Latest Ratios: P/E Ratio -13.7x · EV/EBITDA N/A · ROE -64.6%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $541M | $299M | $275M | $43M | $52M | $224M | — | — |
| Enterprise Value | $423M | $181M | $186M | $30M | $4M | $142M | — | — |
| P/E Ratio → | -13.68 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | 412.75 | 1794.84 | — | — |
| P/B Ratio | 10.05 | 5.76 | 4.15 | 3.34 | 1.08 | 3.50 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | 34.69 | 1138.18 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | — | — | — | — | -27739.2% | -19720.0% | -11048.0% | -7229.6% |
| Net Profit Margin | — | — | — | — | -15035.2% | -28899.2% | -14144.0% | -6592.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -64.6% | -64.6% | -139.6% | -125.5% | -33.6% | -178.1% | — | — |
| ROA | -32.9% | -32.9% | -74.5% | -63.4% | -22.4% | -56.7% | -42.0% | -18.0% |
| ROIC | — | — | — | -10470.3% | — | — | — | — |
| ROCE | -52.0% | -52.0% | -69.3% | -76.8% | -44.2% | -42.0% | -35.4% | -20.3% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.20 | 1.79 | 0.48 | 0.01 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -2.27 | -1.34 | -0.99 | -0.99 | -1.28 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -17.02 | -17.02 | -25.40 | -13.62 | -10.00 | -465.09 | — | — |
Net cash position: cash ($120M) exceeds total debt ($2M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 13.31 | 13.31 | 2.77 | 2.59 | 12.81 | 15.84 | 7.46 | 32.06 |
| Quick Ratio | 13.31 | 13.31 | 2.77 | 2.59 | 12.81 | 15.84 | 7.46 | 32.06 |
| Cash Ratio | 13.31 | 13.31 | 2.74 | 2.50 | 12.48 | 15.41 | 7.44 | 31.96 |
| Asset Turnover | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $53M | $32M | $29M | $29M | $29M | $19M | $19M |
Binary clinical trial outcomes
As reported in recent financial statements, Candel’s price-to-book ratio of 9.99 suggests that investors are pricing the company based on the potential of its intellectual property rather than tangible assets, reflecting a significant valuation premium compared to more mature, revenue-generating entities within the broader biotechnology sector.
The elevated P/B multiple indicates that the market assigns substantial value to the company's pipeline, specifically the CAN-2409 platform, despite the absence of commercial revenue. This valuation appears highly sensitive to clinical trial readouts, as any failure in the primary endpoints would likely lead to a rapid compression of this premium.
Based on Candel's reported figures, the company maintains a current ratio of 28.05 as of 2026Q1, which provides a substantial liquidity cushion that appears sufficient to fund ongoing research and development activities through the next series of critical clinical data milestones without immediate need for additional capital.
While the high current ratio suggests a strong short-term position, it is primarily a function of recent equity-based capital raises rather than operational efficiency. Investors should monitor the burn rate closely, as this liquidity buffer is designed to be consumed by the high costs of late-stage clinical trials.
According to quarterly balance sheet data, Candel maintains a minimal debt-to-equity ratio of 0.01, indicating that the firm has successfully avoided the burden of interest-bearing liabilities while relying almost exclusively on equity financing to sustain its intensive, pre-revenue clinical development and research infrastructure requirements.
The lack of significant debt is a prudent strategy for a clinical-stage biotech, as it eliminates the risk of covenant breaches or insolvency during periods of high cash burn. This structure provides management with maximum flexibility, though it underscores the persistent reliance on dilutive equity markets to fund operations.
As indicated by the company's financial profile, the use of P/E or EV/EBITDA ratios is fundamentally misapplied to Candel, as these metrics obscure the reality that the firm is currently in a phase of pure capital consumption rather than generating sustainable earnings or operational cash flow.
Investors should instead focus on 'cash-burn-to-catalyst' metrics or the probability-adjusted net present value of the pipeline. Applying traditional valuation multiples to a pre-revenue entity like Candel risks misinterpreting the company's financial health by focusing on non-existent earnings rather than the critical clinical milestones that drive long-term value.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying CADL stock.
Candel Therapeutics, Inc.'s current P/E ratio is -13.7x. This places it at the 50th percentile of its historical range.
Candel Therapeutics, Inc.'s return on equity (ROE) is -64.6%. The historical average is -108.3%.
Based on historical data, Candel Therapeutics, Inc. is trading at a P/E of -13.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.