Latest Ratios: P/E Ratio -3.9x · EV/EBITDA N/A · ROE -843.6%. (2011–2025 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 | $1.7B | $1.3B | $300M | $328M | $305M | $734M | $1.7B | $845M | $847M | $1.4B | $2.8B |
| Enterprise Value | $1.6B | $1.2B | $276M | $327M | $351M | $887M | $1.8B | $1.0B | $957M | $1.3B | $2.8B |
| P/E Ratio → | -3.91 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 170.94 | 131.52 | 76.40 | 52.64 | 11.32 | 51.43 | 53.27 | 26.40 | 5.28 | 5.98 | 14.86 |
| P/B Ratio | 80.29 | 60.91 | 7.79 | 2.77 | 2.41 | 6.83 | 25.37 | 11.78 | 2.24 | 2.53 | 4.99 |
| 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 | — | 128.93 | 70.28 | 52.56 | 13.05 | 62.20 | 57.34 | 31.62 | 5.96 | 5.73 | 14.58 |
| 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 | 37.1% | 37.1% | -8.7% | 1.7% | 76.4% | -276.2% | -40.0% | 83.2% | 60.6% | 72.8% | 67.7% |
| Operating Margin | -1100.8% | -1100.8% | -3440.2% | -1602.5% | -281.4% | -644.5% | -269.8% | -269.8% | -314.9% | -59.7% | -65.6% |
| Net Profit Margin | -2588.2% | -2588.2% | -3216.2% | -1540.6% | 105.2% | -646.0% | -533.0% | -533.0% | -317.2% | -50.7% | -97.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -843.6% | -843.6% | -160.8% | -78.4% | 24.2% | -105.6% | -245.6% | -75.7% | -110.1% | -21.0% | -29.3% |
| ROA | -166.1% | -166.1% | -85.2% | -52.3% | 9.8% | -27.3% | -44.3% | -29.1% | -65.2% | -13.0% | -19.3% |
| ROIC | -1553.8% | -1553.8% | -152.8% | -51.5% | -26.2% | -30.1% | -29.7% | -17.8% | -77.8% | -20.6% | -17.2% |
| ROCE | -87.7% | -87.7% | -107.2% | -75.2% | -32.7% | -30.8% | -28.5% | -17.5% | -71.1% | -17.0% | -14.2% |
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 | 0.24 | 0.24 | 0.14 | 0.06 | 0.41 | 1.77 | 2.71 | 3.24 | 0.56 | 0.02 | 0.02 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.20 | -0.62 | -0.00 | 0.37 | 1.43 | 1.94 | 2.33 | 0.29 | -0.11 | -0.09 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -27.57 | -27.57 | -21337.00 | -204.90 | -10.80 | -4.87 | -4.65 | -4.74 | -45.42 | -211.27 | -224.49 |
Net cash position: cash ($30M) exceeds total debt ($5M)
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 | 3.09 | 3.09 | 4.76 | 2.99 | 1.50 | 4.52 | 3.54 | 1.91 | 4.64 | 1.92 | 3.33 |
| Quick Ratio | 2.83 | 2.83 | 4.76 | 2.99 | 1.50 | 4.51 | 3.27 | 1.78 | 4.29 | 1.67 | 3.11 |
| Cash Ratio | 2.62 | 2.62 | 4.55 | 2.73 | 0.71 | 3.14 | 2.38 | 0.61 | 3.62 | 0.99 | 2.51 |
| Asset Turnover | — | 0.06 | 0.03 | 0.04 | 0.12 | 0.04 | 0.10 | 0.07 | 0.22 | 0.27 | 0.20 |
| Inventory Turnover | 0.64 | 0.64 | — | — | 22.09 | 164.66 | 3.94 | 0.33 | 2.95 | 3.06 | 2.92 |
| Days Sales Outstanding | — | 164.41 | 108.15 | 92.35 | 187.24 | 50.66 | 233.05 | 299.17 | 60.38 | 62.96 | 81.22 |
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% | 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% | 0.0% |
| Shares Outstanding | — | $305M | $268M | $245M | $200M | $198M | $167M | $154M | $130M | $120M | $118M |
High capital market dependency
According to recent market data, PGEN trades at a price-to-sales ratio of 181.80, which, when viewed alongside a negative P/E of 4.16, suggests that investors are pricing the company based on speculative platform optionality rather than any near-term earnings or predictable revenue generation capabilities.
The extreme P/S multiple indicates that the market is assigning significant value to the intellectual property portfolio rather than current operational output. Given the company's history of lumpy milestone-driven revenue, these valuation metrics appear highly sensitive to clinical trial news flow rather than fundamental financial performance.
Based on reported figures, PGEN's ROIC has consistently remained in negative territory, reaching a low of negative 84.0% in 2024Q4, which highlights the company's inability to generate positive returns on its invested capital while maintaining a high-cost R&D infrastructure for its gene therapy platforms.
The persistent decay in return on capital suggests that the company's current investment in its UltraCAR-T and AdenoVerse platforms has yet to reach a threshold of commercial viability. Investors should monitor whether future clinical successes can reverse this trend, as the current trajectory implies significant value destruction for shareholders.
As reported in financial statements, PGEN's cash conversion cycle has exhibited extreme volatility, including a 212-day cycle in 2026Q1, which suggests that the company faces significant challenges in managing its receivables and payables in alignment with its irregular milestone-based revenue recognition model.
The wide fluctuations in days sales outstanding and days payable outstanding indicate a lack of operational maturity in managing working capital. This inefficiency likely exacerbates the company's cash burn, as it struggles to synchronize the timing of partner payments with its ongoing clinical development expenditures.
According to recent SEC filings, PGEN's debt-to-equity ratio surged to 4.86 in 2026Q1, a sharp increase from previous periods that indicates a growing reliance on debt financing to bridge the gap between high operating losses and the capital required for ongoing clinical trial operations.
The spike in leverage, combined with a negative interest coverage ratio, suggests that the company's ability to service its debt obligations is becoming increasingly strained. This shift warrants further investigation into the terms of these debt instruments and the potential for future equity dilution to satisfy these liabilities.
Based on an analysis of PGEN's business model, the price-to-sales ratio is the most commonly misapplied metric, as it obscures the fact that the company's revenue is primarily derived from non-recurring milestone payments rather than a stable, scalable commercial product base.
Using P/S to value a clinical-stage biotech like PGEN ignores the underlying volatility of its revenue streams and the massive R&D overhead required to reach commercialization. Analysts should instead focus on cash runway and the net present value of the clinical pipeline to better assess the company's true enterprise value.
Includes 30+ ratios · 15 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PGEN stock.
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