Latest Ratios: P/E Ratio -0.8x · EV/EBITDA N/A · ROE N/A. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $186M | $169M | $42M | $19M | $20M | $226M | — | — |
| Enterprise Value | $104M | $86M | $16M | $-13694809 | $1M | $200M | — | — |
| P/E Ratio → | -0.77 | — | — | — | — | — | — | — |
| P/S Ratio | 53.59 | 48.61 | 3.95 | — | 1.62 | — | — | — |
| P/B Ratio | — | — | — | 0.50 | 0.27 | 2.06 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 24.85 | 1.50 | — | 0.09 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 84.6% | 84.6% | 100.0% | — | 73.8% | — | — | — |
| Operating Margin | -1210.6% | -1210.6% | -239.7% | — | -354.7% | — | — | — |
| Net Profit Margin | -6960.8% | -6960.8% | -596.6% | — | -288.0% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -767.9% | -75.6% | -38.8% | -66.9% | -85.1% | -82.9% |
| ROA | -328.9% | -328.9% | -134.5% | -63.5% | -31.8% | -52.7% | -62.4% | -57.3% |
| ROIC | — | — | — | -110.4% | -47.1% | -76.7% | -149.6% | — |
| ROCE | -64.8% | -64.8% | -63.8% | -77.2% | -43.6% | -61.0% | -70.3% | -65.1% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.09 | 0.07 | 0.07 | 0.20 | 0.36 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | -0.86 | -0.25 | -0.23 | -0.54 | -0.63 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — |
Net cash position: cash ($89M) exceeds total debt ($7M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.22 | 9.22 | 5.32 | 5.75 | 8.35 | 7.75 | 6.90 | 7.54 |
| Quick Ratio | 9.22 | 9.22 | 5.32 | 5.75 | 8.35 | 7.75 | 6.90 | 7.54 |
| Cash Ratio | 8.99 | 8.99 | 4.73 | 5.04 | 7.79 | 7.50 | 6.76 | 7.46 |
| Asset Turnover | — | 0.04 | 0.22 | — | 0.14 | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 21.83 | 87.05 | — | 57.76 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 12.9% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 12.9% | 0.0% | — | — |
| Shares Outstanding | — | $7M | $3M | $2M | $2M | $2M | $795599 | $393311 |
Clinical Trial Funding Exhaustion
As reported in financial statements, Surrozen trades at a price-to-sales multiple of 54.24, a figure that appears to reflect speculative option value rather than fundamental earnings, given the company's lack of commercial revenue and the extreme uncertainty surrounding its clinical-stage bi-specific antibody pipeline.
The elevated P/S ratio suggests that investors are pricing the company as a binary outcome play rather than a traditional operating entity. This valuation level warrants caution, as it implies significant future growth expectations that are currently unsupported by the company's project-based, non-recurring revenue model.
Based on recent SEC filings, the company's operating margin of -1210.58% highlights the unsustainable nature of its current cost structure, where massive research and development outlays for SZN-043 and SZN-1326 continue to dwarf the limited milestone-based collaboration income recognized under ASC 606 accounting standards.
The reported gross margin of 84.56% is largely an accounting artifact of collaboration revenue and should not be interpreted as a proxy for future commercial profitability. True earning power remains non-existent, and investors should monitor the efficiency of R&D spend rather than traditional margin metrics.
According to the provided quarterly data, the company's asset turnover ratio remains extremely low at 0.01 to 0.05, indicating that the firm's capital base is currently generating negligible operational output relative to its significant investment in specialized laboratory facilities and personnel.
The erratic nature of the cash conversion cycle, with DSO figures fluctuating wildly between 47 and 1035 days, suggests that revenue recognition is tied to irregular milestone triggers rather than standard operational cycles. This lack of consistency makes traditional efficiency ratios poor indicators of underlying business health.
As indicated by the balance sheet, the current ratio of 11.91 provides a superficial appearance of liquidity, yet this metric is misleading when contrasted against the company's massive accumulated deficit and the rapid depletion of cash reserves required to sustain ongoing clinical trial operations.
While the current ratio appears high, the company's reliance on external financing to cover its persistent negative free cash flow suggests that liquidity is highly sensitive to capital market conditions. Investors should focus on the 'time to zero' cash runway rather than static liquidity ratios.
Based on an analysis of the company's business model, the price-to-sales ratio is the most commonly misapplied metric, as it obscures the fact that current revenue is non-recurring milestone income rather than a sustainable, volume-driven commercial stream indicative of future product market penetration.
Using P/S to value Surrozen ignores the binary nature of clinical-stage biotech, where the value is derived from the probability-weighted success of the pipeline rather than current top-line performance. Analysts should instead utilize risk-adjusted net present value models to account for the inherent uncertainty of the Wnt-pathway platform.
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Surrozen, Inc.'s current P/E ratio is -0.8x. This places it at the 50th percentile of its historical range.
Based on historical data, Surrozen, Inc. is trading at a P/E of -0.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Surrozen, Inc. has 84.6% gross margin and -1210.6% operating margin.