Passage Bio, Inc. (PASG) Key Metrics
PASG valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $11.3M
- Enterprise value
- −$8.1M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- —
- Price / book
- 3.6 10-yr median 0.8
- EV / EBITDA
- 0.9
- Dividend yield
- —
- Beta
- 1.39
PASG key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPASG valuation Price multiples at each fiscal year-end price.
PASG returns How much profit the business earns on the capital it uses.
PASG per-share figures Results divided by the shares outstanding at year-end.
PASG financial health Debt, liquidity and how easily interest is covered.
PASG efficiency & capital use Working capital cycle and where the cash goes.
PASG valuation history
PASG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PASG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PASG price vs earnings per share
PASG key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $37.4M | $34.2M | $55.3M | $75.1M | $338.7M | $1.17B | — | — |
| Enterprise value | $15.1M | −$17.0M | −$32.7M | −$87.4M | $23.0M | $861.6M | — | — |
| Price / book | 2.0 | 0.6 | 0.5 | 0.4 | 1.1 | 3.8 | — | — |
| Earnings yield | −121.6% | −189.1% | −184.6% | −181.2% | −54.7% | −9.6% | — | — |
| Free cash flow yield | −84.2% | −140.1% | −141.8% | −164.4% | −45.0% | −7.0% | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Share price at fiscal year-end | $11.80 | $11.34 | $20.20 | $27.60 | $127.00 | $511.40 | — | — |
| Per share | ||||||||
| Revenue per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Earnings per share | −$14.35 | −$21.44 | −$37.29 | −$50.02 | −$69.51 | −$49.21 | −$38.09 | −$10.66 |
| Operating cash flow per share | −$9.93 | −$15.88 | −$28.59 | −$43.44 | −$47.57 | −$35.30 | −$33.30 | −$15.50 |
| Free cash flow per share | −$9.93 | −$15.89 | −$28.65 | −$45.37 | −$57.18 | −$36.03 | −$34.71 | −$17.62 |
| Cash per share | $14.59 | $25.41 | $41.76 | $69.67 | $118.39 | $133.65 | $132.60 | $20.75 |
| Book value per share | $5.91 | $20.28 | $40.66 | $73.99 | $119.47 | $133.60 | $145.52 | −$10.16 |
| Tangible book value per share | $5.91 | $20.28 | $40.66 | $73.99 | $119.47 | $133.60 | $145.52 | −$10.16 |
| Capex per share | $0.00 | $0.01 | $0.05 | $1.94 | $9.61 | $0.72 | $1.41 | $2.12 |
| Debt per share | $7.57 | $8.44 | $9.61 | $9.96 | — | — | — | — |
| Shares outstanding | 3.2M | 3.0M | 2.7M | 2.7M | 2.7M | 2.3M | 1.2M | 1.2M |
| Change in shares outstanding | +5.1% | +10.3% | +0.6% | +2.0% | +16.9% | +90.4% | 0.0% | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | −113.8% | −75.1% | −65.3% | −52.4% | −59.5% | −46.9% | −56.3% | — |
| Return on invested capital (ROIC) | — | −334.4% | −254.6% | −523.8% | — | — | — | — |
| Return on assets (ROA) | −55.3% | −51.2% | −51.8% | −45.5% | −54.3% | −44.3% | −43.0% | −38.2% |
| Return on tangible assets | −73.1% | −63.2% | −67.8% | −55.9% | −52.2% | −34.2% | −25.5% | −38.2% |
| Financial health | ||||||||
| Total debt | $24.0M | $25.5M | $26.3M | $27.1M | — | — | — | — |
| Cash & short-term investments | $46.3M | $76.8M | $114.3M | $189.6M | $315.8M | $304.8M | $158.9M | $24.9M |
| Net debt | −$22.3M | −$51.3M | −$88.0M | −$162.5M | −$315.8M | −$304.8M | −$158.9M | −$24.9M |
| Debt / equity | 1.28 | 0.42 | 0.24 | 0.13 | — | — | — | — |
| Debt / assets | 0.39 | 0.25 | 0.17 | 0.11 | — | — | — | — |
| Current ratio | 2.07 | 4.07 | 7.22 | 10.74 | 11.02 | 14.98 | 45.04 | 108.79 |
| Quick ratio | 2.07 | 4.07 | 7.22 | 10.74 | 11.02 | 14.98 | 45.04 | 108.79 |
| Interest coverage | — | — | — | -61.0 | -541.5 | -168.5 | -4.4 | -19.3 |
| Working capital | $24.7M | $59.5M | $101.6M | $178.7M | $295.6M | $296.0M | $162.1M | $33.1M |
| Invested capital | −$3.5M | $10.0M | $23.3M | $38.9M | $2.9M | −$103,000 | $15.5M | −$37.0M |
| Tangible asset value | $18.8M | $61.3M | $111.3M | $201.4M | $318.7M | $304.7M | $174.4M | −$12.2M |
| Net current asset value | $4.2M | $37.7M | $78.7M | $154.9M | $288.6M | $293.9M | $161.5M | −$12.2M |
| Graham net-net per share | $0.88 | $11.79 | $27.41 | $55.35 | $106.48 | $126.08 | $129.04 | −$17.34 |
| Capital allocation | ||||||||
| Share buybacks (net) | $0 | $0 | $0 | $0 | $0 | $0 | — | — |
| Capex / depreciation | 0.00 | 0.01 | 0.04 | 1.43 | 16.62 | 2.06 | 12.63 | 18.98 |
| Efficiency | ||||||||
| Days payables outstanding | 465.0 | 120.8 | 263.0 | 670.3 | 1,740.2 | 1,344.6 | 1,145.4 | — |
| Receivables turnover | — | — | — | 0.00 | 0.00 | 0.00 | — | — |
| Payables turnover | 0.78 | 3.02 | 1.39 | 0.54 | 0.21 | 0.27 | 0.32 | — |
| Asset turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Average receivables | — | — | — | $5.2M | $7.1M | $8.0M | — | — |
| Average payables | $927,500 | $1.0M | $2.7M | $6.8M | $7.4M | $2.9M | $420,500 | $212,000 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from PASG's annual financial statements (latest annual report filed March 3, 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.
PASG valuation and financial ratios
Passage Bio earned a return on equity of −113.8% in fiscal 2025. It ended the year with $24.0 million of debt and $46.3 million in cash and short-term investments, a net cash position of $22.3 million. The share count rose 164.8% from 1.2M to 3.2M over 7 years.
See the PASG income statement, the PASG chart for price history, or the PASG stock overview for the latest quote and news.
PASG key metrics FAQ
What is Passage Bio's return on equity?
Passage Bio's return on equity (ROE) was −113.8% in fiscal 2025: net income of -$45.5 million on average shareholders' equity of $40.0 million.
How much debt does Passage Bio have?
Passage Bio had total debt of $24.0 million at the end of fiscal 2025, a debt-to-equity ratio of 1.28 and more cash than debt.
What is Passage Bio's free cash flow yield?
Passage Bio generated -$31.5 million of free cash flow in fiscal 2025, a free cash flow yield of −84.2% on its market value at year-end ($37.4 million).
What is Passage Bio's current ratio?
Passage Bio's current ratio was 2.07 at the end of fiscal 2025: current assets were 2.07 times current liabilities.