Latest Ratios: P/E Ratio 227.9x · EV/EBITDA 92.5x · ROE 7.5%. (2013–2025 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.3B | $3.2B | $4.0B | $7.1B | $5.5B | $4.0B | $4.3B | $1.9B | $717M | $743M | — |
| Enterprise Value | $5.3B | $3.2B | $4.0B | $6.9B | $5.0B | $3.6B | $4.1B | $1.7B | $568M | $593M | — |
| P/E Ratio → | 227.94 | 139.56 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 5.23 | 3.15 | 5.06 | 17.91 | 72.75 | 59.96 | 17.15 | — | — | — | — |
| P/B Ratio | 13.97 | 8.55 | 17.30 | 36.52 | 32.30 | 20.09 | 21.02 | 55.67 | 4.46 | 4.99 | — |
| P/FCF | 116.69 | 70.33 | — | — | — | — | — | — | — | — | — |
| P/OCF | 115.88 | 69.84 | — | — | — | — | — | — | — | — | — |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.17 | 5.13 | 17.31 | 66.93 | 53.50 | 16.40 | — | — | — | — |
| EV / EBITDA | 92.50 | 55.88 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 95.10 | 46.53 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 70.74 | — | — | — | — | — | — | — | — | — |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 89.8% | 89.8% | 84.9% | 85.2% | 92.5% | 92.2% | 90.0% | — | — | — | — |
| Operating Margin | 5.5% | 5.5% | -21.1% | -130.4% | -788.4% | -805.7% | -85.3% | — | — | — | — |
| Net Profit Margin | 2.2% | 2.2% | -25.3% | -133.3% | -864.7% | -1121.3% | -137.6% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.5% | 7.5% | -93.5% | -290.1% | -353.9% | -370.2% | -288.9% | -312.2% | -82.3% | -59.1% | -92.3% |
| ROA | 2.3% | 2.3% | -23.6% | -68.3% | -79.4% | -81.0% | -51.1% | -102.8% | -66.1% | -48.7% | -82.7% |
| ROIC | 12.3% | 12.3% | -102.6% | — | — | — | -970.9% | — | -1677.5% | — | — |
| ROCE | 7.6% | 7.6% | -26.6% | -91.2% | -88.6% | -67.8% | -37.0% | -112.9% | -70.7% | -50.9% | -92.8% |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.31 | 1.31 | 2.06 | 0.57 | 0.66 | 1.06 | 1.85 | 4.59 | 0.17 | 0.18 | — |
| Debt / EBITDA | 8.53 | 8.53 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.05 | 0.26 | -1.24 | -2.58 | -2.16 | -0.92 | -5.70 | -0.93 | -1.00 | -1.04 |
| Net Debt / EBITDA | 0.33 | 0.33 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 0.41 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 1.54 | 1.54 | -3.87 | -16.80 | -18.97 | -55.34 | -10.46 | -56.66 | -49.74 | -525.30 | — |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.14 | 3.14 | 4.25 | 3.10 | 4.29 | 6.25 | 7.15 | 5.67 | 11.89 | 27.77 | 7.52 |
| Quick Ratio | 2.70 | 2.70 | 3.81 | 2.50 | 3.78 | 6.07 | 7.15 | 5.67 | 11.89 | 27.77 | 7.52 |
| Cash Ratio | 1.45 | 1.45 | 2.24 | 1.42 | 3.29 | 5.32 | 6.84 | 5.35 | 10.35 | 26.80 | 6.83 |
| Asset Turnover | — | 0.93 | 0.88 | 0.50 | 0.10 | 0.08 | 0.26 | — | — | — | — |
| Inventory Turnover | 0.72 | 0.72 | 1.43 | 0.40 | 0.07 | 0.22 | — | — | — | — | — |
| Days Sales Outstanding | — | 133.17 | 126.93 | 190.00 | 37.39 | 439.25 | 36.41 | — | — | — | — |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.4% | 0.7% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 0.9% | 1.4% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $126M | $124M | $119M | $106M | $84M | $75M | $62M | $54M | $34M | $18M |
Regulatory and competitive headwinds
Based on current market data, Apellis trades at a P/S multiple of 5.23 and an EV/EBITDA of 92.50, suggesting that investors are pricing in significant long-term market share capture in the GA space rather than relying on the company's currently volatile and thin profitability metrics.
The elevated P/E of 227.94 indicates that the market is heavily discounting future earnings growth, likely anticipating that Syfovre will achieve dominant status despite recent competitive entry. Investors should monitor whether this valuation remains sustainable if quarterly revenue growth continues to exhibit the lumpy, inconsistent patterns observed over the last ten quarters.
As reported in financial statements, Apellis's ROIC has fluctuated wildly from a peak of 51.3% in 2025Q3 to negative territory in multiple periods, highlighting the difficulty in achieving consistent capital efficiency while the company remains in a capital-intensive commercialization phase for its lead assets.
The erratic nature of these returns suggests that the company has yet to establish a stable base of profitable growth, with capital allocation heavily skewed toward R&D and commercial infrastructure. Analysts should view the recent 7.8% ROIC in 2026Q1 with caution, as it may not yet represent a sustainable trend of value creation.
According to recent SEC filings, the company's cash conversion cycle remains highly unstable, peaking at 661 days in 2024Q1 and currently sitting at 376 days, which reflects significant challenges in managing inventory and receivables during the complex rollout of its specialized ophthalmology and hematology product portfolio.
The high DIO and fluctuating DSO suggest that the company is struggling to optimize its supply chain and collection processes, which may be exacerbated by the reliance on specialty distributors. This inefficiency warrants further investigation, as it directly impacts the company's ability to convert its high gross margins into reliable operating cash flow.
Based on reported figures, the company's debt-to-equity ratio has moderated to 0.27 as of 2026Q1 from a high of 3.01 in 2025Q2, indicating that management is actively de-leveraging the balance sheet to mitigate the risks associated with its historically inconsistent interest coverage and operational cash flow.
While the current interest coverage ratio of 2.57 suggests a temporary improvement in debt service comfort, the historical volatility in operating margins implies that this stability may be fragile. Investors should monitor whether the company can maintain this leverage profile without resorting to further dilutive financing if commercial growth stalls.
As evidenced by the provided data, the P/E ratio is a fundamentally flawed metric for evaluating Apellis, as it obscures the massive, non-recurring R&D investments and collaboration-related accounting adjustments that frequently distort the company's net income and render traditional earnings-based valuation models largely irrelevant for this business.
Analysts should instead prioritize metrics like EV/Sales or risk-adjusted NPV of the GA and PNH franchises, which better capture the underlying commercial potential of the C3 inhibition platform. Relying on P/E in this context risks misinterpreting the company's current growth phase as a mature, earnings-generating enterprise.
Includes 30+ ratios · 13 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying APLS stock.
Apellis Pharmaceuticals, Inc.'s current P/E ratio is 227.9x. The historical average is 139.6x. This places it at the 100th percentile of its historical range.
Apellis Pharmaceuticals, Inc.'s current EV/EBITDA is 92.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 55.9x.
Apellis Pharmaceuticals, Inc.'s return on equity (ROE) is 7.5%. The historical average is -179.8%.
Based on historical data, Apellis Pharmaceuticals, Inc. is trading at a P/E of 227.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Apellis Pharmaceuticals, Inc. has 89.8% gross margin and 5.5% operating margin.
Apellis Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 8.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.