Wave Life Sciences (WVE) Stock Fundamentals, Analysis & Risk Signals

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

Wave Life Sciences

NasdaqGM•Healthcare•Biotechnology

$3.59-0.04(-0.01%)Market closed

Market Cap

$718.86M

P/S

10.1x

P/B

1.8x

Wave Life Sciences, Inc., a clinical-stage biotechnology company, focuses on unlocking the potential of ribonucleic acid (RNA) medicines to transform human health. Its RNA medicines platform, PRISM, combines RNA medicine modalities, chemistry innovation, and deep insights in human genetics to deliver scientific breakthroughs that treat rare and common disorders. Its pipeline focuses on obesity (WVE-007), alpha-1 antitrypsin deficiency (AATD) (WVE-006), and PNPLA3 I148M liver disease (WVE-008) programs; and clinical programs for Duchenne muscular dystrophy and Huntington's disease, as well as various preclinical programs utilizing its RNA medicines platform. Wave Life Sciences, Inc. was founded in 2012 and is headquartered in Cambridge, Massachusetts.

How this company scores

WeakMetricSide Score: 30/100

Strongest: Balance Sheet & Red Flags (15/25); weakest: Growth (2/25).

Profitability7/25

Growth2/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality6/25

Strengths

Interest easily coveredNet cash positionImproving margins

Valuation vs. 5-year range

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

P/S · 10.1x5y range 2.8x – 151.3x

Currently near its 20-quarter median.

P/B · 1.8x5y range 1.8x – 32.1x

Currently below its 13-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 $718.86M

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue: $70.93M
Q. Revenue: $13.16M
TTM EBITDA: $-218.39M
TTM Op. Income: $-227.61M
Q. Op. Income: $-66.05M
TTM Net Income: $-210.53M
Q. Net Income: $-61.91M
EPS: $-0.3
Shares Out.: $204.22M

$70.93M in TTM revenue declined 29.9% YoY, reaching $13.16M last quarter. TTM EBITDA of $-218.39M and TTM operating income of $-227.61M show growth is flowing through to the bottom line. However, net income is negative at $210.53M — growth is not yet reaching the bottom line. Over the past year, TTM revenue is down 30% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -484.5%
Op. Margin: -502.0%
Net Margin: -470.5%

Op. margin of -502.0% is up 239.5% YoY — cost efficiency is improving. Net margin at -470.5% Over the past year, operating margin is up 32% — 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: 10.1x
P/B Ratio: 1.8x

P/S of 10.1x and P/B of 1.8x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

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

Total Assets: $507.93M
Cash: $197.31M
Long-Term Debt: N/A
Book Value: $401.94M
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: $-60.14M
TTM Free Cash Flow: $-208.39M
FCF Margin: -293.8%
FCF / Net Income: 1.0

TTM FCF of $-208.39M on $-60.14M in operating cash flow. The FCF / Net Income ratio of 1.0x 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.