Latest Ratios: P/E Ratio -3.4x · EV/EBITDA N/A · ROE -44.4%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $360M | $158M | $250M | $280M | $288M | $1.5B | $1.4B | — | — |
| Enterprise Value | $346M | $144M | $260M | $225M | $346M | $1.4B | $1.3B | — | — |
| P/E Ratio → | -3.43 | — | — | — | — | — | — | — | — |
| P/S Ratio | 10.02 | 4.40 | 7.02 | 13.51 | 9.27 | 32.38 | 42.98 | — | — |
| P/B Ratio | 1.41 | 0.62 | 1.16 | 1.14 | 1.00 | 3.81 | 5.08 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.00 | 7.31 | 10.83 | 11.12 | 31.65 | 38.19 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.8% | 77.8% | 100.0% | 62.7% | 100.0% | 100.0% | -136.3% | 100.0% | -47.7% |
| Operating Margin | -290.7% | -290.7% | -336.1% | -669.8% | -416.6% | -179.4% | -182.1% | -165.8% | -84.6% |
| Net Profit Margin | -292.1% | -292.1% | -296.0% | -638.3% | -412.2% | -183.2% | -199.8% | -159.5% | -81.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -44.4% | -44.4% | -45.6% | -49.5% | -37.8% | -25.0% | -78.6% | — | — |
| ROA | -29.6% | -29.6% | -29.0% | -32.8% | -27.3% | -18.5% | -25.6% | -25.8% | -10.7% |
| ROIC | -33.5% | -33.5% | -43.1% | -38.8% | -27.6% | -25.8% | -37.2% | — | — |
| ROCE | -33.1% | -33.1% | -37.5% | -38.6% | -30.8% | -20.2% | -27.4% | -34.2% | -13.4% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.23 | 0.23 | 0.30 | 0.29 | 0.30 | 0.11 | 0.08 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.06 | 0.05 | -0.23 | 0.20 | -0.09 | -0.57 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | -1.42 | — |
| Interest Coverage | — | — | — | -94.57 | -56.84 | -38.11 | -49.19 | — | — |
Net cash position: cash ($75M) exceeds total debt ($60M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.81 | 7.81 | 5.71 | 6.34 | 6.46 | 6.36 | 8.69 | 2.88 | 5.16 |
| Quick Ratio | 7.81 | 7.81 | 5.71 | 6.34 | 7.82 | 6.36 | 8.69 | 2.88 | 5.16 |
| Cash Ratio | 7.52 | 7.52 | 5.42 | 5.93 | 6.20 | 6.04 | 8.48 | 2.69 | 1.52 |
| Asset Turnover | — | 0.10 | 0.10 | 0.06 | 0.07 | 0.09 | 0.08 | 0.18 | 0.13 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 24.38 | 31.82 | 207.49 | 17.29 | 45.57 | 49.30 | 78.92 | 1629.31 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $83M | $69M | $50M | $49M | $46M | $43M | $43M | $42M |
Clinical trial funding dependency
Based on reported figures, C4 Therapeutics trades at a price-to-sales ratio of 10.12, which appears to heavily discount the company's future clinical success while simultaneously pricing in the significant risk of dilutive equity financing required to sustain its current research-heavy, pre-commercial operating model.
The valuation multiple is largely untethered from traditional earnings metrics, as the company remains in a deep loss-making phase. Investors should monitor whether this premium over book value is justified by the perceived probability of success for the TORPEDO platform or if it represents an overvaluation relative to peers with more mature clinical pipelines.
According to recent financial statements, the company's ROIC has consistently languished in negative territory, reaching -8.8% in 2026Q1, which underscores the structural challenge of generating returns on invested capital while the firm remains entirely dependent on milestone-based revenue rather than sustainable product sales.
The persistent negative ROIC suggests that the capital deployed into the TORPEDO platform has yet to yield a return that exceeds the cost of capital. This trend warrants further investigation into whether management can improve capital efficiency through more selective program prioritization or if the current R&D intensity will continue to erode shareholder value.
As reported in financial statements, the company's asset turnover ratio remains exceptionally low at 0.02, reflecting a business model that is currently focused on intellectual property development rather than the efficient utilization of physical assets to generate recurring revenue streams.
The erratic nature of the company's DSO, which has fluctuated significantly over the last ten quarters, suggests that cash conversion is highly sensitive to the timing of milestone payments from partners. This lack of operational consistency makes it difficult to forecast cash inflows and highlights the company's reliance on external funding to bridge the gap between research milestones.
Based on reported figures, the company's current ratio of 9.00 in 2026Q1 appears superficially strong, yet this metric is misleading as it masks the high rate of cash burn required to fund clinical trials, which may necessitate further capital raises within the next twelve months.
While the current ratio suggests an ability to cover short-term obligations, the rapid decline in cash and equivalents indicates that the company's liquidity position is under significant pressure. Investors should monitor the cash runway closely, as the current burn rate may force management to seek dilutive financing before reaching critical clinical data readouts.
As indicated by the reported 70.7% gross margin in 2026Q1, investors often misinterpret this figure as a sign of operational profitability, failing to recognize that it is merely an accounting artifact of milestone recognition rather than a reflection of sustainable, scalable commercial margins.
This metric obscures the massive R&D expenditures that are excluded from the cost of goods sold but are essential to the company's survival. Analysts should instead focus on cash burn per clinical program to gain a more accurate understanding of the company's true economic viability and its long-term funding requirements.
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Quick answers to the most common questions about buying CCCC stock.
C4 Therapeutics, Inc.'s current P/E ratio is -3.4x. This places it at the 50th percentile of its historical range.
C4 Therapeutics, Inc.'s return on equity (ROE) is -44.4%. The historical average is -46.8%.
Based on historical data, C4 Therapeutics, Inc. is trading at a P/E of -3.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
C4 Therapeutics, Inc. has 77.8% gross margin and -290.7% operating margin.