13 years of historical data (2013–2025) · Healthcare · Biotechnology
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Apellis Pharmaceuticals, Inc. trades at 116.4x earnings, 17% below its 5-year average of 139.6x, sitting at the 0th percentile of its historical range. Compared to the Healthcare sector median P/E of 23.7x, the stock trades at a premium of 392%. On a free-cash-flow basis, the stock trades at 58.6x P/FCF, 16% below the 5-year average of 69.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $3.2B | $4.0B | $7.1B | $5.5B | $4.0B | $4.3B | $1.9B | $717M | $743M | — |
| Enterprise Value | $2.3B | $2.8B | $4.0B | $6.9B | $5.0B | $3.6B | $4.1B | $1.7B | $568M | $593M | — |
| P/E Ratio → | 116.44 | 139.56 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.85 | 4.59 | 5.06 | 17.91 | 72.75 | 59.96 | 17.15 | — | — | — | — |
| P/B Ratio | 7.14 | 8.55 | 17.30 | 36.52 | 32.30 | 20.09 | 21.02 | 55.67 | 4.46 | 4.99 | — |
| P/FCF | 58.55 | 69.84 | — | — | — | — | — | — | — | — | — |
| P/OCF | 58.55 | 69.84 | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Apellis Pharmaceuticals, Inc.'s enterprise value stands at 33.6x EBITDA, 18% below its 5-year average of 41.1x. The Healthcare sector median is 13.8x, placing the stock at a 143% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.08 | 5.13 | 17.31 | 66.93 | 53.50 | 16.40 | — | — | — | — |
| EV / EBITDA | 33.61 | 41.09 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 41.50 | 41.09 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 62.04 | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Apellis Pharmaceuticals, Inc. earns an operating margin of 8.0%. Operating margins have expanded from -130.4% to 8.0% over the past 3 years, signaling improving operational efficiency. ROE of 7.5% is modest. ROIC of 27.4% represents excellent returns on invested capital.
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 | 85.2% | 85.2% | 84.9% | 85.2% | 92.5% | 92.2% | 90.0% | — | — | — | — |
| Operating Margin | 8.0% | 8.0% | -21.1% | -130.4% | -788.4% | -805.7% | -85.3% | — | — | — | — |
| Net Profit Margin | 3.2% | 3.2% | -25.3% | -133.3% | -864.7% | -1121.3% | -137.6% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.5% | 7.5% | -93.5% | -290.1% | -353.9% | -370.2% | -288.9% | -312.2% | -82.3% | -59.1% | -92.3% |
| ROA | 2.3% | 2.3% | -23.6% | -68.3% | -79.4% | -81.0% | -51.1% | -102.8% | -66.1% | -48.7% | -82.7% |
| ROIC | 27.4% | 27.4% | -102.6% | — | — | — | -970.9% | — | -1677.5% | — | — |
| ROCE | 7.6% | 7.6% | -26.6% | -91.2% | -88.6% | -67.8% | -37.0% | -112.9% | -70.7% | -50.9% | -92.8% |
Solvency and debt-coverage ratios — lower is generally safer
Apellis Pharmaceuticals, Inc. carries a Debt/EBITDA ratio of 1.6x, which is manageable (47% below the sector average of 3.1x). The company holds a net cash position — cash of $466M exceeds total debt of $113M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of just 1.3x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.30 | 0.30 | 2.06 | 0.57 | 0.66 | 1.06 | 1.85 | 4.59 | 0.17 | 0.18 | — |
| Debt / EBITDA | 1.65 | 1.65 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.96 | 0.26 | -1.24 | -2.58 | -2.16 | -0.92 | -5.70 | -0.93 | -1.00 | -1.04 |
| Net Debt / EBITDA | -5.17 | -5.17 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -7.80 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 1.25 | 1.25 | -4.08 | -17.48 | -18.23 | -40.50 | -7.14 | -54.50 | -50.91 | -523.83 | — |
Net cash position: cash ($466M) exceeds total debt ($113M)
Short-term solvency ratios and asset-utilisation metrics
Apellis Pharmaceuticals, Inc.'s current ratio of 3.14x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 2.70x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.14 | 3.14 | 4.25 | 3.10 | 4.29 | 6.25 | 7.15 | 5.67 | 11.89 | 27.77 | 7.52 |
| Quick Ratio | 2.70 | 2.70 | 3.81 | 2.50 | 3.78 | 6.07 | 7.15 | 5.67 | 11.89 | 27.77 | 7.52 |
| Cash Ratio | 1.44 | 1.44 | 2.24 | 1.42 | 3.29 | 5.32 | 6.84 | 5.35 | 10.35 | 26.80 | 6.83 |
| Asset Turnover | — | 0.64 | 0.88 | 0.50 | 0.10 | 0.08 | 0.26 | — | — | — | — |
| Inventory Turnover | 0.72 | 0.72 | 1.43 | 0.40 | 0.07 | 0.22 | — | — | — | — | — |
| Days Sales Outstanding | — | 193.90 | 126.93 | 190.00 | 37.39 | 439.25 | 36.41 | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Apellis Pharmaceuticals, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 0.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | 0.9% | 0.7% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 1.7% | 1.4% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — |
| Shares Outstanding | — | $126M | $124M | $119M | $106M | $84M | $75M | $62M | $54M | $34M | $18M |
Compare APLS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| APLSYou | $3B | 116.4 | 33.6 | 58.6 | 85.2% | 8.0% | 7.5% | 27.4% | 1.6 |
| ARGX | $47B | 60.0 | — | — | 89.6% | -1.0% | 17.4% | -0.5% | — |
| CANF | $14B | -4.4 | — | — | 100.0% | -1206.2% | -134.9% | -448.3% | — |
| AKTX | $13B | -0.0 | — | — | — | — | -179.9% | -172.5% | — |
| ABVX | $10B | -36.7 | — | — | 100.0% | -1602.9% | -149.0% | — | — |
| RAPT | $8B | -2.3 | — | — | — | — | -77.1% | -155.7% | — |
| KYMR | $7B | -24.8 | — | — | 100.0% | -891.3% | -25.8% | -24.9% | — |
| PTGX | $6B | -44.9 | — | 99.9 | — | — | -20.2% | -21.8% | — |
| IMVT | $6B | -10.2 | — | — | — | — | -62.5% | — | — |
| TGTX | $5B | 200.6 | 114.4 | — | 88.3% | 12.7% | 12.2% | 13.3% | 6.0 |
| APGE | $4B | -21.2 | — | — | — | — | -33.2% | -38.3% | — |
| Healthcare Median | — | 23.7 | 13.8 | 18.8 | 65.8% | -6.3% | -37.3% | -15.0% | 3.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 13 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorSee our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationSee how APLS stacks up against sector leader argenx SE.
Start ComparisonApellis Pharmaceuticals, Inc.'s current P/E ratio is 116.4x. The historical average is 139.6x.
Apellis Pharmaceuticals, Inc.'s current EV/EBITDA is 33.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 41.1x.
Apellis Pharmaceuticals, Inc.'s return on equity (ROE) is 7.5%. The historical average is -179.8%.
Based on historical data, Apellis Pharmaceuticals, Inc. is trading at a P/E of 116.4x. Compare with industry peers and growth rates for a complete picture.
Apellis Pharmaceuticals, Inc. has 85.2% gross margin and 8.0% operating margin.
Apellis Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.