Latest Ratios: P/E Ratio -31.7x · EV/EBITDA N/A · ROE -25.6%. (1997–2025 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 | $521M | $393M | $284M | $389M | $644M | $1.2B | $1.1B | $590M | $668M | $366M | $443M |
| Enterprise Value | $598M | $470M | $362M | $474M | $696M | $1.2B | $1.2B | $620M | $669M | $382M | $440M |
| P/E Ratio → | -31.71 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.53 | 1.90 | 1.58 | 2.49 | 3.98 | 8.91 | 12.34 | 7.90 | 10.96 | 8.40 | 11.91 |
| P/B Ratio | 7.63 | 6.04 | 5.00 | 7.29 | 9.40 | 13.62 | 10.93 | 10.34 | 7.90 | 9.39 | 7.67 |
| P/FCF | 61.13 | 46.07 | 33.35 | — | — | — | — | — | — | — | — |
| P/OCF | 45.86 | 34.56 | 25.02 | — | — | — | — | — | — | — | — |
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 | — | 2.28 | 2.01 | 3.03 | 4.30 | 9.21 | 12.67 | 8.30 | 10.98 | 8.77 | 11.83 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 55.11 | 42.49 | — | — | — | — | — | — | — | — |
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 | 53.5% | 53.5% | 55.2% | 55.3% | 53.7% | 51.5% | 55.2% | 55.2% | 48.1% | 48.3% | 45.4% |
| Operating Margin | -17.6% | -17.6% | -7.9% | -19.2% | -21.0% | -37.4% | -63.5% | -88.7% | -90.3% | -132.0% | -165.3% |
| Net Profit Margin | -7.6% | -7.6% | -11.6% | -24.0% | -26.4% | -41.6% | -65.1% | -95.4% | -94.5% | -139.1% | -169.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -25.6% | -25.6% | -37.9% | -61.5% | -55.5% | -57.4% | -74.4% | -100.6% | -93.3% | -125.3% | -82.5% |
| ROA | -7.4% | -7.4% | -10.5% | -18.0% | -18.8% | -23.7% | -30.9% | -43.3% | -44.0% | -60.1% | -51.8% |
| ROIC | -19.7% | -19.7% | -7.8% | -17.5% | -20.9% | -28.4% | -39.7% | -57.7% | -58.7% | -78.7% | -93.8% |
| ROCE | -28.1% | -28.1% | -10.6% | -26.0% | -26.2% | -30.5% | -42.2% | -58.6% | -59.2% | -75.8% | -63.3% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.49 | 1.49 | 1.72 | 1.80 | 1.27 | 1.02 | 0.64 | 1.13 | 0.35 | 0.77 | 0.34 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 1.19 | 1.37 | 1.58 | 0.75 | 0.45 | 0.29 | 0.52 | 0.01 | 0.41 | -0.06 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 9.03 | 9.13 | — | — | — | — | — | — | — | — |
| Interest Coverage | -0.83 | -0.83 | -1.34 | -3.45 | -6.26 | -9.98 | -14.90 | -11.05 | -13.31 | -17.76 | -24.66 |
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 | 1.73 | 1.73 | 2.39 | 2.14 | 1.45 | 2.38 | 3.06 | 2.55 | 2.79 | 3.89 | 3.50 |
| Quick Ratio | 1.17 | 1.17 | 1.79 | 1.55 | 1.21 | 2.04 | 2.67 | 2.16 | 2.53 | 3.26 | 3.03 |
| Cash Ratio | 0.82 | 0.82 | 1.26 | 0.98 | 0.87 | 1.65 | 2.23 | 1.70 | 2.23 | 2.62 | 2.66 |
| Asset Turnover | — | 0.93 | 0.90 | 0.79 | 0.74 | 0.55 | 0.42 | 0.45 | 0.37 | 0.44 | 0.36 |
| Inventory Turnover | 1.71 | 1.71 | 2.12 | 1.75 | 2.58 | 2.37 | 1.77 | 1.71 | 2.34 | 1.56 | 1.62 |
| Days Sales Outstanding | — | 53.78 | 60.29 | 82.87 | 77.54 | 70.09 | 84.05 | 82.55 | 52.45 | 104.01 | 67.42 |
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 | 1.6% | 2.2% | 3.0% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $191M | $185M | $180M | $177M | $171M | $164M | $140M | $132M | $108M | $102M |
Includes 30+ ratios · 29 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 CERS stock.
