Latest Ratios: P/E Ratio -1.4x · EV/EBITDA N/A · ROE -31.2%. (2016–2025 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 | $303M | $491M | $815M | $644M | $878M | $1.5B | $344M | $104M | — | — | — |
| Enterprise Value | $-307223850 | $-120087747 | $-55120698 | $162M | $583M | $1.1B | $223M | $14M | — | — | — |
| P/E Ratio → | -1.39 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.18 | 6.76 | 23.10 | 23.85 | 60.70 | 130.42 | 33.08 | 7.55 | — | — | — |
| P/B Ratio | 0.50 | 0.80 | 1.03 | 1.73 | 3.24 | 4.41 | 3.60 | 1.12 | — | — | — |
| 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -1.65 | -1.56 | 6.01 | 40.32 | 96.71 | 21.51 | 1.01 | — | — | — |
| 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | -390.3% | -480.1% | 100.0% | 100.0% | -219.0% | -85.1% | -190.9% | -476.0% | — |
| Operating Margin | -341.3% | -341.3% | -595.0% | -704.1% | -806.6% | -561.0% | -500.1% | -190.6% | -304.7% | -787.0% | — |
| Net Profit Margin | -301.7% | -301.7% | -479.2% | -669.7% | -779.3% | -571.2% | -491.0% | -221.8% | -306.1% | -789.3% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -31.2% | -31.2% | -29.0% | -56.3% | -36.5% | -30.3% | -54.1% | -261.9% | — | — | -168.4% |
| ROA | -26.2% | -26.2% | -21.8% | -35.9% | -25.3% | -20.9% | -37.6% | -31.9% | -28.1% | -37.9% | -114.2% |
| ROIC | — | — | — | — | — | — | — | -663.7% | — | — | — |
| ROCE | -32.0% | -32.0% | -29.7% | -43.0% | -29.1% | -22.6% | -43.4% | -30.2% | -31.7% | -44.7% | -168.2% |
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 | 0.03 | 0.03 | 0.01 | 0.12 | 0.16 | 0.13 | 0.17 | 0.02 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.00 | -1.10 | -1.30 | -1.09 | -1.14 | -1.26 | -0.97 | — | — | -1.17 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1061.17 | -1061.17 | -99.46 | -58.21 | -33.16 | -21.95 | -113.70 | — | — | — | — |
Net cash position: cash ($628M) exceeds total debt ($18M)
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 | 11.02 | 11.02 | 13.81 | 8.08 | 6.92 | 12.65 | 6.73 | 11.81 | 8.60 | 7.57 | 2.96 |
| Quick Ratio | 11.02 | 11.02 | 13.81 | 8.08 | 6.92 | 12.65 | 6.73 | 11.81 | 8.60 | 7.57 | 2.96 |
| Cash Ratio | 11.02 | 11.02 | 13.08 | 7.57 | 6.36 | 12.11 | 5.88 | 10.44 | 7.10 | 7.16 | 2.47 |
| Asset Turnover | — | 0.10 | 0.04 | 0.05 | 0.04 | 0.02 | 0.06 | 0.13 | 0.09 | 0.03 | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 178.99 | 368.91 | 325.26 | 535.20 | 371.65 | 514.06 | 188.97 | 578.65 | 531.73 | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — | — |
| Shares Outstanding | — | $69M | $58M | $36M | $30M | $25M | $19M | $11M | $13M | $13M | $18M |
Binary clinical trial outcomes
According to recent market data, BCYC trades at a price-to-sales ratio of 3.91, a multiple that appears to reflect investor optimism regarding the platform's long-term licensing potential rather than the company's current, highly volatile and milestone-dependent revenue streams observed in recent financial filings.
The current valuation suggests that the market is pricing the company as a strategic asset for potential acquisition rather than a traditional operating entity. Investors should monitor whether this premium holds as the company progresses through late-stage clinical trials, as any delay in milestone achievement could lead to a significant re-rating of the stock.
Based on reported figures, the company's ROIC of -12.1% in 2026Q1 highlights the ongoing challenge of generating positive returns on invested capital while the firm remains in a pre-commercial phase, heavily reliant on external funding to sustain its intensive research and development activities.
The negative return profile is a structural consequence of the company's current business model, which prioritizes long-term platform development over immediate profitability. This trend warrants further investigation into whether the company can achieve a positive return on capital once its lead candidates transition toward commercialization.
As reported in financial statements, the company's DSO has fluctuated significantly, reaching 3,882 days in 2026Q1, which suggests that the timing of milestone-based cash inflows is highly irregular and does not follow a standard operational cycle typical of traditional manufacturing or service-based businesses.
The extreme volatility in receivables turnover reflects the lumpy nature of milestone payments from pharmaceutical partners rather than operational inefficiency. Investors should interpret these metrics with caution, as they are more indicative of contract negotiation timelines than the underlying efficiency of the company's internal research processes.
Based on the 2026Q1 balance sheet, the company maintains a current ratio of 12.66, which provides a substantial liquidity cushion that appears sufficient to support the firm's ongoing research and development burn rate for the foreseeable future, as indicated by recent financial disclosures.
This strong liquidity position is a critical defensive feature, allowing the company to navigate potential biotech market downturns without immediate reliance on dilutive equity financing. The absence of significant debt obligations further enhances the company's financial flexibility during this high-risk clinical development phase.
As reported in financial statements, the use of traditional P/S ratios to evaluate BCYC is often misapplied, as it obscures the reality that the company's revenue is derived from non-recurring milestone payments rather than a sustainable, recurring commercial product sales model.
Analysts should instead focus on cash burn rates and the remaining operational runway, as these metrics provide a more accurate assessment of the company's financial health. Relying on revenue-based multiples may lead to an overestimation of the company's current commercial viability and a misunderstanding of its fundamental business model.
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying BCYC stock.
Bicycle Therapeutics plc's current P/E ratio is -1.4x. This places it at the 50th percentile of its historical range.
Bicycle Therapeutics plc's return on equity (ROE) is -31.2%. The historical average is -83.5%.
Based on historical data, Bicycle Therapeutics plc is trading at a P/E of -1.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bicycle Therapeutics plc has 100.0% gross margin and -341.3% operating margin.