Ctrl K
Latest Ratios: P/E Ratio -17.5x · EV/EBITDA N/A · ROE -64.6%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $923M | $299M | $275M | $43M | $52M | $148M | — | — |
| Enterprise Value | $805M | $181M | $186M | $30M | $4M | $66M | — | — |
| P/E Ratio → | -17.50 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | 412.75 | 1180.70 | — | — |
| P/B Ratio | 12.85 | 5.76 | 4.15 | 3.34 | 1.08 | 2.30 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | 34.69 | 524.04 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | — | — | — | — | -27739.2% | -20580.8% | -11048.0% | -7229.6% |
| Net Profit Margin | — | — | — | — | -15035.2% | -28899.2% | -14144.0% | -6592.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -64.6% | -64.6% | -139.6% | -125.5% | -33.6% | -178.1% | — | — |
| ROA | -32.9% | -32.9% | -74.5% | -63.4% | -22.4% | -56.7% | -42.0% | -18.0% |
| ROIC | — | — | — | -10470.3% | — | — | — | — |
| ROCE | -52.0% | -52.0% | -69.3% | -76.8% | -44.2% | -43.8% | -35.4% | -20.3% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.20 | 1.79 | 0.48 | 0.01 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -2.27 | -1.34 | -0.99 | -0.99 | -1.28 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -17.02 | -17.02 | -25.40 | -13.62 | -10.00 | — | — | — |
Net cash position: cash ($120M) exceeds total debt ($2M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 13.31 | 13.31 | 2.77 | 2.59 | 12.81 | 15.84 | 7.46 | 32.06 |
| Quick Ratio | 13.31 | 13.31 | 2.77 | 2.59 | 12.81 | 15.84 | 7.46 | 32.06 |
| Cash Ratio | 13.31 | 13.31 | 2.74 | 2.50 | 12.48 | 15.41 | 7.44 | 31.96 |
| Asset Turnover | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $53M | $32M | $29M | $29M | $19M | $19M | $19M |
Includes 30+ ratios · 7 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CADL stock.
Candel Therapeutics, Inc.'s current P/E ratio is -17.5x. This places it at the 50th percentile of its historical range.
Candel Therapeutics, Inc.'s return on equity (ROE) is -64.6%. The historical average is -108.3%.
Based on historical data, Candel Therapeutics, Inc. is trading at a P/E of -17.5x. 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
Clinical trial failure and cash burn
Metrics are mathematically derived from official filings.
Valuation Reflects Binary Clinical Outcomes
Candel's negative P/E of -18.15 and P/B of 13.33, as reported in recent market data, suggest the market is pricing in a high-risk, high-reward scenario tied to clinical data readouts rather than current financial performance.
The valuation multiples are not meaningful in a traditional sense for a pre-revenue company. The P/B ratio of 13.33, compared to peers like Immunovant at 8.73, indicates the market is assigning a significant premium to Candel's intellectual property and pipeline potential. This premium appears contingent on the successful validation of its oncolytic virus platform, particularly in pancreatic cancer, where positive data could justify a re-rating toward a larger addressable market.
Profitability Absent Amid R&D Focus
As a pre-revenue entity, Candel's profitability metrics are non-existent, with all operational focus directed toward funding its R&D pipeline, which consumed $19.8M in the latest quarter.
The absence of gross and operating margins is a structural feature of its current stage. The key analytical focus is not on margin expansion but on the efficiency of R&D capital deployment. The escalating R&D spend, as noted in prior analysis, must be weighed against the progress and data quality of its clinical trials to assess whether the investment is generating sufficient pipeline value.
Negative Returns Reflect Investment Phase
Candel's ROE has been volatile and deeply negative, hitting -29.5% in 2026Q2, which is a direct reflection of its operational losses and the equity-funded nature of its clinical development.
The negative ROE is driven by persistent net losses and a growing equity base from capital raises, not by operational inefficiency. The ROIC is unavailable, but the trend in ROE suggests that the company is in a phase of heavy capital investment with no near-term return. The primary metric to monitor is not the return itself, but the progress of the underlying assets funded by this capital.
Exceptional Liquidity Provides Strategic Runway
Candel's current ratio of 16.09 in 2026Q2, based on its reported balance sheet, indicates a substantial liquidity buffer that appears designed to fund operations through key clinical milestones without immediate financing pressure.
This level of liquidity is far above typical operational needs and suggests a deliberate strategy to build a fortress balance sheet ahead of binary clinical events. The high ratio is a function of the recent equity raise and minimal current liabilities. While this provides significant operational flexibility, investors should monitor the rate of cash consumption relative to the clinical timeline to assess the true duration of this runway.
Low Leverage Amid Equity-Funded Growth
Candel's debt-to-equity ratio of 0.39 in 2026Q2, as per its financial statements, shows a conservative use of debt, with the company relying primarily on equity to fund its high-burn clinical operations.
The increase in debt from near-zero levels in early 2026 suggests a strategic decision to supplement equity funding, possibly to avoid excessive dilution. The negative interest coverage ratio is a mathematical artifact of the company's operating losses and is not indicative of an inability to service debt. The key risk is not debt service, but the potential for future dilutive equity raises if the cash runway shortens before key data readouts.
The Misapplied Metric: Current Ratio
The current ratio of 16.09 is the most commonly misapplied metric for Candel, as it obscures the finite nature of its cash runway and the high operational burn rate.
A high current ratio typically signals financial health, but for a clinical-stage biotech like Candel, it primarily reflects a recent capital raise. The metric does not account for the magnitude of future cash commitments for clinical trials. Analysts should instead focus on the 'cash burn-to-catalyst' ratio, which compares the remaining cash balance to the quarterly operating deficit to estimate the time until the next required financing event, providing a more accurate assessment of financial risk.