Latest Ratios: P/E Ratio -3.0x · EV/EBITDA N/A · ROE N/A. (1996–2025 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 | $129M | $96M | $331M | $348M | $165M | $292M | $416M | $620M | $691M | $50M | $41M |
| Enterprise Value | $165M | $132M | $363M | $368M | $148M | $238M | $307M | $548M | $671M | $35M | $37M |
| P/E Ratio → | -2.98 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.80 | 1.34 | 5.16 | 6.93 | 4.79 | 8.84 | 14.24 | 43.45 | 126.26 | 39.75 | 34.90 |
| P/B Ratio | — | — | 73.64 | 7.08 | 1.95 | 2.79 | 3.60 | 8.56 | 33.18 | 2.63 | 8.04 |
| 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 | — | 1.84 | 5.65 | 7.34 | 4.29 | 7.20 | 10.49 | 38.42 | 122.57 | 28.06 | 31.69 |
| 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 | 82.1% | 82.1% | 85.8% | 84.5% | 82.4% | 81.5% | 79.6% | 79.2% | 76.8% | 41.2% | 57.2% |
| Operating Margin | -58.6% | -58.6% | -88.1% | -85.1% | -79.9% | -76.1% | -90.8% | -299.2% | -466.4% | -1489.9% | -1073.2% |
| Net Profit Margin | -67.8% | -67.8% | -96.3% | -70.6% | -77.5% | -76.1% | -90.9% | -294.7% | -458.6% | -1370.8% | -975.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -231.0% | -52.9% | -28.2% | -22.8% | -28.3% | -90.2% | -126.1% | -142.7% | -192.3% |
| ROA | -71.4% | -71.4% | -64.6% | -33.7% | -24.9% | -20.8% | -25.6% | -77.7% | -102.9% | -112.2% | -141.5% |
| ROIC | -113.2% | -113.2% | -80.3% | -46.8% | -34.9% | -66.6% | -615.7% | -4788.2% | -771.5% | -497.6% | -473.7% |
| ROCE | -157.4% | -157.4% | -71.6% | -45.9% | -28.3% | -22.3% | -27.5% | -88.9% | -126.3% | -154.3% | -211.6% |
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 | — | — | 10.22 | 0.86 | 0.01 | 0.02 | 0.01 | 0.03 | — | 0.01 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | 7.10 | 0.41 | -0.20 | -0.51 | -0.95 | -0.99 | -0.97 | -0.77 | -0.74 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -8.38 | -8.38 | -10.53 | -29.90 | -1663.31 | -864.69 | -803.73 | — | -933.19 | — | — |
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 | 0.57 | 0.57 | 2.83 | 7.88 | 8.18 | 10.07 | 16.42 | 10.17 | 5.38 | 5.74 | 2.86 |
| Quick Ratio | 0.46 | 0.46 | 2.47 | 7.46 | 7.98 | 9.84 | 16.20 | 10.02 | 5.22 | 5.44 | 2.45 |
| Cash Ratio | 0.29 | 0.29 | 1.78 | 6.75 | 7.42 | 9.31 | 14.99 | 9.55 | 4.50 | 3.82 | 1.49 |
| Asset Turnover | — | 1.27 | 0.81 | 0.45 | 0.35 | 0.28 | 0.23 | 0.17 | 0.21 | 0.05 | 0.15 |
| Inventory Turnover | 1.85 | 1.85 | 1.25 | 1.39 | 2.84 | 2.86 | 3.61 | 2.64 | 1.71 | 0.64 | 0.49 |
| Days Sales Outstanding | — | 46.31 | 67.96 | 57.66 | 52.60 | 37.87 | 98.43 | 64.16 | 127.42 | 69.74 | 52.60 |
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 | — | $28M | $26M | $25M | $25M | $24M | $20M | $20M | $22M | $9M | $7M |
Insufficient liquidity for operations
According to current market data, RCEL trades at a price-to-sales multiple of 1.38, which appears to discount the company's inability to achieve consistent profitability while simultaneously reflecting the high-risk profile inherent in its transition toward broader trauma and vitiligo market indications.
The absence of a positive P/E ratio and the lack of forward-looking earnings estimates suggest that investors are currently valuing the company strictly on its potential for top-line expansion rather than fundamental earning power. This valuation multiple warrants caution, as it may fail to account for the significant dilution risk associated with the company's persistent cash burn.
As reported in financial statements, RCEL maintains a robust gross margin profile averaging above 80%, yet this structural strength is currently overshadowed by an operating margin that remains deeply negative, reflecting the heavy burden of commercializing specialized regenerative medicine products in a competitive hospital environment.
While the high gross margin confirms the clinical value proposition of the RECELL kit, the persistent operating losses suggest that the company's current commercial infrastructure is not yet optimized for scale. Investors should monitor whether the company can transition to a more efficient pull-through model before its capital reserves are exhausted.
Based on the provided data, working capital changes have been highly volatile, with the cash conversion cycle fluctuating significantly as the company struggles to balance inventory procurement with the timing of hospital account collections across its expanding portfolio of clinical indications.
The variability in the cash conversion cycle suggests that the company lacks a standardized operational rhythm, which may be a byproduct of its aggressive expansion into new markets. This inconsistency in working capital efficiency complicates the forecasting of cash needs and highlights the operational challenges of scaling a high-touch medical device business.
According to the latest quarterly data, RCEL's current ratio has plummeted from 7.88 in 2023Q4 to a precarious 0.47 in 2026Q1, indicating that the company's liquid assets are no longer sufficient to cover its immediate short-term obligations as cash reserves dwindle toward critical levels.
This rapid contraction in liquidity suggests that the company is operating under significant financial stress, which may necessitate further dilutive financing to maintain ongoing operations. The current ratio, when compared to historical levels, clearly illustrates a deteriorating ability to meet short-term liabilities without external capital support.
Data from recent filings reveals that the market's focus on revenue growth often obscures the underlying capital intensity of the business, as the company's reliance on external financing to fund its operating losses remains the most critical, yet frequently overlooked, metric for long-term viability.
Investors often misapply revenue growth as a proxy for business health, ignoring the fact that each incremental dollar of revenue is currently being generated at a significant net loss. A more appropriate metric for this business model would be the 'cash burn per dollar of revenue,' which would better highlight the sustainability of the current commercial strategy.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying RCEL stock.
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