Latest Ratios: P/E Ratio -7.9x · EV/EBITDA N/A · ROE -49.6%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.1B | $1.5B | $1.5B | $338M | $602M | $1.2B | $668M | — | — |
| Enterprise Value | $1.9B | $1.3B | $1.4B | $314M | $550M | $1.2B | $549M | — | — |
| P/E Ratio → | -7.88 | — | — | — | — | — | — | — | — |
| P/S Ratio | 24.81 | 18.25 | 27.21 | 4.39 | 15.59 | 41.55 | 37.49 | — | — |
| P/B Ratio | 3.87 | 2.84 | 2.82 | 1.69 | 1.98 | 3.61 | 2.30 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 15.97 | 25.71 | 4.08 | 14.23 | 39.29 | 30.79 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.5% | 77.5% | -306.3% | -145.7% | -377.6% | -291.4% | -273.1% | -44.7% | -8.2% |
| Operating Margin | -340.2% | -340.2% | -390.5% | -201.4% | -476.0% | -396.3% | -364.7% | -71.5% | -26.0% |
| Net Profit Margin | -314.9% | -314.9% | -354.9% | -187.0% | -466.9% | -393.9% | -242.7% | -69.7% | -25.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -49.6% | -49.6% | -53.2% | -57.1% | -55.8% | -37.1% | -37.2% | — | — |
| ROA | -39.0% | -39.0% | -37.8% | -37.3% | -40.4% | -26.8% | -19.6% | -48.5% | -20.8% |
| ROIC | -54.0% | -54.0% | -51.4% | -54.4% | -52.4% | -39.7% | -124.4% | — | — |
| ROCE | -48.6% | -48.6% | -50.6% | -50.4% | -48.6% | -30.9% | -34.2% | -109.9% | -77.5% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 0.05 | 0.15 | 0.04 | 0.04 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.35 | -0.16 | -0.12 | -0.17 | -0.20 | -0.41 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($247M) exceeds total debt ($56M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.02 | 7.02 | 6.46 | 3.40 | 4.51 | 4.70 | 6.70 | 2.44 | 1.24 |
| Quick Ratio | 7.02 | 7.02 | 6.46 | 3.40 | 4.52 | 4.70 | 6.70 | 2.44 | 1.24 |
| Cash Ratio | 6.86 | 6.86 | 6.36 | 3.31 | 4.38 | 4.46 | 6.31 | 2.34 | 1.19 |
| Asset Turnover | — | 0.12 | 0.08 | 0.22 | 0.09 | 0.06 | 0.04 | 0.71 | 0.82 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | 10.04 | 3.79 | 10.39 | 76.12 | 232.40 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $87M | $67M | $54M | $49M | $43M | $16M | $39M | $16M |
Clinical Milestone Revenue Dependency
According to recent market data, Nurix trades at a P/S ratio of 23.63, which appears elevated relative to its historical averages and suggests that investors are pricing in significant future clinical success rather than current, highly volatile milestone-driven revenue streams from its pharmaceutical collaboration agreements.
The current valuation multiple reflects a market expectation of breakthrough potential for the NX-5948 program rather than fundamental earnings power. Investors should monitor whether this premium holds as the company approaches critical data readouts, as any delay in clinical milestones could lead to a sharp contraction in valuation multiples.
As reported in financial statements, Nurix's ROIC has remained consistently negative, reaching -17.0% in 2026Q1, which underscores the company's current status as a capital-intensive, pre-commercial entity where invested capital is primarily deployed into R&D rather than generating immediate operational returns on invested assets.
The persistent negative ROIC is a structural feature of the biotech development cycle, where the cost of capital is effectively consumed by clinical trial infrastructure. This trend suggests that the company is not yet compounding value through operations, and shareholders should anticipate continued capital erosion until a proprietary product reaches commercialization.
Based on reported figures, the company's asset turnover remains extremely low at 0.01 in 2026Q1, indicating that the firm's asset base is not currently utilized to generate meaningful revenue, a common characteristic for clinical-stage firms that lack a commercialized product portfolio to drive asset utilization.
The lack of meaningful asset turnover highlights the company's reliance on external funding rather than internal operational efficiency. Investors should focus on the cash conversion cycle only once the company transitions to a commercial model, as current metrics are heavily distorted by the timing of milestone payments.
As indicated by recent SEC filings, the current ratio has fluctuated significantly, dropping from 7.02 in 2025Q4 to 6.01 in 2026Q1, which suggests that while the company maintains a high liquidity position, the rapid burn rate necessitates constant monitoring of its ability to fund ongoing clinical operations.
The high current ratio is somewhat misleading, as it is largely supported by cash reserves that are being depleted to fund R&D. The company's liquidity position appears adequate for the near term, but the rapid decline in cash suggests that the firm may face a liquidity crunch if milestone payments are delayed.
Based on an analysis of biotech financial models, the P/E ratio is the most commonly misapplied metric for Nurix, as it fails to account for the company's lack of recurring earnings and the distortive impact of non-cash stock-based compensation on the reported net loss figures.
Using P/E to value Nurix obscures the underlying clinical progress and cash burn, which are the true drivers of value for this business model. Analysts should instead prioritize cash-based metrics or risk-adjusted net present value (rNPV) models that account for the probability of success in clinical trials.
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Quick answers to the most common questions about buying NRIX stock.
Nurix Therapeutics, Inc.'s current P/E ratio is -7.9x. This places it at the 50th percentile of its historical range.
Nurix Therapeutics, Inc.'s return on equity (ROE) is -49.6%. The historical average is -48.3%.
Based on historical data, Nurix Therapeutics, Inc. is trading at a P/E of -7.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nurix Therapeutics, Inc. has 77.5% gross margin and -340.2% operating margin.