HCW Biologics Inc. (HCWB) Key Metrics
HCWB valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.8M
- Enterprise value
- $8.9M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 0.4 10-yr median 408.2
- Price / book
- 0.4
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 2.42
HCWB key metrics, 2019–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHCWB returns How much profit the business earns on the capital it uses.
Return on invested capital+72.7 pts
−180.2%
2025 · hover or tap a bar for each year
20192025
Return on assets+73.1 pts
−29.1%
2025 · hover or tap a bar for each year
20192025
Asset turnover−97.7%
0.00
2025 · hover or tap a bar for each year
20192025
HCWB financial health Debt, liquidity and how easily interest is covered.
Debt / equity
2.46
2025 · hover or tap a bar for each year
20192025
Net debt−$4.2M
$4.9M
2025 · hover or tap a bar for each year
20192025
Current ratio−43.6%
0.11
2025 · hover or tap a bar for each year
20192025
Interest coverage
-9.0
2025 · hover or tap a bar for each year
20192025
Debt / assets−38.7%
0.28
2025 · hover or tap a bar for each year
20192025
HCWB efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+1,917 days
2,067 days
2025 · hover or tap a bar for each year
20192025
Days payables outstanding+145,990 days
149,226 days
2025 · hover or tap a bar for each year
20192025
Cash conversion cycle−144,073 days
-147,158 days
2025 · hover or tap a bar for each year
20192025
Capex / revenue−10.2 pts
0.0%
2025 · hover or tap a bar for each year
20192025
HCWB valuation history
Fiscal year-endToday7-year median
HCWB returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HCWB debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HCWB cash returned to shareholders
DividendsBuybacksFree cash flow
HCWB price vs earnings per share
Share price at year-endEPS (right axis)
HCWB key metrics
2019–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Valuation | |||||||
| Market capitalization | — | $692.1M | $1.76B | $2.74B | — | — | — |
| Enterprise value | — | $701.1M | $1.76B | $2.72B | — | — | — |
| Price / sales | — | 269.6 | 619.5 | 408.2 | — | — | — |
| Price / book | — | — | 130.8 | 73.3 | — | — | — |
| EV / sales | — | 273.1 | 620.5 | 404.4 | — | — | — |
| Earnings yield | — | −4.3% | −1.4% | −0.5% | — | — | — |
| Free cash flow yield | — | −2.1% | −1.6% | −0.8% | — | — | — |
| Shareholder yield (dividends + buybacks) | — | — | — | 0.0% | — | — | — |
| Share price at fiscal year-end | $5.83 | $107.04 | $294.00 | $459.60 | $556.80 | — | — |
| Per share | |||||||
| Revenue per share | — | $0.40 | $0.47 | $1.13 | — | $0.67 | $0.00 |
| Earnings per share | — | −$4.64 | −$4.17 | −$2.50 | — | −$0.94 | −$1.19 |
| Operating cash flow per share | — | −$2.20 | −$3.76 | −$1.74 | — | −$1.71 | −$1.11 |
| Free cash flow per share | — | −$2.24 | −$4.80 | −$3.46 | — | −$1.74 | −$1.34 |
| Cash per share | — | $0.72 | $0.60 | $5.37 | — | $1.38 | $1.20 |
| Book value per share | — | −$1.05 | $2.25 | $6.27 | — | $2.35 | $1.47 |
| Tangible book value per share | — | −$1.05 | $2.25 | $6.27 | — | $2.35 | $1.47 |
| Capex per share | — | $0.04 | $1.04 | $1.72 | — | $0.03 | $0.24 |
| Debt per share | — | $2.12 | $1.05 | $1.07 | — | $0.09 | — |
| Shares outstanding | — | 6.5M | 6.0M | 6.0M | — | 6.1M | 6.1M |
| Change in shares outstanding | — | +8.0% | +0.3% | — | — | 0.0% | — |
| Returns & profitability | |||||||
| Return on equity (ROE) | — | — | −98.2% | −33.6% | −39.2% | −49.4% | −81.0% |
| Return on invested capital (ROIC) | −180.2% | −252.9% | −145.4% | −84.9% | −92.7% | −112.9% | −353.9% |
