Latest Ratios: P/E Ratio -39.3x · EV/EBITDA N/A · ROE -25.6%. (1997–2025 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 | $645M | $393M | $284M | $389M | $644M | $1.2B | $1.1B | $590M | $668M | $366M | $443M |
| Enterprise Value | $722M | $470M | $362M | $474M | $696M | $1.2B | $1.2B | $620M | $669M | $382M | $440M |
| P/E Ratio → | -39.27 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.13 | 1.90 | 1.58 | 2.49 | 3.98 | 8.91 | 12.34 | 7.90 | 10.96 | 8.40 | 11.91 |
| P/B Ratio | 9.45 | 6.04 | 5.00 | 7.29 | 9.40 | 13.62 | 10.93 | 10.34 | 7.90 | 9.39 | 7.67 |
| P/FCF | 75.71 | 46.07 | 33.35 | — | — | — | — | — | — | — | — |
| P/OCF | 56.80 | 34.56 | 25.02 | — | — | — | — | — | — | — | — |
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 | — | 2.28 | 2.01 | 3.03 | 4.30 | 9.21 | 12.67 | 8.30 | 10.98 | 8.77 | 11.83 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 55.11 | 42.49 | — | — | — | — | — | — | — | — |
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 | 53.5% | 53.5% | 55.2% | 55.3% | 53.7% | 51.5% | 55.2% | 55.2% | 48.1% | 48.3% | 45.4% |
| Operating Margin | -17.6% | -17.6% | -7.9% | -19.2% | -21.0% | -37.4% | -63.5% | -88.7% | -90.3% | -132.0% | -165.3% |
| Net Profit Margin | -7.6% | -7.6% | -11.6% | -24.0% | -26.4% | -41.6% | -65.1% | -95.4% | -94.5% | -139.1% | -169.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -25.6% | -25.6% | -37.9% | -61.5% | -55.5% | -57.4% | -74.4% | -100.6% | -93.3% | -125.3% | -82.5% |
| ROA | -7.4% | -7.4% | -10.5% | -18.0% | -18.8% | -23.7% | -30.9% | -43.3% | -44.0% | -60.1% | -51.8% |
| ROIC | -19.7% | -19.7% | -7.8% | -17.5% | -20.9% | -28.4% | -39.7% | -57.7% | -58.7% | -78.7% | -93.8% |
| ROCE | -28.1% | -28.1% | -10.6% | -26.0% | -26.2% | -30.5% | -42.2% | -58.6% | -59.2% | -75.8% | -63.3% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.49 | 1.49 | 1.72 | 1.80 | 1.27 | 1.02 | 0.64 | 1.13 | 0.35 | 0.77 | 0.34 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 1.19 | 1.37 | 1.58 | 0.75 | 0.45 | 0.29 | 0.52 | 0.01 | 0.41 | -0.06 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 9.03 | 9.13 | — | — | — | — | — | — | — | — |
| Interest Coverage | -4.36 | -4.36 | -1.34 | -3.45 | -6.26 | -9.98 | -14.90 | -11.05 | -13.31 | -17.76 | -24.66 |
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 | 1.73 | 1.73 | 2.39 | 2.14 | 1.45 | 2.38 | 3.06 | 2.55 | 2.79 | 3.89 | 3.50 |
| Quick Ratio | 1.17 | 1.17 | 1.79 | 1.55 | 1.21 | 2.04 | 2.67 | 2.16 | 2.53 | 3.26 | 3.03 |
| Cash Ratio | 0.82 | 0.82 | 1.26 | 0.98 | 0.87 | 1.65 | 2.23 | 1.70 | 2.23 | 2.62 | 2.66 |
| Asset Turnover | — | 0.93 | 0.90 | 0.79 | 0.74 | 0.55 | 0.42 | 0.45 | 0.37 | 0.44 | 0.36 |
| Inventory Turnover | 1.71 | 1.71 | 2.12 | 1.75 | 2.58 | 2.37 | 1.77 | 1.71 | 2.34 | 1.56 | 1.62 |
| Days Sales Outstanding | — | 53.78 | 60.29 | 82.87 | 77.54 | 70.09 | 84.05 | 82.55 | 52.45 | 104.01 | 67.42 |
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 | 1.3% | 2.2% | 3.0% | — | — | — | — | — | — | — | — |
| 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 | — | $191M | $185M | $180M | $177M | $171M | $164M | $140M | $132M | $108M | $102M |
Liquidity and dilution risk
According to current market data, Cerus trades at a price-to-sales ratio of 2.84, which suggests that investors are prioritizing the long-term revenue potential of the RBC pipeline over the company's current inability to generate positive earnings or meaningful free cash flow in the near term.
The absence of a P/E multiple highlights that the market is valuing Cerus as a speculative growth asset rather than a mature medical device manufacturer. This valuation appears to hinge on the successful commercialization of the RBC system, as current multiples would likely contract significantly if the company fails to demonstrate a clear path to profitability.
As reported in financial statements, Cerus's ROIC has remained consistently negative, fluctuating between -6.3% and 0.7% over the last ten quarters, which indicates that the company is currently destroying shareholder value rather than compounding it through its heavy investment in clinical research and development.
The persistent negative returns on invested capital suggest that the company's core business model has yet to reach the scale required to offset its high R&D and SG&A burden. Investors should monitor whether the rollout of the INTERCEPT Fibrinogen Complex can improve capital efficiency by shifting the revenue mix toward higher-margin hospital-direct sales.
Based on Cerus's reported figures, the cash conversion cycle remains inefficient, with days inventory outstanding peaking at 218 days in 2025Q1, which suggests that the company faces significant challenges in managing its supply chain and converting its specialized disposable kit inventory into actual cash flow.
The high DIO relative to peers indicates a potential risk of inventory obsolescence, particularly given the finite shelf life of the chemical kits. This inefficiency in working capital management exacerbates the company's liquidity constraints, as capital remains tied up in inventory rather than supporting ongoing operational requirements.
According to recent SEC filings, the company's debt-to-equity ratio of 0.95 in 2026Q1 reflects a reliance on external financing to sustain operations, which warrants further investigation into the company's ability to service its obligations without resorting to further dilutive equity raises in the near future.
The lack of consistent interest coverage, with negative ratios observed in several recent quarters, suggests that the company's debt service capacity is precarious. This leverage profile leaves the company highly sensitive to interest rate fluctuations and limits its ability to invest in growth initiatives without compromising its already strained balance sheet.
Investors frequently misapply top-line revenue growth as a proxy for business health, failing to recognize that for Cerus, revenue expansion is often decoupled from profitability due to the high variable costs and heavy R&D spending required to maintain its competitive position in the blood safety market.
Focusing solely on revenue growth obscures the underlying cash burn and the potential for shareholder dilution inherent in the current business model. A more appropriate metric for evaluating Cerus would be the 'cash burn rate relative to clinical milestone progress,' which better captures the company's true financial sustainability.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying CERS stock.
Cerus Corporation's current P/E ratio is -39.3x. The historical average is 18.5x.
Cerus Corporation's return on equity (ROE) is -25.6%. The historical average is -77.8%.
Based on historical data, Cerus Corporation is trading at a P/E of -39.3x. Compare with industry peers and growth rates for a complete picture.
Cerus Corporation has 53.5% gross margin and -17.6% operating margin.