Latest Ratios: P/E Ratio -3.1x · EV/EBITDA N/A · ROE -23.6%. (2012–2025 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $138M | $165M | $436M | $485M | $555M | $923M | — | — | — | — | — |
| Enterprise Value | $136M | $163M | $426M | $458M | $560M | $881M | — | — | — | — | — |
| P/E Ratio → | -3.07 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.18 | 4.99 | 11.29 | 11.76 | 12.55 | 27.24 | — | — | — | — | — |
| P/B Ratio | 0.80 | 0.96 | 2.11 | 2.09 | 2.19 | 3.51 | — | — | — | — | — |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.93 | 11.04 | 11.08 | 12.66 | 26.00 | — | — | — | — | — |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 81.2% | 81.2% | 81.6% | 88.5% | 88.5% | 89.2% | 89.4% | 88.4% | 89.0% | 89.6% | 89.3% |
| Operating Margin | -137.1% | -137.1% | -132.5% | -117.0% | -61.8% | -53.7% | -42.3% | -57.4% | -50.5% | -66.4% | -22.2% |
| Net Profit Margin | -135.1% | -135.1% | -106.3% | -91.8% | -53.3% | -56.3% | -45.2% | -59.6% | -53.2% | -70.9% | -27.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -23.6% | -23.6% | -18.7% | -15.6% | -9.1% | -12.9% | -50.5% | -99.6% | -55.6% | -80.4% | -334.4% |
| ROA | -20.2% | -20.2% | -16.2% | -13.7% | -8.3% | -11.4% | -28.9% | -47.5% | -31.9% | -41.8% | -29.8% |
| ROIC | -18.6% | -18.6% | -19.2% | -15.6% | -8.6% | -11.3% | -61.3% | -159.3% | -235.1% | — | — |
| ROCE | -22.0% | -22.0% | -21.6% | -18.5% | -10.1% | -11.8% | -36.4% | -64.8% | -40.3% | -53.7% | -46.4% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 0.09 | 0.08 | 0.06 | 0.02 | 0.21 | 0.53 | 0.41 | 0.26 | 0.98 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.01 | -0.05 | -0.12 | 0.02 | -0.16 | -0.35 | -0.59 | -0.50 | -1.04 | -1.32 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -215.61 | -17.27 | -13.31 | -17.93 | -13.43 | -14.86 | -4.25 |
Net cash position: cash ($20M) exceeds total debt ($18M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.30 | 8.30 | 10.88 | 10.65 | 16.35 | 17.32 | 3.90 | 2.62 | 3.42 | 4.22 | 2.79 |
| Quick Ratio | 7.77 | 7.77 | 10.32 | 9.97 | 15.80 | 16.98 | 3.52 | 2.22 | 3.07 | 4.03 | 2.56 |
| Cash Ratio | 7.22 | 7.22 | 9.79 | 9.43 | 14.74 | 16.33 | 2.99 | 1.79 | 2.20 | 3.50 | 2.07 |
| Asset Turnover | — | 0.16 | 0.16 | 0.15 | 0.15 | 0.12 | 0.51 | 0.72 | 0.69 | 0.45 | 0.76 |
| Inventory Turnover | 0.82 | 0.82 | 0.80 | 0.39 | 0.59 | 0.70 | 0.64 | 0.68 | 0.82 | 1.08 | 0.98 |
| Days Sales Outstanding | — | 38.71 | 44.24 | 51.08 | 92.16 | 74.06 | 72.14 | 54.77 | 107.41 | 83.40 | 71.71 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | — | $106M | $105M | $103M | $102M | $91M | $69M | $56M | $51M | $49M | $34M |
Rapid cash depletion
Based on reported figures, MaxCyte trades at a price-to-sales multiple of 4.02, which appears elevated given the recent 14.5% revenue contraction and the absence of positive earnings, suggesting the market is pricing the stock as a speculative call option on future clinical milestone success.
The current valuation multiple implies that investors are largely ignoring the company's negative TTM P/E of -2.95 in favor of potential long-term royalty streams. This pricing strategy warrants caution, as it assumes a high probability of partner programs reaching commercialization, which may not be supported by the current trend of declining top-line growth.
As reported in financial statements, MaxCyte's ROIC has remained consistently negative, reaching -2.7% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its heavy investment in R&D and clinical platform development.
The persistent negative return on capital reflects a business model that has yet to achieve the necessary scale to cover its fixed-cost base. Investors should monitor whether the company can improve these returns as its installed base of instruments matures, or if the current capital allocation strategy will continue to erode the equity base.
According to recent quarterly data, the cash conversion cycle has fluctuated wildly, reaching 255 days in 2026Q1, which highlights the operational challenges of managing inventory and receivables within a lumpy, milestone-dependent revenue structure that lacks consistent, predictable cash inflows from its biopharma partners.
The high DIO, which peaked at 1,386 days in 2025Q3, suggests that inventory management is significantly inefficient, likely due to the specialized nature of the ExPERT platform components. This inefficiency ties up critical liquidity, further exacerbating the company's reliance on external funding to sustain its ongoing operations.
Based on the company's reported figures, the current ratio of 12.04 in 2026Q1 masks a deteriorating cash position, as the rapid depletion of liquid assets leaves the firm increasingly vulnerable to funding gaps if milestone payments from strategic partners continue to be delayed or absent.
While the high current ratio might appear healthy at first glance, it is heavily influenced by the composition of current assets that may not be easily converted to cash in a stress scenario. The company's reliance on equity markets to bridge its operating losses remains a primary risk factor that investors must closely monitor.
The most commonly misapplied metric for MaxCyte is the price-to-sales ratio, which obscures the extreme volatility of milestone-based revenue and fails to account for the high-margin, recurring nature of the disposable processing assemblies that represent the company's true underlying value proposition.
Analysts should instead focus on the number of active Strategic Platform Licenses and the utilization rate of the installed instrument base to gauge the company's health. Relying on headline revenue multiples can lead to significant mispricing, as these figures often include non-recurring payments that do not reflect the long-term sustainability of the business model.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying MXCT stock.
MaxCyte, Inc.'s current P/E ratio is -3.1x. This places it at the 50th percentile of its historical range.
MaxCyte, Inc.'s return on equity (ROE) is -23.6%. The historical average is -70.0%.
Based on historical data, MaxCyte, Inc. is trading at a P/E of -3.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MaxCyte, Inc. has 81.2% gross margin and -137.1% operating margin.