Latest Ratios: P/E Ratio -3.1x · EV/EBITDA N/A · ROE -28.9%. (2011–2025 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 | $209M | $168M | $458M | $840M | $459M | $974M | $881M | $131M | $46M | $25M | $58M |
| Enterprise Value | $3M | $-38034820 | $250M | $578M | $162M | $673M | $439M | $81M | $19M | $-423350 | $56M |
| P/E Ratio → | -3.06 | — | — | — | 48.46 | — | — | — | — | — | — |
| P/S Ratio | 3.11 | 2.50 | 3.31 | 5.32 | 2.23 | 78.81 | 92.34 | 6.31 | 2.90 | 1.89 | 2.84 |
| P/B Ratio | 0.94 | 0.78 | 1.90 | 3.01 | 1.70 | 4.27 | 2.22 | 5.09 | 3.34 | 0.73 | 1.23 |
| P/FCF | — | — | — | — | 18.94 | — | — | — | — | — | — |
| P/OCF | — | — | — | — | 14.36 | — | — | — | — | — | — |
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 | — | -0.57 | 1.80 | 3.66 | 0.79 | 54.43 | 45.99 | 3.87 | 1.19 | -0.03 | 2.73 |
| EV / EBITDA | — | — | — | — | 11.85 | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | 13.33 | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | 6.69 | — | — | — | — | — | — |
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 | 95.5% | 95.5% | 100.0% | 100.0% | 100.0% | 100.0% | -486.5% | 100.0% | -7.8% | 96.8% | 98.6% |
| Operating Margin | -111.5% | -111.5% | -69.1% | -49.6% | 5.9% | -1641.3% | -749.8% | -122.7% | -138.5% | -80.7% | -123.5% |
| Net Profit Margin | -97.9% | -97.9% | -58.5% | -18.8% | 4.5% | -1648.0% | -756.3% | -125.0% | -138.3% | -83.9% | -120.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -28.9% | -28.9% | -31.2% | -10.8% | 3.8% | -65.2% | -34.2% | -131.8% | -91.9% | -26.9% | -42.2% |
| ROA | -21.4% | -21.4% | -20.9% | -6.8% | 2.2% | -46.9% | -25.8% | -41.1% | -45.3% | -21.0% | -39.9% |
| ROIC | -277.1% | -277.1% | -291.5% | -350.7% | — | — | — | — | — | -29.2% | -38.6% |
| ROCE | -29.2% | -29.2% | -30.6% | -23.3% | 3.9% | -56.3% | -29.3% | -55.2% | -60.1% | -23.8% | -43.2% |
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 | 0.12 | 0.12 | 0.12 | 0.11 | 0.35 | 0.30 | 0.05 | 0.80 | 0.73 | — | 0.00 |
| Debt / EBITDA | — | — | — | — | 6.91 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.96 | -0.87 | -0.94 | -1.10 | -1.32 | -1.11 | -1.96 | -1.96 | -0.74 | -0.05 |
| Net Debt / EBITDA | — | — | — | — | -21.68 | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | -12.24 | — | — | — | — | — | — |
| Interest Coverage | — | — | — | -35.36 | 4.06 | -75.86 | -86.07 | -29.43 | -114.50 | -71.67 | -4.21 |
Net cash position: cash ($231M) exceeds total debt ($25M)
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 | 6.64 | 6.64 | 4.67 | 4.72 | 3.18 | 3.81 | 9.45 | 3.48 | 3.33 | 4.61 | 11.82 |
| Quick Ratio | 6.64 | 6.64 | 4.67 | 4.72 | 3.18 | 3.81 | 9.45 | 3.48 | 3.33 | 4.48 | 11.94 |
| Cash Ratio | 6.35 | 6.35 | 3.62 | 3.56 | 3.09 | 3.72 | 9.35 | 3.35 | 2.92 | 4.40 | 11.58 |
| Asset Turnover | — | 0.25 | 0.40 | 0.37 | 0.46 | 0.03 | 0.02 | 0.25 | 0.36 | 0.25 | 0.40 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 0.28 | — |
| Days Sales Outstanding | — | 30.21 | 10.48 | 74.19 | 4.90 | 99.44 | 81.31 | 38.26 | 103.83 | 13.48 | 65.06 |
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 | — | — | — | — | 2.1% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | 5.3% | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 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% | 0.0% |
| Shares Outstanding | — | $27M | $27M | $27M | $27M | $26M | $20M | $12M | $10M | $3M | $4M |
Clinical Milestone Revenue Volatility
According to current market data, ARCT trades at a price-to-sales ratio of 2.91, which appears to reflect a significant platform discount compared to larger, commercial-stage RNA peers, suggesting investors remain skeptical of the company's ability to transition from milestone-based licensing to sustainable, volume-driven product revenue.
The negative P/E ratio of -2.87 underscores the company's current status as a pre-commercial entity where valuation is driven by the probability of success for the LUNAR-OTC and LUNAR-FLU programs rather than current earnings. This valuation multiple warrants further investigation, as it may undervalue the long-term potential of the STARR platform if the company successfully navigates its upcoming clinical readouts.
As reported in financial statements, ARCT's ROIC has remained deeply negative, reaching -5.8% in 2026Q1, which indicates that the company is currently destroying capital as it aggressively funds its clinical pipeline without the offsetting benefit of recurring, high-margin commercial product sales to drive positive returns.
The volatility in ROIC, which swung from -63.3% in 2025Q4 to -5.8% in 2026Q1, suggests that the company's capital efficiency is highly sensitive to the timing of milestone payments rather than operational performance. Investors should monitor whether the company can improve these returns as it moves closer to commercializing its proprietary delivery technology.
Based on recent SEC filings, ARCT's asset turnover remains extremely low at 0.00, highlighting the company's limited revenue-generating asset base and its reliance on external partnerships to fund the ongoing development of its proprietary LUNAR delivery system rather than internal, asset-heavy manufacturing operations.
The high DSO of 510 days in 2026Q1 appears to be an outlier driven by the lumpy nature of milestone-based receivables, which complicates the assessment of standard working capital efficiency. This suggests that traditional efficiency metrics may be less relevant for ARCT until the company establishes a more predictable, recurring revenue stream.
According to the provided balance sheet data, ARCT maintains a current ratio of 6.31 as of 2026Q1, which suggests that the company possesses an adequate liquidity buffer to sustain its current R&D burn rate without immediate reliance on dilutive capital markets for short-term operational survival.
While the liquidity position appears healthy, the rapid erosion of the asset base from $429.4M in 2023Q4 to $245.4M in 2026Q1 indicates that the company is consuming its cash reserves at a significant pace. This trend warrants further investigation, as the company's long-term solvency remains tied to its ability to hit clinical milestones before the current cash runway is exhausted.
Based on reported figures, the price-to-sales ratio is frequently misapplied to ARCT, as it obscures the reality that current revenue is derived from episodic milestone payments rather than recurring product sales, leading to potentially misleading conclusions about the company's underlying growth trajectory and long-term commercial viability.
Analysts should instead focus on the 'Cash Runway to Milestone' ratio, which provides a more accurate assessment of the company's financial health in a pre-commercial context. Relying on P/S multiples fails to account for the non-cash components of revenue recognition and the inherent volatility of the company's partnership-based business model.
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Quick answers to the most common questions about buying ARCT stock.
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