Latest Ratios: P/E Ratio -1.1x · EV/EBITDA N/A · ROE -71.3%. (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 | $139M | $130M | $340M | $382M | $37M | $108M | — | — |
| Enterprise Value | $81M | $72M | $259M | $342M | $3M | $-47777814 | — | — |
| P/E Ratio → | -1.07 | — | — | — | — | — | — | — |
| P/S Ratio | 13.46 | 12.58 | 120.90 | 18.17 | 2.75 | 10.61 | — | — |
| P/B Ratio | 1.13 | 1.05 | 1.41 | 2.53 | 0.37 | 0.67 | — | — |
| 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 | — | 6.93 | 92.03 | 16.23 | 0.24 | -4.71 | — | — |
| 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 | 72.2% | 72.2% | 100.0% | 100.0% | 100.0% | 100.0% | -1796.5% | — |
| Operating Margin | -1315.4% | -1315.4% | -4787.7% | -444.0% | -492.3% | -479.6% | -2417.8% | — |
| Net Profit Margin | -1256.8% | -1256.8% | -4527.7% | -423.9% | -489.3% | -479.5% | -2408.0% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -71.3% | -71.3% | -65.1% | -71.3% | -50.9% | -82.2% | -64511.1% | -32.1% |
| ROA | -43.3% | -43.3% | -39.6% | -37.9% | -34.2% | -40.9% | -52.7% | -27.7% |
| ROIC | -90.7% | -90.7% | -75.0% | -80.0% | -141.2% | — | — | — |
| ROCE | -49.8% | -49.8% | -46.7% | -44.1% | -38.2% | -48.9% | -66.2% | -30.2% |
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 | 0.76 | 0.76 | 0.40 | 0.61 | 0.86 | 0.04 | — | 0.11 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.47 | -0.34 | -0.27 | -0.34 | -0.97 | — | -0.87 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -49.05 | -49.05 | -33.90 | -22.73 | -55.31 | — | — | — |
Net cash position: cash ($152M) exceeds total debt ($94M)
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 | 8.15 | 8.15 | 8.14 | 6.51 | 7.17 | 7.76 | 2.09 | 17.69 |
| Quick Ratio | 8.15 | 8.15 | 8.14 | 6.51 | 7.17 | 7.76 | 2.09 | 17.69 |
| Cash Ratio | 8.15 | 8.15 | 8.07 | 6.44 | 6.94 | 7.56 | 1.99 | 17.43 |
| Asset Turnover | — | 0.05 | 0.01 | 0.08 | 0.07 | 0.05 | 0.02 | — |
| 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 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% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $130M | $112M | $66M | $24M | $24M | $25M | $25M |
Clinical milestone funding dependency
Based on reported figures, TCRX trades at a price-to-sales multiple of 12.19, a valuation that appears to reflect speculative anticipation of clinical success rather than current fundamental performance, as the company lacks the recurring revenue streams typically required to justify such premiums in the broader biotechnology sector.
The current P/S ratio suggests that investors are pricing in the potential of the Immuno-TScan platform rather than the lumpy, milestone-dependent revenue currently being recognized. This valuation warrants caution, as it implies a high growth expectation that may be vulnerable to compression if upcoming clinical data readouts fail to demonstrate clear differentiation from peer-developed TCR therapies.
As reported in financial statements, TCRX's ROIC has consistently remained in negative territory, reaching -46.7% in 2026Q1, which underscores the company's current inability to generate positive returns on invested capital while it remains in the high-cost, pre-commercial phase of its clinical development lifecycle.
The persistent decay in ROIC is a direct consequence of the massive R&D expenditures required to advance the TSC-100/101 programs. Investors should monitor whether the company can eventually pivot toward a more efficient capital allocation model once its proprietary TCR-antigen library begins to yield more predictable, recurring licensing or commercial revenue.
According to recent SEC filings, the company's asset turnover remains negligible at 0.00 to 0.01, reflecting a business model that is not yet optimized for operational throughput but is instead focused on the long-term development of intellectual property assets that have yet to reach commercial scale.
The lack of meaningful asset turnover is expected for a clinical-stage entity, but the volatility in accounts payable and the absence of consistent inventory metrics suggest that the company's working capital is primarily driven by the timing of external collaboration payments. This lack of operational efficiency is a structural feature of the current development-heavy phase rather than a sign of mismanagement.
Based on reported figures, TCRX maintains a debt-to-equity ratio of 0.62 as of 2026Q1, which, while appearing manageable in isolation, introduces fixed interest obligations that may become increasingly burdensome if the company's cash burn continues to outpace its ability to secure non-dilutive milestone payments.
The reliance on debt financing during a period of negative operating margins suggests a strategic attempt to preserve equity value, yet this approach increases the company's sensitivity to interest rate fluctuations. Investors should monitor the interest coverage ratio, which remains deeply negative, indicating that the company is currently reliant on its cash reserves to service its existing debt obligations.
The most commonly misapplied metric for TCRX is the price-to-sales ratio, which obscures the reality that the company's revenue is derived from episodic collaboration milestones rather than sustainable, recurring product sales, thereby leading to a potentially distorted view of the company's true commercial viability and growth trajectory.
Analysts should instead focus on the cash runway and the progress of clinical milestones, as these are the primary drivers of value for a pre-commercial biotechnology firm. Relying on P/S multiples in this context ignores the underlying volatility of the revenue recognition process and fails to account for the significant R&D costs that are necessary to reach the next stage of clinical development.
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Quick answers to the most common questions about buying TCRX stock.
TScan Therapeutics, Inc.'s current P/E ratio is -1.1x. This places it at the 50th percentile of its historical range.
TScan Therapeutics, Inc.'s return on equity (ROE) is -71.3%. The historical average is -62.1%.
Based on historical data, TScan Therapeutics, Inc. is trading at a P/E of -1.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TScan Therapeutics, Inc. has 72.2% gross margin and -1315.4% operating margin.