Lipocine Inc. (LPCN) Key Metrics
LPCN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $12.9M
- Enterprise value
- −$5.7M
- P/E (TTM)
- —
- Forward P/E
- 5.6
- PEG ratio
- —
- Price / sales
- 8.2 10-yr median 14.3
- Price / book
- 0.8 10-yr median 1.6
- EV / EBITDA
- 153.4
- Dividend yield
- —
- Beta
- 0.40
LPCN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsLPCN valuation Price multiples at each fiscal year-end price.
Price / sales+881.3%
23.2
2025 · hover or tap a bar for each year
20162025
Price / book+151.2%
3.2
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−16.3 pts
−21.3%
2025 · hover or tap a bar for each year
20162025
LPCN returns How much profit the business earns on the capital it uses.
Return on equity−54.3 pts
−54.3%
2025 · hover or tap a bar for each year
20162025
Return on assets−48.8 pts
−48.7%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin−482.1 pts
−493.8%
2025 · hover or tap a bar for each year
20162025
Asset turnover−79.7%
0.10
2025 · hover or tap a bar for each year
20162025
LPCN per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−83.2%
$0.35
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$1.69
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$1.71
2025 · hover or tap a bar for each year
20162025
Book value per share−34.5%
$2.54
2025 · hover or tap a bar for each year
20162025
Shares outstanding+5.3%
5.7M
2025 · hover or tap a bar for each year
20162025
LPCN financial health Debt, liquidity and how easily interest is covered.
Debt / equity+48.7%
0.03
2025 · hover or tap a bar for each year
20162025
Net debt+$6.7M
−$14.5M
2025 · hover or tap a bar for each year
20162025
Current ratio−54.8%
6.68
2025 · hover or tap a bar for each year
20162025
Debt / assets+35.7%
0.03
2025 · hover or tap a bar for each year
20162025
LPCN efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+10 days
12 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−7,378 days
26 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle+7,387 days
-14 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue−0.8 pts
0.0%
2025 · hover or tap a bar for each year
20162025
LPCN valuation history
Fiscal year-endToday10-year median
LPCN returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
LPCN debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
LPCN cash returned to shareholders
DividendsBuybacksFree cash flow
LPCN price vs earnings per share
Share price at year-endEPS (right axis)
LPCN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $45.8M | $26.5M | $14.7M | $35.6M | $86.8M | $75.7M | — | — | — | — |
| Enterprise value | $31.4M | $5.3M | −$7.3M | $3.0M | $44.5M | $61.7M | — | — | — | — |
| Price / sales | 23.2 | 2.4 | — | 71.1 | 5.4 | — | — | — | — | — |
| Price / book | 3.2 | 1.3 | 0.7 | 1.0 | 1.9 | 4.9 | — | — | — | — |
| EV / sales | 15.9 | 0.5 | — | 6.1 | 2.8 | — | — | — | — | — |
| EV / EBITDA | — | 105.1 | — | — | — | — | — | — | — | — |
| Earnings yield | −21.0% | 0.0% | −111.2% | −30.3% | −0.7% | −27.7% | — | — | — | — |
| Free cash flow yield | −21.3% | −5.0% | −80.8% | −34.0% | −5.1% | −20.2% | — | — | — | — |
