Latest Ratios: P/E Ratio -31.4x · EV/EBITDA N/A · ROE -31.6%. (2022–2025 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 |
|---|---|---|---|---|---|
| Market Cap | $8.2B | $4.6B | $2.5B | $1.4B | — |
| Enterprise Value | $8.1B | $4.5B | $2.4B | $1.3B | — |
| P/E Ratio → | -31.41 | — | — | — | — |
| P/S Ratio | — | — | — | — | — |
| P/B Ratio | 8.90 | 5.07 | 3.49 | 3.73 | — |
| 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 |
|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — |
| Operating Margin | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | -31.6% | -31.6% | -33.2% | -32.2% | -28.0% |
| ROA | -30.3% | -30.3% | -31.5% | -30.3% | -26.2% |
| ROIC | -31.3% | -31.3% | -38.3% | -55.0% | — |
| ROCE | -34.9% | -34.9% | -39.2% | -35.6% | -21.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.02 | 0.01 | — |
| Debt / EBITDA | — | — | — | — | — |
| Net Debt / Equity | — | -0.14 | -0.18 | -0.31 | -1.07 |
| Net Debt / EBITDA | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -4.35 |
Net cash position: cash ($132M) exceeds total debt ($9M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 26.57 | 26.57 | 18.55 | 19.38 | 15.24 |
| Quick Ratio | 26.57 | 26.57 | 18.55 | 19.38 | 15.24 |
| Cash Ratio | 26.17 | 26.17 | 18.23 | 19.24 | 15.22 |
| Asset Turnover | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — |
| FCF Yield | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $61M | $55M | $51M | $51M |
Clinical trial execution dependency
According to current market data, Apogee trades at a price-to-book ratio of 8.90, which suggests that investors are pricing in significant future clinical success rather than current tangible assets, a valuation premium that appears elevated compared to broader biotechnology peers lacking late-stage de-risked assets.
The high P/B multiple indicates that the market is assigning substantial value to the company's intellectual property and the potential of its YTE half-life extension technology. Investors should monitor whether this valuation remains sustainable if clinical readouts for APG777 do not provide clear differentiation from existing standard-of-care biologics.
As reported in financial statements, the company's ROIC has remained consistently negative, reaching -7.8% in 2026Q1, which is an expected outcome for a pre-revenue biotechnology firm that is currently deploying capital into long-term R&D projects rather than generating immediate returns on invested capital.
The persistent negative ROIC highlights the capital-intensive nature of the firm's current development cycle. While this is typical for the industry, the trend warrants investigation into whether the company's capital allocation strategy is effectively narrowing the gap toward positive returns as it approaches potential commercialization.
Based on recent quarterly filings, the company maintains a current ratio of 32.59, which appears exceptionally high, yet this metric is heavily skewed by the periodic influx of external equity financing rather than operational cash generation, leaving the firm vulnerable to future capital market volatility.
While the high current ratio suggests a strong short-term ability to cover liabilities, it does not reflect the underlying cash burn rate required to sustain clinical trials. Investors should interpret this liquidity as a temporary runway that necessitates ongoing access to capital markets to avoid potential funding gaps.
As indicated by the company's financial structure, the current ratio is a frequently misapplied metric for this business model, as it obscures the reality that the firm's assets are primarily cash raised from dilution rather than working capital generated through sustainable, recurring operational activities.
Relying on the current ratio to assess financial health in this context may lead to a false sense of security regarding the company's self-sufficiency. A more appropriate metric for evaluating Apogee would be the cash runway measured in months, which directly accounts for the burn rate relative to the timing of critical clinical milestones.
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Quick answers to the most common questions about buying APGE stock.
Apogee Therapeutics, Inc.'s current P/E ratio is -31.4x. This places it at the 50th percentile of its historical range.
Apogee Therapeutics, Inc.'s return on equity (ROE) is -31.6%. The historical average is -31.2%.
Based on historical data, Apogee Therapeutics, Inc. is trading at a P/E of -31.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.