Latest Ratios: P/E Ratio -4.8x · EV/EBITDA N/A · ROE -105.6%. (1996–2025 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $332M | $384M | $101M | $188M | $199M | $403M | $264M | $130M | $115M | $246M | $359M |
| Enterprise Value | $293M | $346M | $57M | $156M | $191M | $350M | $235M | $125M | $94M | $211M | $341M |
| P/E Ratio → | -4.75 | — | — | — | — | — | — | — | — | — | 10.62 |
| P/S Ratio | 22.78 | 26.40 | 10.59 | 21.04 | 13.51 | 103.45 | 341.63 | 87.63 | 81.55 | 137.35 | 159.59 |
| P/B Ratio | 7.06 | 8.87 | 1.31 | 3.03 | 2.76 | 4.43 | 2.78 | 1.16 | 1.25 | 1.50 | 2.75 |
| P/FCF | — | — | — | — | 307.52 | — | — | — | — | — | — |
| P/OCF | — | — | — | — | 187.59 | — | — | — | — | — | — |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 23.76 | 6.03 | 17.41 | 13.00 | 89.86 | 304.42 | 84.71 | 66.50 | 117.64 | 151.55 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | 295.97 | — | — | — | — | — | — |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 94.2% | 94.2% | 96.5% | 92.5% | 95.0% | 63.4% | 50.2% | 72.1% | 78.7% | 90.6% | 84.1% |
| Operating Margin | -149.6% | -149.6% | -226.1% | -276.5% | -153.2% | -1263.1% | -3421.3% | -2630.3% | -2951.6% | -2170.9% | -2618.4% |
| Net Profit Margin | -436.5% | -436.5% | -195.9% | -240.2% | -178.7% | -1104.2% | -2671.3% | -792.2% | -3247.9% | -1114.7% | 1490.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -105.6% | -105.6% | -26.8% | -32.1% | -32.3% | -46.3% | -20.0% | -11.5% | -35.9% | -13.6% | 32.4% |
| ROA | -56.3% | -56.3% | -17.4% | -19.1% | -17.6% | -30.5% | -17.7% | -10.3% | -33.5% | -12.7% | 28.3% |
| ROIC | -84.4% | -84.4% | -50.9% | -39.5% | -33.0% | -70.8% | -22.9% | -32.8% | -31.4% | -24.2% | -58.3% |
| ROCE | -21.7% | -21.7% | -23.6% | -26.3% | -19.4% | -43.2% | -24.1% | -36.4% | -32.0% | -25.9% | -54.6% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.03 | 0.05 | 0.05 | 0.03 | 0.04 | 0.05 | 0.02 | 0.01 | 0.03 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.89 | -0.56 | -0.52 | -0.10 | -0.58 | -0.30 | -0.04 | -0.23 | -0.21 | -0.14 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | -11.55 | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | -3.77 | -58.75 | -78.94 |
Net cash position: cash ($41M) exceeds total debt ($2M)
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.20 | 5.20 | 3.65 | 2.14 | 3.16 | 2.37 | 5.66 | 8.86 | 5.34 | 6.20 | 2.90 |
| Quick Ratio | 5.20 | 5.20 | 3.65 | 2.14 | 3.16 | 2.37 | 5.66 | 8.86 | 5.34 | 6.20 | 2.90 |
| Cash Ratio | 4.91 | 4.91 | 3.42 | 1.98 | 3.05 | 1.24 | 5.35 | 4.73 | 4.51 | 5.55 | 2.57 |
| Asset Turnover | — | 0.13 | 0.08 | 0.09 | 0.12 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 39.17 | 24.52 | 30.40 | 7.37 | 4762.99 | 1.89 | 6109.68 | 958.64 | 620.42 | 187.52 |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | 0.1% | 29.8% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | 9.4% |
| FCF Yield | — | — | — | — | 0.3% | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.2% | 0.4% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 30.0% | 0.4% | 0.0% |
| Shares Outstanding | — | $230M | $200M | $173M | $170M | $165M | $150M | $146M | $127M | $114M | $100M |
Clinical milestone funding dependence
Based on reported figures, LCTX trades at a price-to-sales multiple of 21.92, which appears significantly disconnected from its underlying clinical-stage status and lack of recurring revenue, suggesting that investors are pricing in speculative platform potential rather than current financial performance or tangible asset value.
The elevated P/S ratio relative to the broader biotech sector implies that the market is assigning substantial value to the company's proprietary cell differentiation platform. However, given the absence of a forward P/E or meaningful EBITDA, this valuation remains highly sensitive to clinical trial outcomes and the timing of future milestone payments from Roche.
As reported in financial statements, LCTX's ROIC has consistently languished in negative territory, reaching -47.2% in 2026Q1, which underscores the company's inability to generate positive returns on invested capital while it continues to fund intensive R&D and cGMP manufacturing infrastructure without a commercialized product.
The persistent decay in ROIC reflects the structural challenge of maintaining high-cost cell therapy development programs. Investors should monitor whether the transition to a ready-to-use formulation can eventually improve capital efficiency by reducing the complexity and cost associated with clinical trial logistics.
According to recent SEC filings, LCTX's asset turnover remains extremely low at 0.02, indicating that the company's asset base is not currently being utilized to generate meaningful revenue, a trend that is typical for clinical-stage firms but highlights the significant scale required for future commercialization.
The erratic nature of the cash conversion cycle, driven by the timing of milestone-based revenue, makes traditional efficiency metrics less informative for this business model. The company's reliance on specialized reagents and clean-room consumables suggests that operational efficiency will remain secondary to clinical success for the foreseeable future.
Based on LCTX's reported figures, the current ratio of 6.89 as of 2026Q1 provides a superficial appearance of strength, yet this liquidity is heavily dependent on the timing of milestone-driven inflows and the ongoing, significant cash burn required to support its clinical development programs.
While the current ratio appears robust, it does not account for the long-term funding requirements of non-partnered assets like OPC1. The company's liquidity position remains vulnerable to any delays in the Roche-partnered program, which could necessitate further dilutive equity raises to maintain operations.
As indicated by the provided data, the price-to-sales ratio is the most commonly misapplied metric for LCTX, as it obscures the reality that current revenue is derived from non-recurring milestone payments rather than sustainable product sales, leading to a distorted view of the company's true commercial viability.
Analysts should instead focus on the cash runway and the net present value of the clinical pipeline, as these metrics better capture the company's actual financial risk. Relying on P/S multiples in a milestone-dependent business model risks overestimating the company's current earning power and underestimating the potential for future dilution.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying LCTX stock.
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