Latest Ratios: P/E Ratio -1.2x · EV/EBITDA N/A · ROE N/A. (2017–2025 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 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $172M | $449M | $193M | $136M | $300M | $1.6B | $2.1B | — | — | — |
| Enterprise Value | $349M | $626M | $65M | $-18578804 | $104M | $1.2B | $1.8B | — | — | — |
| P/E Ratio → | -1.21 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.11 | 5.51 | 2.73 | 1.95 | 1.43 | 45.71 | — | — | — | — |
| P/B Ratio | — | — | — | — | 3.78 | 9.33 | 6.24 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — |
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 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.70 | 0.92 | -0.27 | 0.49 | 36.07 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — |
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 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 90.6% | 90.6% | 91.6% | 96.4% | 98.4% | 95.9% | — | 100.0% | -10258.4% | -4643.8% |
| Operating Margin | -133.2% | -133.2% | -184.4% | -238.6% | -58.8% | -771.6% | — | -5102.5% | -11047.5% | -5084.3% |
| Net Profit Margin | -175.3% | -175.3% | -222.8% | -345.1% | -74.9% | -678.2% | — | -4977.9% | -10797.9% | -4984.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -128.0% | -91.7% | -110.3% | -98.1% | -65.6% | -36.1% |
| ROA | -44.2% | -44.2% | -46.6% | -56.8% | -28.3% | -40.7% | -75.6% | -80.8% | -58.3% | -33.0% |
| ROIC | — | — | — | — | — | — | -2734.6% | -14080.1% | — | — |
| ROCE | -43.8% | -43.8% | -49.4% | -47.7% | -25.9% | -51.5% | -74.2% | -97.1% | -66.4% | -36.5% |
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 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 1.63 | 0.84 | 0.34 | 0.05 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | -2.47 | -1.97 | -0.97 | -0.99 | -1.10 | -1.05 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -2.10 | -2.10 | -2.11 | -3.22 | -3.00 | -12.71 | -44.47 | -741.96 | — | — |
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 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.37 | 4.37 | 3.82 | 4.97 | 5.31 | 7.10 | 11.14 | 6.15 | 6.36 | 12.91 |
| Quick Ratio | 4.31 | 4.31 | 3.59 | 4.73 | 5.16 | 6.95 | 11.14 | 6.15 | 6.30 | 12.89 |
| Cash Ratio | 3.72 | 3.72 | 3.12 | 4.12 | 3.98 | 6.31 | 10.86 | 5.79 | 6.21 | 12.79 |
| Asset Turnover | — | 0.25 | 0.22 | 0.20 | 0.43 | 0.05 | — | 0.02 | 0.01 | 0.01 |
| Inventory Turnover | 1.83 | 1.83 | 0.32 | 0.16 | 0.27 | 0.13 | — | — | 98.08 | 291.91 |
| Days Sales Outstanding | — | 130.63 | 104.68 | 132.14 | 126.89 | 346.16 | — | 442.99 | 119.11 | 390.10 |
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 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $127M | $97M | $82M | $78M | $77M | $65M | $67M | $54M | $59M |
Commercial adoption and liquidity
Based on reported figures, ADCT trades at a price-to-sales multiple of 1.59, which suggests that the market is heavily discounting the company's future commercial prospects relative to its historical valuation and the broader oncology peer group, reflecting significant skepticism regarding the ZYNLONTA franchise's long-term growth trajectory.
The current P/S multiple indicates that investors are pricing the company as a distressed asset rather than a high-growth biotech platform. This valuation appears to imply that the market expects continued dilution or a failure to reach profitability, warranting caution for those expecting a premium for the proprietary PBD platform.
As reported in financial statements, ADCT's ROIC of -125.8% in 2025Q1 highlights a profound inability to generate returns on invested capital, a trend that appears to be worsening as the company continues to prioritize high-cost clinical development over immediate operational efficiency or self-sustaining profitability.
The negative ROIC is a direct consequence of the company's massive R&D spend relative to its limited commercial revenue. This suggests that the firm is currently destroying shareholder value with every dollar invested, and investors should monitor whether future clinical readouts can fundamentally shift this return profile.
According to recent SEC filings, ADCT's cash conversion cycle has exhibited extreme volatility, reaching as high as 829 days in 2025Q3, which indicates significant inefficiencies in managing inventory and receivables compared to the more stable operational benchmarks observed in established biotechnology peers.
The erratic nature of the CCC suggests that the company struggles with the timing of product distribution and the collection of payments from international partners. This lack of operational rhythm may indicate underlying friction in the supply chain or the commercialization process that warrants further investigation.
Based on reported figures, ADCT maintains a current ratio of 4.09 as of 2026Q1, yet this liquidity position appears misleadingly robust given the company's persistent cash burn and the absence of consistent, positive operating cash flow to support its ongoing commercial and research-related obligations.
While the current ratio suggests an ability to meet short-term liabilities, the underlying cash burn rate implies that this liquidity is finite and likely dependent on future capital raises. Investors should monitor the cash runway closely, as the current liquidity buffer may evaporate rapidly if commercial adoption of ZYNLONTA fails to accelerate.
As detailed in financial analysis, the price-to-sales ratio is frequently misapplied to ADCT, as it fails to account for the lumpy nature of collaboration revenue and the high R&D intensity that characterizes the company's current stage of development, thereby obscuring the true underlying commercial health.
Using P/S as a primary valuation metric ignores the fact that a significant portion of revenue may be non-recurring milestone payments rather than sustainable product sales. Analysts should instead focus on the gross-to-net revenue from ZYNLONTA and the cash burn rate to better assess the company's actual financial viability.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying ADCT stock.
ADC Therapeutics S.A.'s current P/E ratio is -1.2x. This places it at the 50th percentile of its historical range.
Based on historical data, ADC Therapeutics S.A. is trading at a P/E of -1.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ADC Therapeutics S.A. has 90.6% gross margin and -133.2% operating margin.