Latest Ratios: P/E Ratio -15.7x · EV/EBITDA N/A · ROE -13.3%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.3B | $1.0B | $862M | $1.7B | $3.2B | $4.6B | $10.6B | — | — |
| Enterprise Value | $2.3B | $1.0B | $771M | $1.6B | $2.9B | $4.1B | $10.0B | — | — |
| P/E Ratio → | -15.69 | — | — | — | 20.26 | 29.79 | 89.42 | — | — |
| P/S Ratio | 31.26 | 13.60 | 29.91 | 43.42 | 6.57 | 12.13 | 45.41 | — | — |
| P/B Ratio | 2.01 | 0.90 | 0.82 | 1.43 | 2.59 | 4.44 | 12.75 | — | — |
| P/FCF | — | — | — | — | 15.58 | 24.45 | 1320.74 | — | — |
| P/OCF | — | — | — | — | 11.50 | 18.61 | 466.65 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.44 | 26.75 | 41.95 | 5.94 | 10.97 | 42.89 | — | — |
| EV / EBITDA | — | — | — | — | 11.56 | 18.57 | 62.00 | — | — |
| EV / EBIT | — | — | — | — | 12.71 | 18.55 | 60.85 | — | — |
| EV / FCF | — | — | — | — | 14.09 | 22.11 | 1247.47 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.6% | 61.6% | 100.0% | 100.0% | 86.3% | 87.9% | 88.4% | 100.0% | 100.0% |
| Operating Margin | -289.0% | -289.0% | -1091.7% | -623.8% | 44.6% | 54.5% | 66.9% | -35.5% | -8.5% |
| Net Profit Margin | -194.9% | -194.9% | -564.8% | -385.0% | 32.7% | 40.9% | 51.0% | -19.0% | 3.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -13.3% | -13.3% | -14.7% | -12.3% | 14.0% | 16.5% | 28.3% | -20.2% | 2.7% |
| ROA | -10.8% | -10.8% | -11.4% | -9.7% | 11.1% | 13.2% | 23.1% | -9.8% | 1.4% |
| ROIC | -15.5% | -15.5% | -22.9% | -17.6% | 21.4% | 36.8% | 92.6% | -43.5% | — |
| ROCE | -16.9% | -16.9% | -23.7% | -17.0% | 16.5% | 19.5% | 34.0% | -26.9% | -5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.06 | 0.07 | 0.07 | 0.04 | 0.01 | 0.67 | 0.30 |
| Debt / EBITDA | — | — | — | — | 0.33 | 0.18 | 0.04 | — | 20.86 |
| Net Debt / Equity | — | -0.01 | -0.09 | -0.05 | -0.25 | -0.43 | -0.71 | -0.06 | -0.60 |
| Net Debt / EBITDA | — | — | — | — | -1.22 | -1.97 | -3.64 | — | -42.43 |
| Debt / FCF | — | — | — | — | -1.49 | -2.34 | -73.26 | — | — |
| Interest Coverage | — | — | — | — | 56.13 | 42.47 | 25.24 | -9.58 | 2.46 |
Net cash position: cash ($155M) exceeds total debt ($143M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 11.32 | 11.32 | 9.81 | 7.33 | 8.67 | 7.70 | 7.86 | 1.60 | 2.36 |
| Quick Ratio | 11.23 | 11.23 | 9.81 | 7.32 | 8.65 | 7.69 | 7.85 | 1.58 | 2.36 |
| Cash Ratio | 8.71 | 8.71 | 8.17 | 6.39 | 7.49 | 5.99 | 5.74 | 0.96 | 1.62 |
| Asset Turnover | — | 0.06 | 0.02 | 0.03 | 0.32 | 0.28 | 0.23 | 0.49 | 0.41 |
| Inventory Turnover | 4.55 | 4.55 | — | — | 43.37 | 27.22 | 19.28 | — | — |
| Days Sales Outstanding | — | 745.27 | 1166.28 | 618.00 | 29.02 | 156.21 | 334.59 | 66.76 | 58.05 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 4.9% | 3.4% | 1.1% | — | — |
| FCF Yield | — | — | — | — | 6.4% | 4.1% | 0.1% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $299M | $294M | $289M | $315M | $318M | $263M | $238M | $151M |
Rapidly depleting cash runway
As reported in financial statements, ABCL trades at a price-to-sales ratio of 30.00, which appears disconnected from its current negative earnings profile and suggests that investors are pricing in a significant, yet unproven, long-term recovery in royalty-based revenue streams rather than current operational performance.
The elevated P/S multiple relative to the broader biotech sector indicates that the market is assigning a premium to the company's proprietary discovery platform despite the lack of consistent profitability. This valuation may be vulnerable to further compression if the company fails to demonstrate a clear path to converting its discovery pipeline into recurring, high-margin royalty cash flows.
Based on AbCellera's reported figures, the ROIC has consistently remained in negative territory, reaching -4.0% in 2026Q1, which highlights the company's ongoing struggle to generate a positive return on the substantial capital invested in its specialized microfluidic and computational infrastructure.
The persistent decay in return on invested capital suggests that the company's heavy reinvestment strategy is not yet yielding the expected operational efficiencies. Investors should monitor whether the shift toward internal pipeline development further suppresses these returns before any potential long-term compounding effect can be realized.
According to recent SEC filings, the company's asset turnover ratio remains extremely low at 0.01, reflecting a fundamental mismatch between the high capital intensity of its laboratory infrastructure and the current, lumpy revenue generation that characterizes its discovery-as-a-service business model.
The extended and volatile nature of the cash conversion cycle, evidenced by DSO figures exceeding 1,400 days in recent periods, suggests significant friction in collecting milestone payments from partners. This inefficiency places additional strain on the balance sheet, as the company must fund its operations while waiting for long-dated receivables to materialize.
As detailed in historical balance sheets, the company's cash and equivalents dropped to $77.1M in 2026Q1, a sharp decline that, when compared to historical burn rates, suggests the company's liquidity position is becoming increasingly vulnerable to operational shocks and unforeseen clinical development delays.
While the current ratio remains high due to the accounting treatment of assets, the rapid depletion of cash reserves warrants immediate investigation into the company's ability to sustain its current R&D spend. The reliance on external financing appears to be increasing, which may introduce further dilution risks for existing shareholders.
Based on the provided financial data, the price-to-sales ratio is the most commonly misapplied metric for AbCellera, as it obscures the lumpy, non-recurring nature of milestone-driven revenue and fails to account for the high fixed-cost burden inherent in the company's discovery-as-a-service business model.
Investors should instead focus on the ratio of R&D spend to total discovery programs or the net present value of projected royalty streams, which better capture the long-term value of the platform. Relying on P/S multiples risks overestimating the company's current earning power by ignoring the significant capital required to maintain its technical moat.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying ABCL stock.
AbCellera Biologics Inc.'s current P/E ratio is -15.7x. The historical average is 46.5x.
AbCellera Biologics Inc.'s return on equity (ROE) is -13.3%. The historical average is 0.1%.
Based on historical data, AbCellera Biologics Inc. is trading at a P/E of -15.7x. Compare with industry peers and growth rates for a complete picture.
AbCellera Biologics Inc. has 61.6% gross margin and -289.0% operating margin.