Latest Ratios: P/E Ratio -26.9x · EV/EBITDA N/A · ROE -41.4%. (2013–2024 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 | $6.8B | $2.7B | $1.4B | $695M | $1.2B | $513M | $341M | $312M | $372M | $279M | — |
| Enterprise Value | $6.5B | $2.4B | $1.2B | $561M | $991M | $354M | $149M | $148M | $193M | $220M | — |
| P/E Ratio → | -26.87 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 195.71 | 77.42 | 35.65 | 17.89 | 28.48 | 20.92 | 12.29 | 9.31 | 16.99 | 111.26 | — |
| P/B Ratio | 8.92 | 4.17 | 3.98 | 2.81 | 3.89 | 5.02 | 2.60 | 2.97 | 6.48 | 7.80 | — |
| 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 | — | 69.30 | 30.81 | 14.44 | 22.97 | 14.43 | 5.36 | 4.41 | 8.80 | 87.62 | — |
| 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 | 37.2% | 37.2% | 73.6% | 74.4% | -99.9% | -133.9% | -78.8% | -42.7% | -55.7% | -634.0% | -749.4% |
| Operating Margin | -753.0% | -753.0% | -356.2% | -384.8% | -183.2% | -253.4% | -188.4% | -119.2% | -161.1% | -1110.8% | -1213.2% |
| Net Profit Margin | -595.9% | -595.9% | -352.6% | -315.5% | -136.1% | -285.6% | -177.1% | -73.8% | -295.6% | -1889.9% | -1220.8% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -41.4% | -41.4% | -46.5% | -43.5% | -28.1% | -59.9% | -41.6% | -30.4% | -138.9% | -142.2% | -174.8% |
| ROA | -33.5% | -33.5% | -33.7% | -29.4% | -17.1% | -28.3% | -19.2% | -10.2% | -41.5% | -82.6% | -107.9% |
| ROIC | -74.6% | -74.6% | -77.0% | -117.2% | -547.7% | — | — | — | — | — | — |
| ROCE | -48.4% | -48.4% | -41.5% | -43.8% | -27.8% | -30.2% | -23.6% | -18.6% | -25.1% | -55.9% | -158.8% |
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 | 0.02 | 0.02 | 0.03 | 0.05 | 0.01 | 0.04 | 0.04 | — | — | 0.01 | 0.02 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.44 | -0.54 | -0.54 | -0.75 | -1.56 | -1.47 | -1.56 | -3.13 | -1.66 | -1.14 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -612.81 | — | — | — | -154.87 | — | -108.40 |
Net cash position: cash ($293M) exceeds total debt ($10M)
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 | 6.54 | 6.54 | 5.34 | 3.88 | 5.90 | 4.66 | 6.72 | 6.75 | 10.05 | 9.17 | 5.46 |
| Quick Ratio | 6.54 | 6.54 | 5.34 | 3.88 | 5.90 | 4.66 | 6.72 | 6.75 | 10.05 | 7.64 | 5.46 |
| Cash Ratio | 6.17 | 6.17 | 5.14 | 3.68 | 5.71 | 4.44 | 6.52 | 6.51 | 9.81 | 7.34 | 5.20 |
| Asset Turnover | — | 0.04 | 0.09 | 0.10 | 0.09 | 0.11 | 0.11 | 0.13 | 0.09 | 0.03 | 0.05 |
| Inventory Turnover | 1.48 | — | — | — | — | — | — | — | — | 1.48 | — |
| Days Sales Outstanding | — | 49.29 | 36.50 | 44.15 | 56.45 | 26.04 | 34.88 | 52.92 | 62.90 | 179.39 | 2.09 |
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% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $64M | $52M | $45M | $39M | $29M | $24M | $22M | $19M | $13M | $15M |
Clinical trial milestone dependency
Based on reported figures, Merus trades at a price-to-sales ratio of 195.71, a valuation that appears to reflect significant investor optimism regarding the Biclonics platform's long-term potential rather than current revenue generation, which remains entirely dependent on the timing of non-recurring milestone payments from strategic pharmaceutical partners.
The extreme P/S multiple suggests that the market is pricing the company as a technology-driven platform play rather than a traditional biotech firm. Investors should monitor whether the transition of Zenocutuzumab toward regulatory submission justifies this premium or if the valuation will face compression as the market shifts focus toward commercial execution risks.
As reported in recent financial statements, the company's ROIC has remained consistently negative, bottoming at -29.0% in 2024Q2, which underscores the substantial capital intensity required to advance the Biclonics pipeline through clinical development without the benefit of recurring product-based cash flows to offset heavy research expenditures.
The persistent decay in returns on invested capital is a structural characteristic of a pre-commercial firm where capital is deployed into long-dated, high-risk assets. This trend warrants further investigation into whether the company's capital allocation strategy can eventually pivot toward positive returns as lead assets approach potential commercialization.
According to quarterly filings, the company's asset turnover ratio has remained stagnant at approximately 0.01 to 0.03, a figure that highlights the lack of commercial product sales and the reliance on collaboration-based revenue that does not translate into meaningful asset utilization or operational efficiency metrics.
The erratic nature of the cash conversion cycle, driven by the timing of milestone payments, makes traditional efficiency ratios less meaningful for assessing operational health. Analysts should focus on the burn rate and clinical trial enrollment velocity as more accurate proxies for operational efficiency than standard working capital metrics.
Based on the latest quarterly data, the company maintains a current ratio of 7.97, which suggests an adequate liquidity position to fund ongoing clinical activities, provided that the current cash burn rate remains within management's projected parameters for the next several quarters of development.
While the high current ratio appears to provide a safety net, it is heavily influenced by cash balances from previous capital raises rather than operational liquidity. Investors should monitor the depletion of this buffer as the company moves into more expensive late-stage clinical trials and potential commercial preparation.
As reported in financial statements, the gross margin has fluctuated wildly between -170.1% and 94.7%, a volatility that suggests this metric is an accounting artifact of collaboration revenue recognition rather than a reflection of the underlying manufacturing efficiency of the Biclonics antibody platform.
Using gross margin to evaluate Merus is fundamentally flawed because it obscures the true cost of R&D and the nature of milestone-based revenue. Analysts should instead focus on the operating loss and cash burn rate to understand the company's true economic performance and its reliance on external funding.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying MRUS stock.
Merus N.V.'s current P/E ratio is -26.9x. This places it at the 50th percentile of its historical range.
Merus N.V.'s return on equity (ROE) is -41.4%. The historical average is -76.4%.
Based on historical data, Merus N.V. is trading at a P/E of -26.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Merus N.V. has 37.2% gross margin and -753.0% operating margin.