Latest Ratios: P/E Ratio -1.0x · EV/EBITDA N/A · ROE -87.0%. (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 | $371M | $526M | $167M | $487M | $857M | $1.9B | — | — |
| Enterprise Value | $353M | $508M | $121M | $404M | $802M | $1.7B | — | — |
| P/E Ratio → | -0.99 | — | — | — | — | — | — | — |
| P/S Ratio | 9999.00 | 14614.51 | 2743.40 | 3745.44 | 10.12 | 176.41 | — | — |
| P/B Ratio | 1.10 | 2.12 | 0.44 | 0.74 | 1.03 | 2.02 | — | — |
| 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 | — | 14107.29 | 1978.99 | 3110.98 | 9.46 | 155.19 | — | — |
| 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 | -31952.8% | -31952.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -566038.9% | -566038.9% | -588123.0% | -190006.2% | -220.9% | -2016.7% | -2732.6% | -15538.7% |
| Net Profit Margin | -762355.6% | -762355.6% | -562285.2% | -180486.2% | -216.2% | -2349.5% | -2636.3% | -19692.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -87.0% | -87.0% | -66.1% | -31.5% | -20.8% | -30.4% | -36.3% | -31.7% |
| ROA | -66.1% | -66.1% | -55.3% | -27.8% | -17.7% | -24.6% | -27.9% | -23.3% |
| ROIC | -54.0% | -54.0% | -59.2% | -27.4% | -18.9% | -24.1% | -32.7% | — |
| ROCE | -56.0% | -56.0% | -62.3% | -30.6% | -18.9% | -22.1% | -30.4% | -19.1% |
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 | 0.17 | 0.17 | 0.15 | 0.10 | 0.08 | 0.07 | 0.08 | 0.07 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.07 | -0.12 | -0.13 | -0.07 | -0.24 | -0.12 | -0.17 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | -2.95 |
| Interest Coverage | — | — | — | — | — | — | — | — |
Net cash position: cash ($60M) exceeds total debt ($42M)
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 | 5.28 | 5.28 | 7.06 | 16.07 | 17.59 | 13.40 | 12.53 | 19.97 |
| Quick Ratio | 5.28 | 5.28 | 7.06 | 16.07 | 17.59 | 13.40 | 12.53 | 19.97 |
| Cash Ratio | 5.00 | 5.00 | 6.89 | 15.82 | 17.29 | 13.15 | 12.43 | 19.78 |
| Asset Turnover | — | 0.00 | 0.00 | 0.00 | 0.09 | 0.01 | 0.01 | 0.00 |
| 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 | — | $17M | $13M | $13M | $12M | $12M | $12M | $12M |
Clinical trial funding shortfall
As reported in recent financial statements, LYEL trades at a price-to-sales multiple of 7525.24, a figure that, while mathematically extreme, underscores the market's complete disregard for current revenue and its singular focus on the speculative terminal value of the company's proprietary cell reprogramming platforms.
The P/S ratio is essentially a non-metric for this entity, as the company lacks a commercial product and relies on non-recurring collaboration inflows. Investors appear to be pricing the stock based on the potential for future clinical breakthroughs rather than any fundamental valuation of current assets or earnings power.
Based on historical data, LYEL's ROIC has consistently remained in negative territory, reaching -15.3% in 2026Q1, which highlights the company's inability to generate returns on its invested capital while it continues to fund intensive, long-term research and development programs without any offsetting commercial revenue.
The persistent negative ROIC reflects the high cost of maintaining specialized manufacturing infrastructure and clinical trial operations. This trend suggests that capital is being consumed at a rate that far outpaces the company's ability to create value, necessitating a successful clinical readout to justify the ongoing capital intensity.
According to the most recent quarterly filings, the company's current ratio has fluctuated significantly, settling at 7.23 in 2026Q1, which masks the underlying reality that the absolute cash balance is rapidly depleting as the firm funds its high-burn clinical development activities without sustainable revenue.
While the current ratio appears high, it is a misleading indicator of financial health for a pre-revenue biotech firm with no recurring income. The rapid decline in total assets and cash reserves suggests that the company's liquidity position is becoming increasingly vulnerable to the timing of future capital raises.
As indicated by the reported operating margin of -23,078.5% in 2026Q1, investors frequently misapply traditional profitability ratios to LYEL, failing to recognize that these figures are merely artifacts of a pre-revenue clinical-stage business model rather than indicators of operational mismanagement or poor cost control.
Using operating margins to evaluate LYEL is fundamentally flawed because the company is not yet in a commercial phase where margins are meaningful. Analysts should instead focus on the cash burn rate and the clinical milestone timeline, as these are the true drivers of the company's survival and potential future value.
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Quick answers to the most common questions about buying LYEL stock.
Lyell Immunopharma, Inc.'s current P/E ratio is -1.0x. This places it at the 50th percentile of its historical range.
Lyell Immunopharma, Inc.'s return on equity (ROE) is -87.0%. The historical average is -43.4%.
Based on historical data, Lyell Immunopharma, Inc. is trading at a P/E of -1.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Lyell Immunopharma, Inc. has -31952.8% gross margin and -566038.9% operating margin.