Latest Ratios: P/E Ratio -4.5x · EV/EBITDA N/A · ROE -565.3%. (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 | $1.9B | $645M | $255M | $446M | $341M | $884M | $1.7B | — | — |
| Enterprise Value | $1.7B | $517M | $122M | $259M | $199M | $614M | $1.5B | — | — |
| P/E Ratio → | -4.46 | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — |
| P/B Ratio | — | — | 1.65 | 1.98 | 1.88 | 3.11 | 8.71 | — | — |
| 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 | — | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -565.3% | -565.3% | -81.5% | -58.2% | -39.3% | -29.8% | -59.3% | -230.2% | — |
| ROA | -135.8% | -135.8% | -63.4% | -50.1% | -36.7% | -28.4% | -51.6% | -66.7% | -50.1% |
| ROIC | — | — | -442.5% | -261.3% | -302.3% | -594.0% | -714.4% | -342.3% | — |
| ROCE | -251.8% | -251.8% | -81.7% | -62.5% | -47.2% | -34.5% | -50.5% | -128.1% | -50.9% |
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 | — | — | 0.21 | 0.15 | 0.01 | 0.01 | — | 2.48 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | -0.86 | -0.83 | -0.78 | -0.95 | -0.97 | -0.46 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -63.28 | -63.28 | -33.28 | -52.40 | — | — | — | — | — |
Net cash position: cash ($150M) exceeds total debt ($21M)
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 | 0.77 | 0.77 | 5.92 | 13.33 | 12.29 | 19.55 | 29.36 | 1.35 | 14.24 |
| Quick Ratio | 0.77 | 0.77 | 5.92 | 13.33 | 12.29 | 19.55 | 29.36 | 1.35 | 13.72 |
| Cash Ratio | 0.60 | 0.60 | 4.85 | 11.23 | 9.18 | 18.09 | 27.60 | 1.05 | 12.41 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.0% | 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% | — | — |
| Shares Outstanding | — | $94M | $67M | $51M | $42M | $40M | $36M | $22M | $6M |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CMPS stock.
COMPASS Pathways plc's current P/E ratio is -4.5x. This places it at the 50th percentile of its historical range.
COMPASS Pathways plc's return on equity (ROE) is -565.3%. The historical average is -83.1%.
Based on historical data, COMPASS Pathways plc is trading at a P/E of -4.5x. 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
Cash burn sustainability
Metrics are mathematically derived from official filings.
Negative Margins Reflect Pre-Revenue Stage
CMPS remains pre-revenue with no gross margin, and operating losses widened to $52.4M in 2026Q2, according to the latest quarterly report. Net margin is deeply negative, reflecting escalating R&D and SG&A costs.
The absence of revenue renders traditional margin metrics inapplicable; instead, the focus is on the magnitude of operating losses relative to cash burn. Operating losses have grown from $38.6M in 2024Q1 to $52.4M in 2026Q2, a 36% increase, indicating that spending is accelerating faster than any potential future revenue ramp. The 2026Q2 net loss spike to $253.8M, driven by non-operating items, distorts the underlying profitability picture, but the core operating trend remains a widening loss profile.
ROIC Deeply Negative, No Capital Efficiency
ROIC has been consistently negative, worsening from -85.5% in 2024Q1 to -179.6% in 2024Q4, as per reported figures. This indicates that the company is destroying capital at an accelerating rate, with no revenue to offset investment.
The negative ROIC is expected for a clinical-stage biotech, but the magnitude and trend are concerning. The improvement in 2026Q1 (ROE of 66.6%) is an anomaly driven by a non-operating gain, not operational improvement. The underlying trend is one of increasing capital consumption, with cumulative losses exceeding $570M over the past ten quarters. Investors should monitor whether future financing rounds can sustain the pipeline without further diluting existing shareholders.
Asset-Light Model, Working Capital Volatile
CMPS's asset turnover is not calculable due to zero revenue, but the balance sheet shows minimal fixed assets, with PPE declining to zero in 2026Q2. Working capital swings are erratic, as per cash flow data, indicating timing effects in payables and receivables.
The company's efficiency is best measured by its cash burn relative to clinical milestones, not traditional turnover ratios. The erratic working capital changes, ranging from +$13.9M to -$17.6M, suggest that the company is not managing its working capital tightly, but this is secondary to the overarching cash burn. The asset-light model means that efficiency improvements would come from reducing operating expenses, not from optimizing inventory or receivables.
Debt Surge Raises Refinancing Risk
Total debt spiked from $2.8M in 2026Q1 to $54.6M in 2026Q2, pushing D/E from 0.01 to 0.65, as reported in the balance sheet. Interest coverage is deeply negative, indicating that operating losses far exceed any interest expense.
The sudden increase in debt is a red flag, especially given the company's negative cash flow. While the debt may be convertible or strategic, the D/E ratio of 0.65 is high for a pre-revenue biotech, and the negative interest coverage (-169.91 in 2026Q2) suggests that the company cannot service its debt from operations. This leverage could constrain future financing options and increase the risk of distress if additional capital is not raised.
Cash Buffer Shrinks Amid Accelerating Burn
Cash decreased from $466.0M in 2026Q1 to $433.3M in 2026Q2, while the current ratio fell from 3.32 to 1.30, based on reported figures. This suggests a rapidly weakening liquidity position.
The current ratio of 1.30 is still above 1, but the trend is concerning. The quick ratio equals the current ratio, indicating that inventory is not a factor, which is typical for a biotech. However, the cash burn of $88.2M in 2026Q2 implies a runway of only about five quarters at the current pace, assuming no additional capital raises. The company may need to secure new financing or cut spending to avoid a liquidity crunch.
Misapplied Metric: P/E Ratio
The P/E ratio is meaningless for CMPS because it has no earnings; the negative P/E of -4.49 is uninformative. Instead, investors should focus on cash burn and runway, as per the cash flow statement.
For pre-revenue biotechs, the P/E ratio is often misapplied because it fails to capture the value of the pipeline. A more appropriate metric is the enterprise value to invested capital or the cash runway, which indicates how long the company can operate before needing additional funding. The negative P/E also obscures the fact that the company's value is derived from its clinical assets, not current profitability. Investors should use EV/Invested Capital or price-to-tangible book value, but even these are limited without revenue.