Latest Ratios: P/E Ratio -4.9x · EV/EBITDA N/A · ROE -44.0%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $611M | $655M | $423M | $492M | $683M | — | — | — |
| Enterprise Value | $1.0B | $526M | $574M | $329M | $341M | $624M | — | — | — |
| P/E Ratio → | -4.88 | — | — | — | 4.43 | — | — | — | — |
| P/S Ratio | — | — | — | — | — | 36.08 | — | — | — |
| P/B Ratio | 2.62 | 1.50 | 1.11 | 0.93 | 0.92 | 1.61 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | 32.92 | — | — | — |
| EV / EBITDA | — | — | — | — | 2.36 | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | 100.0% | — | — | — |
| Operating Margin | — | — | — | — | — | -358.7% | — | — | — |
| Net Profit Margin | — | — | — | — | — | -346.1% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -44.0% | -44.0% | -32.1% | -31.0% | 23.2% | -21.0% | -64.6% | — | — |
| ROA | -41.1% | -41.1% | -30.3% | -29.3% | 22.3% | -20.1% | -32.9% | -29.7% | -41.0% |
| ROIC | -43.5% | -43.5% | -34.0% | -38.6% | 28.9% | -25.6% | — | — | — |
| ROCE | -48.2% | -48.2% | -37.6% | -38.4% | 30.0% | -21.7% | -40.4% | -33.9% | -43.8% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | 0.04 | — | — | — | — |
| Net Debt / Equity | — | -0.21 | -0.14 | -0.21 | -0.28 | -0.14 | -0.84 | — | — |
| Net Debt / EBITDA | — | — | — | — | -1.04 | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($88M) exceeds total debt ($3M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.25 | 10.25 | 13.53 | 17.07 | 21.09 | 25.25 | 14.82 | 39.67 | 25.85 |
| Quick Ratio | 10.25 | 10.25 | 13.53 | 17.07 | 21.09 | 25.25 | 14.82 | 39.67 | 25.85 |
| Cash Ratio | 10.01 | 10.01 | 13.02 | 16.60 | 20.77 | 24.73 | 14.68 | 39.09 | 25.55 |
| Asset Turnover | — | — | — | — | — | 0.04 | — | — | — |
| 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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 22.6% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — | — |
| Shares Outstanding | — | $59M | $54M | $42M | $47M | $44M | $44M | $1M | $800038 |
Clinical trial funding runway
Based on reported figures, Cullinan Therapeutics trades at a price-to-book ratio of 2.66, which suggests that the market is pricing the company primarily on the future option value of its clinical-stage oncology and autoimmune assets rather than its current tangible book value or near-term earnings potential.
The absence of meaningful revenue or positive earnings renders traditional P/E multiples irrelevant, forcing investors to rely on book value as a floor for valuation. This valuation appears to hinge entirely on the successful progression of zipalertinib and CLN-978, implying that any clinical setback could lead to a rapid re-rating of the stock toward its liquidation value.
As reported in financial statements, the company's ROIC has consistently trended in negative territory, reaching -13.1% in 2026Q1, which highlights the inherent difficulty of generating positive returns on invested capital while the firm remains in a pre-commercial, high-expenditure phase of its clinical development lifecycle.
The persistent negative ROIC is a direct consequence of the company's hub-and-spoke R&D model, which necessitates significant upfront capital allocation without immediate commercial returns. Investors should monitor whether the company can eventually pivot toward positive returns as lead assets move closer to potential regulatory approval and commercialization.
According to recent SEC filings, the company's current ratio has compressed significantly from 28.87 in 2024Q2 to 10.28 in 2026Q1, indicating that while the firm maintains a high level of short-term assets, the rapid pace of cash burn is steadily eroding its overall liquidity position.
The decline in the current ratio suggests that the company is consuming its cash reserves at a rate that may soon necessitate external financing to maintain its current clinical trial velocity. While the current ratio remains high relative to industrial peers, the lack of recurring revenue means this liquidity is a finite resource that requires careful management.
The most commonly misapplied ratio for Cullinan Therapeutics is the price-to-earnings (P/E) multiple, which obscures the company's true operational status by attempting to apply a valuation framework designed for mature, profitable firms to a pre-revenue entity that is currently in a phase of aggressive capital consumption.
Using P/E ratios for a company like CGEM is fundamentally flawed because it ignores the fact that losses are a deliberate investment in future intellectual property rather than a sign of operational failure. Analysts should instead focus on cash runway, clinical trial enrollment milestones, and the net present value of the pipeline to better assess the company's intrinsic worth.
Includes 30+ ratios · 8 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CGEM stock.
Cullinan Therapeutics, Inc.'s current P/E ratio is -4.9x. The historical average is 4.4x.
Cullinan Therapeutics, Inc.'s return on equity (ROE) is -44.0%. The historical average is -28.2%.
Based on historical data, Cullinan Therapeutics, Inc. is trading at a P/E of -4.9x. Compare with industry peers and growth rates for a complete picture.