Latest Ratios: P/E Ratio -1.3x · EV/EBITDA N/A · ROE -164.2%. (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 | $470M | $124M | $486M | $14.9B | $15.9B | $7.4B | $17.2B | $22.9B | $38.9B | $49.4B | $13.0B |
| Enterprise Value | $258M | $-88042123 | $488M | $14.9B | $15.9B | $7.3B | $17.1B | $22.7B | $38.7B | $49.2B | $12.9B |
| P/E Ratio → | -1.33 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 43.30 | 11.39 | — | 1494882.17 | 212225.94 | 6388.59 | 1691.55 | — | — | — | 700883.80 |
| P/B Ratio | 0.87 | 0.61 | — | 389.15 | 370.77 | 90.80 | 134.08 | 148.39 | 189.18 | 412.32 | 367.31 |
| 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 | — | -8.12 | — | 1490783.73 | 211599.91 | 6312.42 | 1678.35 | — | — | — | 698719.37 |
| 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% | — | 100.0% | 100.0% | 100.0% | — | — | — | — | — |
| Operating Margin | -1407.5% | -1407.5% | — | -392752.9% | -63204.4% | -5470.7% | -506.8% | — | — | — | -172505.3% |
| Net Profit Margin | -1419.6% | -1419.6% | — | -368994.2% | -62251.7% | -5469.0% | -502.1% | — | — | — | -171945.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -164.2% | -164.2% | -423.1% | -90.7% | -75.0% | -60.5% | -36.1% | -30.1% | -29.7% | -42.9% | -84.0% |
| ROA | -111.6% | -111.6% | -119.9% | -76.0% | -63.9% | -53.5% | -32.8% | -28.3% | -28.1% | -38.9% | -70.0% |
| ROIC | — | — | — | — | — | — | — | — | — | — | — |
| ROCE | -132.6% | -132.6% | -154.8% | -96.5% | -75.6% | -59.6% | -35.8% | -33.8% | -31.6% | -43.4% | -83.1% |
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 | 0.01 | 0.01 | — | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.04 | — | -1.07 | -1.09 | -1.08 | -1.05 | -1.00 | -1.02 | -1.04 | -1.13 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -68.54 | -68.54 | -51.89 | — | — | — | — | — | — | — | — |
Net cash position: cash ($213M) 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.56 | 6.56 | 3.62 | 6.41 | 5.71 | 7.68 | 11.13 | 14.84 | 24.22 | 15.56 | 6.40 |
| Quick Ratio | 6.56 | 6.56 | 3.62 | 6.41 | 5.71 | 7.68 | 11.13 | 14.84 | 24.22 | 15.56 | 6.37 |
| Cash Ratio | 5.91 | 5.91 | 3.62 | 6.11 | 5.39 | 7.63 | 11.03 | 14.45 | 23.95 | 15.16 | 6.32 |
| Asset Turnover | — | 0.05 | — | 0.00 | 0.00 | 0.01 | 0.07 | — | — | — | 0.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 605.87 | — | 6417.43 | 700.88 | 0.42 | 0.08 | — | — | — | 5300.57 |
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% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $10M | $20M | $63M | $53M | $51M | $46M | $43M | $41M | $29M | $21M |
Clinical trial execution failure
Based on reported figures, CBIO trades at a price-to-book ratio of 0.94, which suggests that the market is currently valuing the firm near its liquidation value rather than assigning a significant premium for its clinical-stage oncology pipeline compared to historical biotech sector averages.
The P/S ratio of 46.43 is largely non-informative given the episodic nature of the company's milestone-driven revenue. Investors should interpret this valuation as a reflection of the market's wait-and-see approach regarding the clinical efficacy of the PD-1 x VEGF bispecific construct.
According to recent SEC filings, the company's ROE has fluctuated significantly, reaching -12.0% in 2026Q1, which highlights the persistent decay of invested capital as the firm prioritizes high-cost R&D activities over immediate profitability in its current pre-commercial stage of operations.
The inability to generate positive returns on capital is expected for a firm in this developmental phase, yet the volatility in these metrics warrants further investigation into the efficiency of capital deployment. The lack of meaningful ROIC data underscores the absence of a commercialized product to drive sustainable returns.
As reported in financial statements, the current ratio of 13.78 in 2026Q1 indicates a strong liquidity position, providing the company with a substantial runway to fund its oncology research programs without immediate reliance on external capital markets for short-term operational survival.
This high liquidity ratio appears to be a deliberate management strategy to mitigate the risks associated with volatile biotech funding cycles. However, investors should monitor how quickly this cash position is depleted as clinical trial enrollment and development costs scale in the coming quarters.
Based on peer comparison data, CBIO's P/B ratio of 0.94 sits at the lower end of the spectrum compared to peers like Immunovant or Nektar, which may indicate that the market is applying a 'fast-follower' discount to the company's bispecific antibody development program.
While the company shares a similar oncology focus with peers, the valuation gap appears structural, reflecting the earlier stage of its clinical pipeline. This suggests that the market requires more robust clinical data before re-rating the company closer to its more advanced competitors.
As disclosed in quarterly filings, the net margin of -1419% is frequently misapplied by analysts as a proxy for operational failure, whereas it actually represents the necessary, front-loaded R&D investment required to advance the company's bispecific antibody and ADC pipeline toward potential commercialization.
Using traditional profitability metrics to evaluate a pre-commercial biotech firm obscures the underlying value creation potential of its intellectual property. Analysts should instead focus on cash burn rates and clinical milestone achievement as more accurate indicators of the company's fundamental health.
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Quick answers to the most common questions about buying CBIO stock.
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Crescent Biopharma, Inc.'s return on equity (ROE) is -164.2%. The historical average is -85.4%.
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Crescent Biopharma, Inc. has 100.0% gross margin and -1407.5% operating margin.