Latest Ratios: P/E Ratio -10.2x · EV/EBITDA N/A · ROE -40.6%. (1996–2025 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 | $2.7B | $1.8B | $1.6B | $1.9B | $2.1B | $1.7B | $519M | $32M | $31M | $365M | $359M |
| Enterprise Value | $2.6B | $1.8B | $1.6B | $1.9B | $2.1B | $1.6B | $479M | $25M | $12M | $331M | $317M |
| P/E Ratio → | -10.24 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1771.25 | 1204.09 | 231.80 | 279.16 | 886.63 | 356.16 | 70.00 | 9.05 | 3.28 | 28.65 | 52.96 |
| P/B Ratio | 5.04 | 3.43 | 2.18 | 4.48 | 6.41 | 3.95 | 2.48 | 0.34 | 0.25 | 1.54 | 1.35 |
| 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 | — | 1186.40 | 228.31 | 274.48 | 875.86 | 348.40 | 64.56 | 6.93 | 1.21 | 26.00 | 46.71 |
| 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% | -2229.8% | -1614.5% | -3389.9% | -1046.2% | -473.4% | -1094.3% | -596.7% | -654.7% | -1403.5% |
| Operating Margin | -19160.0% | -19160.0% | -2778.9% | -2245.3% | -4889.0% | -1531.8% | -854.1% | -1540.2% | -1640.1% | -953.7% | -1958.7% |
| Net Profit Margin | -17253.3% | -17253.3% | -2248.8% | -2054.8% | -4765.6% | -1516.0% | -805.9% | -1424.0% | -1585.1% | -730.1% | -1894.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -40.6% | -40.6% | -26.8% | -37.4% | -30.1% | -22.4% | -39.4% | -46.7% | -83.9% | -37.1% | -46.3% |
| ROA | -37.6% | -37.6% | -25.1% | -34.6% | -28.2% | -20.7% | -33.3% | -36.5% | -64.1% | -26.6% | -35.7% |
| ROIC | -35.2% | -35.2% | -26.1% | -33.2% | -25.3% | -19.3% | -37.2% | -43.3% | -76.5% | -42.8% | -44.8% |
| ROCE | -44.7% | -44.7% | -32.9% | -40.2% | -30.2% | -21.9% | -38.1% | -43.2% | -72.6% | -38.2% | -40.6% |
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 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.04 | 0.04 | 0.03 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.05 | -0.03 | -0.08 | -0.08 | -0.09 | -0.19 | -0.08 | -0.16 | -0.14 | -0.16 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($29M) 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 | 10.49 | 10.49 | 18.91 | 13.87 | 17.07 | 24.86 | 13.93 | 5.73 | 7.86 | 5.22 | 5.55 |
| Quick Ratio | 10.49 | 10.49 | 18.91 | 13.87 | 17.07 | 24.86 | 13.93 | 5.73 | 7.86 | 5.22 | 5.55 |
| Cash Ratio | 10.17 | 10.17 | 18.36 | 13.55 | 16.39 | 24.70 | 13.69 | 5.51 | 7.46 | 5.03 | 5.39 |
| Asset Turnover | — | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.03 | 0.06 | 0.04 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 490.32 | 36.40 | 240.12 | 53.74 | 13.50 | 88.67 | 124.12 | 121.00 | 53.85 | 95.96 |
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% | 0.0% | 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 | — | $67M | $64M | $48M | $47M | $43M | $30M | $15M | $10M | $9M | $7M |
Clinical Trial Funding Gap
According to recent market data, CLDX trades at a price-to-sales ratio of 1564.10, a figure that reflects extreme investor optimism regarding the future commercial potential of barzolvolimab rather than any current fundamental earnings power or historical revenue generation capacity.
The astronomical P/S multiple suggests that the market is pricing the company as a high-probability acquisition target or a future commercial leader in immunology. Investors should monitor whether this valuation can be sustained if clinical trial timelines for barzolvolimab face further delays or if capital market conditions tighten.
Based on reported financial figures, the company's ROIC has trended downward to -13.7% in 2026Q1, illustrating a consistent decay in capital efficiency as the firm prioritizes high-cost clinical development over the generation of positive returns on its invested capital base.
The negative ROIC trend is a direct consequence of the company's inability to generate operating income while simultaneously increasing its R&D spend. This pattern suggests that the firm is currently in a value-destructive phase, which is typical for clinical-stage biotechs but warrants caution regarding long-term capital allocation.
As reported in recent financial statements, the company's DSO has fluctuated wildly, reaching 6735 days in 2026Q1, which highlights the irregular and project-based nature of its revenue recognition rather than any underlying operational efficiency in managing customer receivables.
The extreme volatility in working capital metrics suggests that the company lacks a standard commercial operating cycle. Analysts should interpret these figures as indicators of milestone-driven cash inflows rather than operational performance, as the firm remains entirely dependent on non-recurring licensing and collaboration agreements.
Based on quarterly balance sheet data, the current ratio has compressed from 31.77 in 2024Q1 to 8.92 in 2026Q1, signaling a rapid depletion of the liquidity buffer necessary to sustain the company's intensive Phase 3 clinical trial development program.
While a current ratio of 8.92 appears high, it masks the reality of a high quarterly cash burn rate that threatens to exhaust available resources. This trend suggests that the company may face significant pressure to secure additional funding in the near term to avoid operational disruption.
As noted in financial analysis, the P/E ratio is fundamentally misapplied to CLDX, as the company's negative earnings and lack of commercial revenue render traditional valuation metrics meaningless for assessing the firm's true intrinsic value or its potential for future growth.
Investors should instead focus on the cash runway and the probability-adjusted net present value of the clinical pipeline. Relying on P/E or EV/EBITDA for a pre-commercial biotech obscures the reality that the company is essentially a venture-stage asset development platform rather than a mature operating business.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CLDX stock.
Celldex Therapeutics, Inc.'s current P/E ratio is -10.2x. This places it at the 50th percentile of its historical range.
Celldex Therapeutics, Inc.'s return on equity (ROE) is -40.6%. The historical average is -74.2%.
Based on historical data, Celldex Therapeutics, Inc. is trading at a P/E of -10.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Celldex Therapeutics, Inc. has 100.0% gross margin and -19160.0% operating margin.