Latest Ratios: P/E Ratio -0.0x · EV/EBITDA N/A · ROE N/A. (2011–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $242701 | $17M | $98M | $491M | $149M | $160M | $95M | $88M | $21M | $42M | $57M |
| Enterprise Value | $-15185299 | $2M | $24M | $507M | $-14045200 | $104M | $46M | $37M | $6M | $16M | $35M |
| P/E Ratio → | -0.00 | — | — | — | — | — | — | — | — | 21.95 | — |
| P/S Ratio | 0.01 | 0.88 | 6.58 | 49.90 | 5.60 | 14.20 | — | — | 49.80 | 1.38 | 57.75 |
| P/B Ratio | — | — | 3.70 | — | 0.87 | — | — | 1.98 | 1.17 | 1.07 | 3.02 |
| P/FCF | — | — | — | — | — | — | — | — | — | 15.84 | — |
| P/OCF | — | — | — | — | — | — | — | — | — | 15.84 | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.10 | 1.59 | 51.52 | -0.53 | 9.27 | — | — | 15.26 | 0.54 | 35.34 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | 2.55 | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | 7.55 | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | 6.17 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -204.0% | -204.0% | -396.8% | 100.0% | 99.7% | 100.0% | — | — | 100.0% | 100.0% | 100.0% |
| Operating Margin | -316.7% | -316.7% | -594.8% | -571.1% | -106.1% | -252.6% | — | — | -4702.4% | 20.6% | -3555.2% |
| Net Profit Margin | -308.1% | -308.1% | -582.3% | -622.6% | -1.3% | -252.3% | — | — | -6830.4% | 6.3% | -3379.0% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -327.4% | -421.7% | -0.4% | — | -1228.1% | -108.3% | -102.4% | 6.6% | -120.0% |
| ROA | -100.8% | -100.8% | -107.5% | -31.8% | -0.1% | -18.7% | -95.2% | -36.1% | -32.4% | 2.7% | -72.9% |
| ROIC | — | — | — | — | -232.8% | — | — | — | -179.6% | 91.6% | — |
| ROCE | -141.2% | -141.2% | -140.7% | -31.8% | -11.9% | -20.5% | -34.9% | -29.2% | -23.4% | 9.5% | -89.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.12 | — | — | — | — | — | — | — | 0.73 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | -2.81 | — | -0.95 | — | — | -1.14 | -0.81 | -0.66 | -1.17 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | -3.99 | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | -9.67 | — |
| Interest Coverage | — | — | — | -18.47 | — | — | — | — | — | 8.68 | -22.98 |
Net cash position: cash ($18M) exceeds total debt ($2M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.48 | 1.48 | 5.06 | 2.78 | 17.77 | 3.48 | 6.39 | 8.47 | 3.17 | 6.51 | 4.79 |
| Quick Ratio | 1.48 | 1.48 | 5.06 | 2.78 | 17.77 | 3.48 | 6.39 | 8.47 | 3.17 | 6.51 | 4.79 |
| Cash Ratio | 1.17 | 1.17 | 4.88 | 2.64 | 14.06 | 3.07 | 5.65 | 8.25 | 3.11 | 6.37 | 4.76 |
| Asset Turnover | — | 0.64 | 0.17 | 0.14 | 0.08 | 0.06 | — | — | 0.01 | 0.29 | 0.03 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 53.25 | — | — | 336.80 | — | — | — | — | — | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | 4.6% | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | 6.3% | — |
| 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 | — | $41M | $34M | $40M | $9M | $6M | $5M | $3M | $1M | $1M | $949650 |
Imminent liquidity shortfall
According to current market data, CARM trades at a price-to-sales ratio of 0.02, a valuation level that suggests investors are heavily discounting the company's future commercial prospects due to the extreme uncertainty surrounding its clinical-stage pipeline and the urgent requirement for additional capital to sustain operations.
The lack of meaningful P/E or EV/EBITDA multiples underscores that the market is currently pricing the company as a binary outcome play rather than a traditional operating business. This valuation level implies that the market assigns little value to the existing revenue streams, viewing them as transient milestone payments rather than a foundation for long-term earnings growth.
As reported in financial statements, CARM's operating margin of -316.72% reflects the substantial cost burden of autologous cell therapy manufacturing, which currently consumes resources far in excess of the revenue generated from research collaborations and milestone-based agreements with strategic partners like Moderna.
The extreme volatility in gross margins, which have swung from negative levels to 100% in recent quarters, indicates that the company has yet to achieve a repeatable or scalable production process. Investors should monitor whether the shift toward in vivo delivery models can eventually decouple operating expenses from the high per-patient costs inherent in current myeloid cell engineering.
Based on historical data, CARM's asset turnover ratio has remained consistently low, often below 0.20, which highlights the company's inability to generate significant revenue from its existing asset base while it remains in the capital-intensive, pre-commercial phase of its clinical development lifecycle.
The erratic nature of the company's working capital, including significant quarterly outflows, suggests that management is struggling to align cash inflows from milestone payments with the steady, high-burn requirements of clinical trial execution. This lack of operational efficiency warrants further investigation into the company's ability to manage its supplier and partner relationships under severe liquidity constraints.
As evidenced by the 2025Q3 balance sheet, the company's current ratio has compressed to 0.86, a significant decline from historical peaks, indicating that CARM's ability to meet its short-term obligations is increasingly dependent on external financing rather than internal cash generation or operational liquidity.
The rapid erosion of the cash position to $17.9 million against a high quarterly burn rate suggests that the company is approaching a critical juncture where operational continuity may be at risk. This liquidity profile appears highly vulnerable to any delays in clinical milestones or unfavorable shifts in the broader biotech capital markets.
Analysts frequently misapply price-to-sales ratios to CARM, which obscures the fact that the company's reported revenue is derived from non-recurring milestone payments rather than sustainable product sales, thereby creating a false sense of commercial progress that does not reflect the underlying economic reality of the business.
Instead of relying on P/S multiples, investors should focus on the 'cash runway' and 'net burn' metrics, which provide a more accurate assessment of the company's survival probability. Using revenue as a valuation anchor for a pre-commercial biotech firm ignores the reality that the company's primary output is clinical data, not commercialized therapeutic products.
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