Latest Ratios: P/E Ratio -10.8x · EV/EBITDA N/A · ROE -47.5%. (2022–2025 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 |
|---|---|---|---|---|---|
| Market Cap | $1.8B | $1.8B | — | — | — |
| Enterprise Value | $1.7B | $1.6B | — | — | — |
| P/E Ratio → | -10.77 | — | — | — | — |
| P/S Ratio | — | — | — | — | — |
| P/B Ratio | 3.98 | 5.02 | — | — | — |
| 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 |
|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|
| Gross Margin | — | — | 100.0% | — | — |
| Operating Margin | — | — | 34.4% | — | — |
| Net Profit Margin | — | — | 31.2% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | -47.5% | -47.5% | 50.5% | -180.1% | -113.3% |
| ROA | -41.1% | -41.1% | 33.5% | -90.7% | -76.6% |
| ROIC | -99.4% | -99.4% | 150.9% | -230.6% | — |
| ROCE | -48.1% | -48.1% | 41.9% | -106.9% | -86.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 0.14 | 4.94 | 0.32 |
| Debt / EBITDA | — | — | 0.44 | — | — |
| Net Debt / Equity | — | -0.47 | -0.86 | 2.04 | -0.67 |
| Net Debt / EBITDA | — | — | -2.80 | — | — |
| Debt / FCF | — | — | -2.27 | — | — |
| Interest Coverage | — | — | — | — | — |
Net cash position: cash ($189M) exceeds total debt ($23M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 15.50 | 15.50 | 9.76 | 2.09 | 5.11 |
| Quick Ratio | 15.50 | 15.50 | 9.76 | 2.09 | 5.11 |
| Cash Ratio | 15.16 | 15.16 | 9.52 | 1.79 | 4.81 |
| Asset Turnover | — | — | 0.70 | — | — |
| 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 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — |
| FCF Yield | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $43M | $44M | $44M | $44M |
Clinical Trial Funding Gap
According to current market data, Maze Therapeutics trades at a forward EV/EBITDA of 84.32, a multiple that appears to reflect a significant platform discount following the FTC's intervention in the Sanofi deal, rather than a valuation based on near-term earnings or cash flow generation.
The absence of a meaningful P/E or P/S ratio underscores the company's status as a pre-revenue clinical entity where valuation is driven by pipeline potential rather than operational performance. Investors should monitor whether the current P/B of 3.44 represents a floor or if further clinical setbacks could lead to a valuation compression toward cash-only levels.
As reported in financial statements, Maze Therapeutics' ROIC has remained consistently negative, reaching -10.1% in 2026Q1, which highlights the structural challenge of compounding capital in a business model that prioritizes high-cost R&D discovery over immediate return-generating commercial activities.
The volatility in ROIC, which swung from -118.4% in 2025Q2 to -10.1% in 2026Q1, suggests that returns are highly sensitive to the timing of milestone payments rather than operational efficiency. This trend indicates that the company is currently in a capital-consuming phase where returns on invested capital are secondary to the survival of the Compass platform.
Based on the provided quarterly data, Maze Therapeutics exhibits an asset turnover ratio of 0.05, a figure that underscores the company's lack of commercial operations and the inherent difficulty in measuring traditional working capital efficiency for a firm that is entirely focused on clinical-stage research.
The high DPO of 589 days in 2026Q1 suggests that the company is managing its cash outflows by extending payment terms to vendors, a common strategy for firms facing liquidity constraints. However, this efficiency metric is likely a byproduct of clinical trial management rather than a sustainable competitive advantage in supplier leverage.
According to recent SEC filings, Maze Therapeutics maintains a current ratio of 17.88 as of 2026Q1, a figure that appears deceptively strong but is primarily a function of the company's reliance on its $189.2 million cash pile to fund ongoing research and development activities.
While the high current ratio suggests no immediate solvency risk, the rapid depletion of cash reserves warrants further investigation into the company's ability to sustain operations without additional dilutive financing. The lack of inventory dependence means that liquidity is almost entirely tied to the company's ability to manage its cash burn rate.
As indicated by market analysis, the Price-to-Book ratio is the most commonly misapplied metric for Maze Therapeutics, as it fails to capture the intangible value of the Compass platform and the significant 'synthetic debt' represented by future clinical trial funding requirements.
Investors should prioritize cash runway and clinical milestone progress over P/B, as the latter obscures the reality that the company's book value is largely composed of cash that is being rapidly consumed. Relying on P/B may lead to an overestimation of the company's intrinsic value during periods of high R&D spending.
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Quick answers to the most common questions about buying MAZE stock.
Maze Therapeutics, Inc.'s current P/E ratio is -10.8x. This places it at the 50th percentile of its historical range.
Maze Therapeutics, Inc.'s return on equity (ROE) is -47.5%. The historical average is -72.6%.
Based on historical data, Maze Therapeutics, Inc. is trading at a P/E of -10.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.