Latest Ratios: P/E Ratio -21.2x · EV/EBITDA N/A · ROE -36.7%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.1B | $7.3B | $5.2B | $4.3B | $1.5B | $415M | — | — |
| Enterprise Value | $8.8B | $7.0B | $5.1B | $3.9B | $1.2B | $346M | — | — |
| P/E Ratio → | -21.16 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — |
| P/B Ratio | 7.21 | 5.86 | 4.86 | 6.12 | 3.19 | 1.46 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| 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 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -36.7% | -36.7% | -29.5% | -21.7% | -21.9% | -36.5% | — | — |
| ROA | -33.3% | -33.3% | -27.8% | -20.8% | -21.1% | -30.4% | -208.5% | -356.1% |
| ROIC | -32.5% | -32.5% | -32.6% | -38.2% | -29.5% | -38.8% | — | — |
| ROCE | -34.4% | -34.4% | -31.4% | -25.7% | -23.0% | -31.5% | -646.3% | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.21 | -0.14 | -0.48 | -0.52 | -0.24 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | -5.42 | — | — | — | — |
Net cash position: cash ($262M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.27 | 15.27 | 20.96 | 22.83 | 24.54 | 33.07 | 2.43 | 0.76 |
| Quick Ratio | 15.27 | 15.27 | 20.96 | 22.83 | 24.54 | 33.07 | 2.43 | 0.76 |
| Cash Ratio | 15.05 | 15.05 | 20.70 | 22.62 | 24.24 | 32.79 | 2.36 | 0.69 |
| Asset Turnover | — | — | — | — | — | — | — | — |
| 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 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| 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 | — | $73M | $66M | $58M | $50M | $22M | $23M | $48M |
Clinical trial execution risk
As reported in financial statements, Nuvalent trades at a price-to-book ratio of 7.19, which suggests that investors are pricing in significant future clinical success rather than current tangible assets, placing the company at the higher end of the valuation spectrum compared to its precision oncology peers.
The elevated P/B multiple indicates that the market is assigning substantial value to the company's intellectual property and the potential of its ROS1 and ALK inhibitors. This valuation appears to assume a high probability of regulatory approval, which warrants caution given the binary nature of clinical outcomes in the biotechnology sector.
Based on the company's reported figures, the ROIC has remained consistently negative, fluctuating between -7.7% and -11.0% over the last ten quarters, which is typical for a clinical-stage firm that has yet to generate commercial revenue or achieve operational scale.
The persistent negative return on capital is a direct consequence of the heavy R&D investment required to advance candidates through pivotal trials. Investors should monitor whether these returns begin to improve as the company approaches potential commercialization, as current metrics reflect a period of pure capital consumption.
According to recent SEC filings, Nuvalent's current ratio has declined from 22.83 in 2023Q4 to 16.14 in 2026Q1, reflecting the rapid depletion of cash reserves as the company accelerates its pivotal Phase 2 clinical trial cohorts for its lead oncology assets.
While the current ratio remains high compared to industrial standards, the rapid downward trend highlights the aggressive cash burn associated with late-stage development. This liquidity position appears adequate for the near term, but the company's reliance on external financing remains a critical factor for long-term solvency.
As evidenced by peer comparison data, Nuvalent's P/B ratio of 7.19 sits significantly above the levels seen in companies like Keros Therapeutics, suggesting that the market views Nuvalent's platform as a premium asset within the competitive landscape of rationally designed small-molecule inhibitors.
The valuation gap relative to peers may be structural, reflecting the perceived superiority of Nuvalent's selectivity-by-design approach. However, investors should consider whether this premium is justified by clinical data or if it represents an over-optimistic assessment of the company's ability to displace established therapies.
As reported in financial statements, the use of P/E ratios for Nuvalent is fundamentally flawed, as the company's negative earnings of -21.11 TTM render traditional valuation metrics meaningless for assessing the true intrinsic value of its clinical-stage oncology pipeline.
Analysts should instead focus on cash burn rates and the probability-adjusted net present value of the pipeline. Relying on P/E ratios in this context obscures the company's actual progress and may lead to incorrect conclusions regarding its financial health and long-term investment viability.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying NUVL stock.
Nuvalent, Inc.'s current P/E ratio is -21.2x. This places it at the 50th percentile of its historical range.
Nuvalent, Inc.'s return on equity (ROE) is -36.7%. The historical average is -29.3%.
Based on historical data, Nuvalent, Inc. is trading at a P/E of -21.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.