Latest Ratios: P/E Ratio -8.0x · EV/EBITDA N/A · ROE -40.6%. (1996–2025 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 | $2.1B | $1.8B | $1.6B | $1.9B | $2.1B | $1.7B | $519M | $32M | $31M | $365M | $359M |
| Enterprise Value | $2.0B | $1.8B | $1.6B | $1.9B | $2.1B | $1.6B | $479M | $25M | $12M | $331M | $317M |
| P/E Ratio → | -7.98 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1380.45 | 1204.09 | 231.80 | 279.16 | 886.63 | 356.16 | 70.00 | 9.05 | 3.28 | 28.65 | 52.96 |
| P/B Ratio | 3.93 | 3.43 | 2.18 | 4.48 | 6.41 | 3.95 | 2.48 | 0.34 | 0.25 | 1.54 | 1.35 |
| 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1186.40 | 228.31 | 274.48 | 875.86 | 348.40 | 64.56 | 6.93 | 1.21 | 26.00 | 46.71 |
| 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | -2229.8% | -1614.5% | -3389.9% | -1046.2% | -473.4% | -1094.3% | -596.7% | -654.7% | -1403.5% |
| Operating Margin | -19160.0% | -19160.0% | -2778.9% | -2245.3% | -4889.0% | -1531.8% | -854.1% | -1540.2% | -1640.1% | -953.7% | -1958.7% |
| Net Profit Margin | -17253.3% | -17253.3% | -2248.8% | -2054.8% | -4765.6% | -1516.0% | -805.9% | -1424.0% | -1585.1% | -730.1% | -1894.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -40.6% | -40.6% | -26.8% | -37.4% | -30.1% | -22.4% | -39.4% | -46.7% | -83.9% | -37.1% | -46.3% |
| ROA | -37.6% | -37.6% | -25.1% | -34.6% | -28.2% | -20.7% | -33.3% | -36.5% | -64.1% | -26.6% | -35.7% |
| ROIC | -35.2% | -35.2% | -26.1% | -33.2% | -25.3% | -19.3% | -37.2% | -43.3% | -76.5% | -42.8% | -44.8% |
| ROCE | -44.7% | -44.7% | -32.9% | -40.2% | -30.2% | -21.9% | -38.1% | -43.2% | -72.6% | -38.2% | -40.6% |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.04 | 0.04 | 0.03 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.05 | -0.03 | -0.08 | -0.08 | -0.09 | -0.19 | -0.08 | -0.16 | -0.14 | -0.16 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($29M) 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.49 | 10.49 | 18.91 | 13.87 | 17.07 | 24.86 | 13.93 | 5.73 | 7.86 | 5.22 | 5.55 |
| Quick Ratio | 10.49 | 10.49 | 18.91 | 13.87 | 17.07 | 24.86 | 13.93 | 5.73 | 7.86 | 5.22 | 5.55 |
| Cash Ratio | 10.17 | 10.17 | 18.36 | 13.55 | 16.39 | 24.70 | 13.69 | 5.51 | 7.46 | 5.03 | 5.39 |
| Asset Turnover | — | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.03 | 0.06 | 0.04 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 490.32 | 36.40 | 240.12 | 53.74 | 13.50 | 88.67 | 124.12 | 121.00 | 53.85 | 95.96 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | $67M | $64M | $48M | $47M | $43M | $30M | $15M | $10M | $9M | $7M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying CLDX stock.
Celldex Therapeutics, Inc.'s current P/E ratio is -8.0x. This places it at the 50th percentile of its historical range.
Celldex Therapeutics, Inc.'s return on equity (ROE) is -40.6%. The historical average is -74.2%.
Based on historical data, Celldex Therapeutics, Inc. is trading at a P/E of -8.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Celldex Therapeutics, Inc. has 100.0% gross margin and -19160.0% operating margin.
Key Metrics
Top Statement Risk
Cash runway insufficient
Metrics are mathematically derived from official filings.
