Latest Ratios: P/E Ratio -52.4x · EV/EBITDA 200.6x · ROE -9.7%. (1998–2024 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 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $615M | $549M | $450M | $423M | $778M | $537M | $630M | $982M | $415M | $398M | $290M |
| Enterprise Value | $612M | $546M | $438M | $419M | $760M | $507M | $600M | $959M | $399M | $373M | $235M |
| P/E Ratio → | -52.41 | — | — | — | 185.33 | 478.60 | 83.16 | — | 106.90 | 39.59 | 21.62 |
| P/S Ratio | 4.87 | 4.35 | 3.40 | 4.23 | 7.40 | 5.67 | 6.30 | 12.08 | 5.68 | 5.57 | 4.69 |
| P/B Ratio | 5.12 | 4.62 | 3.75 | 3.90 | 5.55 | 4.10 | 5.14 | 9.04 | 3.72 | 3.72 | 3.11 |
| P/FCF | — | — | 59.28 | — | 85.38 | 51.98 | 488.57 | 49.21 | 54.46 | 23.43 | 22.08 |
| P/OCF | 2477.87 | 2213.12 | 42.82 | — | 50.54 | 38.36 | 78.41 | 28.84 | 29.54 | 15.81 | 19.32 |
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 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.33 | 3.31 | 4.19 | 7.23 | 5.35 | 5.99 | 11.79 | 5.45 | 5.22 | 3.79 |
| EV / EBITDA | 200.60 | 179.07 | 30.59 | — | 51.65 | 84.34 | 43.53 | — | 31.48 | 17.15 | 10.72 |
| EV / EBIT | — | — | 73.33 | — | 114.23 | — | 87.49 | — | 54.03 | 17.31 | 12.29 |
| EV / FCF | — | — | 57.69 | — | 83.46 | 49.04 | 465.03 | 48.04 | 52.29 | 21.96 | 17.85 |
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 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.8% | 73.8% | 46.0% | 29.0% | 39.2% | 30.9% | 33.5% | 32.4% | 40.9% | 58.8% | 60.0% |
| Operating Margin | -4.5% | -4.5% | 3.9% | -22.1% | 6.4% | -1.3% | 6.5% | -10.8% | 9.7% | 23.6% | 30.8% |
| Net Profit Margin | -9.2% | -9.2% | -1.2% | -27.3% | 4.0% | 1.2% | 7.6% | -5.5% | 5.4% | 14.0% | 21.7% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.7% | -9.7% | -1.3% | -22.0% | 3.1% | 0.9% | 6.6% | -4.0% | 3.6% | 10.0% | 14.0% |
| ROA | -6.3% | -6.3% | -0.9% | -15.5% | 2.3% | 0.7% | 4.7% | -3.0% | 2.9% | 8.6% | 13.1% |
| ROIC | -3.7% | -3.7% | 3.6% | -14.6% | 4.4% | -1.0% | 5.5% | -7.3% | 6.0% | 21.1% | 30.8% |
| ROCE | -3.5% | -3.5% | 3.6% | -15.2% | 4.3% | -0.9% | 4.8% | -6.9% | 5.7% | 15.4% | 19.4% |
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 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.28 | 0.28 | 0.28 | 0.14 | 0.10 | 0.03 | — | — | — | — | — |
| Debt / EBITDA | 10.90 | 10.90 | 2.32 | — | 0.93 | 0.63 | — | — | — | — | — |
| Net Debt / Equity | — | -0.02 | -0.10 | -0.04 | -0.12 | -0.23 | -0.25 | -0.21 | -0.15 | -0.23 | -0.60 |
| Net Debt / EBITDA | -0.94 | -0.94 | -0.84 | — | -1.19 | -5.05 | -2.20 | — | -1.31 | -1.15 | -2.54 |
| Debt / FCF | — | — | -1.58 | — | -1.92 | -2.94 | -23.54 | -1.17 | -2.17 | -1.47 | -4.23 |
| Interest Coverage | -1.12 | -1.12 | 1.71 | -36.61 | 21.47 | -9.93 | 45.11 | — | — | — | — |
Net cash position: cash ($36M) exceeds total debt ($33M)
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 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.96 | 3.96 | 3.62 | 1.80 | 2.36 | 4.58 | 4.03 | 2.32 | 6.21 | 5.78 | 14.42 |
| Quick Ratio | 3.22 | 3.22 | 3.00 | 1.43 | 2.13 | 4.27 | 3.81 | 2.21 | 5.85 | 5.42 | 13.79 |
| Cash Ratio | 1.95 | 1.95 | 1.89 | 0.59 | 1.30 | 3.23 | 2.74 | 1.84 | 4.93 | 4.63 | 11.83 |
| Asset Turnover | — | 0.71 | 0.71 | 0.63 | 0.54 | 0.56 | 0.63 | 0.50 | 0.54 | 0.54 | 0.62 |
| Inventory Turnover | 2.18 | 2.18 | 4.82 | 6.00 | 9.45 | 10.98 | 14.78 | 13.69 | 12.30 | 8.22 | 8.32 |
| Days Sales Outstanding | — | 67.37 | 65.80 | 88.37 | 79.55 | 62.23 | 64.78 | 39.84 | 38.99 | 38.70 | 44.10 |
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 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 0.5% | 0.2% | 1.2% | — | 0.9% | 2.5% | 4.6% |
| FCF Yield | — | — | 1.7% | — | 1.2% | 1.9% | 0.2% | 2.0% | 1.8% | 4.3% | 4.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.7% | 0.1% | 7.2% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.7% | 0.1% | 7.2% |
| Shares Outstanding | — | $14M | $14M | $14M | $14M | $14M | $14M | $13M | $13M | $13M | $13M |
Commercialization and Scale Execution
