4D Molecular Therapeutics (FDMT) Stock Fundamentals, Analysis & Risk Signals

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

4D Molecular Therapeutics

NasdaqGS•Healthcare•Biotechnology

$14.97+0.27(0.02%)Market closed

Market Cap

$966.94M

P/S

10.5x

P/B

2.4x

4D Molecular Therapeutics, Inc., a late-stage biotechnology company, engages in the development of adeno-associated virus vectors from its proprietary synthetic vector discovery platform, Therapeutic Vector Evolution in the Netherlands and the United States. The company's lead product candidate is 4D-150 for the treatment of retinal vascular diseases by providing multi-year sustained production of anti-VEGF from the retina with intravitreal injection, as well as for treating wet age-related macular degeneration and diabetic macular edema. It is also developing 4D-710, which is in early-stage study for the treatment of cystic fibrosis; 4D-175 that is in preclinical stage for treating geographic atrophy; and 4D-725, which is in preclinical stage for the treatment of alpha-1 anti-trypsin deficiency lung disease. 4D Molecular Therapeutics, Inc. has collaboration and licensing agreements with Otsuka Pharmaceutical Co., Ltd. The company was founded in 2013 and is headquartered in EmeryVille, California.

How this company scores

AverageMetricSide Score: 55/100

Strongest: Growth (20/25); weakest: Cash & Earnings Quality (9/25).

Profitability11/25

Growth20/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality9/25

Strengths

Growing revenueInterest easily coveredProfit converts from growthConsistent growth

Valuation vs. 5-year range

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

P/S · 10.5x5y range 5.2x – 33363.6x

Currently below its 20-quarter median.

P/B · 2.4x5y range 0.4x – 3.4x

Currently above its 20-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 7 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $966.94M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $92.01M
Q. Revenue: $3.78M
TTM EBITDA: $-192.20M
TTM Op. Income: $-197.12M
Q. Op. Income: $-77.03M
TTM Net Income: $-179.18M
Q. Net Income: $-72.94M
EPS: $-1.04
Shares Out.: $70.27M

$92.01M in TTM revenue grew 278712.1% YoY, reaching $3.78M last quarter. TTM EBITDA of $-192.20M and TTM operating income of $-197.12M show growth is flowing through to the bottom line. However, net income is negative at $179.18M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -2002.8%
Op. Margin: -2037.2%
Net Margin: -1929.0%

Op. margin of -2037.2% is up 394336.2% YoY — cost efficiency is improving. Net margin at -1929.0% Over the past year, operating margin is up 99% — 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: 10.5x
P/B Ratio: 2.4x

P/S of 10.5x and P/B of 2.4x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

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

Total Assets: $492.62M
Cash: $70.37M
Long-Term Debt: N/A
Book Value: $407.66M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

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

Op. Cash Flow: $-70.00M
TTM Free Cash Flow: $-155.97M
FCF Margin: -169.5%
FCF / Net Income: 0.9

TTM FCF of $-155.97M on $-70.00M 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 fallen for 2 consecutive quarters — a weakening trend.