Latest Ratios: P/E Ratio -2.1x · EV/EBITDA N/A · ROE N/A. (2014–2025 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 | $304M | $187M | $424M | $107M | $137M | $311M | $256M | $90M | $50M | $167M | $150M |
| Enterprise Value | $191M | $75M | $226M | $41M | $69M | $232M | $152M | $19M | $34M | $117M | $103M |
| P/E Ratio → | -2.06 | — | — | — | 11.30 | — | — | — | — | — | — |
| P/S Ratio | 108.62 | 66.95 | 10.90 | 4.11 | 1.24 | 3.65 | 15.40 | 13.53 | 54.96 | 806.64 | 18.55 |
| P/B Ratio | — | — | — | — | 1.46 | 13.79 | — | 10.76 | — | 3.22 | 2.73 |
| P/FCF | — | — | — | — | — | — | 7.50 | — | — | — | — |
| P/OCF | — | — | — | — | — | — | 7.33 | — | — | — | — |
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 | — | 26.74 | 5.80 | 1.58 | 0.62 | 2.72 | 9.17 | 2.91 | 37.22 | 566.76 | 12.79 |
| EV / EBITDA | — | — | — | — | 4.15 | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | 1.82 | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | 4.47 | — | — | — | — |
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 | 100.0% | 100.0% | 100.0% | 100.0% | 98.2% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -3099.9% | -3099.9% | -112.8% | -332.3% | 13.1% | -5.4% | -342.4% | -785.6% | -7200.7% | -30813.5% | -428.9% |
| Net Profit Margin | -4658.6% | -4658.6% | -199.0% | -844.9% | 31.9% | -30.2% | -415.0% | -829.0% | -7235.4% | -31556.0% | -448.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | 60.8% | -1137.9% | — | -3716.0% | -281.6% | -122.4% | -65.9% |
| ROA | -35.6% | -35.6% | -20.9% | -93.3% | 21.7% | -15.8% | -52.0% | -76.8% | -89.8% | -68.6% | -54.8% |
| ROIC | — | — | — | — | 43.1% | — | — | — | — | -910.9% | — |
| ROCE | -25.0% | -25.0% | -13.5% | -45.8% | 12.7% | -5.4% | -76.5% | -141.8% | -130.7% | -77.0% | -62.4% |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.40 | 1.57 | — | 2.30 | — | 0.41 | 0.22 |
| Debt / EBITDA | — | — | — | — | 2.29 | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | -0.73 | -3.50 | — | -8.44 | — | -0.96 | -0.85 |
| Net Debt / EBITDA | — | — | — | — | -4.13 | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | -3.03 | — | — | — | — |
| Interest Coverage | — | — | — | -83.26 | 12.47 | -2.42 | -43.26 | -35.44 | -42.73 | -53.16 | -27.90 |
Net cash position: cash ($125M) exceeds total debt ($13M)
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 | 8.65 | 8.65 | 9.43 | 1.33 | 5.91 | 2.00 | 1.86 | 2.77 | 1.20 | 8.99 | 6.33 |
| Quick Ratio | 8.65 | 8.65 | 9.43 | 1.33 | 5.91 | 2.00 | 1.86 | 2.77 | 1.20 | 9.18 | 6.33 |
| Cash Ratio | 8.38 | 8.38 | 9.25 | 1.13 | 5.37 | 1.77 | 1.70 | 2.58 | 1.06 | 8.81 | 6.14 |
| Asset Turnover | — | 0.01 | 0.09 | 0.09 | 0.67 | 0.53 | 0.10 | 0.07 | 0.02 | 0.00 | 0.09 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 145.50 | 8.18 | 124.24 | 32.48 | 42.53 | 158.87 | 273.33 | — | 111.09 | 9.71 |
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 | — | — | — | — | 8.8% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | 13.3% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 5.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 5.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $26M | $24M | $5M | $4M | $3M | $3M | $1M | $621924 | $567362 | $291497 |
Clinical trial execution failure
According to recent market data, RNAC trades at a price-to-sales multiple of 98.95, a figure that appears detached from fundamental performance given the company's lack of recurring commercial revenue and its reliance on non-operational milestone payments that have historically proven to be highly volatile and unsustainable.
The extreme P/S ratio suggests that investors are pricing the company based on speculative future clinical success rather than current financial output. This valuation implies a high growth expectation that remains unanchored by any tangible commercial traction, warranting caution as the market may be overestimating the probability of success for the Descartes-08 program.
As reported in financial statements, RNAC's operating margin of -339.7% in 2026Q1 highlights a profound lack of earning power, as the firm's fixed R&D expenditures continue to dwarf the negligible and erratic revenue streams generated from legacy licensing agreements that have largely exhausted their milestone potential.
The 100% gross margin is a structural artifact of the company's pre-commercial status rather than a sign of operational efficiency. Investors should monitor the persistent negative operating margins, which indicate that the company is currently unable to cover its core research costs, necessitating ongoing external capital infusions to maintain operations.
Based on reported figures, the company's Days Sales Outstanding (DSO) has fluctuated wildly, reaching 794 days in 2026Q1, which suggests significant delays in collecting milestone-related payments and underscores the inherent unpredictability of the firm's cash conversion cycle in its current clinical-stage, non-commercial business model.
The extreme volatility in DSO reflects the lumpy nature of milestone-based revenue rather than operational efficiency in accounts receivable management. This lack of a predictable cash conversion cycle complicates liquidity forecasting and suggests that the company remains highly vulnerable to timing mismatches between R&D spending and partner-driven cash inflows.
According to quarterly filings, the current ratio has trended downward from 13.33 in 2025Q2 to 7.65 in 2026Q1, indicating a tightening liquidity position as the company continues to burn through its cash reserves to fund clinical development in the absence of any meaningful, recurring product-based revenue streams.
While the current ratio remains numerically high, it masks the reality of a rapidly depleting cash pile that is essential for funding the high-burn Descartes-08 program. The decline in liquidity suggests that the company may face increasing pressure to access equity markets for further dilution, particularly if clinical milestones are delayed.
Analysis of the company's financial profile suggests that the Price-to-Earnings (P/E) ratio is the most commonly misapplied metric for RNAC, as it obscures the firm's pre-commercial reality and fails to account for the binary nature of clinical-stage biotechnology companies that lack consistent, recurring earnings.
Using P/E to evaluate a company with negative earnings and no commercial product is fundamentally flawed, as it ignores the value of the R&D pipeline and the probability of clinical success. Investors should instead focus on cash burn rates and the probability-adjusted net present value of lead assets to better assess the company's true economic potential.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying RNAC stock.
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