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CTMXCytomX Therapeutics, Inc.
$3.74$601M
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  4. Financial Ratios

CytomX Therapeutics, Inc. (CTMX) Financial Ratios

Latest Ratios: P/E Ratio -24.9x · EV/EBITDA N/A · ROE -35.2%. (2013–2025 historical series)

Income StatementBalance SheetCash FlowRatios
AnnualQuarterly

CTMX Valuation Multiples

Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Market Cap$601M$588M$87M$114M$105M$278M$302M$377M$629M$785M$398M
Enterprise Value$593M$579M$59M$111M$-70409250$94M$135M$216M$382M$607M$294M
P/E Ratio →-24.93—2.71————————
P/S Ratio7.897.710.631.131.987.444.426.5510.5710.9526.47
P/B Ratio5.215.93—————7.374.8111.235.07
P/FCF——————102.46——4.65—
P/OCF——————57.47——4.61—

P/E links to full P/E history page with 30-year chart

CTMX EV Ratios

Enterprise-value multiples — capital-structure-neutral measures of total business value

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
EV / Revenue—7.600.421.10-1.322.521.983.766.418.4819.52
EV / EBITDA——2.19————————
EV / EBIT——2.35————————
EV / FCF——————45.85——3.60—

CTMX Profitability

Margins and return-on-capital ratios measuring operating efficiency

Margins

Full margin charts and quarterly trend are on the Earnings History page

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Gross Margin100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Operating Margin-29.3%-29.3%18.1%-6.4%-190.6%-311.0%-117.7%-192.9%-130.9%-64.6%-396.1%
Net Profit Margin-22.8%-22.8%23.1%-0.6%-186.8%-310.5%-94.7%-177.8%-142.2%-60.2%-391.5%

Return on Capital

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
ROE-35.2%-35.2%————-299.1%-112.4%-84.3%-58.1%-57.6%
ROA-12.8%-12.8%19.8%-0.2%-33.1%-33.2%-18.5%-25.6%-19.8%-14.4%-29.7%
ROIC-54.6%-54.6%————————-223.0%
ROCE-32.0%-32.0%62.0%-8.4%-54.8%-42.0%-29.5%-36.1%-22.4%-18.5%-34.6%

CTMX Leverage & Debt

Solvency and debt-coverage ratios — lower is generally safer

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Debt / Equity0.040.04—————0.54———
Debt / EBITDA——0.35————————
Net Debt / Equity—-0.09—————-3.14-1.89-2.54-1.33
Net Debt / EBITDA——-1.07————————
Debt / FCF——————-56.61——-1.05—
Interest Coverage——————————-33.88

Net cash position: cash ($13M) exceeds total debt ($4M)

CTMX Liquidity & Efficiency

Short-term solvency ratios and asset-utilisation metrics

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Current Ratio3.093.091.251.171.553.984.763.544.556.365.26
Quick Ratio3.093.091.251.171.553.984.763.544.556.365.26
Cash Ratio2.942.941.171.121.273.924.643.464.456.125.09
Asset Turnover—0.501.150.500.200.110.190.170.130.180.08
Inventory Turnover———————————
Days Sales Outstanding—9.648.2012.38247.077.734.260.080.5951.6756.12

CTMX Shareholder Yields

Earnings, FCF, buyback, and dividend yields — total returns to shareholders

Dividends

Full dividend history and growth charts are on the Dividend History page

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Dividend Yield———————————
Payout Ratio———————————

Total Shareholder Return Metrics

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Earnings Yield——36.9%————————
FCF Yield——————1.0%——21.5%—
Buyback Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Total Shareholder Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Shares Outstanding—$138M$85M$74M$66M$64M$46M$45M$42M$37M$36M

Key Metrics

Growth RegimeContracting
ProfitabilityNegative
Balance SheetVulnerable
Cash FlowBurning
Top Statement Risk

Critical liquidity and dilution

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Speculative Premium Amidst Revenue Contraction

According to current market data, CytomX trades at a price-to-sales multiple of 7.18, a valuation that appears increasingly disconnected from the company's recent 44.82% year-over-year revenue decline and the absence of a clear path to sustained profitability or positive earnings per share.

The elevated P/S ratio suggests that investors are pricing the firm as a high-upside platform play rather than a fundamental business, effectively ignoring the lack of a forward P/E. This valuation warrants caution, as it implies significant future milestone success that may not be supported by the current clinical pipeline's maturity.

Capital Decay Reflects R&D Intensity

Based on reported financial statements, the company's return on invested capital has trended into negative territory, reaching -7.7% in 2026Q1, which highlights the difficulty of generating value when R&D expenditures consistently outpace the returns generated from strategic partnership milestones.

The persistent negative ROIC indicates that the capital deployed into the Probody platform is currently destroying shareholder value rather than compounding it. Investors should monitor whether the shift toward newer ADC candidates can reverse this trend, though historical data suggests a long road to capital efficiency.

Working Capital Volatility Impairs Operations

As reported in recent filings, the company's asset turnover ratio remains extremely low at 0.04, reflecting a business model that is structurally disconnected from traditional asset-heavy operations and highly dependent on the timing of lumpy, milestone-based revenue recognition from its pharmaceutical collaborators.

The erratic nature of the cash conversion cycle and DSO metrics suggests that management lacks control over the timing of cash inflows, which is typical for a pre-commercial biotech. This inefficiency forces the company to maintain higher liquidity buffers than would otherwise be necessary for a more stable enterprise.

Liquidity Buffer Nearing Critical Thresholds

Based on the most recent quarterly data, the company's current ratio has fluctuated significantly to 10.38, yet this figure is misleading as the absolute cash balance has plummeted to $12.7 million, leaving the firm with a precarious cushion against its ongoing operating losses.

While the current ratio appears high, it masks the reality that the company is burning through its remaining cash reserves at an unsustainable rate. This liquidity position suggests that the firm may be forced into dilutive equity financing in the near term to maintain its clinical trial obligations.

Misapplication of Gross Margin Metrics

Investors frequently misinterpret the company's 100% gross margin as a sign of operational strength, whereas in reality, this metric obscures the true cost of revenue which is buried within the R&D line item as the firm performs essential research services to satisfy its contractual obligations.

Relying on gross margin to assess profitability is fundamentally flawed for this business model, as it ignores the massive fixed costs required to maintain the platform. Analysts should instead focus on the operating burn rate and the cash runway to gain a more accurate picture of the company's financial health.

Download Financial Ratios Data

Includes 30+ ratios · 13 years · Updated daily

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CTMX — Frequently Asked Questions

Quick answers to the most common questions about buying CTMX stock.

What is CytomX Therapeutics, Inc.'s P/E ratio?

CytomX Therapeutics, Inc.'s current P/E ratio is -24.9x. The historical average is 2.7x.

What is CytomX Therapeutics, Inc.'s ROE?

CytomX Therapeutics, Inc.'s return on equity (ROE) is -35.2%. The historical average is -113.6%.

Is CTMX stock overvalued?

Based on historical data, CytomX Therapeutics, Inc. is trading at a P/E of -24.9x. Compare with industry peers and growth rates for a complete picture.

What are CytomX Therapeutics, Inc.'s profit margins?

CytomX Therapeutics, Inc. has 100.0% gross margin and -29.3% operating margin.