Milestone Pharmaceuticals (MIST) Stock Fundamentals, Analysis & Risk Signals

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

Milestone Pharmaceuticals

NasdaqGS•Healthcare•Biotechnology

$1.20-0.01(-0.01%)Market closed

Market Cap

$166.43M

P/S

71.0x

P/B

9.1x

Milestone Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development and commercialization of cardiovascular medicines in the United States and Canada. It offers CARDAMYST (etripamil) nasal spray, a prescription medication for the conversion of acute symptomatic episodes of paroxysmal supraventricular tachycardia (PSVT) to sinus rhythm in adults. The company is also developing etripamil for the indication of atrial fibrillation with rapid ventricular rate (AFib-RVR). It has a license and collaboration agreement with Corxel Pharmaceuticals to develop and commercialize etripamil. Milestone Pharmaceuticals Inc.was incorporated in 2003 and is headquartered in Montreal, Canada.

How this company scores

WeakMetricSide Score: 38/100

Strongest: Profitability (11/25); weakest: Cash & Earnings Quality (6/25).

Profitability11/25

Growth10/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality6/25

Strengths

Long cash runwayConsistent growthNet cash positionImproving margins

Valuation vs. 5-year range

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

P/S · 71.0x5y range 23.3x – 406.3x

Currently above its 12-quarter median.

P/B · 9.1x5y range 2.8x – 17.0x

Currently above its 18-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 $166.43M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $2.34M
Q. Revenue: $559,000
TTM EBITDA: $-78.21M
TTM Op. Income: $-78.38M
Q. Op. Income: $-25.63M
TTM Net Income: $-84.01M
Q. Net Income: $-28.61M
EPS: $-0.21
Shares Out.: $138.69M

$2.34M in TTM revenue grew from zero YoY, reaching $559,000 last quarter. TTM EBITDA of $-78.21M and TTM operating income of $-78.38M show growth is flowing through to the bottom line. However, net income is negative at $84.01M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 94.3%
EBITDA Margin: -4574.8%
Op. Margin: -4585.0%
Net Margin: -5118.8%

Op. margin of -4585.0% is up 1253095415.0% YoY — cost efficiency is improving. Net margin at -5118.8% and gross margin of 94.3% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 100% — 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: 71.0x
P/B Ratio: 9.1x

P/S of 71.0x and P/B of 9.1x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

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

Total Assets: $181.63M
Cash: $169.73M
Long-Term Debt: $59.21M
Book Value: $18.22M
D/E Ratio: 3.2
Debt/EBITDA: N/A

With $181.63M in assets and $59.21M in long-term debt, D/E is 3.2and book value is $18.22M — elevated leverage, meaning significant financial risk in a downturn. Across the last 6 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

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

Op. Cash Flow: $-22.71M
TTM Free Cash Flow: $-61.65M
FCF Margin: -2631.1%
FCF / Net Income: 0.7

TTM FCF of $-61.65M on $-22.71M in operating cash flow. The FCF / Net Income ratio of 0.7x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 6 consecutive quarters — a weakening trend.