Latest Ratios: P/E Ratio -14.9x · EV/EBITDA N/A · ROE -73.7%. (2015–2025 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 | $6.5B | $2.4B | $810M | $468M | $679M | $332M | $124M | $22M | $110M | — | — |
| Enterprise Value | $6.5B | $2.3B | $729M | $434M | $559M | $116M | $-112540484 | $-9446164 | $54M | — | — |
| P/E Ratio → | -14.94 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | 15.81 | 0.98 | 11.25 | — | — |
| P/B Ratio | 4.05 | 3.77 | 3.16 | 1.82 | 2.66 | 1.55 | 0.53 | 0.69 | 1.82 | — | — |
| 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 | — | — | — | — | — | — | -14.30 | -0.42 | 5.53 | — | — |
| 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 | — | — | — | — | — | — | -227.0% | 99.8% | 100.0% | 100.0% | 100.0% |
| Operating Margin | — | — | — | — | — | — | -1044.3% | -143.0% | -369.9% | -312.8% | -300.1% |
| Net Profit Margin | — | — | — | — | — | — | -950.4% | -134.6% | -354.8% | -304.9% | -285.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -73.7% | -73.7% | -99.5% | -74.9% | -59.7% | -32.2% | -56.2% | -65.8% | -78.0% | -63.2% | -29.7% |
| ROA | -52.0% | -52.0% | -79.8% | -62.6% | -52.6% | -29.9% | -49.8% | -44.7% | -51.1% | -40.9% | -21.3% |
| ROIC | -66.4% | -66.4% | -103.7% | -87.0% | -166.5% | — | — | -978.5% | -1174.6% | -353.3% | — |
| ROCE | -58.2% | -58.2% | -100.8% | -75.8% | -60.5% | -33.4% | -60.0% | -66.2% | -72.8% | -49.9% | -24.7% |
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 | 0.40 | 0.40 | 0.07 | 0.07 | 0.08 | 0.01 | 0.02 | 0.19 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.09 | -0.31 | -0.13 | -0.47 | -1.01 | -1.01 | -0.99 | -0.92 | -1.00 | -0.79 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -108.87 | -108.87 | — | — | -37.06 | — | — | — | — | — | — |
Net cash position: cash ($312M) exceeds total debt ($253M)
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 | 14.23 | 14.23 | 5.32 | 7.09 | 9.87 | 13.04 | 18.70 | 3.06 | 3.25 | 3.79 | 7.98 |
| Quick Ratio | 14.23 | 14.23 | 5.32 | 7.09 | 9.87 | 13.04 | 18.70 | 3.06 | 3.25 | 3.78 | 7.98 |
| Cash Ratio | 14.08 | 14.08 | 5.15 | 6.96 | 9.66 | 12.86 | 18.50 | 2.82 | 3.15 | 3.66 | 7.84 |
| Asset Turnover | — | — | — | — | — | — | 0.03 | 0.46 | 0.11 | 0.17 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | 32.45 | 62.55 | 36.24 | 53.30 |
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% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $68M | $104M | $80M | $59M | $39M | $11M | $8M | $6M | $7M | $7M |
Clinical trial execution failure
According to current market data, Cogent Biosciences trades at a price-to-book ratio of 4.05, which suggests that investors are pricing the firm based on the long-term probability of clinical success rather than any near-term earnings, as the company remains pre-revenue and deeply unprofitable in its current stage.
The P/B multiple of 4.05 indicates a significant premium over tangible assets, reflecting the market's valuation of the company's intellectual property and the potential of bezuclastinib. This valuation appears to be highly sensitive to clinical trial outcomes, as the lack of commercial revenue makes traditional P/E or EV/EBITDA metrics inapplicable for assessing fundamental value.
Based on reported figures, Cogent Biosciences has experienced a significant decline in ROIC, which reached -13.1% in 2026Q1, illustrating the heavy capital consumption required to fund clinical trials before the company has established a commercial footprint or generated any meaningful operational returns on its invested capital.
The persistent negative ROIC trend highlights the inherent challenge of biotech firms that must deploy massive capital into R&D without immediate revenue offsets. Investors should monitor whether these returns begin to stabilize as the company approaches potential regulatory milestones, as current figures reflect a period of maximum capital intensity.
As reported in financial statements, the company maintains a current ratio of 15.14 as of 2026Q1, providing a substantial liquidity cushion that appears sufficient to fund the current pace of R&D activities through the next series of critical data readouts for the bezuclastinib clinical pipeline.
This high current ratio is a direct result of recent capital raises, which have significantly de-risked the balance sheet in the near term. While this provides a comfortable buffer, the rapid depletion of cash through clinical trial expenditures warrants ongoing monitoring to ensure the company does not face liquidity constraints before reaching commercialization.
As indicated by peer comparison data, Cogent Biosciences' valuation metrics, including its P/B ratio, remain aligned with other clinical-stage oncology firms like Kymera Therapeutics, suggesting that the market applies a similar risk-adjusted discount to companies that are still navigating the high-stakes transition from clinical development to commercialization.
The valuation gap between Cogent and its peers appears to be structural, reflecting the specific execution risks associated with the KIT-inhibitor market. Investors should note that while Cogent's balance sheet is currently healthy, its market positioning remains highly dependent on its ability to differentiate its clinical data from established incumbents.
The price-to-book ratio is frequently misapplied to Cogent Biosciences, as it obscures the reality that the company's true value resides in intangible clinical assets rather than the physical assets typically captured on the balance sheet, rendering traditional book value metrics largely irrelevant for assessing long-term potential.
Investors should instead focus on metrics like cash runway and the probability-weighted net present value of the pipeline. Relying on P/B ratios may lead to an underestimation of the company's potential if the market fails to account for the significant value of the bezuclastinib intellectual property.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying COGT stock.
Cogent Biosciences, Inc.'s current P/E ratio is -14.9x. This places it at the 50th percentile of its historical range.
Cogent Biosciences, Inc.'s return on equity (ROE) is -73.7%. The historical average is -58.4%.
Based on historical data, Cogent Biosciences, Inc. is trading at a P/E of -14.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.