Latest Ratios: P/E Ratio 68.5x · EV/EBITDA 43.5x · ROE 5.3%. (2011–2025 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 | $4.5B | $3.4B | $3.1B | $2.0B | $1.7B | $2.8B | $2.6B | $1.3B | $466M | $222M | $223M |
| Enterprise Value | $4.2B | $3.1B | $2.9B | $1.8B | $1.6B | $2.6B | $2.3B | $1.1B | $413M | $213M | $189M |
| P/E Ratio → | 68.49 | 51.34 | 127.74 | — | — | — | — | — | — | — | — |
| P/S Ratio | 8.67 | 6.56 | 6.94 | 5.54 | 5.73 | 12.74 | 22.18 | 10.70 | 5.06 | 3.08 | 3.43 |
| P/B Ratio | 3.46 | 2.59 | 2.63 | 1.91 | 1.58 | 2.55 | 6.19 | 5.38 | 5.84 | 5.95 | 3.75 |
| P/FCF | 35.39 | 26.79 | 48.51 | 58.33 | — | — | — | — | — | — | — |
| P/OCF | 32.88 | 24.89 | 41.22 | 45.19 | 225.33 | — | — | — | — | — | — |
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 | — | 5.93 | 6.52 | 4.97 | 5.26 | 12.04 | 19.31 | 9.49 | 4.49 | 2.96 | 2.91 |
| EV / EBITDA | 43.51 | 32.12 | 73.41 | — | — | — | — | — | — | — | — |
| EV / EBIT | 56.08 | 45.00 | 112.91 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 24.24 | 45.56 | 52.38 | — | — | — | — | — | — | — |
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 | 69.6% | 69.6% | 66.9% | 68.7% | 65.7% | 66.1% | 64.7% | 69.7% | 64.0% | 60.8% | 60.9% |
| Operating Margin | 14.3% | 14.3% | 3.6% | -23.8% | -13.9% | -37.3% | -30.1% | -12.6% | -24.2% | -36.9% | -44.3% |
| Net Profit Margin | 12.8% | 12.8% | 5.4% | -20.6% | -12.3% | -34.4% | -29.7% | -10.5% | -25.0% | -43.1% | -48.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.3% | 5.3% | 2.2% | -7.0% | -3.4% | -10.0% | -10.6% | -7.9% | -39.3% | -64.1% | -56.6% |
| ROA | 4.9% | 4.9% | 2.0% | -6.6% | -3.1% | -9.2% | -9.5% | -6.4% | -23.1% | -34.5% | -35.6% |
| ROIC | 5.6% | 5.6% | 1.3% | -7.2% | -3.3% | -12.0% | -29.8% | -18.8% | -60.0% | -73.1% | -100.3% |
| ROCE | 5.8% | 5.8% | 1.4% | -8.0% | -3.7% | -10.5% | -10.1% | -8.3% | -25.5% | -34.0% | -38.4% |
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 | 0.03 | 0.03 | 0.04 | 0.01 | 0.01 | 0.02 | 0.03 | 0.06 | 0.32 | 0.68 | 0.43 |
| Debt / EBITDA | 0.41 | 0.41 | 1.28 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.25 | -0.16 | -0.20 | -0.13 | -0.14 | -0.80 | -0.61 | -0.66 | -0.23 | -0.57 |
| Net Debt / EBITDA | -3.38 | -3.38 | -4.76 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -2.55 | -2.95 | -5.95 | — | — | — | — | — | — | — |
| Interest Coverage | — | — | 12873.00 | -5106.47 | -182.97 | -337.79 | -151.44 | -17.61 | -10.72 | -5.59 | -10.39 |
Net cash position: cash ($363M) exceeds total debt ($40M)
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 | 8.15 | 8.15 | 4.73 | 4.66 | 3.97 | 3.79 | 22.39 | 10.74 | 7.42 | 4.48 | 6.38 |
| Quick Ratio | 7.81 | 7.81 | 4.46 | 4.40 | 3.74 | 3.61 | 22.11 | 10.35 | 7.16 | 4.04 | 6.08 |
| Cash Ratio | 6.89 | 6.89 | 3.68 | 3.53 | 2.86 | 2.76 | 20.82 | 9.12 | 5.97 | 2.82 | 5.13 |
| Asset Turnover | — | 0.37 | 0.34 | 0.32 | 0.26 | 0.18 | 0.26 | 0.44 | 0.76 | 0.91 | 0.64 |
| Inventory Turnover | 7.65 | 7.65 | 6.79 | 7.00 | 7.11 | 6.63 | 8.90 | 5.37 | 9.72 | 5.30 | 7.33 |
| Days Sales Outstanding | — | 31.52 | 38.10 | 40.82 | 54.18 | 68.94 | 57.36 | 58.61 | 52.24 | 64.51 | 49.10 |
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 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 | 1.5% | 1.9% | 0.8% | — | — | — | — | — | — | — | — |
| FCF Yield | 2.8% | 3.7% | 2.1% | 1.7% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $81M | $78M | $73M | $72M | $68M | $53M | $46M | $37M | $34M | $29M |
