# Fennec Pharmaceuticals Inc. (FRX.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Healthcare / Biotechnology. Price C$17.42, market value C$611 million.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Fennec Pharmaceuticals Inc. reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 7.5×**. Each dollar of revenue is priced at 7.5×.
- **Price / book: 10.4×**. The shares trade at 10.4× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **Free-cash-flow yield: -0.9%** (5-yr avg -2.6%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Gross margin: 93.7%**. Fennec Pharmaceuticals Inc. keeps 93.7% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: -2.7%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -21.8%**. The company reported a net loss over the last twelve months.
- **Return on equity: -27.8%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: 97.8%**. Return on all capital, debt included, is 97.8%: comfortably above what that capital costs.
- **Return on assets: -5.3%**. Each dollar of assets produces -5.3% of profit.

## Growth
- **Revenue growth (1 yr): -6.1%** (3-yr 207.5%/yr, 5-yr 204.7%/yr). Revenue fell 6.1% over the last year, against 204.7% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -2025.0%**. Earnings per share fell 2025.0%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.00**. Debt is 0.00 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 46.7×**. It would take 46.7 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: -1.7×**. Operating profit covers interest only -1.7×: fragile.
- **Current ratio: 6.34** (quick 6.19). Current assets cover the next year's liabilities 6.34 times.
- **Altman Z-score: 12.47**. A Z-score of 12.47 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 1/9**. 1 of 9 checks pass: weak or deteriorating financials.

## Dividends
- **Dividend: none**. Fennec Pharmaceuticals Inc. does not currently pay a dividend.

## Price and momentum
- **Total return (1 yr): 40.3%** (YTD 64.3%, 3-mo 36.9%). The shares are up 40.3% over twelve months including dividends.
- **From 52-week high: -1.2%** (129.5% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 66**. An RSI of 66 is neutral.
- **Beta (1 yr): 0.47** (volatility 68%). Beta of 0.47 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=FRX.TO · Page: https://foliofundamentals.com/stocks/frx.to

Not investment advice.