Cerus Corporation's current P/E ratio is -31.7x. The historical average is 18.5x.
Cerus Corporation's return on equity (ROE) is -25.6%. The historical average is -77.8%.
Based on historical data, Cerus Corporation is trading at a P/E of -31.7x. Compare with industry peers and growth rates for a complete picture.
Cerus Corporation has 53.5% gross margin and -17.6% operating margin.
Key Metrics
Top Statement Risk
Persistent cash burn despite revenue growth
Metrics are mathematically derived from official filings.
Valuation Reflects Growth, Not Profitability
Cerus trades at a P/S of 2.50 and a P/FCF of 60.43, indicating the market is pricing in future revenue growth rather than current earnings, as the company remains unprofitable with a negative P/E of -31.34.
The forward EV/EBITDA of 299.88 suggests the market anticipates a significant improvement in EBITDA, but the current negative earnings make traditional valuation metrics less meaningful. The P/B of 7.54 is elevated relative to peers, reflecting the market's focus on the company's intellectual property and growth potential rather than its tangible asset base. Investors are essentially paying for the option on future profitability, which remains unproven.
Gross Margin Volatility Undermines Path to Profitability
Gross margins have fluctuated between 51.4% and 58.8% over the past ten quarters, with the most recent quarter at 51.4%, while operating margins remain deeply negative, indicating that cost of goods sold and operating expenses are not yet scaling efficiently with revenue.
The volatility in gross margin suggests potential pricing pressure or an unfavorable product mix as the company scales, which is critical for a medical device firm aiming for operating leverage. Operating margins have been consistently negative, ranging from -0.6% to -26.5%, showing that R&D and SG&A expenses are consuming a disproportionate share of revenue. This pattern indicates that true earning power is currently masked by high investment spending, and profitability is contingent on achieving greater scale.
Negative Returns Persist Despite Revenue Acceleration
ROIC has been negative in 8 of the last 10 quarters, with the most recent reading at -1.2%, indicating that the company is destroying value on invested capital even as revenue growth accelerates to 38.5% year-over-year.
The negative ROIC trend, which improved from -4.5% in Q1 2024 to -1.2% in Q2 2026, suggests that while the company is generating more revenue per dollar of capital, it is not yet translating that into positive returns. This is driven by persistent negative operating margins and a high cost structure. The ROE is also negative, reflecting the cumulative losses that have eroded shareholder equity, and the company is not yet compounding value for investors.
Working Capital Swings Obscure Operational Efficiency
The cash conversion cycle has been volatile, ranging from 122 to 173 days, with a significant swing from 145 days in Q1 2026 to data unavailable in Q2 2026, indicating inconsistent working capital management that impacts cash flow predictability.
Days inventory outstanding has remained high, often exceeding 200 days, which suggests potential inefficiencies in inventory management or a strategic build-up to support growth. Days sales outstanding has been stable around 45-50 days, indicating reasonable collection efficiency from customers. The volatility in the cash conversion cycle, driven by large swings in accounts payable and inventory, is a key driver of operating cash flow volatility and makes it difficult to assess the underlying efficiency of the business model.
Deleveraging Improves Profile Amidst Negative Coverage
The debt-to-equity ratio has improved significantly from 2.01 in Q1 2024 to 0.59 in Q2 2026, but interest coverage remains negative at -0.99, indicating that operating income is insufficient to cover interest expenses.
The reduction in leverage is a positive development, as total debt has been cut by more than half, reducing refinancing risk. However, the negative interest coverage ratio suggests that the company is still reliant on external financing or cash reserves to service its debt, which is not sustainable long-term. The improvement in the balance sheet is a strategic priority, but it must be paired with a path to positive operating income to ensure the debt reduction is not merely consuming cash that could otherwise fund growth.
P/E Ratio Misleads on a Cash-Burning Growth Story
The P/E ratio of -31.34 is the most commonly misapplied metric for Cerus, as it is meaningless for a company with negative earnings and obscures the more relevant valuation based on revenue growth and future profitability potential.
For a pre-profit, high-growth medical device company like Cerus, the P/E ratio is not a useful valuation tool because it is negative and does not reflect the company's growth trajectory or its investment in future earnings. A more appropriate metric is the P/S ratio of 2.50, which should be evaluated in the context of the company's 38.5% revenue growth rate and its path to profitability. Investors should focus on metrics like EV/Sales and the implied growth rate in the forward EV/EBITDA multiple to assess whether the valuation is justified by the company's commercial progress.