Zenas BioPharma, Inc. (ZBIO) Key Metrics
ZBIO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.62B
- Enterprise value
- $1.59B
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- —
- Price / book
- 7.8
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- −0.88
ZBIO key metrics, 2022–2025
Fiscal year ended December 31, 2025 · U.S. dollarsZBIO valuation Price multiples at each fiscal year-end price.
ZBIO returns How much profit the business earns on the capital it uses.
ZBIO per-share figures Results divided by the shares outstanding at year-end.
ZBIO financial health Debt, liquidity and how easily interest is covered.
ZBIO efficiency & capital use Working capital cycle and where the cash goes.
ZBIO valuation history
ZBIO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ZBIO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ZBIO price vs earnings per share
ZBIO key metrics
2022–2025| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Valuation | ||||
| Market capitalization | $1.62B | $342.2M | — | — |
| Enterprise value | $1.36B | −$7.5M | — | — |
| Price / sales | 162.4 | 68.4 | — | — |
| Price / book | 6.7 | 1.1 | — | — |
| EV / sales | 136.1 | -1.5 | — | — |
| Earnings yield | −23.3% | −45.9% | — | — |
| Free cash flow yield | −10.6% | −35.0% | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | — | — | — |
| Share price at fiscal year-end | $36.31 | $8.19 | — | — |
| Per share | ||||
| Revenue per share | $0.22 | $0.12 | $1.30 | $0.00 |
| Earnings per share | −$8.44 | −$3.76 | −$0.97 | −$3.11 |
| Operating cash flow per share | −$3.85 | −$2.86 | −$0.80 | −$1.71 |
| Free cash flow per share | −$3.85 | −$2.87 | −$0.80 | −$1.77 |
| Cash per share | $7.67 | $8.39 | $1.48 | $1.75 |
| Book value per share | $5.41 | $7.48 | −$5.89 | −$5.02 |
| Tangible book value per share | $5.41 | $7.48 | −$5.89 | −$5.02 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.06 |
| Debt per share | $1.79 | $0.02 | $0.55 | $0.04 |
| Shares outstanding | 44.7M | 41.8M | 38.3M | 38.3M |
| Change in shares outstanding | +7.0% | +9.1% | 0.0% | — |
| Returns & profitability | ||||
| Return on equity (ROE) | −136.2% | −362.0% | — | — |
| Return on assets (ROA) | −100.2% | −71.7% | −52.0% | −159.9% |
| Return on tangible assets | −98.5% | −42.4% | −54.4% | −159.9% |
| Free cash flow margin | — | — | −61.1% | — |
| Financial health | ||||
| Total debt | $80.0M | $1.0M | $21.1M | $1.5M |
| Cash & short-term investments | $343.2M | $350.8M | $56.9M | $67.2M |
| Net debt | −$263.2M | −$349.8M | −$35.7M | −$65.7M |
| Debt / equity | 0.33 | 0.00 | — | — |
| Debt / assets | 0.21 | 0.00 | 0.31 | 0.02 |
| Current ratio | 5.61 | 6.21 | 2.57 | 2.64 |
| Quick ratio | 5.61 | 6.21 | 2.57 | 2.64 |
| Interest coverage | -28.9 | — | — | — |
| Working capital | $288.5M | $298.6M | $36.5M | $42.5M |
| Invested capital | −$21.1M | −$37.3M | −$261.5M | −$258.0M |
| Tangible asset value | $242.1M | $312.5M | −$225.7M | −$192.3M |
| Net current asset value | $209.7M | $298.4M | −$234.1M | −$198.4M |
| Graham net-net per share | $4.51 | $7.02 | −$6.19 | −$5.21 |
| Capital allocation | ||||
| Share buybacks (net) | $0 | — | — | — |
| Capex / revenue | 0.2% | 2.6% | 0.0% | — |
| Capex / depreciation | 0.32 | 0.96 | 0.15 | 28.18 |
| Stock-based compensation / revenue | 263.5% | 216.4% | 7.0% | — |
| R&D / revenue | 1,680.6% | 2,782.8% | 120.1% | — |
| SG&A / revenue | 533.2% | 577.0% | 34.2% | — |
| Efficiency | ||||
| Days payables outstanding | 79,019.2 | 29.6 | 18,106.3 | 34.4 |
| Payables turnover | 0.00 | 12.35 | 0.02 | 10.61 |
| Asset turnover | 0.03 | 0.02 | 0.70 | 0.00 |
| Average payables | $12.1M | $11.3M | $5.6M | $5.8M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from ZBIO's annual financial statements (latest annual report filed March 16, 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.
ZBIO valuation and financial ratios
Zenas BioPharma earned a return on equity of −136.2% in fiscal 2025. It ended the year with $80.0 million of debt and $343.2 million in cash and short-term investments, a net cash position of $263.2 million.
See the ZBIO income statement, the ZBIO chart for price history, or the ZBIO stock overview for the latest quote and news.
ZBIO key metrics FAQ
What is Zenas BioPharma's return on equity?
Zenas BioPharma's return on equity (ROE) was −136.2% in fiscal 2025: net income of -$377.7 million on average shareholders' equity of $277.3 million.
How much debt does Zenas BioPharma have?
Zenas BioPharma had total debt of $80.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.33 and more cash than debt.
What is Zenas BioPharma's free cash flow yield?
Zenas BioPharma generated -$172.4 million of free cash flow in fiscal 2025, a free cash flow yield of −10.6% on its market value at year-end ($1.6 billion).
What is Zenas BioPharma's current ratio?
Zenas BioPharma's current ratio was 5.61 at the end of fiscal 2025: current assets were 5.61 times current liabilities.