Latest Ratios: P/E Ratio -4.8x · EV/EBITDA N/A · ROE -30.2%. (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 | $2.0B | $1.6B | $1.9B | $1.2B | $1.5B | $2.0B | $3.0B | $2.9B | $2.6B | $2.7B | $1.6B |
| Enterprise Value | $2.0B | $1.5B | $1.9B | $1.2B | $1.5B | $1.9B | $3.0B | $2.9B | $1.8B | $2.1B | $1.1B |
| P/E Ratio → | -4.80 | — | 2.82 | — | — | — | — | — | — | — | — |
| P/S Ratio | 37.63 | 29.21 | 52.12 | 46.21 | 108.04 | — | — | 24.30 | 28.05 | 61.92 | 23.36 |
| P/B Ratio | 1.66 | 1.32 | 1.23 | 1.53 | 1.40 | 1.54 | 7.48 | 4.47 | 3.85 | 7.09 | 4.55 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 57.00 |
| P/OCF | — | — | — | — | — | — | — | — | — | — | 42.34 |
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 | — | 28.30 | 51.59 | 45.60 | 104.28 | — | — | 24.57 | 19.52 | 48.72 | 15.15 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | 2.62 | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 36.97 |
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 | 78.7% | 78.7% | 88.6% | 64.6% | 88.0% | — | — | 98.9% | 98.5% | -580.5% | -215.0% |
| Operating Margin | -873.9% | -873.9% | -1166.5% | -1459.5% | -2732.1% | — | — | -361.6% | -384.0% | -745.8% | -287.6% |
| Net Profit Margin | -764.0% | -764.0% | 1845.9% | -1312.6% | -1627.8% | — | — | -349.0% | -366.6% | -731.6% | -284.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -30.2% | -30.2% | 57.3% | -36.8% | -19.4% | 189.7% | -63.0% | -62.0% | -65.1% | -85.7% | -56.4% |
| ROA | -27.9% | -27.9% | 51.8% | -32.4% | -17.3% | 140.1% | -37.5% | -47.0% | -47.0% | -51.0% | -38.2% |
| ROIC | -26.6% | -26.6% | -27.6% | -31.9% | -26.1% | -36.3% | -48.0% | -115.1% | — | — | — |
| ROCE | -33.8% | -33.8% | -34.7% | -38.3% | -30.5% | -35.4% | -43.2% | -54.6% | -56.4% | -61.1% | -44.8% |
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 | 0.09 | 0.08 | 0.08 | 0.26 | 0.18 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.04 | -0.01 | -0.02 | -0.05 | -0.08 | -0.06 | 0.05 | -1.17 | -1.51 | -1.60 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | -20.02 |
| Interest Coverage | — | — | — | — | — | — | -18.47 | — | — | — | — |
Net cash position: cash ($89M) 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 | 11.46 | 11.46 | 11.90 | 12.27 | 13.30 | 17.79 | 6.74 | 6.59 | 6.56 | 4.69 | 6.33 |
| Quick Ratio | 11.06 | 11.06 | 11.56 | 11.99 | 13.16 | 17.79 | 6.74 | 6.51 | 6.55 | 6.20 | 6.70 |
| Cash Ratio | 10.39 | 10.39 | 11.01 | 11.43 | 12.50 | 17.05 | 6.07 | 6.08 | 8.61 | 5.98 | 6.49 |
| Asset Turnover | — | 0.04 | 0.02 | 0.03 | 0.01 | — | — | 0.13 | 0.11 | 0.07 | 0.11 |
| Inventory Turnover | 0.35 | 0.35 | 0.15 | 0.50 | 0.20 | — | — | 0.18 | 1.61 | — | — |
| Days Sales Outstanding | — | 71.46 | 41.09 | 38.24 | 56.54 | — | — | 47.42 | 40.38 | 31.14 | 43.42 |
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 | — | — | 35.4% | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 1.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 40.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 40.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $58M | $58M | $56M | $55M | $60M | $69M | $60M | $57M | $47M | $39M |
Includes 30+ ratios · 15 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying AGIO stock.
Agios Pharmaceuticals, Inc.'s current P/E ratio is -4.8x. The historical average is 2.8x.
Agios Pharmaceuticals, Inc.'s return on equity (ROE) is -30.2%. The historical average is -22.8%.
