Opthea - Public Comps and Valuation Multiples

Opthea Overview

About Opthea

Opthea Ltd is engaged in researching and developing novel therapeutic products that target Vascular Endothelial Growth Factors (VEGF) C, D, and R3. The Group operates in one industry and two geographical areas, namely biotechnology and healthcare, with operations in Australia and the United States. The company focuses on developing biological therapeutics for eye diseases and is currently developing a novel biologic therapy, OPT-302, for the treatment of eye conditions. Its products are based on an intellectual property portfolio covering VEGF-C, VEGF-D, and VEGF Receptor-3 targets, aimed at treating diseases associated with blood and lymphatic vessel growth and vascular leakage.

Founded

1984

HQ

Employees

Website

opthea.com

Sectors

Drug Development & Therapeutics
Biopharmaceuticals
BioTech

Financials

LTM Revenue $38K

Last FY EBITDA -$80.2M

EV

$506M

Valuation Multiples

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Opthea Financials

As of September 2025, Opthea reported last 12-month revenue of $38K.

In the same period, Opthea achieved -$248M in LTM net income.

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Opthea P&L

In the most recent fiscal year, Opthea reported revenue of $16K and EBITDA of -$80.2M.

Opthea expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$38K	XXX	$16K	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA	n/a	XXX	-$80.2M	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	-492760%	XXX	XXX	XXX
EBIT	n/a	XXX	-$99.2M	XXX	XXX	XXX
EBIT Margin	n/a	XXX	-609248%	XXX	XXX	XXX
Net Profit	-$248M	XXX	-$106M	XXX	XXX	XXX
Net Margin	-651164%	XXX	-651164%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Opthea including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $38K. In the most recent fiscal year, Opthea achieved $16K in revenue and -$80.2M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$38K	Analyst estimates available to subscribers	$16K	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	n/a	Analyst estimates available to subscribers	-$80.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	n/a	Analyst estimates available to subscribers	-492760.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	n/a	Analyst estimates available to subscribers	-$99.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	n/a	Analyst estimates available to subscribers	-609248.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$248M	Analyst estimates available to subscribers	-$106M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-651164.0% net profit margin	Analyst estimates available to subscribers	-651164.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Opthea

This financial data table provides comprehensive performance metrics for Opthea, a company based in Australia. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Opthea generated $38K in revenue over the last twelve months.
Net income over the last twelve months reached -$248M.

Fiscal Year Performance

In the most recent fiscal year, Opthea reported $16K in total revenue.
Fiscal year EBITDA was -$80.2M.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was -492760.0%.
Net profit margin reached -651164.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Opthea. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Opthea Stock Performance

Opthea has current market cap of AUD 739M (or $481M), and EV of AUD 778M (or $506M).

Market Cap Evolution

Opthea Stock Data

As of October 17, 2025, Opthea's stock price is AUD 1 (or $0).

See Opthea trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$506M	$481M	XXX	XXX	XXX	XXX	$-0.13

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Opthea Valuation Multiples

Opthea's trades at 10392.0x EV/Revenue multiple, and -4.8x EV/EBITDA.

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Opthea Financial Valuation Multiples

As of October 17, 2025, Opthea has market cap of $481M and EV of $506M.

Equity research analysts estimate Opthea's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Opthea has a P/E ratio of -3.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$481M	XXX	$481M	XXX	XXX	XXX
EV (current)	$506M	XXX	$506M	XXX	XXX	XXX
EV/Revenue	20398.2x	XXX	10392.0x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	-4.8x	XXX	XXX	XXX
EV/EBIT	n/a	XXX	-4.5x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-3.0x	XXX	-3.9x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-4.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Opthea Margins & Growth Rates

Opthea's revenue per employee in the last FY averaged $0K, while opex per employee averaged $2.9M for the same period.

Opthea's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Opthea's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Opthea Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	-215465%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$2.9M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	507328%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	609348%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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