Latest Ratios: P/E Ratio -3.7x · EV/EBITDA N/A · ROE -158.8%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $115M | $83M | $92M | $54M | $32M | $80M | $65M | $91M | — | — |
| Enterprise Value | $100M | $62M | $61M | $20M | $-11893468 | $-3819276 | $51M | $85M | — | — |
| P/E Ratio → | -3.75 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | 1284.18 | — | — | — | — |
| P/B Ratio | 7.11 | 4.64 | 3.70 | 1.92 | 0.83 | 1.05 | 4.90 | 6.22 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | -61.34 | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | -179.9% | — | — | — | — |
| Operating Margin | — | — | — | — | — | -49092.4% | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | -40170.9% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -158.8% | -158.8% | -138.5% | -63.6% | -39.8% | -55.9% | -116.0% | -57.1% | -126.5% | -58.2% |
| ROA | -121.9% | -121.9% | -107.0% | -51.5% | -34.1% | -48.2% | -103.2% | -52.5% | -113.9% | -51.6% |
| ROIC | — | — | — | — | — | — | -333.3% | -119.1% | -170.6% | -173.4% |
| ROCE | -160.3% | -160.3% | -151.2% | -67.2% | -53.1% | -68.2% | -115.2% | -58.3% | -57.8% | -52.2% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.07 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.19 | -1.23 | -1.23 | -1.14 | -1.10 | -1.05 | -0.46 | -0.74 | -0.76 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | -16992.07 | -9.92 | -25.79 |
Net cash position: cash ($21M) exceeds total debt ($125523)
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.16 | 4.16 | 4.52 | 4.36 | 6.27 | 7.53 | 5.94 | 20.81 | 11.22 | 14.06 |
| Quick Ratio | 4.16 | 4.16 | 4.52 | 4.36 | 6.27 | 7.53 | 5.80 | 11.83 | 8.26 | 14.06 |
| Cash Ratio | 3.79 | 3.79 | 4.36 | 4.21 | 6.07 | 7.25 | 5.57 | 10.07 | 7.81 | 13.34 |
| Asset Turnover | — | — | — | — | — | 0.00 | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | 0.50 | 0.02 | 0.01 | — |
| Days Sales Outstanding | — | — | — | — | — | 385.35 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $87M | $72M | $64M | $63M | $43M | $30M | $26M | $24M | $23M |
Clinical trial liquidity constraints
According to current market data, Cardiol Therapeutics trades at a price-to-book ratio of 7.18, which suggests that investors are pricing the company based on the potential of its pipeline rather than its tangible asset base or current lack of commercial revenue.
The elevated P/B ratio relative to the broader biotech sector indicates that the market assigns significant option value to the MAVERIC and ARCHER clinical programs. Investors should monitor whether this valuation premium holds as the company approaches critical data readouts, as any clinical setback could lead to a rapid compression of these multiples.
As reported in financial statements, the company's current ratio has fluctuated between 2.39 and 4.52 over the last ten quarters, reflecting a volatile liquidity position that remains highly sensitive to the timing of capital raises and the ongoing cash burn from clinical trial operations.
While the current ratio appears superficially healthy, it masks the reality that these assets are almost entirely consumed by R&D obligations. The lack of revenue means that the company's ability to maintain this liquidity is entirely dependent on external financing, which warrants caution regarding potential future dilution.
Based on the provided financial data, Cardiol Therapeutics maintains a negligible debt-to-equity ratio of approximately 0.01, which demonstrates a strategic decision to avoid the burden of interest payments and restrictive covenants during the high-risk, pre-revenue phase of its drug development lifecycle.
This conservative capital structure is appropriate for a clinical-stage entity, as it avoids the risk of insolvency during periods of trial-related cash outflows. However, the reliance on equity financing to fund operations means that while the balance sheet is free of debt, it remains highly susceptible to share price volatility.
Investors frequently misapply traditional profitability ratios like P/E or net margin to Cardiol Therapeutics, which obscures the company's true operational status as a pre-revenue clinical-stage entity that is currently prioritizing R&D investment over near-term earnings generation.
Using P/E ratios for a company with no revenue and persistent net losses is fundamentally flawed and provides no insight into the business's health. Analysts should instead focus on 'months of liquidity' and 'burn-to-milestone' metrics to better assess the company's ability to reach its next clinical catalyst without requiring additional dilutive capital.
Includes 30+ ratios · 9 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CRDL stock.
Cardiol Therapeutics Inc.'s current P/E ratio is -3.7x. This places it at the 50th percentile of its historical range.
Cardiol Therapeutics Inc.'s return on equity (ROE) is -158.8%. The historical average is -90.5%.
Based on historical data, Cardiol Therapeutics Inc. is trading at a P/E of -3.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.