Latest Ratios: P/E Ratio -29.2x · EV/EBITDA N/A · ROE -5.2%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $734M | $1.1B | $780M | $578M | $613M | $1.1B | $1.3B | $298M | — | — |
| Enterprise Value | $654M | $1.0B | $686M | $495M | $504M | $756M | $861M | $224M | — | — |
| P/E Ratio → | -29.17 | — | 42.98 | — | — | — | — | — | — | — |
| P/S Ratio | 2.13 | 3.28 | 2.35 | 2.63 | 4.48 | 11.45 | 20.29 | 5.74 | — | — |
| P/B Ratio | 1.49 | 2.39 | 1.71 | 1.48 | 1.54 | 2.62 | 3.06 | 3.50 | — | — |
| P/FCF | 25.92 | 39.81 | 21.34 | — | — | — | 248.55 | 48.96 | — | — |
| P/OCF | 11.41 | 17.52 | 12.02 | — | — | — | 128.85 | 42.42 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.04 | 2.07 | 2.25 | 3.68 | 8.04 | 13.75 | 4.32 | — | — |
| EV / EBITDA | — | — | 27.82 | — | — | — | — | 29.12 | — | — |
| EV / EBIT | — | — | 31.00 | — | — | — | — | 22.57 | — | — |
| EV / FCF | — | 36.99 | 18.78 | — | — | — | 168.41 | 36.83 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.4% | 79.4% | 81.9% | 79.5% | 76.6% | 83.2% | 84.5% | 85.9% | 76.8% | 64.2% |
| Operating Margin | -12.4% | -12.4% | 2.6% | -30.9% | -53.2% | -42.6% | -10.4% | 14.1% | -16.8% | -79.2% |
| Net Profit Margin | -7.0% | -7.0% | 5.5% | -26.1% | -49.0% | -33.3% | -16.4% | 10.2% | -27.9% | -89.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.2% | -5.2% | 4.3% | -14.5% | -16.6% | -7.6% | -4.1% | 14.1% | — | — |
| ROA | -4.4% | -4.4% | 3.7% | -12.8% | -14.8% | -6.9% | -3.7% | 7.4% | -39.5% | -126.0% |
| ROIC | -8.5% | -8.5% | 1.9% | -17.1% | -28.8% | -62.5% | -57.0% | 51.5% | -44.0% | -262.1% |
| ROCE | -8.6% | -8.6% | 2.0% | -16.6% | -17.2% | -9.4% | -2.5% | 12.2% | -37.9% | -237.0% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.08 | 0.08 | 0.06 | 0.04 | 0.03 | 0.02 | — | 0.30 | — | — |
| Debt / EBITDA | — | — | 1.07 | — | — | — | — | 3.27 | — | — |
| Net Debt / Equity | — | -0.17 | -0.20 | -0.21 | -0.27 | -0.78 | -0.99 | -0.87 | — | — |
| Net Debt / EBITDA | — | — | -3.79 | — | — | — | — | -9.59 | — | — |
| Debt / FCF | — | -2.82 | -2.56 | — | — | — | -80.14 | -12.13 | — | — |
| Interest Coverage | -342.19 | -342.19 | 38.37 | -5214.00 | -4052.18 | -40011.00 | -2.87 | 2.17 | -1.80 | -6.49 |
Net cash position: cash ($117M) exceeds total debt ($37M)
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.26 | 5.26 | 7.29 | 6.20 | 8.09 | 14.21 | 20.58 | 7.63 | 2.69 | 1.28 |
| Quick Ratio | 5.11 | 5.11 | 7.13 | 6.04 | 7.98 | 14.13 | 20.47 | 7.55 | 2.56 | 1.22 |
| Cash Ratio | 4.36 | 4.36 | 5.93 | 5.10 | 7.16 | 13.25 | 19.63 | 6.47 | 0.66 | 0.23 |
| Asset Turnover | — | 0.59 | 0.63 | 0.48 | 0.31 | 0.20 | 0.14 | 0.43 | 1.02 | 1.40 |
| Inventory Turnover | 6.93 | 6.93 | 7.40 | 5.66 | 8.04 | 7.83 | 4.37 | 5.91 | 6.00 | 16.16 |
| Days Sales Outstanding | — | 46.00 | 56.30 | 63.61 | 62.53 | 67.05 | 74.34 | 103.09 | 193.67 | 123.46 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 2.3% | — | — | — | — | — | — | — |
| FCF Yield | 3.9% | 2.5% | 4.7% | — | — | — | 0.4% | 2.0% | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $29M | $29M | $27M | $26M | $25M | $19M | $9M | $11M | $10M |
Medicare reimbursement policy volatility
According to recent market data, CSTL trades at a price-to-sales multiple of 2.14, which appears to discount the company's growth prospects relative to peers like Veracyte, likely reflecting investor apprehension regarding the durability of Medicare coverage for the core squamous cell carcinoma diagnostic portfolio.
