Biohaven (BHVN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Biohaven

NYSE•Healthcare•Biotechnology

$12.02-0.32(-0.03%)Pre-market

Market Cap

$2.05B

P/B

167.9x

Biohaven Ltd., a biopharmaceutical company, focuses on the discovery, development, and commercialization of treatments for immunology, neuroscience, and oncology therapeutic areas worldwide. It develops BHV-1300, which is in Phase 2 clinical trial to treat Graves' disease and rheumatoid arthritis; BHV-1400 that is in Phase 2 clinical trial for treating IgA nephropathy; BHV-1600, which is in Phase 1 clinical trial for the treatment of peripartum cardiomyopathy; BHV-8000 that is in Phase 3 clinical trial for treating Parkinson's disease; Opakalim, which is in Phase 3 clinical trial for the treatment of focal epilepsy; BHV-2100 that is in Phase 2 clinical trial for the treatment of pain disorders; and BHV-2000, which is in Phase 2 clinical trial for treating obesity. The company is also developing BHV-1510 that is in Phase 2 clinical trial for the treatment of advanced or metastatic epithelial tumors; and BHV-1530, which is in Phase 2 clinical trial for treating urothelial cancer and other tumors. In addition, its preclinical product pipeline includes BHV-1310 for treating myasthenia gravis; BHV-1320 for treating immune mediated-diseases; BHV-1450 for treating Pemphigus, MuSK MG, and LGI-1 Encephalitis; BHV-1420 for treating membranous nephropathy; BHV-1440 for treating Graves' disease and TED; BHV-6500 for treating type 1 diabetes; BHV-1490 for treating IgM neuropathy and Waldenstrom's; BHV-8100 for treating neurodegenerative diseases; and BHV-1955 for treating tinnitus. The company was formerly known as Biohaven Research Ltd. and changed its name to Biohaven Ltd. in September 2022. Biohaven Ltd. was incorporated in 2022 and is headquartered in New Haven, Connecticut.

How this company scores

WeakMetricSide Score: 32/100

Strongest: Profitability (11/25); weakest: Growth (6/25).

Profitability11/25

Growth6/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality8/25

Strengths

Profit converts from growthImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/B · 167.9x5y range 1.2x – 167.9x

Currently above its 15-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $2.05B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $0
Q. Revenue: $0
TTM EBITDA: $-557.12M
TTM Op. Income: $-567.44M
Q. Op. Income: $-124.90M
TTM Net Income: $-586.84M
Q. Net Income: $-137.31M
EPS: $-0.91
Shares Out.: $150.64M

$0 in TTM revenue was flat at zero YoY, reaching $0 last quarter. TTM EBITDA of $-557.12M and TTM operating income of $-567.44M show growth is flowing through to the bottom line. However, net income is negative at $586.84M — growth is not yet reaching the bottom line.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: N/A
Op. Margin: -12489900000.0%
Net Margin: -13731100000.0%

Op. margin of -12489900000.0% is up 8680200000.0% YoY — cost efficiency is improving. Net margin at -13731100000.0% Across the last 8 quarters, operating margin has risen for 5 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: N/A
P/B Ratio: 167.9x

P/S of 0.0x and P/B of 167.9x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $370.74M
Cash: $238.03M
Long-Term Debt: $259.48M
Book Value: $12.22M
D/E Ratio: 21.2
Debt/EBITDA: N/A

With $370.74M in assets and $259.48M in long-term debt, D/E is 21.2and book value is $12.22M — elevated leverage, meaning significant financial risk in a downturn. Over the past year, debt/equity is up 17785% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-85.10M
TTM Free Cash Flow: $-511.87M
FCF Margin: N/A
FCF / Net Income: 0.9

TTM FCF of $-511.87M on $-85.10M in operating cash flow. The FCF / Net Income ratio of 0.9x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.