Latest Ratios: P/E Ratio -73.0x · EV/EBITDA N/A · ROE -6.3%. (2012–2025 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 | $1.5B | $1.0B | $1.2B | $645M | $608M | $2.4B | $3.4B | $909M | $896M | $171M | $45M |
| Enterprise Value | $1.5B | $958M | $1.1B | $597M | $557M | $2.0B | $3.3B | $876M | $832M | $188M | $51M |
| P/E Ratio → | -72.97 | — | 23.02 | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.97 | 2.64 | 3.63 | 2.30 | 1.89 | 8.02 | 17.52 | 7.16 | 11.70 | 3.54 | 1.10 |
| P/B Ratio | 5.13 | 3.31 | 3.20 | 2.47 | 1.41 | 5.10 | 12.13 | 9.18 | 9.34 | — | 2.25 |
| P/FCF | 41.75 | 27.80 | 38.41 | — | — | — | 145.97 | — | — | — | — |
| P/OCF | 35.88 | 23.89 | 31.86 | — | — | — | 100.73 | — | — | — | — |
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 | — | 2.52 | 3.37 | 2.13 | 1.73 | 6.91 | 16.92 | 6.90 | 10.86 | 3.90 | 1.26 |
| EV / EBITDA | — | — | 18.60 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 26.53 | 35.67 | — | — | — | 140.91 | — | — | — | — |
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 | 67.0% | 67.0% | 67.2% | 63.6% | 65.1% | 67.1% | 67.2% | 64.2% | 56.9% | 55.8% | 48.0% |
| Operating Margin | -5.5% | -5.5% | 12.2% | -72.5% | -24.0% | -10.0% | -11.7% | -19.3% | -20.3% | -42.0% | -91.9% |
| Net Profit Margin | -5.6% | -5.6% | 15.7% | -67.9% | -23.8% | -10.3% | -9.7% | -17.3% | -61.1% | -114.8% | -97.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -6.3% | -6.3% | 16.4% | -55.0% | -17.1% | -8.2% | -9.9% | -22.5% | -103.9% | -803.5% | -160.3% |
| ROA | -4.7% | -4.7% | 11.0% | -37.7% | -13.8% | -6.6% | -7.2% | -15.6% | -43.6% | -69.2% | -59.6% |
| ROIC | -5.7% | -5.7% | 12.1% | -51.4% | -22.3% | -14.9% | -14.9% | -37.7% | -54.7% | -80.8% | -133.9% |
| ROCE | -5.8% | -5.8% | 10.3% | -47.5% | -16.2% | -7.5% | -10.8% | -21.5% | -20.5% | -53.0% | -91.7% |
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 | 0.06 | 0.06 | 0.07 | 0.13 | 0.09 | 0.05 | 0.07 | 0.05 | 0.00 | — | 1.21 |
| Debt / EBITDA | — | — | 0.47 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.15 | -0.23 | -0.18 | -0.12 | -0.70 | -0.42 | -0.33 | -0.67 | — | 0.34 |
| Net Debt / EBITDA | — | — | -1.43 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -1.27 | -2.73 | — | — | — | -5.05 | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | -4.21 | -3.13 | -13.32 |
Net cash position: cash ($65M) exceeds total debt ($20M)
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 | 2.86 | 2.86 | 3.94 | 4.02 | 5.10 | 5.61 | 3.95 | 2.07 | 4.16 | 0.62 | 0.65 |
| Quick Ratio | 2.56 | 2.56 | 3.72 | 3.77 | 4.85 | 5.38 | 3.80 | 1.89 | 3.91 | 0.49 | 0.52 |
| Cash Ratio | 1.97 | 1.97 | 2.92 | 3.02 | 3.86 | 4.51 | 3.25 | 1.10 | 3.31 | 0.39 | 0.42 |
| Asset Turnover | — | 0.92 | 0.68 | 0.60 | 0.59 | 0.52 | 0.52 | 0.84 | 0.59 | 0.58 | 0.53 |
| Inventory Turnover | 4.70 | 4.70 | 5.62 | 5.24 | 5.83 | 5.67 | 6.30 | 7.56 | 6.67 | 3.87 | 3.87 |
| Days Sales Outstanding | — | 40.97 | 70.65 | 66.48 | 75.22 | 73.59 | 65.76 | 69.10 | 46.53 | 22.59 | 24.87 |
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 | — | — | 4.3% | — | — | — | — | — | — | — | — |
| FCF Yield | 2.4% | 3.6% | 2.6% | — | — | — | 0.7% | — | — | — | — |
| Buyback Yield | 5.8% | 8.7% | 0.0% | 4.3% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.8% | 8.7% | 0.0% | 4.3% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $53M | $57M | $54M | $53M | $52M | $46M | $42M | $36M | $23M | $16M |
Medicare reimbursement policy volatility
Based on current market data, CareDx trades at a P/S multiple of 3.92, which appears to reflect investor confidence in the company's transplant ecosystem moat despite the lack of a positive TTM P/E ratio and ongoing regulatory scrutiny surrounding its core diagnostic testing services.
