Latest Ratios: P/E Ratio -7.3x · EV/EBITDA N/A · ROE -50.2%. (2013–2025 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 | $545M | $369M | $192M | $73M | $1.0B | $825M | $275M | $78M | $243M | $693M | $581M |
| Enterprise Value | $527M | $351M | $167M | $34M | $983M | $798M | $264M | $45M | $217M | $484M | $551M |
| P/E Ratio → | -7.32 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 85.09 | 47.18 | 10.24 | 2.35 | 34.52 | 122.00 | 42.46 | 18.48 | 24.10 | 411.77 | — |
| P/B Ratio | 4.64 | 3.58 | 1.23 | 0.47 | 5.20 | 4.18 | 7.31 | 1.12 | 1.13 | 3.08 | 3.43 |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 44.90 | 8.93 | 1.08 | 33.02 | 118.06 | 40.79 | 10.54 | 21.47 | 287.76 | — |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.3% | 73.3% | 85.1% | 42.1% | 59.8% | 30.3% | 20.8% | 4.1% | 32.1% | 28.3% | — |
| Operating Margin | -975.9% | -975.9% | -758.2% | -311.6% | -302.0% | -1327.1% | -785.4% | -2627.3% | -1341.9% | -4303.2% | — |
| Net Profit Margin | -829.6% | -829.6% | -705.5% | -283.1% | -292.1% | -1344.0% | -787.0% | -3817.2% | -1315.4% | -4071.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -50.2% | -50.2% | -84.5% | -49.9% | -44.0% | -77.3% | -94.9% | -113.2% | -60.3% | -34.7% | -36.7% |
| ROA | -34.1% | -34.1% | -63.2% | -39.2% | -34.4% | -56.4% | -60.3% | -86.3% | -51.1% | -32.7% | -35.6% |
| ROIC | -53.0% | -53.0% | -85.6% | -53.9% | -41.6% | -68.1% | -120.8% | -74.0% | -99.0% | -69.7% | -32.8% |
| ROCE | -47.7% | -47.7% | -79.9% | -48.8% | -39.0% | -63.1% | -77.3% | -68.5% | -56.5% | -36.2% | -37.0% |
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 | 0.02 | 0.02 | — | 0.00 | 0.00 | 0.00 | 0.30 | 0.01 | 0.14 | 0.00 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.17 | -0.16 | -0.25 | -0.23 | -0.14 | -0.29 | -0.48 | -0.12 | -0.93 | -0.18 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($20M) exceeds total debt ($2M)
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 | 5.28 | 5.28 | 3.99 | 4.16 | 10.55 | 8.94 | 3.87 | 3.74 | 6.56 | 16.37 | 27.98 |
| Quick Ratio | 5.28 | 5.28 | 3.99 | 4.16 | 10.55 | 8.94 | 3.87 | 3.74 | 6.54 | 16.86 | 27.98 |
| Cash Ratio | 3.17 | 3.17 | 3.60 | 3.85 | 9.92 | 8.35 | 3.64 | 3.27 | 6.14 | 16.37 | 22.05 |
| Asset Turnover | — | 0.05 | 0.08 | 0.16 | 0.12 | 0.03 | 0.09 | 0.04 | 0.04 | 0.01 | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | 8.66 | — | — |
| Days Sales Outstanding | — | 259.55 | 6.20 | 3.48 | 5.94 | 33.63 | 43.47 | 60.79 | 20.36 | 104.32 | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $123M | $77M | $70M | $65M | $57M | $43M | $41M | $33M | $28M | $21M |
Includes 30+ ratios · 13 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ACRS stock.
Aclaris Therapeutics, Inc.'s current P/E ratio is -7.3x. This places it at the 50th percentile of its historical range.
Aclaris Therapeutics, Inc.'s return on equity (ROE) is -50.2%. The historical average is -63.9%.
Based on historical data, Aclaris Therapeutics, Inc. is trading at a P/E of -7.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Aclaris Therapeutics, Inc. has 73.3% gross margin and -975.9% operating margin.
Key Metrics
Top Statement Risk
Liquidity risk from cash burn
Metrics are mathematically derived from official filings.
