Latest Ratios: P/E Ratio 6.5x · EV/EBITDA 3.1x · ROE 26.7%. (2018–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.0B | $768M | $930M | $1.1B | $6.4B | $10.7B | — | — |
| Enterprise Value | $607M | $325M | $569M | $686M | $5.6B | $9.4B | — | — |
| P/E Ratio → | 6.47 | 4.74 | — | — | — | — | — | — |
| P/S Ratio | 1.96 | 1.44 | 17.29 | 16.91 | 61.97 | 219.16 | — | — |
| P/B Ratio | 1.51 | 1.10 | 1.80 | 2.14 | 9.27 | 15.07 | — | — |
| P/FCF | 12.58 | 9.21 | — | — | — | 22.56 | — | — |
| P/OCF | 8.74 | 7.54 | — | — | — | 20.52 | — | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.61 | 10.59 | 10.18 | 54.37 | 192.73 | — | — |
| EV / EBITDA | 3.09 | 1.66 | — | — | — | — | — | — |
| EV / EBIT | 2.90 | 1.70 | — | — | — | — | — | — |
| EV / FCF | — | 3.90 | — | — | — | 19.84 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.2% | 80.2% | -131.3% | -172.9% | -131.3% | 71.0% | -60.7% | -37.9% |
| Operating Margin | 33.2% | 33.2% | -510.1% | -370.0% | -400.3% | -253.6% | -571.3% | -565.8% |
| Net Profit Margin | 30.3% | 30.3% | -484.0% | -369.4% | -399.8% | -264.0% | -573.5% | -553.5% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| ROE | 26.7% | 26.7% | -49.5% | -40.8% | -58.8% | -38.6% | — | -222.1% |
| ROA | 20.4% | 20.4% | -31.6% | -24.7% | -30.8% | -15.7% | -77.9% | -56.7% |
| ROIC | 65.0% | 65.0% | -174.4% | -235.2% | — | — | -907.7% | -506.7% |
| ROCE | 26.7% | 26.7% | -42.0% | -33.2% | -39.9% | -18.2% | -99.5% | -74.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.08 | 0.08 | 0.04 | 0.04 | — | 0.00 |
| Debt / EBITDA | 0.20 | 0.20 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.64 | -0.70 | -0.85 | -1.14 | -1.82 | — | -0.66 |
| Net Debt / EBITDA | -2.25 | -2.25 | — | — | — | — | — | — |
| Debt / FCF | — | -5.31 | — | — | — | -2.72 | — | — |
| Interest Coverage | — | — | -109.99 | -67.29 | -39.88 | -5.61 | -68.15 | -264.81 |
Net cash position: cash ($482M) exceeds total debt ($39M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.28 | 7.28 | 2.57 | 3.74 | 2.63 | 5.61 | 2.04 | 2.60 |
| Quick Ratio | 7.27 | 7.27 | 2.43 | 3.58 | 2.47 | 5.55 | 1.82 | 2.49 |
| Cash Ratio | 6.71 | 6.71 | 2.17 | 3.20 | 2.28 | 5.35 | 1.14 | 2.16 |
| Asset Turnover | — | 0.67 | 0.07 | 0.08 | 0.09 | 0.03 | 0.13 | 0.10 |
| Inventory Turnover | 195.62 | 195.62 | 5.01 | 7.67 | 4.24 | 0.98 | 4.52 | 6.01 |
| Days Sales Outstanding | — | 22.44 | 268.26 | 48.74 | 190.45 | 13.60 | 359.49 | 194.48 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 15.5% | 21.1% | — | — | — | — | — | — |
| FCF Yield | 7.9% | 10.9% | — | — | — | 4.4% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.0% | — | — |
| Shares Outstanding | — | $225M | $221M | $189M | $186M | $132M | $187M | $176M |
Clinical and commercial binary outcomes
According to current market data, CureVac trades at a P/S of 1.96, which appears disconnected from its lack of recurring commercial revenue and suggests investors are pricing the stock as a speculative call option on future clinical milestones rather than a traditional, earnings-generating biotechnology enterprise.
The P/E ratio of 6.47 is fundamentally misleading, as it is driven by non-recurring milestone income rather than sustainable operational profitability. Investors should monitor the EV/EBITDA multiple of 3.09 with caution, as it likely reflects a temporary cash infusion that does not represent the company's long-term earnings power or growth trajectory.
Based on reported figures, CureVac's ROIC has remained deeply negative, reaching -19.5% in 2025Q2, which indicates that the company is currently destroying shareholder value by deploying capital into an R&D pipeline that has yet to demonstrate a path toward self-sustaining, profitable commercial operations.
The extreme volatility in ROIC, including a brief positive spike in 2024Q3, confirms that returns are entirely dependent on the timing of collaboration payments rather than operational excellence. This trend suggests that until the company achieves a successful product launch, capital allocation will continue to be a source of value erosion rather than compounding.
As indicated by quarterly financial data, CureVac's cash conversion cycle reached 1,097 days in 2025Q2, reflecting significant inefficiencies in managing working capital and a reliance on long-dated, milestone-linked payment structures that are characteristic of a pre-commercial biotech firm rather than an efficient, scaled manufacturing entity.
The exceptionally high DSO and DPO figures suggest that the company's cash flow is heavily dictated by the terms of its third-party collaboration agreements. Investors should interpret these metrics as evidence of a lack of operational control over the timing of cash inflows, which increases the risk of liquidity crunches during extended clinical trial phases.
According to recent balance sheet disclosures, the company maintains a current ratio of 6.17, which provides a substantial short-term liquidity cushion, yet this metric may overstate the company's financial health given the persistent, high-burn nature of its R&D-heavy clinical development strategy.
While the quick ratio of 6.16 suggests that the company is not overly dependent on inventory liquidation to meet short-term obligations, the lack of recurring revenue means this liquidity is finite. The company's ability to maintain this buffer is entirely contingent on the timing of future milestone payments from partners like GSK.
The P/E ratio is the most commonly misapplied metric for CureVac, as it erroneously implies a stable earnings base, whereas the company's financial performance is actually driven by lumpy, non-recurring milestone payments that do not reflect the underlying economic reality of a pre-commercial biotechnology business model.
Analysts should instead focus on the cash burn rate and the remaining runway, as these metrics provide a more accurate assessment of the company's survival probability. Using P/E to value a company without a commercial product creates a false sense of security and ignores the binary risks inherent in clinical-stage development.
Includes 30+ ratios · 7 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 CVAC stock.
CureVac N.V.'s current P/E ratio is 6.5x. The historical average is 4.7x. This places it at the 100th percentile of its historical range.
CureVac N.V.'s current EV/EBITDA is 3.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.7x.
CureVac N.V.'s return on equity (ROE) is 26.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -63.8%.
Based on historical data, CureVac N.V. is trading at a P/E of 6.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CureVac N.V. has 80.2% gross margin and 33.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CureVac N.V.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.