| Return on assets (ROA) | −29.1% | −102.2% | −66.4% | −29.7% | −37.3% | −45.4% | −72.5% |
| Return on tangible assets | −32.5% | −99.3% | −87.7% | −31.8% | −24.0% | −37.5% | −72.5% |
| Free cash flow margin | — | −564.5% | — | −307.4% | −268.9% | −259.0% | — |
| Financial health | |||||||
| Total debt | $6.8M | $13.7M | $6.3M | $6.4M | $1.8M | $567,311 | — |
| Cash & short-term investments | $2.0M | $4.7M | $3.6M | $32.1M | $36.7M | $8.5M | $7.4M |
| Net debt | $4.9M | $9.0M | $2.7M | −$25.7M | −$34.9M | −$7.9M | −$7.4M |
| Debt / equity | 2.46 | — | 0.47 | 0.17 | 0.04 | 0.04 | — |
| Debt / assets | 0.28 | 0.45 | 0.22 | 0.14 | 0.03 | 0.04 | — |
| Current ratio | 0.11 | 0.19 | 0.73 | 11.52 | 17.44 | 12.14 | 7.53 |
| Quick ratio | 0.11 | 0.19 | 0.73 | 11.05 | 16.49 | 11.60 | 7.53 |
| Interest coverage | -9.0 | -25.4 | -90.9 | -119.0 | -26.5 | — | — |
| Working capital | −$18.8M | −$23.9M | −$2.3M | $31.1M | $38.2M | $11.1M | $7.0M |
| Invested capital | $7.6M | $2.2M | $16.2M | $11.8M | $16.3M | $6.5M | $1.6M |
| Tangible asset value | $2.8M | −$6.8M | $13.5M | $37.4M | $51.2M | $14.4M | $9.0M |
| Net current asset value | −$19.5M | −$31.3M | −$8.6M | $24.7M | $38.2M | $11.1M | $7.0M |
| Graham net-net per share | — | −$4.93 | −$1.72 | $3.97 | — | $1.57 | $1.03 |
| Capital allocation | |||||||
| Dividends paid | — | — | — | — | $2.8M | — | — |
| Share buybacks (net) | — | — | — | $174,769 | — | — | — |
| Capex / revenue | 0.0% | 10.2% | 218.3% | 152.9% | 1.2% | 4.6% | — |
| Capex / depreciation | 0.00 | 0.22 | 5.46 | 14.31 | 0.09 | 0.33 | 3.46 |
| Stock-based compensation / revenue | 1,417.3% | 39.3% | 35.3% | 16.7% | 8.8% | 0.5% | — |
| R&D / revenue | 10,036.3% | 248.9% | 270.1% | 138.9% | 199.4% | 177.0% | — |
| SG&A / revenue | 14,200.6% | 886.3% | 469.1% | 118.8% | 129.3% | 59.4% | — |
| Efficiency | |||||||
| Days sales outstanding | 2,067.5 | 150.6 | 125.5 | 15.0 | 117.2 | 222.6 | — |
| Days of inventory on hand | — | — | — | 158.5 | 918.2 | — | — |
| Days payables outstanding | 149,225.7 | 3,235.8 | 591.4 | 64.0 | 127.2 | — | 339.5 |
| Cash conversion cycle (days) | -147,158.2 | -3,085.2 | -466.0 | 109.5 | 908.1 | — | — |
| Receivables turnover | 0.18 | 2.42 | 2.91 | 24.41 | 3.11 | 1.64 | — |
| Payables turnover | 0.00 | 0.11 | 0.62 | 5.71 | 2.87 | 0.00 | 1.08 |
| Inventory turnover | — | — | — | 2.30 | 0.40 | 0.00 | — |
| Asset turnover | 0.00 | 0.09 | 0.08 | 0.13 | 0.12 | 0.32 | 0.00 |
| Average receivables | $307,188 | $1.1M | $976,726 | $275,348 | $1.3M | $2.5M | — |
| Average payables | $17.7M | $14.2M | $3.7M | $724,910 | $189,504 | $273,837 | $392,331 |
| Average inventory | — | — | — | $1.8M | $1.4M | $538,306 | — |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from HCWB's annual financial statements (latest annual report filed March 31, 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.
HCWB valuation and financial ratios
HCW Biologics earned a return on invested capital of −180.2% in fiscal 2025. It ended the year with $6.8 million of debt and $2.0 million in cash and short-term investments, net debt of $4.9 million.
See the HCWB income statement, the HCWB chart for price history, or the HCWB stock overview for the latest quote and news.
HCWB key metrics FAQ
What is HCW Biologics's ROIC?
HCW Biologics's return on invested capital was −180.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does HCW Biologics have?
HCW Biologics had total debt of $6.8 million at the end of fiscal 2025, a debt-to-equity ratio of 2.46.
What is HCW Biologics's current ratio?
HCW Biologics's current ratio was 0.11 at the end of fiscal 2025: current assets were 0.11 times current liabilities.