The current P/S multiple suggests that the market is pricing in a significant risk premium for regulatory exposure rather than rewarding the company for its proprietary clinical evidence moat. Investors should monitor whether this valuation gap narrows as the company demonstrates successful diversification into gastroenterology, which may eventually shift the market's perception from a single-product diagnostic firm to a broader oncology platform.
Based on reported financial figures, the company's ROIC has trended into negative territory, reaching -2.6% in 2026Q1, which indicates that the firm is currently failing to generate returns on invested capital that exceed its cost of capital, a trend that warrants further investigation by long-term shareholders.
The persistent decay in ROIC is primarily driven by the high operating expenses required to maintain a specialized sales force and ongoing clinical trials. Until the company can achieve sufficient scale to offset these fixed costs, the return on capital will likely remain suppressed, making the current capital allocation strategy appear inefficient from a purely quantitative perspective.
As evidenced by the recent shift in the cash conversion cycle, which reached 19 days in 2025Q4, the company's ability to manage its collection cycles and inventory levels appears increasingly volatile, according to data derived from recent quarterly filings.
The fluctuation in DSO, which has hovered between 46 and 57 days, suggests that the company faces challenges in navigating the complex reimbursement landscape of third-party payers. This inconsistency in working capital efficiency may indicate that the firm is struggling to standardize its billing and collection processes as it scales its newer diagnostic offerings.
Based on the company's reported figures, the current ratio of 6.75 in 2026Q1 suggests a strong short-term liquidity position, yet this metric may be misleading given the significant cash burn and the ongoing reliance on external financing to support the firm's high-cost diagnostic infrastructure.
While the current ratio appears robust, the rapid decline in cash reserves from $119.7 million in 2024Q4 to $63.8 million in 2026Q1 indicates that the company's liquidity is under pressure. Investors should monitor the cash runway closely, as the current burn rate may necessitate future capital raises if operating cash flow does not turn positive in the near term.
As reported in financial statements, the use of P/E multiples to evaluate CSTL is fundamentally flawed, as the company's negative net income and significant stock-based compensation expenses render traditional earnings-based valuation metrics largely meaningless for assessing the underlying business performance.
Analysts should instead focus on metrics like price-to-sales or test volume growth, which better capture the company's market penetration and revenue potential. Relying on P/E ratios in this context obscures the firm's true operational progress and may lead to incorrect conclusions regarding its valuation relative to more mature diagnostic peers.
Includes 30+ ratios · 9 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 CSTL stock.
Castle Biosciences, Inc.'s current P/E ratio is -29.2x. The historical average is 43.0x.
Castle Biosciences, Inc.'s return on equity (ROE) is -5.2%. The historical average is -4.2%.
Based on historical data, Castle Biosciences, Inc. is trading at a P/E of -29.2x. Compare with industry peers and growth rates for a complete picture.
Castle Biosciences, Inc. has 79.4% gross margin and -12.4% operating margin.