Latest Ratios: P/E Ratio -28.3x · EV/EBITDA N/A · ROE -53.4%. (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 | $6.7B | $3.7B | $4.1B | $2.7B | $1.4B | — | — | — | — |
| Enterprise Value | $6.7B | $3.7B | $4.1B | $2.4B | $1.4B | — | — | — | — |
| P/E Ratio → | -28.27 | — | — | — | — | — | — | — | — |
| P/S Ratio | 302.09 | 164.73 | 38.06 | 24.18 | — | — | — | — | — |
| P/B Ratio | 16.10 | 9.12 | 9.03 | 5.50 | 6.67 | — | — | — | — |
| P/FCF | — | — | — | 14.33 | — | — | — | — | — |
| P/OCF | — | — | — | 12.85 | — | — | — | — | — |
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 | — | 165.45 | 37.58 | 21.49 | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | 12.73 | — | — | — | — | — |
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 | 70.0% | 70.0% | 95.2% | 100.0% | — | — | — | — | — |
| Operating Margin | -1135.6% | -1135.6% | -127.5% | -81.5% | — | — | — | — | — |
| Net Profit Margin | -1027.3% | -1027.3% | -99.5% | -64.1% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -53.4% | -53.4% | -22.8% | -20.5% | -452.3% | — | -360.6% | — | -59.5% |
| ROA | -34.8% | -34.8% | -14.0% | -12.4% | -85.3% | -69.7% | -63.4% | -60.5% | -52.5% |
| ROIC | -46.2% | -46.2% | -34.9% | -32.3% | -374.7% | — | — | — | — |
| ROCE | -46.6% | -46.6% | -21.3% | -18.6% | -103.1% | -78.2% | -69.0% | -65.9% | -59.4% |
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 | 0.24 | 0.24 | 0.12 | 0.20 | 0.43 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.04 | -0.11 | -0.61 | 0.12 | — | -0.92 | — | -1.04 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | -1.60 | — | — | — | — | — |
| Interest Coverage | -8.45 | -8.45 | -101.21 | -17.23 | -108.70 | -6495.90 | — | — | — |
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 | 4.44 | 4.44 | 4.78 | 6.06 | 4.71 | 7.60 | 9.36 | 12.53 | 8.06 |
| Quick Ratio | 4.44 | 4.44 | 4.78 | 6.06 | 4.71 | 7.60 | 9.36 | 12.53 | 8.06 |
| Cash Ratio | 4.32 | 4.32 | 4.68 | 5.94 | 4.49 | 7.05 | 8.84 | 11.38 | 8.00 |
| Asset Turnover | — | 0.04 | 0.15 | 0.13 | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 58.96 | — | — | — | — | — | — | — |
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 | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | 7.0% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $56M | $54M | $48M | $44M | $34M | $22M | $35M | $165581 |
Clinical milestone liquidity dependency
As reported in financial statements, Arcellx trades at a P/S multiple of 302.09, a figure that appears to price in significant future milestone success rather than current operational performance, placing it at a substantial premium compared to the broader biotechnology sector's historical valuation averages.
The extreme P/S ratio suggests that investors are valuing the company as a pure-play option on the D-Domain platform's clinical success rather than its current revenue-generating capacity. This valuation is highly sensitive to clinical data readouts, as the lack of a traditional P/E or EV/EBITDA makes it difficult to anchor the stock price to fundamental earnings, warranting caution regarding potential volatility.
Based on reported figures, Arcellx's ROIC has trended into negative territory, reaching -11.5% in 2025Q4, which highlights the company's current inability to generate positive returns on invested capital while it remains in the intensive, cash-consuming phase of its clinical development cycle.
The persistent negative ROIC reflects the heavy R&D burden required to advance the pipeline, which currently outweighs the capital allocated to the business. Investors should monitor whether the company can achieve a pivot toward positive returns as it approaches potential commercialization, though current trends suggest that capital efficiency will remain strained for the foreseeable future.
According to recent SEC filings, Arcellx's cash conversion cycle remains erratic, with DSO reaching 200 days in 2025Q4, a trend that appears to be driven by the lumpy nature of milestone-based revenue recognition rather than standard operational efficiency or customer payment behavior.
The extreme fluctuations in working capital metrics suggest that traditional efficiency ratios are not meaningful for this business model. The high DSO and DPO figures are artifacts of the collaboration agreement structure with Gilead, which obscures the underlying operational speed of the company's internal research and development processes.
As noted in quarterly filings, the company's current ratio of 4.44 in 2025Q4 provides a superficial appearance of strength, yet this liquidity is rapidly being consumed by high operating losses, leaving the firm increasingly dependent on future milestone payments or external capital raises.
While the current ratio appears healthy, it is misleading given the high burn rate and the lack of recurring revenue to replenish cash reserves. The rapid decline in the cash position suggests that the company's liquidity profile is vulnerable, and investors should monitor the cash runway closely as a primary indicator of financial stability.
The most commonly misapplied metric for Arcellx is the P/E ratio, which, at -28.27, fails to capture the company's true economic value because it ignores the significant non-cash stock-based compensation and the lumpy, milestone-driven nature of the firm's current revenue recognition.
Using P/E or even EV/EBITDA for a clinical-stage biotech company like Arcellx obscures the reality that these firms are essentially 'options' on future clinical data. Analysts should instead focus on cash runway and the probability-weighted net present value of the pipeline, as traditional earnings-based multiples are fundamentally disconnected from the company's current business model.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying ACLX stock.
Arcellx, Inc.'s current P/E ratio is -28.3x. This places it at the 50th percentile of its historical range.
Arcellx, Inc.'s return on equity (ROE) is -53.4%. The historical average is -161.5%.
Based on historical data, Arcellx, Inc. is trading at a P/E of -28.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Arcellx, Inc. has 70.0% gross margin and -1135.6% operating margin.