Latest Ratios: P/E Ratio -2.5x · EV/EBITDA N/A · ROE -64.7%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $401M | $416M | $143M | — | — | — |
| Enterprise Value | $306M | $321M | $55M | — | — | — |
| P/E Ratio → | -2.52 | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — |
| P/B Ratio | 1.75 | 1.79 | 0.54 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | 100.0% | 100.0% |
| Operating Margin | — | — | — | — | -418.3% | -465.8% |
| Net Profit Margin | — | — | — | — | -411.3% | -465.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -64.7% | -64.7% | -80.7% | -126.0% | -13661.0% | — |
| ROA | -53.9% | -53.9% | -67.1% | -85.0% | -37.9% | -30.8% |
| ROIC | -80.8% | -80.8% | -106.0% | -217.1% | — | — |
| ROCE | -64.3% | -64.3% | -87.4% | -113.2% | -47.2% | -37.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.12 | 0.12 | 0.03 | 0.18 | 0.23 | — |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.41 | -0.33 | -0.52 | -0.58 | — |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | -328.87 | -328.87 | -896.73 | -321.81 | -443.51 | -8782.33 |
Net cash position: cash ($124M) exceeds total debt ($29M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 7.75 | 7.75 | 8.61 | 3.05 | 4.45 | 4.84 |
| Quick Ratio | 7.75 | 7.75 | 8.61 | 3.05 | 4.45 | 4.84 |
| Cash Ratio | 7.65 | 7.65 | 8.47 | 2.90 | 4.29 | 4.78 |
| Asset Turnover | — | — | — | — | 0.10 | 0.07 |
| 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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $44M | $38M | $674M | $26M | $26M |
Clinical trial cash depletion
According to recent SEC filings, Kyverna's price-to-book ratio of 1.61 suggests that the market is pricing the company based on its intellectual property and clinical pipeline potential rather than its rapidly diminishing tangible equity base, which has been eroded by persistent quarterly net losses.
The forward EV/EBITDA multiple of 109.82 reflects an extreme valuation premium that appears to hinge entirely on the successful commercialization of the KYV-101 asset. Investors should monitor whether this valuation remains sustainable as the company's cash runway continues to contract, potentially necessitating dilutive financing rounds.
Based on Kyverna's reported figures, the ROIC has consistently remained in negative territory, reaching -20.0% in 2026Q1, which underscores the company's current inability to generate positive returns on invested capital while it remains in the high-cost, pre-revenue clinical development stage of its cell therapy platform.
The persistent decay in ROIC, which worsened from -16.0% in 2024Q4 to -20.0% in 2026Q1, suggests that the capital deployed into clinical trials is not yet yielding tangible progress toward commercial viability. This trend warrants further investigation into whether the current R&D spend is efficiently driving the clinical milestones required to justify the company's valuation.
As reported in financial statements, Kyverna's current ratio has experienced a significant contraction from 17.17 in 2024Q1 to 8.15 in 2026Q1, indicating that while the company maintains a technical liquidity cushion, its absolute cash position is rapidly depleting due to aggressive clinical trial expansion.
The decline in the current ratio suggests that the company's ability to cover short-term obligations is becoming more constrained as cash reserves are consumed by R&D and manufacturing logistics. Investors should monitor the company's ability to maintain this liquidity profile without resorting to further equity dilution in the near term.
Based on peer comparison data, Kyverna's P/B ratio of 1.61 sits below the 2.77 observed at Cabaletta Bio, suggesting that the market may be applying a discount to Kyverna's valuation despite its strategic partnership with Kite, possibly due to concerns regarding the company's specific cash burn trajectory.
While Kyverna's ROIC of -20.0% is significantly better than Autolus Therapeutics' -62.3%, it remains structurally weak compared to the broader biotech sector. This gap appears to be driven by the high fixed costs of autologous cell therapy manufacturing, which may continue to weigh on the company's relative performance until allogeneic solutions are proven.
According to industry analysis, the P/E ratio is the most commonly misapplied metric for Kyverna, as the company's negative earnings and pre-revenue status render traditional valuation multiples like P/E or P/S entirely meaningless for assessing the underlying value of its clinical-stage autoimmune CAR T-cell therapy pipeline.
Investors should instead focus on the cash runway and the probability-weighted net present value of the clinical pipeline, as these metrics better capture the company's true operational risk. Relying on earnings-based multiples obscures the reality that the company's value is derived from future clinical success rather than current profitability.
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Quick answers to the most common questions about buying KYTX stock.
Kyverna Therapeutics, Inc.'s current P/E ratio is -2.5x. This places it at the 50th percentile of its historical range.
Kyverna Therapeutics, Inc.'s return on equity (ROE) is -64.7%. The historical average is -90.5%.
Based on historical data, Kyverna Therapeutics, Inc. is trading at a P/E of -2.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.