Latest Ratios: P/E Ratio -32.0x · EV/EBITDA N/A · ROE -8.1%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $2.7B | $2.0B | $2.1B | $2.7B | $5.1B | $3.8B | — | — | — |
| Enterprise Value | $2.7B | $2.7B | $1.9B | $1.8B | $2.7B | $4.7B | $3.8B | — | — | — |
| P/E Ratio → | -32.01 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 19.09 | 19.62 | 32.14 | 5.56 | 44.95 | 98.73 | 158970.84 | — | — | — |
| P/B Ratio | 2.07 | 2.21 | 2.78 | 2.14 | 3.73 | 6.19 | 15.54 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | 121.56 | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 19.61 | 30.24 | 4.86 | 44.07 | 90.77 | 156698.88 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 84.0% | 84.0% | -478.7% | 100.0% | -411.5% | -347.8% | -429812.5% | -303338.9% | — | — |
| Operating Margin | -274.6% | -274.6% | -654.3% | -46.7% | -555.6% | -757.0% | -553166.7% | -417522.2% | — | — |
| Net Profit Margin | -57.2% | -57.2% | -593.1% | -35.1% | -474.5% | -714.9% | -810800.0% | -435144.4% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.1% | -8.1% | -43.9% | -15.5% | -37.1% | -69.1% | -112.3% | -66.7% | -177.5% | — |
| ROA | -6.2% | -6.2% | -29.4% | -9.5% | -20.5% | -38.5% | -64.0% | -48.5% | -136.1% | -363.4% |
| ROIC | -31.1% | -31.1% | -46.8% | -18.9% | -46.4% | -97.2% | -69.6% | -136.6% | — | — |
| ROCE | -33.3% | -33.3% | -38.2% | -14.9% | -28.5% | -48.7% | -55.7% | -56.0% | -66.6% | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.22 | 0.18 | 0.24 | 0.18 | 0.44 | 0.31 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.00 | -0.16 | -0.27 | -0.07 | -0.50 | -0.22 | -0.06 | -1.09 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -0.83 | -0.83 | — | — | — | — | — | -401.89 | — | — |
Net cash position: cash ($295M) exceeds total debt ($294M)
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 13.09 | 13.09 | 4.82 | 5.89 | 4.89 | 5.96 | 3.01 | 3.24 | 5.79 | 0.31 |
| Quick Ratio | 13.09 | 13.09 | 4.82 | 5.89 | 4.89 | 5.96 | 3.01 | 3.24 | 5.79 | 0.31 |
| Cash Ratio | 12.85 | 12.85 | 4.67 | 5.79 | 4.82 | 4.52 | 2.93 | 3.15 | 5.72 | 0.29 |
| Asset Turnover | — | 0.09 | 0.06 | 0.26 | 0.05 | 0.04 | 0.00 | 0.00 | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | 2112.11 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — | — |
| Shares Outstanding | — | $99M | $82M | $77M | $70M | $64M | $47M | $51M | $35M | $13M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying BEAM stock.
Beam Therapeutics Inc.'s current P/E ratio is -32.0x. This places it at the 50th percentile of its historical range.
Beam Therapeutics Inc.'s return on equity (ROE) is -8.1%. The historical average is -66.3%.
Based on historical data, Beam Therapeutics Inc. is trading at a P/E of -32.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Beam Therapeutics Inc. has 84.0% gross margin and -274.6% operating margin.
Key Metrics
Top Statement Risk
Cash runway and clinical execution
Metrics are mathematically derived from official filings.
Milestone-Driven Margin Distortions
Gross margin swung from 100% in 2026Q2 to -12.2% in 2025Q1, as reported in quarterly filings, reflecting collaboration revenue recognition rather than product economics, while operating margin remained deeply negative at -258.3% in 2026Q2.
The extreme volatility in gross margin—from 100% to negative—underscores that reported margins are an artifact of ASC 606 milestone accounting, not a reflection of sustainable earning power. Operating margin has consistently been negative, averaging around -15% to -258% over the past ten quarters, indicating that R&D intensity overwhelms any revenue contribution. Investors should focus on cash burn and clinical progress rather than headline margins, as the latter are distorted by non-recurring collaboration payments.
Persistent Negative Returns on Capital
ROIC has remained deeply negative, ranging from -1.3% to -13.1% over the past ten quarters, as per financial statements, indicating that the company is not generating returns on its invested capital and is likely destroying value.
ROIC has been consistently negative, with no quarter showing positive returns, reflecting the pre-revenue stage and heavy R&D spending. The slight improvement in 2025Q4 (to -1.3%) was driven by a one-time milestone revenue spike, but the underlying trend remains negative. This suggests that the company is not yet compounding capital, and investors should monitor whether future clinical successes can translate into positive returns on invested capital.
Asset-Light Model with Minimal Turnover
Asset turnover has remained near zero, at 0.00-0.08 over the past ten quarters, as reported in financial statements, reflecting a capital-light model where revenue is minimal relative to the large cash and investment base.
The asset turnover ratio is extremely low, indicating that the company's substantial cash and investment balances are not being converted into revenue efficiently. This is typical for clinical-stage biotech, where assets are held for future R&D rather than current operations. The working capital cycle is not meaningful due to the lack of inventory and the timing of collaboration payments, which have caused significant swings in cash flow. Efficiency metrics are therefore less relevant than cash runway and clinical milestones.
Modest Debt but Rising Burden
Debt-to-equity rose from 0.18 in 2024Q1 to 0.23 in 2026Q2, as per balance sheet data, while cash declined to $219.8M, indicating a narrowing liquidity cushion despite low absolute leverage.
While the debt-to-equity ratio remains modest, the absolute debt level of $247.4M combined with declining cash suggests that the company is increasingly reliant on debt and external financing. Interest coverage was positive only in 2025Q4 (23.96) due to a milestone-driven profit, but otherwise negative, indicating that debt service is not covered by operating income. The rising debt burden, coupled with a cash runway of roughly two quarters at current burn rates, suggests potential refinancing or dilution risk.
High Current Ratio Masks Cash Drain
Current ratio remains high at 14.57 in 2026Q2, as reported in financial statements, but cash dropped to $219.8M from $527.9M in 2025Q1, implying a runway of roughly two quarters at current burn rates.
The current ratio appears robust, but it is inflated by the large cash and investment balances that are being consumed rapidly. The quick ratio equals the current ratio, indicating no inventory dependence, but the rapid cash decline is the critical liquidity concern. Under severe stress, such as a clinical hold or delayed milestone payments, the company would likely need to raise capital or cut R&D spending, which could impair its pipeline.
Misapplied P/S Ratio in Pre-Revenue Biotech
The P/S ratio of 19.52, based on reported figures, is commonly misapplied to Beam because revenue is milestone-driven and not indicative of sustainable sales, obscuring the true cash burn and capital needs.
For clinical-stage biotech, the price-to-sales ratio is misleading because revenue is lumpy and derived from collaboration milestones, not recurring product sales. A more appropriate metric is the enterprise value-to-cash runway or the price-to-tangible book value, which better reflects the company's ability to fund operations. Investors should focus on cash burn rate and the likelihood of future dilution rather than P/S, as the latter can be artificially depressed or inflated by one-time milestone payments.