The forward P/E of 30.86 suggests that the market is pricing in a significant recovery in profitability, likely contingent on the stabilization of Medicare reimbursement rates. Investors should monitor whether this valuation premium is justified by the company's ability to maintain its market-leading position in heart transplant surveillance against lower-cost NGS competitors.
As reported in recent financial statements, CareDx's ROIC has struggled to remain consistently positive, fluctuating from -32.5% in 2023Q4 to a marginal 0.4% in 2026Q1, indicating that the firm has yet to achieve the scale necessary to generate meaningful returns on its invested capital.
The historical volatility in ROIC suggests that the company's aggressive investment in software and diagnostic infrastructure has not yet translated into a compounding return profile. The recent shift toward positive territory warrants further investigation to determine if this is a sustainable trend or merely a temporary byproduct of cost-cutting measures.
According to quarterly filings, the company's cash conversion cycle remains elevated, with a 2025Q4 CCC of 81 days, reflecting the inherent operational friction in managing complex insurance reimbursement cycles and the reliance on specialized laboratory workflows for its diagnostic testing services.
The variability in DSO, which reached 74 days in 2024Q3, suggests that the company faces persistent challenges in collecting payments from private payers, which may be increasingly scrutinizing the medical necessity of surveillance tests. This inefficiency in working capital management likely acts as a drag on the company's overall cash-generating capacity.
Based on reported figures, CareDx has successfully reduced its debt-to-equity ratio to 0.06 as of 2026Q1, signaling a deliberate and effective strategy to strengthen the balance sheet while navigating the inherent volatility of the transplant diagnostics market and potential regulatory-driven revenue shocks.
This conservative leverage profile provides the company with a necessary liquidity buffer to withstand potential reimbursement headwinds without the immediate pressure of debt service obligations. Investors should monitor whether this financial flexibility will be used to fund further R&D or to support ongoing litigation-related expenses.
The P/E ratio is frequently misapplied to CareDx, as it obscures the company's true earning power by failing to account for significant non-cash stock-based compensation and the high, non-recurring litigation expenses that currently depress GAAP net income figures.
Analysts should instead focus on EV/Revenue or adjusted EBITDA metrics to better capture the underlying cash-generating potential of the core diagnostic franchise. Relying on P/E in this context may lead to an overly pessimistic assessment of the company's value, as it ignores the defensive, recurring nature of the transplant surveillance business model.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying CDNA stock.
CareDx, Inc's current P/E ratio is -73.0x. The historical average is 47.8x.
CareDx, Inc's return on equity (ROE) is -6.3%. The historical average is -36.7%.
Based on historical data, CareDx, Inc is trading at a P/E of -73.0x. Compare with industry peers and growth rates for a complete picture.
CareDx, Inc has 67.0% gross margin and -5.5% operating margin.