Based on historical data, Agios Pharmaceuticals, Inc. is trading at a P/E of -4.8x. Compare with industry peers and growth rates for a complete picture.
Agios Pharmaceuticals, Inc. has 78.7% gross margin and -873.9% operating margin.
Key Metrics
Top Statement Risk
Cash runway and dilution risk
Metrics are mathematically derived from official filings.
Gross Margin Strength Masks Deep Operating Losses
Gross margin expanded to 93.3% in 2026Q2 from 76.2% a year earlier, yet operating margin remained deeply negative at -2.5%, indicating that commercial traction has not translated into profitability.
The gross margin improvement reflects favorable product mix and lower unit costs, but the operating margin of -2.5% in 2026Q2, though improved from -10.2% in 2025Q2, still implies that R&D and SG&A expenses consume nearly all revenue. The net margin of -2.3% in 2026Q2 is distorted by a one-time gain in 2024Q3, so the true earning power is better captured by operating losses. Investors should monitor whether operating leverage materializes as revenue scales, or if the fixed cost base continues to outpace growth.
Return on Capital Remains Deeply Negative
ROIC has hovered between -5.4% and -11.9% over the past ten quarters, with 2026Q2 at -8.3%, indicating that the company is destroying value on its invested capital, though the trend shows slight improvement from 2024 lows.
The persistently negative ROIC, despite revenue growth, suggests that the capital deployed into R&D and commercial infrastructure has not yet generated returns. The improvement from -11.9% in 2024Q2 to -8.3% in 2026Q2 is modest and driven by a larger revenue base, but the absolute level remains far below the cost of capital. This implies that the company is still in the investment phase, and investors should expect continued value destruction until operating leverage kicks in.
Working Capital Efficiency Deteriorates with Inventory Buildup
Cash conversion cycle lengthened to 571 days in 2026Q2 from 419 days in 2024Q2, driven by a surge in days inventory outstanding to 991 days, indicating significant inventory buildup relative to sales.
The CCC expansion is primarily due to DIO rising from 693 days in 2024Q2 to 991 days in 2026Q2, which may reflect strategic stockpiling for anticipated demand or inefficiencies in inventory management. DSO improved to 37 days from 38 days, and DPO increased to 457 days from 312 days, suggesting better supplier payment terms, but the inventory buildup more than offsets these gains. This trend warrants monitoring, as excess inventory ties up cash and may signal overproduction relative to current sales.
Minimal Debt Masks Imminent Financing Needs
Debt-to-equity stands at a low 0.03, with total debt of $31.2M, but the reported cash of $89M implies a runway of under one year, suggesting that the balance sheet is not as comfortable as leverage metrics alone indicate.
The low D/E ratio reflects a conservative capital structure, but the company's cash position is insufficient to cover its operating burn, which averaged around $100M per quarter in 2026. Interest coverage is not meaningful given minimal debt, but the real risk is the need for dilutive financing or partnerships to fund operations. The absence of debt provides flexibility, but the cash runway constraint is the primary leverage-related concern.
High Current Ratio Belies Tight Cash Position
Current ratio is a robust 10.22 in 2026Q2, but cash and equivalents of $99.6M cover only about one quarter of operating expenses, indicating that the liquidity buffer is thinner than the ratio suggests.
The high current ratio is driven by a large cash and investment balance relative to current liabilities, but the absolute cash level is low given the quarterly burn rate. The quick ratio of 9.79 confirms that inventory is not a significant liquidity concern, but the company's ability to withstand a prolonged downturn is limited. Investors should monitor the cash runway closely, as the current liquidity position may not support the company through the next phase of clinical development without external capital.
Misapplied Metric: P/E on Distorted Earnings
The P/E ratio of -4.65 is misleading because it is based on net income that includes a one-time $947.9M gain in 2024Q3, obscuring the underlying operating losses and making the metric unusable for valuation.
For a biotech with negative operating earnings, P/E is not a meaningful valuation tool, especially when earnings are distorted by non-recurring items. Instead, investors should use EV/Sales (36.42) or a discounted cash flow analysis based on pipeline potential, but even EV/Sales is high relative to peers like IONS (which has a negative P/E but a higher market cap). The most appropriate metric is the cash runway and the potential for future label expansions, which are not captured by traditional earnings multiples.