| Dividend yield | — | — | — | 0.6% | — | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | — | — | — | 0.7% | 0.0% | 0.0% | — | — | — | — |
| Share price at fiscal year-end | $8.03 | $4.88 | $2.79 | $6.77 | $16.85 | $23.12 | $6.54 | $22.10 | $58.48 | $62.56 |
| Per share | ||||||||||
| Revenue per share | $0.35 | $2.07 | $0.00 | $0.10 | $3.13 | $0.00 | — | — | — | — |
| Earnings per share | −$1.69 | $0.00 | −$3.10 | −$2.05 | −$0.12 | −$6.40 | — | — | — | — |
| Operating cash flow per share | −$1.71 | −$0.23 | −$2.25 | −$2.28 | −$0.86 | −$4.67 | — | — | — | — |
| Free cash flow per share | −$1.71 | −$0.24 | −$2.25 | −$2.30 | −$0.86 | −$4.67 | — | — | — | — |
| Cash per share | $2.62 | $3.99 | $4.18 | $6.19 | $8.66 | $6.00 | — | — | — | — |
| Book value per share | $2.54 | $3.87 | $3.87 | $6.78 | $8.84 | $4.68 | — | — | — | — |
| Tangible book value per share | $2.54 | $3.87 | $3.87 | $6.78 | $8.84 | $4.68 | — | — | — | — |
| Dividends per share | — | — | — | $0.04 | — | — | — | — | — | — |
| Capex per share | $0.00 | $0.02 | $0.00 | $0.03 | $0.00 | $0.00 | — | — | — | — |
| Debt per share | $0.08 | $0.08 | $0.00 | — | $0.45 | $1.71 | — | — | — | — |
| Shares outstanding | 5.7M | 5.4M | 5.3M | 5.3M | 5.2M | 3.3M | — | — | — | — |
| Change in shares outstanding | +5.3% | +2.9% | +0.3% | +2.0% | +57.3% | — | — | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −54.3% | 0.0% | −58.4% | −26.5% | −2.1% | −193.9% | −165.5% | −82.1% | −93.3% | −55.8% |
| Return on invested capital (ROIC) | — | — | — | −300.7% | 109.8% | — | — | −915.4% | — | — |
| Return on assets (ROA) | −48.7% | 0.0% | −54.0% | −23.9% | −1.6% | −93.2% | −64.2% | −50.5% | −79.7% | −52.2% |
| Return on tangible assets | −56.6% | 0.0% | −71.1% | −28.7% | −1.2% | −82.7% | −66.2% | −55.9% | −82.9% | −69.4% |
| Free cash flow margin | −493.8% | −11.7% | — | — | −27.4% | — | — | — | — | — |
| Income quality (OCF / net income) | — | −146.22 | — | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $449,591 | $438,625 | $17,166 | — | $2.3M | $5.6M | $7.1M | $10.3M | $0 | $0 |
| Cash & short-term investments | $14.9M | $21.6M | $22.0M | $32.5M | $44.6M | $19.7M | $14.1M | $15.3M | $21.5M | $26.8M |
| Net debt | −$14.5M | −$21.2M | −$22.0M | −$32.5M | −$42.3M | −$14.1M | −$6.9M | −$5.0M | −$21.5M | −$26.8M |
| Debt / equity | 0.03 | 0.02 | 0.00 | — | 0.05 | 0.36 | 1.14 | 1.09 | 0.00 | 0.00 |
| Debt / assets | 0.03 | 0.02 | 0.00 | — | 0.04 | 0.22 | 0.36 | 0.49 | 0.00 | 0.00 |
| Net debt / EBITDA | — | −422.72 | — | — | — | — | — | — | — | — |
| Current ratio | 6.68 | 14.75 | 8.69 | 20.34 | 8.26 | 3.85 | 3.95 | 4.63 | 3.97 | 20.52 |
| Quick ratio | 6.68 | 14.75 | 8.69 | 20.34 | 15.72 | 3.09 | 2.95 | 4.63 | 3.97 | 20.52 |
| Interest coverage | — | — | — | -447.2 | 15.5 | -46.5 | -37.6 | — | — | — |
| Working capital | $14.3M | $20.8M | $20.2M | $32.5M | $40.8M | $18.7M | $14.7M | $16.3M | $18.9M | $25.9M |
| Invested capital | −$3,380 | −$197,121 | −$1.6M | $3.1M | $3.3M | $1.3M | −$633,025 | $4.4M | −$2.5M | −$823,485 |
| Tangible asset value | $14.5M | $21.0M | $20.4M | $35.6M | $45.6M | $15.3M | $6.3M | $9.4M | $19.0M | $26.0M |
| Net current asset value | $14.3M | $20.8M | $20.2M | $32.2M | $39.5M | $15.3M | $6.3M | $9.4M | $18.9M | $25.9M |
