Latest Ratios: P/E Ratio -2.3x · EV/EBITDA N/A · ROE -77.1%. (2017–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $296M | $64M | $953M | $644M | $1.0B | $477M | $603M | — | — |
| Enterprise Value | $130M | $-100840405 | $912M | $614M | $982M | $452M | $525M | — | — |
| P/E Ratio → | -2.28 | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | 421.94 | 263.85 | 94.54 | — | — | — |
| P/B Ratio | 1.56 | 0.34 | 6.48 | 2.63 | 5.40 | 4.58 | 8.24 | — | — |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | 402.32 | 257.55 | 89.59 | — | — | — |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | 100.0% | 100.0% | 100.0% | — | — | — |
| Operating Margin | — | — | — | -5618.5% | -1815.1% | -1055.4% | — | — | — |
| Net Profit Margin | — | — | — | -5490.4% | -1814.9% | -1049.0% | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -77.1% | -77.1% | -59.6% | -38.9% | -47.6% | -59.7% | -62.7% | -4538.2% | — |
| ROA | -62.8% | -62.8% | -53.1% | -36.1% | -43.6% | -52.0% | -55.8% | -60.2% | -57.8% |
| ROIC | -155.7% | -155.7% | -59.3% | -34.1% | -43.0% | -106.4% | -41.7% | -34.6% | — |
| ROCE | -79.3% | -79.3% | -63.0% | -38.9% | -46.7% | -58.3% | -62.2% | -65.9% | -62.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.05 | 0.04 | — | — | — | 2.52 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.87 | -0.28 | -0.12 | -0.13 | -0.24 | -1.06 | 1.52 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($170M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.87 | 4.87 | 7.41 | 17.77 | 20.11 | 9.84 | 8.70 | 14.01 | 14.85 |
| Quick Ratio | 4.87 | 4.87 | 7.41 | 17.77 | 20.11 | 9.84 | 8.70 | 14.01 | 14.85 |
| Cash Ratio | 4.78 | 4.78 | 7.28 | 17.51 | 19.77 | 9.50 | 8.36 | 13.74 | 14.63 |
| Asset Turnover | — | — | — | 0.01 | 0.02 | 0.04 | — | — | — |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | 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 | — | $5M | $5M | $4M | $3M | $3M | $3M | $3M | $3M |
Regulatory clinical hold uncertainty
Based on current market data, RAPT trades at a price-to-book ratio of 1.56, which, when compared to peers like Arvinas at 1.20, suggests that investors are pricing in a significant discount due to the ongoing regulatory hold on the company's lead inflammation program.
The valuation multiple appears to be heavily compressed as the market assigns a low probability of success to the CCR4 platform. This P/B ratio indicates that the market is valuing the company near its liquidation value, effectively ignoring the potential upside of the oncology pipeline.
As reported in financial statements, RAPT's ROIC has deteriorated significantly, falling from -12.5% in 2023Q2 to -12.0% in 2025Q3, with a notable trough of -93.5% in 2024Q4, illustrating the company's inability to generate productive returns while its primary clinical programs remain under regulatory scrutiny.
The persistent negative ROIC highlights that capital is being consumed rather than compounded, which is typical for pre-revenue biotech but exacerbated here by the lack of clinical progress. Investors should monitor whether the company can stabilize these returns by pivoting resources toward more viable oncology assets.
According to recent SEC filings, RAPT's current ratio has contracted from 13.46 in 2023Q2 to 12.04 in 2025Q3, reflecting a rapid depletion of cash reserves that leaves the firm increasingly vulnerable to liquidity shocks as it navigates the current FDA clinical hold on its lead asset.
While the current ratio remains high, it is a misleading indicator of health because the company lacks recurring revenue to replenish its cash pile. The rapid decline in absolute cash levels suggests that the company may face a liquidity crisis if the regulatory hold is not resolved soon.
Analysts often misapply the current ratio to RAPT, as the reported 12.04 figure obscures the reality that the company's assets are primarily cash being burned at an unsustainable rate, rather than working capital that can be recycled through a standard operating cycle.
Using the current ratio to assess solvency in a pre-revenue biotech firm is fundamentally flawed because it ignores the binary nature of clinical trial outcomes. A more appropriate metric would be the 'cash runway' measured in months, which provides a clearer view of the firm's survival horizon.
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Quick answers to the most common questions about buying RAPT stock.
RAPT Therapeutics, Inc.'s current P/E ratio is -2.3x. This places it at the 50th percentile of its historical range.
RAPT Therapeutics, Inc.'s return on equity (ROE) is -77.1%. The historical average is -57.6%.
Based on historical data, RAPT Therapeutics, Inc. is trading at a P/E of -2.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.