Regulatory reimbursement pricing pressure
According to current market data, Veracyte trades at a forward P/E of 33.08, which suggests investors are pricing in significant long-term earnings expansion relative to the broader diagnostic sector, despite the inherent volatility associated with its transition toward a mature, profitable clinical platform company.
The current P/S multiple of 9.33 indicates that the market is assigning a premium to Veracyte's revenue, likely due to the high switching costs and clinical moat surrounding its Decipher and Afirma franchises. Investors should monitor whether this valuation can be sustained as the company scales, particularly if growth rates begin to normalize toward industry averages.
Based on reported figures, Veracyte's ROIC has trended from negative territory in 2023 to 1.6% in 2026Q1, signaling that the company is finally beginning to generate positive returns on its invested capital as the core testing business achieves the necessary scale to overcome initial R&D investments.
The shift from negative ROIC to positive territory is a critical inflection point that validates the company's M&A-heavy strategy, specifically the integration of Decipher. However, the current level remains modest, suggesting that further margin expansion is required before the company can be considered a true compounder of capital.
As reported in recent financial statements, Veracyte's DSO has remained relatively stable, fluctuating between 30 and 41 days over the last ten quarters, which implies that the company maintains effective control over its billing and collection cycles despite the complexities of dealing with diverse private and public payers.
The consistency in DSO suggests that the company's revenue recognition practices are maturing, reducing the risk of significant bad debt write-offs. Investors should continue to watch the cash conversion cycle for any signs of deterioration that might indicate increased friction in the reimbursement process for newer pipeline products.
The P/E ratio is frequently misapplied to Veracyte, as it fails to account for the significant non-cash impact of stock-based compensation and the amortization of acquired intangibles, which collectively obscure the underlying cash-generating power of the company's core diagnostic testing operations.
Analysts should prioritize EV/EBITDA or free cash flow metrics to better assess the company's operational performance, as these measures strip away the accounting noise inherent in the company's acquisition-led growth model. Relying solely on GAAP earnings may lead to an inaccurate assessment of the company's true economic profitability.
Includes 30+ ratios · 15 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying VCYT stock.
Veracyte, Inc.'s current P/E ratio is 68.5x. The historical average is 89.5x. This places it at the 50th percentile of its historical range.
Veracyte, Inc.'s current EV/EBITDA is 43.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 52.8x.
Veracyte, Inc.'s return on equity (ROE) is 5.3%. The historical average is -57.0%.
Based on historical data, Veracyte, Inc. is trading at a P/E of 68.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Veracyte, Inc. has 69.6% gross margin and 14.3% operating margin. Operating margin between 10-20% is typical for established companies.
Veracyte, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.