8% | 340.2% | 389.6% | 627.8% | 130.0% | 234.4% |
| SG&A / revenue | 57.6% | 125,889.2% | 176.1% | 1,051.7% | 155.3% | 126.6% | 198.9% | 43.6% | 60.3% |
| Efficiency | |||||||||
| Days sales outstanding | — | — | — | 43.6 | 15.5 | 33.0 | 54.9 | 18.7 | 20.2 |
| Days of inventory on hand | — | — | — | -672.2 | -1,027.7 | — | — | — | 0.0 |
| Days payables outstanding | 372.1 | 10.2 | 12.9 | 380.3 | 395.9 | 12.1 | 12.7 | 14.1 | 12.4 |
| Cash conversion cycle (days) | — | — | — | -1,009.0 | -1,408.1 | 20.9 | 42.2 | 4.6 | 7.9 |
| Receivables turnover | — | — | — | 8.38 | 23.53 | 11.05 | 6.65 | 19.56 | 18.04 |
| Payables turnover | 0.98 | 35.77 | 28.40 | 0.96 | 0.92 | 30.04 | 28.70 | 25.97 | 29.51 |
| Inventory turnover | — | — | — | — | — | — | — | — | 13,573,000.00 |
| Asset turnover | 0.15 | 0.00 | 0.07 | 0.01 | 0.06 | 0.08 | 0.09 | 0.23 | 0.21 |
| Average receivables | — | — | — | $373,500 | $766,500 | $1.2M | $1.1M | $722,500 | $321,000 |
| Average payables | $7.8M | $4.0M | $3.4M | $4.0M | $3.3M | $1.8M | $1.3M | $707,000 | $460,000 |
| Average inventory | — | — | — | −$7.1M | −$8.5M | — | — | — | $1 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from FDMT's annual financial statements (latest annual report filed March 18, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FDMT valuation and financial ratios
4D Molecular Therapeutics earned a return on equity of −27.6% and a return on invested capital of −107.4% in fiscal 2025. It ended the year with $21.4 million of debt and $402.7 million in cash and short-term investments, a net cash position of $381.2 million. The share count rose 290.5% from 14.8M to 57.9M over 8 years.
See the FDMT income statement, the FDMT chart for price history, or the FDMT stock overview for the latest quote and news.
FDMT key metrics FAQ
What is 4D Molecular Therapeutics's return on equity?
4D Molecular Therapeutics's return on equity (ROE) was −27.6% in fiscal 2025: net income of -$140.1 million on average shareholders' equity of $508.1 million.
What is 4D Molecular Therapeutics's ROIC?
4D Molecular Therapeutics's return on invested capital was −107.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does 4D Molecular Therapeutics have?
4D Molecular Therapeutics had total debt of $21.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.04 and more cash than debt.
What is 4D Molecular Therapeutics's free cash flow yield?
4D Molecular Therapeutics generated -$109.1 million of free cash flow in fiscal 2025, a free cash flow yield of −25.1% on its market value at year-end ($434.5 million).
What is 4D Molecular Therapeutics's current ratio?
4D Molecular Therapeutics's current ratio was 9.39 at the end of fiscal 2025: current assets were 9.39 times current liabilities.