Latest Ratios: P/E Ratio -3.6x · EV/EBITDA N/A · ROE -121.1%. (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 | $80M | $29M | $61M | $121M | $102M | $354M | $359M | $350M | $95M | — | — |
| Enterprise Value | $57M | $6M | $48M | $87M | $69M | $301M | $291M | $311M | $74M | — | — |
| P/E Ratio → | -3.62 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.91 | 1.05 | 6.61 | 22.00 | 81.61 | 23.68 | 113.78 | 101.18 | 82.82 | — | — |
| P/B Ratio | 3.64 | 1.09 | 3.51 | 3.26 | 1.55 | 5.40 | 4.55 | 6.41 | 2.79 | — | — |
| 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 | — | 0.22 | 5.15 | 15.84 | 55.66 | 20.18 | 92.31 | 90.05 | 64.62 | — | — |
| 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% | 100.0% | -593.9% | 100.0% | 111.9% | -963.5% | -694.8% | -2398.2% | — | — |
| Operating Margin | -96.6% | -96.6% | -446.9% | -949.9% | -4275.1% | -292.6% | -1428.0% | -1063.2% | -3386.7% | — | — |
| Net Profit Margin | -96.9% | -96.9% | -438.0% | -924.1% | -4257.8% | -295.6% | -1419.8% | -1061.2% | -3411.5% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -121.1% | -121.1% | -149.0% | -98.7% | -80.8% | -61.2% | -67.1% | -82.9% | -81.6% | -60.5% | -69.3% |
| ROA | -71.5% | -71.5% | -86.8% | -66.4% | -60.7% | -48.3% | -52.3% | -62.8% | -69.4% | -55.8% | -64.9% |
| ROIC | -536.9% | -536.9% | -866.8% | -213.4% | -171.6% | -269.5% | -247.7% | -188.5% | -422.3% | -4238.0% | -1469.1% |
| ROCE | -112.3% | -112.3% | -131.8% | -84.0% | -70.8% | -56.8% | -62.9% | -74.2% | -76.8% | -60.5% | -69.0% |
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 | 0.16 | 0.16 | 0.51 | 0.40 | 0.29 | 0.18 | 0.09 | 0.11 | — | 0.04 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.87 | -0.78 | -0.91 | -0.49 | -0.80 | -0.86 | -0.71 | -0.61 | -0.99 | -0.98 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -72.11 | -72.11 | -50.10 | -39.75 | -73.26 | — | — | — | — | — | — |
Net cash position: cash ($27M) exceeds total debt ($4M)
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 | 2.74 | 2.74 | 1.84 | 3.01 | 6.68 | 5.35 | 5.36 | 5.24 | 6.53 | 12.17 | 14.18 |
| Quick Ratio | 2.74 | 2.74 | 1.84 | 3.01 | 6.68 | 5.35 | 5.36 | 5.24 | 6.53 | 12.13 | 14.18 |
| Cash Ratio | 2.01 | 2.01 | 1.71 | 2.84 | 6.61 | 5.03 | 5.20 | 5.10 | 6.31 | 11.89 | 14.03 |
| Asset Turnover | — | 0.65 | 0.29 | 0.09 | 0.01 | 0.18 | 0.03 | 0.05 | 0.03 | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 1.86 | — |
| Days Sales Outstanding | — | 98.94 | 37.14 | 112.89 | 16.71 | 76.77 | 164.02 | 79.67 | — | — | — |
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 | — | $3M | $2M | $2M | $1M | $1M | $956287 | $734726 | $671135 | $688020 | $688020 |
Capital exhaustion and dilution
Based on reported figures, CUE trades at a P/S multiple of 2.43, which appears to discount the company as a binary clinical asset rather than a platform, reflecting significant market skepticism regarding the long-term commercial viability of its Immuno-STAT pipeline compared to more advanced-stage biotechnology peers.
The current valuation multiple suggests that investors are heavily discounting future cash flows, likely due to the high probability of further dilutive equity raises. This pricing implies that the market is not yet assigning significant terminal value to the platform's modularity, preferring to wait for definitive clinical data readouts.
As reported in financial statements, the company's 100% gross margin is a structural artifact of its licensing-based revenue model, which fails to offset the deep operating losses, with the most recent quarter showing an operating margin of -94.3% due to persistent, high-intensity research and development spending.
The lack of variable costs in the current model means that profitability is entirely dependent on the timing of milestone recognition rather than operational efficiency. Investors should interpret these margins as a reflection of clinical trial intensity rather than a sustainable indicator of future earning power.
According to recent SEC filings, CUE's ROIC has remained deeply negative, reaching -66.1% in 2026Q1, which indicates that the company is currently destroying invested capital as it attempts to validate its proprietary Immuno-STAT platform through expensive, multi-asset clinical development programs that have yet to yield commercial returns.
The volatility in ROIC, including an anomalous positive period in 2025Q4, highlights the distortive impact of milestone-based accounting on performance metrics. This trend suggests that the company is not yet in a position to generate positive returns on its research investments, necessitating a reliance on external capital.
Based on reported figures, the company's asset turnover ratio remains extremely low at 0.16, reflecting the absence of commercial product sales and the reliance on long-duration clinical development cycles that prevent the efficient conversion of research assets into revenue-generating activities within the current fiscal framework.
The erratic nature of DSO and the lack of meaningful inventory turnover metrics underscore the company's status as a pre-commercial entity. These efficiency ratios suggest that management's primary focus remains on technical milestones rather than the optimization of working capital or operational throughput.
Financial analysis suggests that the P/B ratio of 3.03 is a commonly misapplied metric for CUE, as it obscures the reality that the company's book value is largely composed of cash and short-term assets rather than productive intellectual property that is currently generating reliable, recurring economic value.
Investors should instead focus on the 'Cash Runway' and 'Net Cash Used in Operating Activities' to assess the company's viability. Relying on P/B or traditional valuation multiples may lead to an overestimation of the company's asset-backed safety margin, ignoring the high probability of future equity dilution.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying CUE stock.
Cue Biopharma, Inc.'s current P/E ratio is -3.6x. This places it at the 50th percentile of its historical range.
Cue Biopharma, Inc.'s return on equity (ROE) is -121.1%. The historical average is -81.8%.
Based on historical data, Cue Biopharma, Inc. is trading at a P/E of -3.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cue Biopharma, Inc. has 100.0% gross margin and -96.6% operating margin.