Latest Ratios: P/E Ratio -42.8x · EV/EBITDA N/A · ROE -33.3%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.9B | $1.1B | $587M | $320M | $526M | $1.9B | — | — |
| Enterprise Value | $5.8B | $1.0B | $571M | $283M | $297M | $1.5B | — | — |
| P/E Ratio → | -42.84 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — |
| P/B Ratio | 16.44 | 3.24 | 1.39 | 1.01 | 1.28 | 4.06 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -33.3% | -33.3% | -43.7% | -34.3% | -55.9% | -43.5% | -216.7% | — |
| ROA | -27.7% | -27.7% | -36.0% | -27.5% | -47.8% | -39.2% | -112.7% | -21.7% |
| ROIC | -27.9% | -27.9% | -39.2% | -45.9% | -124.7% | -117.2% | -2961.8% | — |
| ROCE | -31.3% | -31.3% | -42.7% | -33.9% | -52.6% | -42.6% | -133.3% | -25.2% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 0.12 | 0.18 | 0.13 | 0.04 | 0.03 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.08 | -0.04 | -0.12 | -0.56 | -0.75 | -0.58 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -1.21 | — | — | — |
Net cash position: cash ($74M) exceeds total debt ($47M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.04 | 10.04 | 9.84 | 12.26 | 9.13 | 16.02 | 8.77 | 18.59 |
| Quick Ratio | 10.04 | 10.04 | 9.84 | 12.26 | 9.13 | 16.02 | 8.77 | 18.59 |
| Cash Ratio | 9.68 | 9.68 | 9.50 | 11.94 | 8.95 | 15.81 | 8.68 | 18.32 |
| Asset Turnover | — | — | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| 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 | — | $284M | $234M | $150M | $122M | $119M | $119M | $119M |
Imminent liquidity and dilution
As reported in financial statements, Erasca trades at a price-to-book ratio of 13.96, which appears elevated relative to the broader biotech sector and suggests that investors are pricing in significant future clinical success rather than the company's current, deeply negative earnings profile and lack of commercial revenue.
The P/B multiple reflects a market expectation of substantial intellectual property value that is not currently captured on the balance sheet. Given the absence of P/E or EV/EBITDA metrics, investors should monitor whether this premium valuation can be sustained if upcoming clinical readouts fail to provide clear evidence of efficacy.
Based on reported figures, Erasca's ROIC has trended between -6.4% and -16.7% over the last ten quarters, indicating that the firm is currently destroying invested capital as it funds high-cost clinical trials without the offsetting benefit of commercial product sales or recurring revenue streams.
The persistent negative return on capital is a structural reality of the pre-commercial biotech model. This trend warrants further investigation into whether management can improve capital efficiency through strategic partnerships or if the current rate of return will continue to decay as trial complexity increases.
According to recent SEC filings, Erasca's current ratio has declined from a peak of 16.79 in 2024Q2 to 9.52 in 2026Q1, signaling that while the firm maintains a high level of short-term assets, its liquidity position is under pressure from consistent, high-volume cash outflows for R&D.
The rapid decline in the current ratio suggests that the company's runway is shortening significantly. Investors should monitor the cash burn rate closely, as the current liquidity profile may necessitate a dilutive equity raise to maintain operations through the next phase of clinical development.
As indicated by historical balance sheet data, Erasca's debt-to-equity ratio has fluctuated between 0.12 and 0.23, which, while appearing modest, poses a risk given the company's lack of operating cash flow to service even minimal interest obligations in a high-cost clinical development environment.
The reliance on debt in a pre-revenue stage is particularly concerning because there is no EBITDA to provide a coverage buffer. This leverage structure may limit the company's financial flexibility and increase the probability of restrictive covenants if the firm seeks additional capital in the near term.
Based on the provided financial data, the price-to-book ratio is the most commonly misapplied metric for Erasca, as it fails to account for the significant value of uncapitalized R&D and intellectual property, which are the primary drivers of the company's long-term potential in the oncology market.
Using book value to assess valuation in a clinical-stage biotech firm obscures the reality that the balance sheet is essentially a record of past spending rather than a reflection of future earning power. Analysts should instead focus on cash runway and clinical milestone probability to gauge the firm's true intrinsic value.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying ERAS stock.
Erasca, Inc.'s current P/E ratio is -42.8x. This places it at the 50th percentile of its historical range.
Erasca, Inc.'s return on equity (ROE) is -33.3%. The historical average is -71.2%.
Based on historical data, Erasca, Inc. is trading at a P/E of -42.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.