Latest Ratios: P/E Ratio -33.3x · EV/EBITDA N/A · ROE -21.7%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $6.1B | $3.2B | $1.8B | — | — | — |
| Enterprise Value | $6.1B | $3.2B | $1.5B | — | — | — |
| P/E Ratio → | -33.27 | — | — | — | — | — |
| P/S Ratio | 1510.79 | 794.47 | 1573.67 | — | — | — |
| P/B Ratio | 7.11 | 4.26 | 2.44 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 788.16 | 1348.18 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|
| Gross Margin | -15.0% | -15.0% | 100.0% | 100.0% | 92.1% | 99.9% |
| Operating Margin | -4722.1% | -4722.1% | -10067.3% | -27180.9% | -18453.4% | -121.7% |
| Net Profit Margin | -3985.0% | -3985.0% | -7729.5% | -23827.0% | -18556.5% | -124.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -21.7% | -21.7% | -19.2% | -31.4% | -42.8% | -31.9% |
| ROA | -20.8% | -20.8% | -18.5% | -28.0% | -34.3% | -21.9% |
| ROIC | -23.8% | -23.8% | -26.3% | -36.1% | -96.6% | — |
| ROCE | -25.5% | -25.5% | -25.0% | -34.9% | -38.1% | -23.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.00 | 0.01 | 0.13 | 0.38 |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.03 | -0.35 | -0.04 | -0.58 | -0.96 |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -35246.00 | -27.47 |
Net cash position: cash ($32M) exceeds total debt ($7M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 24.63 | 24.63 | 35.30 | 13.62 | 9.54 | 9.78 |
| Quick Ratio | 24.58 | 24.58 | 35.30 | 13.62 | 9.54 | 9.78 |
| Cash Ratio | 24.07 | 24.07 | 34.72 | 13.17 | 9.30 | 8.97 |
| Asset Turnover | — | 0.01 | 0.00 | 0.00 | 0.00 | 0.18 |
| Inventory Turnover | 2.97 | 2.97 | — | — | — | — |
| Days Sales Outstanding | — | 62.16 | 250.28 | 164.61 | 579.03 | 0.07 |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $77M | $62M | $67M | $67M | $67M |
Clinical trial execution failure
According to current market data, CGON trades at a price-to-sales ratio of 1571.05, a figure that appears to reflect high investor expectations for future commercial success rather than any underlying fundamental valuation based on current, non-commercial revenue streams derived from milestone-based licensing agreements.
The extreme P/S multiple suggests that the market is pricing in a high probability of regulatory approval for cretostimogene, effectively ignoring the current lack of recurring product revenue. Investors should monitor whether this valuation can be sustained as the company transitions from a clinical-stage entity to a commercial-stage firm, where multiples typically compress toward industry norms.
As reported in financial statements, the company's operating margin of -61.3% in 2026Q1 underscores a business model currently defined by heavy R&D investment, with gross margins fluctuating wildly due to the lumpy nature of milestone-based revenue recognition typical of early-stage biotechnology firms.
The negative gross margin of -173.5% in the most recent quarter suggests that the costs associated with collaboration and early-stage manufacturing preparations currently exceed the revenue recognized from those same agreements. This profitability profile is expected to remain strained until the company achieves commercial scale and can leverage its fixed cost base.
Based on reported figures, the company's cash conversion cycle remains highly erratic, with a negative 84-day cycle in 2026Q1, reflecting the significant impact of milestone-related receivables and payables on the firm's short-term liquidity management during this pre-commercial phase of development.
The extreme fluctuations in days sales outstanding and days payable outstanding suggest that operational efficiency metrics are currently distorted by the timing of strategic partnership payments. Analysts should look past these temporary distortions to focus on the underlying cash burn rate, which remains the primary indicator of operational health.
According to recent SEC filings, CGON maintains a current ratio of 31.30 as of 2026Q1, providing a significant liquidity buffer that appears sufficient to fund ongoing clinical trials, though this position remains highly sensitive to the timing of future capital market activities and potential equity dilution.
The high current ratio is a direct result of recent capital raises, which have bolstered the balance sheet to support the PIVOT-006 trial. While this provides a comfortable runway, investors should monitor the rate of cash depletion to assess whether additional financing will be required before the company reaches a self-sustaining commercial state.
Based on the company's current clinical-stage status, the use of traditional price-to-sales multiples is likely the most misapplied metric, as it obscures the reality that current revenue is derived from non-recurring milestone payments rather than sustainable, recurring product demand.
Investors should instead focus on enterprise value relative to clinical milestones or probability-adjusted net present value of the lead asset. Relying on P/S ratios in this context may lead to an overestimation of the company's current commercial viability and a misunderstanding of the risks inherent in the drug development process.
Includes 30+ ratios · 5 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 CGON stock.
CG Oncology, Inc. Common stock's current P/E ratio is -33.3x. This places it at the 50th percentile of its historical range.
CG Oncology, Inc. Common stock's return on equity (ROE) is -21.7%. The historical average is -29.4%.
Based on historical data, CG Oncology, Inc. Common stock is trading at a P/E of -33.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CG Oncology, Inc. Common stock has -15.0% gross margin and -4722.1% operating margin.