| Graham number | — | $0.37 | — | — | — | — | — | — | — | — |
| Graham net-net per share | $2.17 | $3.73 | $3.69 | $5.92 | $3.29 | $3.71 | — | — | — | — |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $211,423 | — | — | — | — | $0 | $0 |
| Share buybacks (net) | — | — | — | $21,700 | $0 | $0 | $0 | $0 | $0 | $0 |
| Capex / revenue | 0.0% | 0.8% | — | 26.8% | 0.0% | 18,977,500.0% | 4.6% | 1.8% | — | — |
| Capex / depreciation | 0.00 | 2.19 | 0.46 | 14.16 | 19.98 | 2.14 | 0.49 | 0.41 | 0.00 | 1.87 |
| Stock-based compensation / revenue | 12.3% | 3.6% | — | 127.2% | 3.7% | 3,432,955,000.0% | 627.8% | 340.6% | — | — |
| R&D / revenue | 434.3% | 65.7% | — | 1,711.4% | 47.5% | 24,371,172,500.0% | 4,526.5% | 1,510.3% | — | — |
| SG&A / revenue | 190.4% | 44.7% | — | 812.5% | 33.0% | 20,619,487,500.0% | 3,392.4% | 1,235.7% | — | — |
| Efficiency | ||||||||||
| Days sales outstanding | 12.4 | 2.8 | — | 331.1 | 2.8 | 77,165,562.5 | 60.9 | 1,441.8 | — | — |
| Days of inventory on hand | — | — | — | -893.9 | -878.9 | 187.2 | 244.4 | — | — | — |
| Days payables outstanding | 26.4 | 7,404.0 | 35.8 | 40.3 | 68.7 | 52.0 | 45.3 | 35.8 | 14.0 | 17.0 |
| Cash conversion cycle (days) | -14.0 | -7,401.2 | — | -603.2 | -944.8 | 77,165,697.7 | 260.0 | 1,405.9 | — | — |
| Receivables turnover | 29.36 | 129.68 | 0.00 | 1.10 | 130.36 | 0.00 | 6.00 | 0.25 | 0.00 | 0.00 |
| Payables turnover | 13.81 | 0.05 | 10.19 | 9.06 | 5.31 | 7.01 | 8.06 | 10.19 | 26.08 | 21.45 |
| Inventory turnover | — | — | — | — | — | 1.95 | 1.49 | — | — | — |
| Asset turnover | 0.10 | 0.49 | 0.00 | 0.01 | 0.41 | 0.00 | 0.01 | 0.02 | 0.00 | 0.00 |
| Average receivables | $67,318 | $86,350 | $356,054 | $453,554 | $123,822 | $8,456 | $27,518 | $1.7M | $1.7M | $91,740 |
| Average payables | $621,759 | $833,836 | $998,182 | $944,865 | $1.4M | $1.4M | $926,760 | $634,675 | $421,992 | $376,491 |
| Average inventory | — | — | — | −$21.0M | −$18.5M | $5.0M | $5.0M | — | $0 | $0 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from LPCN's annual financial statements (latest annual report filed March 10, 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.
LPCN valuation and financial ratios
Lipocine earned a return on equity of −54.3% in fiscal 2025. It ended the year with $0.4 million of debt and $14.9 million in cash and short-term investments, a net cash position of $14.5 million.
See the LPCN income statement, the LPCN chart for price history, or the LPCN stock overview for the latest quote and news.
LPCN key metrics FAQ
What is Lipocine's return on equity?
Lipocine's return on equity (ROE) was −54.3% in fiscal 2025: net income of -$9.6 million on average shareholders' equity of $17.7 million.
How much debt does Lipocine have?
Lipocine had total debt of $0.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.03 and more cash than debt.
What is Lipocine's free cash flow yield?
Lipocine generated -$9.8 million of free cash flow in fiscal 2025, a free cash flow yield of −21.3% on its market value at year-end ($45.8 million).
What is Lipocine's current ratio?
Lipocine's current ratio was 6.68 at the end of fiscal 2025: current assets were 6.68 times current liabilities.