Latest Ratios: P/E Ratio 5.1x · EV/EBITDA 1.4x · ROE 19.9%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $373M | $771M | $593M | $1.2B | $1.2B | $1.4B | $1.1B | — | — |
| Enterprise Value | $102M | $500M | $52M | $854M | $946M | $1.1B | $829M | — | — |
| P/E Ratio → | 5.07 | 8.85 | — | — | — | — | — | — | — |
| P/S Ratio | 1.53 | 3.16 | 166.94 | 7753.76 | — | 67.92 | — | — | — |
| P/B Ratio | 1.46 | 2.54 | 1.04 | 3.52 | 4.37 | 5.61 | 4.18 | — | — |
| P/FCF | 3.52 | 7.27 | — | — | — | — | — | — | — |
| P/OCF | 3.47 | 7.17 | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.05 | 14.53 | 5656.39 | — | 56.53 | — | — | — |
| EV / EBITDA | 1.42 | 6.94 | — | — | — | — | — | — | — |
| EV / EBIT | 1.45 | 7.08 | — | — | — | — | — | — | — |
| EV / FCF | — | 4.72 | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.4% | 99.4% | 100.0% | 100.0% | — | 100.0% | — | -73.5% | -1.1% |
| Operating Margin | 28.9% | 28.9% | -5939.0% | -112543.7% | — | -280.5% | — | -105.6% | -16.9% |
| Net Profit Margin | 35.7% | 35.7% | -5277.5% | -101319.2% | — | -292.3% | — | -123.4% | -13.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.9% | 19.9% | -41.5% | -50.2% | -40.2% | -23.3% | -34.6% | -186.3% | -10.5% |
| ROA | 18.2% | 18.2% | -38.0% | -45.2% | -37.3% | -22.4% | -32.4% | -64.3% | -4.9% |
| ROIC | 167.9% | 167.9% | -687.6% | -938.9% | -665.7% | -770.9% | — | — | — |
| ROCE | 15.6% | 15.6% | -45.1% | -53.5% | -43.0% | -22.3% | -34.7% | -94.3% | -10.6% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.03 | 0.04 | 0.05 | 0.00 | 0.00 | 2.58 | 0.06 |
| Debt / EBITDA | 0.23 | 0.23 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.89 | -0.95 | -0.95 | -0.96 | -0.94 | -1.01 | -11.61 | -1.76 |
| Net Debt / EBITDA | -3.75 | -3.75 | — | — | — | — | — | — | — |
| Debt / FCF | — | -2.55 | — | — | — | — | — | — | -3.29 |
| Interest Coverage | — | — | — | — | -104678.00 | -14182.25 | -7587.83 | -1541.00 | — |
Net cash position: cash ($287M) exceeds total debt ($17M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.45 | 15.45 | 21.45 | 14.25 | 17.27 | 21.23 | 37.27 | 1.99 | 2.23 |
| Quick Ratio | 15.45 | 15.45 | 21.45 | 14.25 | 17.27 | 21.23 | 37.27 | 1.99 | 2.23 |
| Cash Ratio | 14.08 | 14.08 | 20.40 | 13.59 | 16.86 | 19.42 | 37.01 | 1.56 | 2.03 |
| Asset Turnover | — | 0.72 | 0.01 | 0.00 | — | 0.08 | — | 0.91 | 0.36 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 9.53 | 458.15 | 2637.19 | — | 330.44 | — | 33.65 | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 19.7% | 11.3% | — | — | — | — | — | — | — |
| FCF Yield | 28.4% | 13.7% | — | — | — | — | — | — | — |
| Buyback Yield | 100.0% | 48.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 100.0% | 48.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $38M | $37M | $29M | $25M | $23M | $16M | $9M | $9M |
Clinical trial execution risk
As reported in financial statements, KROS trades at a P/S ratio of 1.44, a multiple that appears heavily distorted by non-recurring milestone revenue rather than reflecting a sustainable valuation based on long-term commercial earnings potential or consistent growth in core product sales.
The current P/E of 4.78 is an accounting artifact of a single quarter's licensing inflow and should be disregarded by investors seeking to model future cash flows. The valuation currently hinges entirely on the market's probability-weighted assessment of the KER-050 pipeline rather than any traditional fundamental multiple.
Based on Keros Therapeutics' reported figures, the ROIC has remained consistently negative, reaching -73.2% in 2026Q1, which underscores the company's current status as a capital-consuming entity that has yet to generate a positive return on its significant R&D investments.
The extreme volatility in ROIC, ranging from 4.0% in 2025Q1 to deep double-digit negatives, confirms that capital efficiency is currently secondary to clinical trial progression. Investors should monitor whether the company can eventually achieve positive returns as it moves toward commercialization, though current trends suggest significant capital destruction is inherent to the current development model.
According to recent SEC filings, the company's asset turnover ratio remains near zero, reflecting the absence of commercial manufacturing operations and the reliance on milestone-driven revenue that does not correlate with traditional inventory or receivables management cycles.
The extremely high DSO figures, such as the 1106 days reported in 2026Q1, are not indicative of poor collection practices but rather the lumpy, project-based nature of licensing payments. These efficiency ratios are currently non-informative for assessing operational health and should be excluded from standard performance benchmarking.
As indicated by the 2026Q1 current ratio of 22.62, Keros Therapeutics maintains a robust liquidity position that provides a significant safety net for ongoing R&D activities, effectively insulating the firm from immediate insolvency risks despite the absence of recurring operational cash flow.
This liquidity profile is a direct result of successful capital raises and milestone payments, which have been carefully managed to avoid debt reliance. While this provides a comfortable runway, the company's long-term liquidity remains entirely dependent on the successful clinical readout of its lead assets to justify future financing rounds.
The most commonly misapplied metric for KROS is the net profit margin, which, as reported in financial statements, fluctuates wildly due to milestone accounting and fails to provide a meaningful signal regarding the company's underlying operational efficiency or long-term earning power.
Investors should instead focus on the quarterly cash burn rate and the clinical trial progress as the primary indicators of value creation. Using net margin to project future profitability is fundamentally flawed, as it ignores the high fixed costs of clinical development and the non-recurring nature of the current revenue stream.
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Quick answers to the most common questions about buying KROS stock.
Keros Therapeutics, Inc.'s current P/E ratio is 5.1x. The historical average is 8.9x.
Keros Therapeutics, Inc.'s current EV/EBITDA is 1.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.9x.
Keros Therapeutics, Inc.'s return on equity (ROE) is 19.9%. The historical average is -45.8%.
Based on historical data, Keros Therapeutics, Inc. is trading at a P/E of 5.1x. Compare with industry peers and growth rates for a complete picture.
Keros Therapeutics, Inc. has 99.4% gross margin and 28.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Keros Therapeutics, Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.