Latest Ratios: P/E Ratio -34.4x · EV/EBITDA N/A · ROE -37.2%. (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 | $3.5B | $1.0B | $338M | $936M | $637M | $679M | $1.0B | — |
| Enterprise Value | $3.4B | $951M | $304M | $909M | $618M | $538M | $980M | — |
| P/E Ratio → | -34.41 | — | — | — | — | — | — | — |
| P/S Ratio | 55.75 | 16.50 | 8.02 | 25.63 | 25.61 | 18.34 | 130.71 | — |
| P/B Ratio | 10.05 | 2.97 | 1.69 | 3.70 | 2.55 | 1.97 | 25.92 | — |
| P/FCF | — | — | — | — | — | — | 14.51 | — |
| P/OCF | — | — | — | — | — | — | 14.28 | — |
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 | — | 15.24 | 7.24 | 24.88 | 24.85 | 14.53 | 128.03 | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | 14.21 | — |
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 | 96.3% | 96.3% | 100.0% | 100.0% | 100.0% | 100.0% | 78.8% | -30.9% |
| Operating Margin | -178.4% | -178.4% | -346.1% | -312.6% | -446.8% | -157.1% | -681.8% | -61.5% |
| Net Profit Margin | -162.9% | -162.9% | -309.7% | -278.5% | -435.1% | -157.2% | -678.8% | -57.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -37.2% | -37.2% | -57.6% | -40.5% | -36.4% | -30.4% | -223.5% | -178.3% |
| ROA | -28.4% | -28.4% | -36.2% | -24.3% | -23.1% | -16.5% | -39.5% | -25.3% |
| ROIC | -38.5% | -38.5% | -55.7% | -37.5% | -38.4% | -39.4% | -671.6% | — |
| ROCE | -34.0% | -34.0% | -45.9% | -31.0% | -26.4% | -18.6% | -53.2% | -50.7% |
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 | 0.10 | 0.10 | 0.18 | 0.15 | 0.16 | 0.00 | 0.20 | 1.08 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.23 | -0.17 | -0.11 | -0.08 | -0.41 | -0.53 | -1.82 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | -0.30 | — |
| Interest Coverage | — | — | — | — | — | — | — | — |
Net cash position: cash ($112M) exceeds total debt ($34M)
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 | 16.32 | 16.32 | 6.98 | 7.54 | 6.76 | 12.10 | 4.73 | 1.61 |
| Quick Ratio | 16.32 | 16.32 | 6.98 | 7.54 | 6.76 | 12.10 | 4.73 | 1.61 |
| Cash Ratio | 15.83 | 15.83 | 6.76 | 7.33 | 6.59 | 11.93 | 4.65 | 1.56 |
| Asset Turnover | — | 0.16 | 0.13 | 0.09 | 0.06 | 0.07 | 0.04 | 0.44 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | 29.36 | 19.71 | 95.35 | — |
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 | — | — | — | — | — | — | 6.9% | — |
| Buyback Yield | 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% | — |
| Shares Outstanding | — | $116M | $109M | $95M | $88M | $62M | $87M | $87M |
Collaboration revenue concentration risk
Based on reported figures, TNGX trades at a P/S ratio of 58.60, a valuation that appears to price in significant future success for its synthetic lethality pipeline rather than reflecting the current reality of lumpy, milestone-dependent revenue streams derived from a single partnership.
The elevated P/S multiple suggests that investors are assigning substantial value to the underlying CRISPR discovery platform rather than the current financial output. This valuation warrants caution, as it implies a high probability of clinical success that may not be fully supported by the current stage of the lead assets.
As reported in financial statements, TNGX's ROIC has remained consistently negative, reaching -13.7% in 2026Q1, which underscores the company's current status as a capital-consuming entity that has yet to demonstrate the ability to generate positive returns on its invested research capital.
The persistent negative ROIC is a direct consequence of the high R&D spend required to advance multiple oncology programs simultaneously. Investors should monitor whether the company can eventually achieve a positive return profile as clinical assets mature or if the platform remains structurally dilutive to capital.
According to recent SEC filings, TNGX maintains a current ratio of 27.38 as of 2026Q1, providing a significant short-term liquidity buffer that appears sufficient to fund ongoing clinical operations, provided that the company manages its high quarterly cash burn effectively over the next 18 months.
While the high current ratio suggests a strong immediate position, it is largely a function of cash on hand rather than operational efficiency. The company's reliance on milestone payments means that liquidity could tighten rapidly if clinical timelines slip or if the Gilead collaboration faces strategic delays.
Based on a comparison with peers like Revolution Medicine and Kymera Therapeutics, TNGX's P/B ratio of 10.56 sits within the high-valuation cohort of clinical-stage biotech, suggesting that the market views its synthetic lethality platform as a comparable asset to other specialized oncology discovery engines.
The valuation gap between TNGX and its peers appears driven by the perceived potential of its MTA-cooperative PRMT5 inhibitors. However, this premium is structural and fragile, as it depends on the company maintaining its lead in a competitive space where clinical readouts can cause rapid re-ratings.
Investors frequently misapply P/S multiples to TNGX, which obscures the fact that its revenue is entirely non-recurring and milestone-driven, making traditional sales-based valuation metrics poor indicators of the company's true long-term commercial potential or its underlying operational health.
A more appropriate metric for this business model would be the 'Cash Runway' or 'Enterprise Value to R&D Spend' ratio, which better captures the company's ability to reach value-inflection points. Relying on P/S ratios risks misinterpreting accounting-driven revenue spikes as sustainable growth, which could lead to significant valuation errors.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying TNGX stock.
Tango Therapeutics, Inc.'s current P/E ratio is -34.4x. This places it at the 50th percentile of its historical range.
Tango Therapeutics, Inc.'s return on equity (ROE) is -37.2%. The historical average is -86.3%.
Based on historical data, Tango Therapeutics, Inc. is trading at a P/E of -34.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tango Therapeutics, Inc. has 96.3% gross margin and -178.4% operating margin.