Milestone Pharmaceuticals Inc. (MIST) Key Metrics
MIST valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $88.1M
- Enterprise value
- −$3.2M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 37.6 10-yr median 33.6
- Price / book
- 5.9 10-yr median 3.3
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 1.01
MIST key metrics, 2017–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMIST valuation Price multiples at each fiscal year-end price.
Price / sales
109.6
2025 · hover or tap a bar for each year
20172025
Price / book−63.7%
4.1
2025 · hover or tap a bar for each year
20172025
Free cash flow yield−9.4 pts
−29.1%
2025 · hover or tap a bar for each year
20172025
MIST returns How much profit the business earns on the capital it uses.
Return on equity+47.9 pts
−229.7%
2025 · hover or tap a bar for each year
20172025
Return on assets−11.6 pts
−66.7%
2025 · hover or tap a bar for each year
20172025
Asset turnover
0.02
2025 · hover or tap a bar for each year
20172025
MIST per-share figures Results divided by the shares outstanding at year-end.
Revenue per share
$0.02
2025 · hover or tap a bar for each year
20172025
Earnings per share
−$0.75
2025 · hover or tap a bar for each year
20172025
Free cash flow per share
−$0.59
2025 · hover or tap a bar for each year
20172025
Book value per share+135.6%
$0.50
2025 · hover or tap a bar for each year
20172025
Shares outstanding+34.8%
83.9M
2025 · hover or tap a bar for each year
20172025
MIST financial health Debt, liquidity and how easily interest is covered.
Debt / equity−66.5%
1.40
2025 · hover or tap a bar for each year
20172025
Net debt−$32.7M
−$47.6M
2025 · hover or tap a bar for each year
20172025
Current ratio−12.0%
8.01
2025 · hover or tap a bar for each year
20172025
Interest coverage
-16.3
2025 · hover or tap a bar for each year
20172025
Debt / assets−29.2%
0.51
2025 · hover or tap a bar for each year
20172025
MIST efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding
696 days
2025 · hover or tap a bar for each year
20172025
Days of inventory
1,037 days
2025 · hover or tap a bar for each year
20172025
Days payables outstanding+10,459 days
12,130 days
2025 · hover or tap a bar for each year
20172025
Cash conversion cycle
-10,396 days
2025 · hover or tap a bar for each year
20172025
Capex / revenue
19.5%
2025 · hover or tap a bar for each year
20172025
MIST valuation history
Fiscal year-endToday9-year median
MIST returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MIST debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MIST price vs earnings per share
Share price at year-endEPS (right axis)
MIST key metrics
2017–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||
| Market capitalization | $169.4M | $146.8M | $71.7M | $168.1M | $274.0M | $196.6M | — | — | — |
| Enterprise value | $121.9M | $131.9M | $57.5M | $106.0M | $160.6M | $55.2M | — | — | — |
| Price / sales | 109.6 | — | 71.7 | 33.6 | 18.3 | 13.1 | — | — | — |
| Price / book | 4.1 | 11.2 | 4.3 | 2.5 | 2.4 | 1.4 | — | — | — |
| EV / sales | 78.8 | — | 57.5 | 21.2 | 10.7 | 3.7 | — | — | — |
| Earnings yield | −37.2% | −28.3% | −83.2% | −34.0% | −15.6% | −25.4% | — | — | — |
| Free cash flow yield | −29.1% | −19.7% | −64.9% | −31.4% | −12.1% | −25.8% | — | — | — |
| Shareholder yield (dividends + buybacks) | — | — | — | — | 0.0% | 0.0% | — | — | — |
| Share price at fiscal year-end | $2.02 | $2.36 | $1.67 | $3.96 | $6.55 | $6.70 | $16.01 | — | — |
| Per share | |||||||||
| Revenue per share | $0.02 | $0.00 | $0.02 | $0.12 | $0.36 | $0.51 | — | — | — |
| Earnings per share | −$0.75 | −$0.67 | −$1.39 | −$1.35 | −$1.02 | −$1.70 | — | — | — |
| Operating cash flow per share | −$0.58 | −$0.46 | −$1.08 | −$1.24 | −$0.79 | −$1.73 | — | — | — |
| Free cash flow per share | −$0.59 | −$0.46 | −$1.08 | −$1.24 | −$0.79 | −$1.73 | — | — | — |
| Cash per share | $1.26 | $1.12 | $1.54 | $1.52 | $2.73 | $4.85 | — | — | — |
| Book value per share | $0.50 | $0.21 | $0.39 | $1.56 | $2.69 | $4.88 | — | — | — |
| Tangible book value per share | $0.50 | $0.21 | $0.39 | $1.56 | $2.69 | $4.88 | — | — | — |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | — | — | — |
| Debt per share | $0.70 | $0.88 | $1.21 | $0.06 | $0.02 | $0.03 | — | — | — |
| Shares outstanding | 83.9M | 62.2M | 43.0M | 42.5M | 41.8M | 29.3M | — | — | — |
| Change in shares outstanding | +34.8% | +44.8% | +1.2% | +1.5% | +42.6% | — | — | — | — |
| Returns & profitability | |||||||||
| Return on equity (ROE) | −229.7% | −277.6% | −143.6% | −63.9% | −33.5% | −38.7% | −185.0% | — | — |
