Latest Ratios: P/E Ratio -1.4x · EV/EBITDA N/A · ROE -127.0%. (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 | $362M | $224M | $112M | $929M | $271M | $98M | $289M | $76M | — | — |
| Enterprise Value | $306M | $168M | $-36062830 | $741M | $195M | $-24678770 | $187M | $-59802070 | — | — |
| P/E Ratio → | -1.35 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 2.03 | 2.00 | 0.74 | 3.94 | 2.60 | 0.83 | 2.64 | 0.55 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -127.0% | -127.0% | -59.6% | -39.7% | -47.6% | -40.7% | -26.9% | -26.6% | — | — |
| ROA | -95.9% | -95.9% | -52.8% | -36.5% | -43.5% | -38.4% | -26.0% | -19.3% | -71.4% | -25000.0% |
| ROIC | -429.6% | -429.6% | -361.3% | -147.3% | -341.4% | -1804.9% | -496.0% | -1202.3% | — | — |
| ROCE | -126.2% | -126.2% | -63.3% | -43.3% | -48.0% | -40.7% | -27.3% | -21.8% | -37.6% | — |
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 | 0.10 | 0.02 | 0.05 | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.50 | -0.97 | -0.80 | -0.73 | -1.04 | -0.93 | -0.98 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | -0.01 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -82.76 | -82.76 | -153.90 | — | — | — | — | — | — | — |
Net cash position: cash ($83M) exceeds total debt ($27M)
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 | 2.77 | 2.77 | 6.15 | 15.29 | 11.47 | 14.86 | 21.92 | 44.66 | 36.05 | 0.00 |
| Quick Ratio | 2.77 | 2.77 | 6.15 | 15.29 | 11.47 | 14.86 | 21.92 | 44.66 | 36.05 | 0.00 |
| Cash Ratio | 2.66 | 2.66 | 6.05 | 15.08 | 11.23 | 14.58 | 20.98 | 43.28 | 35.01 | 0.00 |
| 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 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | 13.2% | — | — |
| 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% | 0.1% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 13.2% | — | — |
| Shares Outstanding | — | $102M | $49M | $41M | $29M | $26M | $23M | $5M | $15M | $24M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying CABA stock.
Cabaletta Bio, Inc.'s current P/E ratio is -1.4x. This places it at the 50th percentile of its historical range.
Cabaletta Bio, Inc.'s return on equity (ROE) is -127.0%. The historical average is -52.6%.
Based on historical data, Cabaletta Bio, Inc. is trading at a P/E of -1.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Pre-revenue cash burn sustainability
Metrics are mathematically derived from official filings.
Valuation Reflects Pipeline Optionality, Not Earnings
Cabaletta Bio's P/B ratio of 3.26, as reported in current market data, is the only viable valuation metric for this pre-revenue biotech, pricing the company on its net asset base and future pipeline potential rather than any current earnings power.
The negative P/E and absence of EV/EBITDA or P/S multiples confirm the company is in a pure R&D phase, making traditional earnings-based valuation irrelevant. The P/B ratio of 3.26 suggests the market is assigning a premium to the company's tangible book value, likely reflecting the perceived value of its clinical-stage pipeline. This valuation is highly sensitive to clinical trial outcomes and regulatory milestones, not operational performance.
Negative Returns Reflect R&D Investment Phase
Cabaletta Bio's ROIC has been consistently negative, ranging from -2.5% to -105.1% over the last ten quarters, indicating that the company's invested capital is generating losses as it funds pre-commercial research activities.
The volatile and deeply negative ROIC figures are a direct consequence of the company's business model, where capital is deployed into R&D with no offsetting revenue. The wide swings, such as the move from -2.5% in Q1 2025 to -95.9% in Q1 2026, likely reflect changes in the timing of capital expenditures and the recognition of intangible assets related to in-licensed programs. This metric is not indicative of operational efficiency but rather the pace and scale of investment in the pipeline.
Strong Liquidity Buffer Amidst Accelerating Burn
The current ratio improved to 5.79 in Q2 2026, as per the company's financial statements, indicating a robust short-term liquidity position that is heavily dependent on episodic capital raises to fund ongoing operations.
The high current ratio, which has fluctuated between 2.77 and 12.66 over the period, is driven almost entirely by cash and cash equivalents, which constituted approximately 88% of total assets in the most recent quarter. This provides a substantial runway to fund the accelerating quarterly cash burn, which reached $41.5 million in Q2 2026. However, the liquidity position is not self-sustaining and will require future financing events to maintain, as evidenced by the sharp increase in cash from $83.0M in Q4 2025 to $225.1M in Q2 2026.
Minimal Leverage Amidst Equity-Funded Operations
Cabaletta Bio maintains a low debt-to-equity ratio of 0.12 as of Q2 2026, suggesting the company has relied almost exclusively on equity financing to fund its research and development activities.
The minimal leverage, with total debt of $25.7M against equity of $210.6M, indicates that debt service is not a material concern. The negative interest coverage ratio is a mathematical artifact of the company's operating losses and does not reflect an inability to service debt, but rather the absence of earnings to cover interest. This capital structure provides financial flexibility but also results in significant shareholder dilution as the company raises capital to fund its cash burn.
The Misleading Signal of a Strong Current Ratio
The current ratio of 5.79 is the most commonly misapplied metric to Cabaletta Bio, as it obscures the company's fundamental reliance on external financing and the non-self-sustaining nature of its liquidity position.
For a pre-revenue biotech, a high current ratio is often misinterpreted as a sign of financial health, when in reality it is a temporary snapshot of capital raised to fund future losses. The metric does not account for the company's negative operating cash flow trajectory or the fact that its assets are being consumed to fund R&D. A more appropriate metric for assessing sustainability is the cash runway, calculated by dividing the current cash balance by the average quarterly cash burn, which provides a clearer picture of the time remaining before additional financing is required.