Latest Ratios: P/E Ratio -10.1x · EV/EBITDA N/A · ROE -25.6%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.2B | $6.3B | $10.0B | $6.1B | $3.1B | $1.2B | $785M | — | — | — |
| Enterprise Value | $8.3B | $6.3B | $9.7B | $5.7B | $2.3B | $1.2B | $399M | — | — | — |
| P/E Ratio → | -10.12 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 2.89 | 2.34 | 3.02 | 4.92 | 3.26 | 4.35 | 2.27 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -25.6% | -25.6% | -20.4% | -36.7% | -36.1% | -31.8% | -74.5% | — | — | -55.7% |
| ROA | -23.4% | -23.4% | -18.9% | -33.3% | -33.6% | -27.9% | -38.9% | -73.7% | -53.4% | -43.5% |
| ROIC | -24.2% | -24.2% | -22.1% | -69.6% | -94.5% | -81.2% | — | — | — | — |
| ROCE | -29.7% | -29.7% | -24.6% | -42.0% | -36.8% | -32.3% | -44.7% | -91.2% | -71.5% | -50.4% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.09 | 0.02 | 0.02 | 0.02 | 0.06 | — | — | — | 0.15 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.02 | -0.10 | -0.30 | -0.86 | -0.18 | -1.12 | — | — | -1.02 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -111741.50 | -14295.71 | -12744.29 | -1255.85 | -392.13 | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.91 | 7.91 | 12.75 | 7.54 | 23.26 | 8.93 | 8.30 | 5.58 | 9.93 | 8.53 |
| Quick Ratio | 7.91 | 7.91 | 12.75 | 7.54 | 23.26 | 8.93 | 8.30 | 5.58 | 9.93 | 8.53 |
| Cash Ratio | 7.59 | 7.59 | 12.46 | 7.43 | 22.98 | 8.57 | 8.24 | 5.34 | 9.85 | 8.48 |
| 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 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | — | $136M | $122M | $97M | $65M | $52M | $30M | $4M | $4M | $4M |
Clinical trial execution failure
As reported in financial statements, Vaxcyte currently trades at a price-to-book ratio of 2.86, a valuation that appears to be driven entirely by the market's anticipation of successful clinical outcomes rather than any underlying earnings, given the company's persistent negative P/E of -10.04.
The current valuation suggests investors are pricing in a high probability of success for the VAX-31 program, effectively ignoring the lack of current revenue. This premium warrants caution, as any delay in regulatory milestones could lead to a significant contraction in multiples compared to established vaccine incumbents like Pfizer or Merck.
Based on the provided quarterly data, Vaxcyte's ROIC has remained consistently negative, reaching -9.3% in 2026Q1, which highlights the company's current inability to generate returns on invested capital while it remains in the capital-intensive phase of clinical development and manufacturing infrastructure expansion.
The trend of negative returns is expected for a pre-revenue biotech firm, but the deepening of these figures suggests that the cost of scaling operations is outpacing the company's current capital efficiency. Investors should monitor whether these returns begin to stabilize as the company approaches potential commercialization, as persistent negative ROIC may indicate inefficient capital allocation.
According to recent SEC filings, Vaxcyte maintains a current ratio of 7.49 as of 2026Q1, a figure that suggests a strong liquidity position capable of sustaining the company's high-burn R&D activities through the completion of its primary Phase 3 clinical programs without immediate insolvency risk.
The high current ratio is a direct result of aggressive capital raises, providing a necessary safety net for a company with no product revenue. While this liquidity is currently adequate, it is important to note that this buffer is being actively consumed by operational expenses, necessitating disciplined cash management to avoid further dilutive financing.
As evidenced by the reported debt-to-equity ratio of 0.04 in 2026Q1, Vaxcyte maintains a very conservative capital structure, relying almost exclusively on equity financing rather than debt to fund its operations, which significantly reduces the risk of interest coverage issues or covenant breaches.
The company's reliance on equity over debt is a prudent strategy for a clinical-stage entity, as it avoids the burden of fixed interest payments during a period of high cash burn. This approach provides management with greater operational flexibility, though it comes at the cost of significant shareholder dilution as the company continues to raise capital.
The most commonly misapplied ratio for Vaxcyte is the price-to-earnings (P/E) multiple, which is fundamentally irrelevant for a pre-revenue company and obscures the true risk-reward profile by focusing on accounting losses rather than the clinical milestones that actually drive the company's long-term value.
Investors should instead focus on metrics like cash runway, clinical trial progress, and the probability-weighted net present value of the pipeline. Using traditional valuation multiples for a company in this stage of development may lead to erroneous conclusions about its financial health and growth prospects.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying PCVX stock.
Vaxcyte, Inc.'s current P/E ratio is -10.1x. This places it at the 50th percentile of its historical range.
Vaxcyte, Inc.'s return on equity (ROE) is -25.6%. The historical average is -40.1%.
Based on historical data, Vaxcyte, Inc. is trading at a P/E of -10.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.