Liquidity Buffer Shrinking Rapidly
Cash dropped to $19.2M in 2026Q2 from $28.7M in 2026Q1, a 33% decline, while the current ratio remains above 3, but the cash runway is under one quarter given the burn rate, as per the balance sheet.
The current ratio of 3.46 in 2026Q2 appears comfortable, but it is inflated by a large deferred revenue balance of $18.3M, which is not a liquid asset. With quarterly operating cash burn around $20M, the cash position covers less than one quarter of operations, suggesting an imminent need for external financing or drastic cost reductions. The quick ratio equals the current ratio, indicating no inventory dependence, but the absence of receivables liquidity (DSO of 308 days) further strains the position.
Minimal Debt Masks Equity Dilution Risk
Total debt is negligible at $0 in 2026Q2, with D/E effectively zero, but the company's reliance on equity financing is evident from a 20% decline in equity over the past year, as per the balance sheet.
The D/E ratio of 0.01 indicates a fortress-like balance sheet in terms of debt, but this is misleading because the company has no access to debt markets and must rely on dilutive equity raises. The absence of interest coverage data is consistent with a zero-debt structure, yet the real leverage is the dilution risk embedded in future capital raises. Investors should monitor the ATM facility usage, as ongoing share issuance will further erode per-share metrics.
Working Capital Inefficiency Signals Distress
DSO ballooned to 308 days in 2026Q2 from 68 days in 2025Q3, while DPO turned negative at -5958 days, indicating severe working capital strain, as reported in the financial statements.
The dramatic increase in DSO suggests that the contract research segment is facing collection delays or that revenue recognition is becoming more conservative, tying up cash in receivables. The negative DPO is an anomaly, likely reflecting large deferred revenue balances that act as a liability, but it also indicates that the company is not leveraging supplier credit to fund operations. The cash conversion cycle is not calculable due to missing DIO, but the trend in DSO alone points to deteriorating working capital efficiency, which exacerbates the cash burn.
Gross Margin Volatility Masks Underlying Burn
Gross margin swung from -4.1% in 2025Q2 to 162.0% in 2025Q4 due to negative COGS, but the underlying service segment appears efficient, as reported in the financial statements.
The extreme volatility in gross margin, including a 162% figure in 2025Q4, is driven by accounting anomalies such as negative cost of goods sold, likely from reversals or one-time items. The 73.28% average gross margin suggests the contract research segment is structurally profitable, but this is functionally irrelevant given the massive R&D burn. The operating margin of -975.91% on a TTM basis underscores that the company's cost structure is dominated by R&D, which is decoupled from revenue, making traditional profitability metrics meaningless for valuation.
Returns on Capital Deeply Negative
ROIC deteriorated to -16.3% in 2026Q2 from -12.5% in 2025Q3, while ROE remained around -16%, indicating persistent value destruction, as per the financial statements.
The negative ROIC and ROE are expected for a clinical-stage biotech, but the trend is concerning: the losses are not narrowing despite revenue contraction. The 2024Q4 ROIC of -69.2% was distorted by a one-time impairment, but the subsequent quarters still show double-digit negative returns. This suggests that the company is not generating any return on its invested capital, and the only path to improvement is either a successful pipeline asset or a strategic pivot that leverages the contract research segment.
Misapplied P/S Ratio Obscures Pipeline Value
The P/S ratio of 103.15 is misleading for a biotech with minimal revenue, as it fails to capture the value of the pipeline, which is better assessed via NPV or cash runway, based on reported figures.
The price-to-sales ratio is commonly misapplied to clinical-stage biotechs because revenue is often non-recurring and not indicative of future earning power. For ACRS, the revenue is a mix of contract research fees and sporadic licensing payments, which do not reflect the potential of ATI-2138 or other pipeline assets. Instead, investors should focus on the cash runway and the probability-adjusted NPV of the pipeline, which would provide a more accurate picture of the company's intrinsic value. The current P/S ratio suggests the market is pricing the stock based on a distressed scenario, but it fails to account for the optionality of the earlier-stage programs.