| Return on assets (ROA) | −66.7% | −55.1% | −79.7% | −58.8% | −31.8% | −36.6% | −52.2% | −40.1% | −29.3% |
| Return on tangible assets | −55.5% | −55.0% | −79.3% | −76.7% | −35.8% | −33.3% | −44.7% | −26.3% | −29.3% |
| Free cash flow margin | — | — | — | — | −221.5% | −338.2% | — | — | — |
| Financial health | |||||||||
| Total debt | $58.4M | $54.8M | $51.8M | $2.5M | $698,000 | $941,000 | $514,000 | $0 | $0 |
| Cash & short-term investments | $106.0M | $69.7M | $66.0M | $64.6M | $114.1M | $142.3M | $119.8M | $86.0M | $26.9M |
| Net debt | −$47.6M | −$14.9M | −$14.2M | −$62.1M | −$113.4M | −$141.4M | −$119.3M | −$86.0M | −$26.9M |
| Debt / equity | 1.40 | 4.17 | 3.09 | 0.04 | 0.01 | 0.01 | 0.00 | — | — |
| Debt / assets | 0.51 | 0.73 | 0.69 | 0.03 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 |
| Current ratio | 8.01 | 9.10 | 10.11 | 11.70 | 17.55 | 24.14 | 14.71 | 19.42 | 17.17 |
| Quick ratio | 7.96 | 9.10 | 10.11 | 11.75 | 17.61 | 24.26 | 14.78 | 19.42 | 17.17 |
| Interest coverage | -16.3 | -11.8 | -23.9 | -47.6 | -195.8 | -69.8 | -22.3 | — | — |
| Working capital | $97.9M | $65.8M | $65.8M | $65.7M | $112.1M | $142.5M | $114.2M | $83.5M | $25.9M |
| Invested capital | −$5.8M | −$1.8M | $2.5M | $4.3M | −$843,000 | $1.8M | −$4.4M | −$141.2M | −$60.0M |
| Tangible asset value | $41.8M | $13.1M | $16.8M | $66.3M | $112.6M | $143.1M | $114.9M | −$55.2M | −$33.1M |
| Net current asset value | $40.1M | $11.6M | $14.6M | $63.7M | $111.7M | $141.8M | $114.0M | −$55.2M | −$33.2M |
| Graham net-net per share | $0.44 | $0.15 | $0.24 | $1.35 | $2.56 | $4.63 | — | — | — |
| Capital allocation | |||||||||
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | — | — | — | — | $0 | $0 | $0 | $0 | $0 |
| Capex / revenue | 19.5% | — | 11.2% | 5.4% | 0.0% | 0.6% | — | — | — |
| Capex / depreciation | 2.65 | 0.31 | 1.22 | 3.06 | 0.00 | 1.00 | 10.87 | 0.50 | 4.50 |
| Stock-based compensation / revenue | 482.6% | — | 953.4% | 181.0% | 48.5% | 33.0% | — | — | — |
| R&D / revenue | 1,171.3% | — | 3,105.2% | 796.6% | 257.8% | 232.4% | — | — | — |
| SG&A / revenue | 1,117.3% | — | 3,104.6% | 496.3% | 129.3% | 106.0% | — | — | — |
| Efficiency | |||||||||
| Days sales outstanding | 696.4 | — | 924.2 | 61.9 | 17.4 | 21.7 | — | — | — |
| Days of inventory on hand | 1,037.4 | — | — | -261.2 | — | -632.4 | -447.0 | — | — |
| Days payables outstanding | 12,129.8 | 1,670.5 | 1,905.6 | 2,527.2 | — | 4,376.6 | 5,396.9 | 47,577.8 | 182.5 |
| Cash conversion cycle (days) | -10,396.1 | — | -981.4 | -2,726.5 | — | -4,987.3 | — | — | — |
| Receivables turnover | 0.52 | 0.00 | 0.39 | 5.90 | 20.96 | 16.82 | 0.00 | 0.00 | 0.00 |
| Payables turnover | 0.03 | 0.22 | 0.19 | 0.14 | 0.00 | 0.08 | 0.07 | 0.01 | 2.00 |
| Inventory turnover | 0.35 | — | — | — | — | — | — | — | — |
| Asset turnover | 0.02 | 0.00 | 0.01 | 0.05 | 0.11 | 0.11 | 0.00 | 0.00 | 0.00 |
| Average receivables | $2.9M | $3.1M | $2.5M | $848,000 | $715,500 | $892,000 | $756,500 | $610,000 | $543,000 |
| Average payables | $3.8M | $3.0M | $3.1M | $3.3M | $4.5M | $4.5M | $3.5M | $1.3M | $4,000 |
| Average inventory | $324,000 | $0 | — | −$343,500 | −$540,500 | −$651,500 | −$289,000 | $0 | $0 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from MIST's annual financial statements (latest annual report filed March 20, 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.
MIST valuation and financial ratios
Milestone Pharmaceuticals earned a return on equity of −229.7% in fiscal 2025. It ended the year with $58.4 million of debt and $106.0 million in cash and short-term investments, a net cash position of $47.6 million.
See the MIST income statement, the MIST chart for price history, or the MIST stock overview for the latest quote and news.
MIST key metrics FAQ
What is Milestone Pharmaceuticals's return on equity?
Milestone Pharmaceuticals's return on equity (ROE) was −229.7% in fiscal 2025: net income of -$63.1 million on average shareholders' equity of $27.5 million.
How much debt does Milestone Pharmaceuticals have?
Milestone Pharmaceuticals had total debt of $58.4 million at the end of fiscal 2025, a debt-to-equity ratio of 1.40 and more cash than debt.
What is Milestone Pharmaceuticals's free cash flow yield?
Milestone Pharmaceuticals generated -$49.3 million of free cash flow in fiscal 2025, a free cash flow yield of −29.1% on its market value at year-end ($169.4 million).
What is Milestone Pharmaceuticals's current ratio?
Milestone Pharmaceuticals's current ratio was 8.01 at the end of fiscal 2025: current assets were 8.01 times current liabilities.