According to current market data, Surmodics trades at an EV/EBITDA multiple of 200.60, a valuation that appears disconnected from its negative operating margins and suggests investors are pricing in a high-risk turnaround rather than the company's historical role as a stable, high-margin technology licensor.
The elevated EV/EBITDA multiple relative to peers like Merit Medical Systems indicates that the market is struggling to anchor a valuation on a business currently in a loss-making transition. Investors should monitor whether this premium reflects genuine growth expectations for the SurVeil platform or merely a mispricing of the company's underlying IVD cash flows.
Based on reported financial statements, Surmodics' ROIC has trended into negative territory, reaching -3.4% in 2025Q3, which highlights the significant drag that the capital-intensive transition to internal device manufacturing is exerting on the company's ability to generate returns on its invested capital.
The sharp decline from a positive 15.0% ROIC in 2023Q3 suggests that the company's recent investments in manufacturing infrastructure have yet to yield the expected productivity gains. This trend warrants further investigation into whether the current asset base is being utilized effectively or if the company is over-capitalized for its current commercial scale.
As reported in recent filings, the company's cash conversion cycle reached 191 days in 2025Q3, a significant increase from historical norms that reflects the operational friction of managing inventory and receivables during the commercial launch of its proprietary drug-coated balloon product line.
The elevated days inventory outstanding of 169 days suggests that the company is carrying substantial stock in anticipation of sales that have not yet materialized at scale. This inefficiency appears to be a structural byproduct of the shift toward a direct-market model, which requires higher inventory levels compared to the legacy licensing business.
Based on the 2025Q3 balance sheet, the company maintains a current ratio of 3.91, which provides a comfortable cushion against immediate obligations, yet the steady decline in cash reserves suggests that the current burn rate may necessitate future capital management if commercial milestones are not met.
While the quick ratio of 3.10 indicates that the company is not overly reliant on inventory to meet short-term liabilities, the persistent negative operating cash flow remains a concern. Investors should monitor the liquidity position closely, as the company's ability to fund its R&D and commercialization efforts without dilutive financing is becoming increasingly constrained.
The price-to-sales ratio is frequently misapplied to Surmodics, as it fails to distinguish between the high-margin, stable royalty revenue of the legacy business and the lower-margin, high-cost revenue generated by the new interventional device segment, thereby obscuring the company's true underlying earning power.
Using a blended P/S multiple ignores the fact that the company is essentially two different businesses with vastly different risk and margin profiles. A more appropriate approach would involve a sum-of-the-parts valuation that separates the IVD cash cow from the speculative device pipeline, rather than relying on a single, misleading revenue multiple.
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Quick answers to the most common questions about buying SRDX stock.
Surmodics, Inc.'s current P/E ratio is -52.4x. The historical average is 59.1x.
Surmodics, Inc.'s current EV/EBITDA is 200.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 34.6x.
Surmodics, Inc.'s return on equity (ROE) is -9.7%. The historical average is 5.4%.
Based on historical data, Surmodics, Inc. is trading at a P/E of -52.4x. Compare with industry peers and growth rates for a complete picture.
Surmodics, Inc. has 73.8% gross margin and -4.5% operating margin.
Surmodics, Inc.'s Debt/EBITDA ratio is 10.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.