Liquidity Buffer Shrinks Rapidly
Current ratio remains high at 11.82 in 2026Q2, but with quarterly operating outflows exceeding $60M, the reported $47.5M cash position suggests less than one quarter of runway, per financial statements.
The current ratio of 11.82 appears robust, yet it is misleading because the asset base is dominated by cash and investments that are being consumed at an accelerating pace. The quick ratio equals the current ratio, indicating no inventory dependence, but the rapid decline from 31.77 in 2024Q1 to 11.82 in 2026Q2 reflects the erosion of the liquidity cushion. Given the Phase 3 trial costs, the liquidity position appears precarious, and the company may need to access capital markets imminently.
Minimal Debt Masks Equity Reliance
Debt-to-equity is negligible at 0.01, but the company's funding model relies almost entirely on equity issuance, as reported in balance sheet data, with cumulative losses exceeding $2.0B.
The near-zero leverage suggests no debt service risk, but it also indicates that the company has no debt cushion to fund operations. The reliance on equity financing is evident from the negative retained earnings of -$2.0B, which have been offset by repeated capital raises. This structure implies that any future funding will likely be dilutive, and the absence of interest coverage data reflects the lack of debt. Investors should monitor the pace of equity issuance, as it directly impacts per-share value.
Working Capital Swings Reflect Trial Timing
Asset turnover is near zero at 0.00, and DSO spiked to 951 days in 2026Q2, indicating that revenue recognition is sporadic and not indicative of operational efficiency, per reported figures.
The extreme DSO figures, ranging from 34 to 6,735 days, highlight the project-based nature of revenue, which is tied to milestone payments rather than ongoing product sales. The cash conversion cycle is not calculable due to missing DIO and DPO data, but the erratic working capital changes, swinging from -$19.3M to +$8.5M, suggest that cash flows are heavily influenced by the timing of CRO payments and trial-related liabilities. This makes traditional efficiency metrics meaningless for a clinical-stage biotech.
Returns Decay as Phase 3 Burn Accelerates
ROIC deteriorated from -5.4% in 2024Q1 to -11.1% in 2026Q2, reflecting the escalating capital consumption of Phase 3 trials, as reported in financial statements, with no sign of near-term inflection.
The negative ROIC trend indicates that the company is not generating returns on its invested capital, and the decline is driven by expanding operating losses rather than asset growth. The ROE of -12.6% in 2026Q2 is less negative than peers like Immunovant (-69.6%), but this is due to a larger equity base from recent raises, not operational improvement. The return on capital is unlikely to turn positive until barzolvolimab reaches commercialization, which is several years away, and the market is pricing in a high probability of success.
Margins Distorted by Milestone Mix
Gross margin swung from 100% in 2026Q2 to -55.9% in 2026Q1, reflecting erratic collaboration revenue recognition, while operating margin remained deeply negative at -3,664.7%, per reported figures.
The gross margin volatility is a function of the sporadic recognition of licensing and milestone fees, which have no associated cost of goods sold, versus quarters where R&D costs are allocated to COGS. The operating margin of -3,664.7% in 2026Q2 underscores that the company's cost structure is entirely fixed R&D and G&A, with no product revenue to offset. This makes traditional profitability metrics uninformative; the true measure of financial health is the cash burn rate relative to the cash balance.
P/S Ratio Misleads in Pre-Commercial Biotech
The price-to-sales ratio of 1,860.86 is meaningless for a company with $1.5M in revenue, as it reflects milestone income, not sustainable demand, and obscures the real value driver: clinical trial outcomes.
For clinical-stage biotechs, P/S is commonly misapplied because revenue is not indicative of future earning power; it is often a one-time collaboration payment. The appropriate metric is the enterprise value relative to the probability-adjusted net present value of the pipeline, or simply the cash runway and expected dilution. The market's valuation of CLDX is based on barzolvolimab's potential in CSU and other indications, not on current sales. Investors should focus on the cash burn rate and the likelihood of successful Phase 3 data, rather than revenue multiples.