Northwest Biotherapeutics Inc (OTC: NWBO)

Sector: Healthcare Industry: Biotechnology CIK: 0001072379
Market Cap 440.92 Mn
P/B -4.06
P/E -4.83
P/S 470.56
ROIC (Qtr) 208.77
Div Yield % 0.00
Rev 1y % (Qtr) -43.98
Total Debt (Qtr) 77.05 Mn
Debt/Equity (Qtr) -0.71

About

Price action

Investment thesis

Bull case

  • Retained earnings of (1.51B) represent substantial 13.85x of equity (108.65M), indicating strong internal capital generation.
  • Cash reserves of 4.56M provide solid 2.68x coverage of other non-current liabilities 1.70M, indicating strong liquidity.
  • Robust R&D investment of 33.75M at 1.05x of SG&A 32.09M demonstrates strong commitment to innovation and future growth.
  • Strong R&D investment of 33.75M at 49.86x of capex 677000 shows balanced investment in innovation and infrastructure.
  • Strong tangible asset base of 28.69M provides 14.96x coverage of intangibles 1.92M, indicating robust asset quality.

Bear case

  • Investment activities of (988000) provide weak support for R&D spending of 33.75M, which is -0.03x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Free cash flow of (50.86M) provides weak coverage of capital expenditures of 677000, with a -75.12 ratio suggesting additional external financing needs for growth initiatives.
  • The company's operating cash flow of (50.18M) shows concerning coverage of stock compensation expenses of 1.48M, with a -34 ratio indicating potential earnings quality issues.
  • Operating earnings of (81.24M) show weak coverage of depreciation charges of 2.04M, with a -39.88 ratio indicating high capital intensity and potential reinvestment needs.
  • Free cash flow of (50.86M) represents just -1.69x of debt issuance 30.13M, suggesting concerning reliance on leverage rather than internal cash generation for growth.

Peer comparison

Companies in the Biotechnology
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SMMT Summit Therapeutics Inc. 1,446.17 Bn -1,569.17 0.00 0.01 Bn
2 ONC BeOne Medicines Ltd. 439.23 Bn 6,407.40 88.33 1.90 Bn
3 VRTX Vertex Pharmaceuticals Inc / Ma 120.62 Bn 32.82 10.29 1.83 Bn
4 REGN Regeneron Pharmaceuticals, Inc. 84.40 Bn 18.44 5.92 2.71 Bn
5 ALNY Alnylam Pharmaceuticals, Inc. 56.13 Bn 1,288.39 17.49 3.21 Bn
6 ARGX Argenx Se 47.89 Bn 31.79 24,973.95 -
7 BNTC Benitec Biopharma Inc. 42.45 Bn -1,015.00 0.00 0.00 Bn
8 INSM INSMED Inc 32.67 Bn -27.60 73.08 0.74 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 16.54 12.96
EV to Cash from Ops. EV/CFO -10.09 23.73
EV to Debt EV to Debt 6.57 772.65
EV to EBIT EV/EBIT -6.23 -11.30
EV to EBITDA EV/EBITDA -8.05 7.11
EV to Free Cash Flow [EV/FCF] EV/FCF -9.96 22.12
EV to Market Cap EV to Market Cap 1.15 68.89
EV to Revenue EV/Rev 540.46 199.70
Price to Book Value [P/B] P/B -4.06 22.62
Price to Earnings [P/E] P/E -4.83 -12.30
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) -62.87 -12.02
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 0.17
Dividend per Basic Share Div per Share (Qtr) 0.00 0.01
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.15
Interest Coverage Int. cover (Qtr) -9.52 857.11
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 50.00 -27.24
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 55.15 747.06
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.01
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -28.92 -48.21
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -2.75 -2.09
EBIT Growth (1y) % EBIT 1y % (Qtr) -28.92 -57.79
EBT Growth (1y) % EBT 1y % (Qtr) -29.11 -14.35
EPS Growth (1y) % EPS 1y % (Qtr) 14.29 -30.88
FCF Growth (1y) % FCF 1y % (Qtr) 7.78 -32.51
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -41.29 227.96
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.03 0.14
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.00
Cash Ratio Cash Ratio (Qtr) 0.05 3.79
Current Ratio Curr Ratio (Qtr) 0.08 7.23
Debt to Equity Ratio Debt/Equity (Qtr) -0.71 0.42
Interest Cover Ratio Int Coverage (Qtr) -9.52 857.11
Times Interest Earned Times Interest Earned (Qtr) -9.52 857.11
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -8,452.40 -18,509.94
EBIT Margin % EBIT Margin % (Qtr) -8,669.80 -18,862.18
EBT Margin % EBT Margin % (Qtr) -9,580.90 -19,783.19
Gross Margin % Gross Margin % (Qtr) 100.00 -8.62
Net Profit Margin % Net Margin % (Qtr) -9,735.80 -19,732.60