Latest Ratios: P/E Ratio -2.1x · EV/EBITDA N/A · ROE -505.1%. (2015–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $145M | $175M | $269M | $549M | $439M | $1.6B | $249M | $94M | $370M | — | — |
| Enterprise Value | $66M | $96M | $129M | $456M | $299M | $1.4B | $195M | $34M | $344M | — | — |
| P/E Ratio → | -2.06 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.59 | 4.33 | 7.31 | 20.65 | 10209.62 | 1975.99 | 5.92 | 8.87 | 21.10 | — | — |
| P/B Ratio | — | — | 7.30 | 5.96 | 3.61 | 7.17 | 3.18 | 10.68 | 5.29 | — | — |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.37 | 3.49 | 17.16 | 6959.13 | 1688.03 | 4.62 | 3.24 | 19.58 | — | — |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -7996.1% | 100.0% | -465.6% | 94.7% | -27.2% | -106.1% |
| Operating Margin | -181.1% | -181.1% | -463.9% | -766.6% | -392693.0% | -18737.4% | -71.7% | -619.7% | -225.8% | -54.9% | -157.7% |
| Net Profit Margin | -170.9% | -170.9% | -465.8% | -768.3% | -395488.4% | -10633.5% | -67.0% | -606.5% | -220.6% | -54.4% | -158.6% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -505.1% | -505.1% | -266.2% | -191.0% | -97.2% | -57.5% | -64.8% | -163.1% | -538.5% | — | — |
| ROA | -37.3% | -37.3% | -61.3% | -75.6% | -70.9% | -46.2% | -30.3% | -61.4% | -32.8% | -22.9% | -114.0% |
| ROIC | — | — | — | — | — | -1738.1% | — | — | — | — | — |
| ROCE | -60.0% | -60.0% | -84.4% | -101.5% | -84.0% | -94.9% | -65.3% | -121.7% | -45.1% | -34.4% | -444.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.92 | 0.39 | 0.31 | 0.07 | 0.10 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | -3.81 | -1.01 | -1.15 | -1.05 | -0.70 | -6.78 | -0.38 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | -3.29 | — |
| Interest Coverage | -18.93 | -18.93 | -41.97 | -61.23 | -133.27 | -432.16 | -129.06 | — | — | — | — |
Net cash position: cash ($108M) exceeds total debt ($29M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.19 | 2.19 | 3.36 | 3.49 | 3.97 | 8.62 | 4.21 | 1.01 | 3.69 | 3.60 | 1.19 |
| Quick Ratio | 2.19 | 2.19 | 3.36 | 3.49 | 3.97 | 8.62 | 4.21 | 1.07 | 3.69 | 3.60 | 1.19 |
| Cash Ratio | 2.16 | 2.16 | 3.29 | 3.07 | 3.74 | 8.50 | 4.15 | 1.01 | 3.60 | 3.53 | 1.07 |
| Asset Turnover | — | 0.28 | 0.16 | 0.08 | 0.00 | 0.00 | 0.39 | 0.13 | 0.13 | 0.24 | 0.72 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | 411.95 | — | — | — | 15.81 | 16.31 | 15.24 | 22.55 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | — | — |
| Shares Outstanding | — | $5M | $5M | $4M | $3M | $2M | $2M | $921290 | $901173 | $699726 | $699726 |
Capital exhaustion and dilution
Based on reported figures, Mersana trades at a P/S multiple of 3.59, which appears to reflect a significant platform-risk discount compared to commercial-stage peers, as the market struggles to price the company's intellectual property following the discontinuation of its lead clinical asset, the UpRi program.
The current valuation multiple suggests that investors are assigning little to no terminal value to the pipeline, effectively pricing the company as a liquidation play on its remaining cash and platform technology. This valuation is highly sensitive to the timing of clinical readouts for XMT-1660, as any further delay may lead to a compression of the P/S multiple toward cash-only levels.
As reported in financial statements, Mersana's operating margins remain deeply negative at -67.9% in 2025Q3, illustrating that the company's current collaboration-based revenue model is structurally incapable of covering the high fixed costs associated with its ongoing R&D and clinical trial infrastructure requirements.
While the 100% gross margin is a standard feature of the biotech model, it provides no insight into the company's true earning power, which remains non-existent. The persistent operating losses suggest that the firm is in a state of permanent capital consumption, with no clear path to profitability without a successful commercial launch or a transformative licensing deal.
According to recent SEC filings, Mersana's asset turnover ratio has remained extremely low at 0.18 in 2025Q3, highlighting the company's inability to generate meaningful revenue from its existing asset base and the inherent inefficiency of a business model reliant on sporadic, milestone-driven collaboration payments.
The erratic nature of the company's DSO, which fluctuated from 6 to 250 days over the last ten quarters, underscores the lack of predictable cash inflows. This volatility suggests that management has limited leverage over its partners, making the timing of cash receipts a significant operational risk that complicates liquidity planning.
Based on the provided balance sheet data, Mersana's current ratio of 1.39 as of 2025Q3 indicates a narrowing liquidity cushion, which warrants further investigation as the company continues to burn through its remaining cash reserves to fund its high-cost clinical development programs.
The decline in the current ratio from its peak of 3.97 in 2023Q2 suggests that the company's ability to meet short-term obligations is deteriorating rapidly. Investors should monitor the cash runway closely, as the current liquidity position may necessitate a dilutive capital raise in the near term to avoid a distressed financing scenario.
The Price-to-Sales ratio is frequently misapplied to Mersana's business model, as it obscures the fact that revenue is non-recurring and milestone-dependent, rather than a reflection of sustainable product demand or operational scale, which renders traditional valuation comparisons to commercial-stage biotech peers fundamentally misleading.
Analysts should instead focus on the cash runway and the probability-weighted net present value of the clinical pipeline. Using P/S in this context ignores the reality that the company's revenue is essentially a byproduct of R&D accounting rather than a measure of commercial success or market penetration.
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Quick answers to the most common questions about buying MRSN stock.
Mersana Therapeutics, Inc.'s current P/E ratio is -2.1x. This places it at the 50th percentile of its historical range.
Mersana Therapeutics, Inc.'s return on equity (ROE) is -505.1%. The historical average is -140.0%.
Based on historical data, Mersana Therapeutics, Inc. is trading at a P/E of -2.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Mersana Therapeutics, Inc. has 100.0% gross margin and -181.1% operating margin.