Biontech SE key statistics and ratios

In fiscal 2025, Biontech SE had return on equity of -6.0%, an operating margin of -49.0%, debt equal to 0.0% of equity and a current ratio of 7.54. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Biontech SE: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	84.9%	89.3%	84.0%	87.7%	84.7%	82.7%	84.3%	80.3%	77.6%
Operating margin	−99.5%	−42.2%	−167.1%	−17.1%	80.5%	73.0%	18.1%	−47.8%	−49.0%
Net margin	−139.1%	−37.6%	−164.9%	3.2%	54.2%	54.5%	24.4%	−24.2%	−39.6%
Free-cash-flow margin	−124.8%	−69.6%	−218.3%	−16.5%	4.0%	76.5%	134.1%	−2.9%	9.8%
Return on equity	—	−46.0%	−46.7%	1.6%	160.9%	56.9%	4.6%	−3.4%	−6.0%
Return on assets	—	−7.6%	−24.4%	0.9%	117.3%	46.4%	4.0%	−3.0%	−5.2%
Asset turnover	—	0.20	0.15	0.29	2.16	0.85	0.16	0.12	0.13
Current ratio	—	3.56	4.05	2.75	4.33	7.43	9.43	7.45	7.54
Debt to equity	—	0.0%	15.0%	17.5%	2.5%	—	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	—	—	92.1x	n/m	n/m
Effective tax rate	—	—	—	—	31.6%	27.2%	21.6%	—	—
R&D as % of revenue	138.8%	112.1%	208.6%	133.7%	5.0%	8.9%	46.7%	81.9%	73.3%
Capital spending as % of revenue	39.5%	23.4%	35.5%	13.7%	0.7%	1.9%	6.5%	10.4%	6.1%
Free cash flow ÷ net income	—	—	—	−523.0%	7.4%	140.4%	550.6%	—	—
Dividends ÷ net income	—	—	—	0.0%	0.0%	5.1%	0.0%	—	—
Dividends and buybacks ÷ free cash flow	—	—	—	—	0.0%	3.7%	0.0%	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 3 checks passed · December 31, 2025

What it owns · $25.8bn

Short-term assets $18.9bnLonger-term assets $6.9bn

What it owes, and who funded it · $25.8bn

Short-term liabilities $2.5bnLonger-term liabilities $730mShareholders' equity $22.6bn

Short-term assets cover short-term liabilities $18.9bn of assets due within a year against $2.5bn of liabilities due within a year.
Short-term assets cover long-term liabilities $18.9bn short-term assets against $730m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of −$1.6bn against $16m of interest.

From Biontech SE's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Biontech SE's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Biontech SE.