Latest Ratios: P/E Ratio -2.6x · EV/EBITDA N/A · ROE -55.0%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $376M | $533M | $209M | $358M | — | — | — |
| Enterprise Value | $321M | $478M | $184M | $248M | — | — | — |
| P/E Ratio → | -2.58 | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — |
| P/B Ratio | 1.04 | 2.16 | 1.79 | 3.15 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | 100.0% | 100.0% | 100.0% |
| Operating Margin | — | — | — | — | -9252.1% | -3055.9% | -884.9% |
| Net Profit Margin | — | — | — | — | -9063.8% | -3055.0% | -993.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -55.0% | -55.0% | -85.4% | -22855.1% | — | — | — |
| ROA | -48.1% | -48.1% | -68.6% | -56.1% | -50.7% | -60.9% | -17.5% |
| ROIC | -57.8% | -57.8% | -166.2% | — | — | — | — |
| ROCE | -58.1% | -58.1% | -85.8% | -66.7% | -57.0% | -64.0% | -16.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.08 | 0.10 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.22 | -0.21 | -0.97 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -484.25 | -484.25 | -861.37 | -322.87 | -650.40 | — | -31.18 |
Net cash position: cash ($63M) exceeds total debt ($8M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 11.21 | 11.21 | 5.52 | 7.21 | 5.58 | 18.35 | 42.15 |
| Quick Ratio | 11.21 | 11.21 | 5.52 | 7.21 | 5.58 | 18.35 | 42.15 |
| Cash Ratio | 10.81 | 10.81 | 5.32 | 7.05 | 5.39 | 18.24 | 42.10 |
| Asset Turnover | — | — | — | — | 0.01 | 0.01 | 0.02 |
| 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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $54M | $32M | $27M | $25M | $25M | $25M |
Imminent dilution and liquidity
Based on reported financial data, LXEO trades at a price-to-book ratio of 1.03, which suggests that the market currently assigns minimal premium to the company's proprietary AAVrh10 platform beyond its tangible asset base, reflecting significant skepticism regarding the probability of successful clinical trial outcomes for its pipeline.
The current P/B multiple indicates that investors are pricing the company near its liquidation value, which is common for pre-revenue biotech firms facing high cash burn. This valuation suggests that the market is not yet factoring in the potential long-term value of the cardiovascular and CNS programs, likely due to the high risk of failure inherent in early-stage gene therapy development.
According to historical financial statements, LXEO's ROIC has deteriorated from -12.3% in 2024Q1 to -9.3% in 2026Q1, illustrating a persistent inability to generate positive returns on invested capital as the company continues to fund intensive R&D activities without any offsetting commercial revenue streams to drive profitability.
The negative trend in ROIC highlights the structural challenge of scaling a gene therapy pipeline where capital is consumed rapidly by clinical trials and specialized manufacturing. Investors should monitor whether future clinical milestones can reverse this trend, as the current trajectory suggests that capital is being deployed into high-risk assets that have yet to demonstrate a path toward sustainable value creation.
As reported in recent SEC filings, LXEO's current ratio has contracted significantly from 9.16 in 2024Q1 to 14.16 in 2026Q1, though this metric is somewhat misleading as the company's cash-heavy balance sheet is being rapidly depleted by ongoing operational expenses and clinical trial commitments.
While the current ratio appears high, it masks the reality that the company lacks a recurring revenue stream to replenish its cash reserves. The rapid decline in absolute cash levels warrants close attention, as the current liquidity position may be insufficient to support the full breadth of the pipeline through to late-stage clinical readouts without additional financing.
Based on comparative market data, LXEO's valuation metrics appear to be in line with peers like Rocket Pharmaceuticals, which also exhibits negative ROIC and significant cash burn, suggesting that the market is applying a sector-wide discount to companies lacking late-stage clinical validation or commercial-ready assets.
The structural gap between LXEO and more mature peers like Krystal Biotech, which maintains positive margins, underscores the risk premium associated with LXEO's earlier-stage pipeline. Investors should consider that this valuation gap is likely to persist until the company can provide definitive clinical data that differentiates its AAVrh10 vector from the broader competitive landscape.
The current ratio is the most commonly misapplied metric for LXEO, as it obscures the company's true financial health by failing to account for the high, non-discretionary cash burn required to sustain clinical trials, which effectively renders traditional liquidity measures irrelevant for this specific business model.
Analysts should instead focus on the 'burn-to-milestone' ratio, which measures the remaining cash against the time required to reach the next major clinical data readout. Relying on the current ratio may lead to an overestimation of the company's financial stability, as it ignores the reality that the company's primary asset is its cash runway rather than its working capital efficiency.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying LXEO stock.
Lexeo Therapeutics, Inc. Common Stock's current P/E ratio is -2.6x. This places it at the 50th percentile of its historical range.
Lexeo Therapeutics, Inc. Common Stock's return on equity (ROE) is -55.0%. The historical average is -70.2%.
Based on historical data, Lexeo Therapeutics, Inc. Common Stock is trading at a P/E of -2.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.