Latest Ratios: P/E Ratio -1.8x · EV/EBITDA N/A · ROE -31.2%. (2016–2025 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 | $251M | $491M | $815M | $644M | $878M | $1.5B | $344M | $104M | — | — | — |
| Enterprise Value | $-360074730 | $-120087747 | $-55120698 | $162M | $583M | $1.1B | $223M | $14M | — | — | — |
| P/E Ratio → | -1.78 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.00 | 6.76 | 23.10 | 23.85 | 60.70 | 130.42 | 33.08 | 7.55 | — | — | — |
| P/B Ratio | 0.41 | 0.80 | 1.03 | 1.73 | 3.24 | 4.41 | 3.60 | 1.12 | — | — | — |
| 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 | — | -1.65 | -1.56 | 6.01 | 40.32 | 96.71 | 21.51 | 1.01 | — | — | — |
| 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 | 100.0% | 100.0% | -390.3% | -480.1% | 100.0% | 100.0% | -219.0% | -85.1% | -190.9% | -476.0% | — |
| Operating Margin | -341.3% | -341.3% | -595.0% | -704.1% | -806.6% | -561.0% | -500.1% | -190.6% | -304.7% | -787.0% | — |
| Net Profit Margin | -301.7% | -301.7% | -479.2% | -669.7% | -779.3% | -571.2% | -491.0% | -221.8% | -306.1% | -789.3% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -31.2% | -31.2% | -29.0% | -56.3% | -36.5% | -30.3% | -54.1% | -261.9% | — | — | -168.4% |
| ROA | -26.2% | -26.2% | -21.8% | -35.9% | -25.3% | -20.9% | -37.6% | -31.9% | -28.1% | -37.9% | -114.2% |
| ROIC | — | — | — | — | — | — | — | -663.7% | — | — | — |
| ROCE | -32.0% | -32.0% | -29.7% | -43.0% | -29.1% | -22.6% | -43.4% | -30.2% | -31.7% | -44.7% | -168.2% |
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 | 0.01 | 0.12 | 0.16 | 0.13 | 0.17 | 0.02 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.00 | -1.10 | -1.30 | -1.09 | -1.14 | -1.26 | -0.97 | — | — | -1.17 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1061.17 | -1061.17 | -99.46 | -53.92 | -33.16 | -21.95 | -113.70 | — | — | — | — |
Net cash position: cash ($628M) exceeds total debt ($18M)
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 | 11.98 | 11.98 | 13.81 | 8.08 | 6.92 | 12.65 | 6.73 | 11.81 | 8.60 | 7.57 | 2.96 |
| Quick Ratio | 11.98 | 11.98 | 13.81 | 8.08 | 6.92 | 12.65 | 6.73 | 11.81 | 8.60 | 7.57 | 2.96 |
| Cash Ratio | 11.02 | 11.02 | 13.08 | 7.57 | 6.36 | 12.11 | 5.88 | 10.44 | 7.10 | 7.16 | 2.47 |
| Asset Turnover | — | 0.10 | 0.04 | 0.05 | 0.04 | 0.02 | 0.06 | 0.13 | 0.09 | 0.03 | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 178.99 | 368.91 | 325.26 | 535.20 | 371.65 | 514.06 | 188.97 | 578.65 | 531.73 | — |
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 | 0.0% | 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% | — | — | — |
| Shares Outstanding | — | $69M | $58M | $36M | $30M | $25M | $19M | $11M | $13M | $13M | $18M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying BCYC stock.
Bicycle Therapeutics plc's current P/E ratio is -1.8x. This places it at the 50th percentile of its historical range.
Bicycle Therapeutics plc's return on equity (ROE) is -31.2%. The historical average is -83.5%.
Based on historical data, Bicycle Therapeutics plc is trading at a P/E of -1.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bicycle Therapeutics plc has 100.0% gross margin and -341.3% operating margin.
Key Metrics
Top Statement Risk
Persistent operating losses and cash burn
Metrics are mathematically derived from official filings.
Negative Earnings Leave Sales Multiple Anchoring
Based on reported figures, BCYC trades at a P/S of 3.45 and a P/B of 0.41, with trailing P/E at -1.14 because earnings remain negative, so the sales and book multiples carry the valuation signal.
The negative trailing P/E renders earnings-based multiples uninformative, leaving price-to-book at 0.41 as the more meaningful anchor, which suggests the market values the balance sheet well below stated equity. The 3.45x price-to-sales multiple appears elevated relative to a business with negative operating margins, implying investors are pricing in future pipeline value rather than current economics. Investors should monitor whether the gap between book value and market price reflects skepticism about cash burn or a discount to realizable asset value.
Lumpy Revenue Keeps Margins Unreliable
As reported in the quarterly income statements, BCYC's operating margin swung from -86.7% in 2026Q2 to -5.6% in 2025Q3, with gross margin alternating between negative and 100.0% depending on recognition timing.
The margin profile reflects irregular collaboration revenue and cost recognition rather than a stable operating structure, so no single quarter represents durable earning power. Net margin remained negative across all ten quarters, with the most recent at -30.8%, suggesting the business has not yet reached a point where incremental revenue covers its research cost base. The 100.0% gross margins appear to arise from periods with no recorded cost of revenue, which warrants further investigation before treating them as operating efficiency.
Return Metrics Deeply Negative Across Periods
Based on reported ratios, BCYC's ROE moved between -2.1% and -11.2% and ROIC printed -31.9% in 2026Q3, with ROIC unavailable for most earlier quarters.
Negative and persistently low returns on equity indicate that the accumulated capital base is not generating earnings, consistent with a development-stage pipeline model. The sparse ROIC history limits trend analysis, so conclusions about direction rest mainly on ROE, which shows no sustained improvement. Investors should treat the return profile as a reflection of ongoing research investment rather than an assessment of capital efficiency that can be compared against a mature peer base.
Current Ratio Flatters a Shrinking Cushion
According to reported balance sheets, BCYC's current ratio of 12.09 in 2026Q3 sits alongside cash that fell from roughly $1.1B in 2024Q2 to $469.9M, a decline of about 57%.
The elevated current ratio reflects a large short-term asset base relative to obligations, but it is being supported by a cash balance that has contracted sharply over the period. The reported decline in deferred revenue from $105.6M to $3.7M suggests part of the historical liquidity cushion was tied to collaboration prepayments that have since been recognized or reversed. Investors should monitor whether the current ratio remains elevated as cash continues to deplete, since the ratio alone may overstate durable runway.
Revenue Spike May Not Repeat
The most commonly misapplied ratio here is the current ratio, since BCYC's 12.09 figure is inflated by collaboration-related balances and may overstate durable liquidity against ongoing cash burn.
For a clinical-stage biotech, the current ratio is frequently read as a solvency signal, but its meaning depends heavily on the timing of deferred revenue and collaboration receivables, which are not operating assets in the usual sense. A more informative substitute is net cash burn relative to cash on hand, which implies a finite runway independent of working capital timing. Based on reported figures, the 2026Q3 revenue of $34.1M following several near-zero quarters may reflect a single collaboration event, so the apparent growth should not be extrapolated without evidence of recurring revenue.