Latest Ratios: P/E Ratio -9.6x · EV/EBITDA N/A · ROE N/A. (2002–2025 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 | $6.7B | $7.6B | $5.3B | $8.1B | $4.1B | $3.5B | $1.3B | $611M | $344M | $403M | $517M |
| Enterprise Value | $7.8B | $8.8B | $6.0B | $8.7B | $4.8B | $3.7B | $1.4B | $711M | $344M | $309M | $478M |
| P/E Ratio → | -9.60 | — | — | — | — | — | — | — | — | — | 31.15 |
| P/S Ratio | 57.31 | 86.68 | 285.13 | 1070.22 | 43.51 | 49.76 | 24.02 | 22.74 | 10.92 | 30.12 | 4.86 |
| P/B Ratio | — | — | — | — | — | 14.37 | 11.83 | — | 13.26 | 3.67 | 5.48 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 14.61 |
| P/OCF | — | — | — | — | — | — | 149.93 | — | — | — | 13.98 |
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 | — | 99.88 | 322.69 | 1155.58 | 50.75 | 51.99 | 25.02 | 26.44 | 10.92 | 23.13 | 4.49 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | 24.58 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | 33.67 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 13.50 |
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 | 88.5% | 88.5% | -1737.2% | -4284.1% | -154.6% | -127.1% | -73.7% | -220.5% | -183.0% | -575.5% | 39.5% |
| Operating Margin | -695.4% | -695.4% | -2902.7% | -6589.7% | -342.8% | -264.5% | -168.3% | -368.0% | -282.3% | -848.3% | 17.6% |
| Net Profit Margin | -891.6% | -891.6% | -3191.1% | -6988.6% | -411.2% | -305.7% | -228.0% | -452.9% | -337.4% | -955.9% | 15.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -572.1% | -120.5% | -248.5% | -1622.9% | -156.6% | -125.2% | 20.2% |
| ROA | -55.5% | -55.5% | -53.0% | -57.2% | -41.9% | -31.3% | -30.9% | -48.6% | -42.0% | -55.0% | 11.5% |
| ROIC | -86.6% | -86.6% | -98.7% | -89.3% | -49.7% | -49.0% | -54.6% | -129.2% | -313.8% | -238.6% | 38.4% |
| ROCE | -50.1% | -50.1% | -55.2% | -60.1% | -38.1% | -29.3% | -24.5% | -43.7% | -39.4% | -56.8% | 17.0% |
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 | — | — | — | — | — | 1.11 | 1.23 | — | 1.64 | 0.29 | 0.29 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | 1.41 |
| Net Debt / Equity | — | — | — | — | — | 0.64 | 0.49 | — | 0.01 | -0.85 | -0.42 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | -2.03 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | -1.12 |
| Interest Coverage | -7.56 | -7.56 | -5.81 | -8.13 | -6.60 | -6.34 | -2.29 | -3.45 | -3.93 | -6.52 | 6.35 |
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 | 4.53 | 4.53 | 6.17 | 6.12 | 9.40 | 7.45 | 15.20 | 8.98 | 9.36 | 8.45 | 4.77 |
| Quick Ratio | 4.53 | 4.53 | 6.17 | 6.12 | 9.40 | 7.45 | 15.20 | 8.98 | 9.66 | 8.45 | 4.77 |
| Cash Ratio | 4.36 | 4.36 | 5.99 | 5.99 | 9.25 | 6.56 | 14.87 | 8.65 | 8.95 | 8.29 | 4.70 |
| Asset Turnover | — | 0.06 | 0.01 | 0.01 | 0.09 | 0.08 | 0.10 | 0.09 | 0.15 | 0.05 | 0.63 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 73.65 | 328.96 | 62.19 | 0.57 | 268.56 | 28.90 | 70.14 | 78.62 | 30.36 | 0.08 |
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 | — | — | — | — | — | — | — | — | — | — | 3.2% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 6.8% |
| Buyback Yield | 0.0% | 0.0% | 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% | 0.0% | 0.0% |
| Shares Outstanding | — | $120M | $112M | $97M | $90M | $77M | $65M | $58M | $54M | $49M | $43M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying CYTK stock.
Cytokinetics, Incorporated's current P/E ratio is -9.6x. The historical average is 19.0x.
Based on historical data, Cytokinetics, Incorporated is trading at a P/E of -9.6x. Compare with industry peers and growth rates for a complete picture.
Cytokinetics, Incorporated has 88.5% gross margin and -695.4% operating margin.
Key Metrics
Top Statement Risk
Persistent operating cash burn
Metrics are mathematically derived from official filings.
Revenue Multiple Prices in Commercial Success
Based on CYTK's reported figures, the trailing P/S of 75.88 against a negative P/E of -8.21 indicates the market is pricing revenue durability and future margins rather than current earnings, which remain negative across all reported periods.
A trailing P/S near 76x is extreme even for a biotech, reflecting a revenue base that rose 376.6% year over year from a very small starting point. Because the P/E is negative and forward multiples are unavailable, the valuation cannot be benchmarked against own history on earnings, and peer P/S comparisons are not provided in the supplied data. The multiple appears to be a bet on sustained product revenue rather than a reading of present earning power, and investors should monitor whether revenue shifts toward repeat demand.
Gross Margin Strength Masks Operating Losses
As reported in the financial statements, CYTK's gross margin recovered to 95.3% in 2026Q3, yet the operating margin of -3.5% and net margin of -4.0% remain tied to a fixed R&D base that has not scaled with revenue.
The high gross margin suggests the revenue stream carries little cost of goods, consistent with milestone and collaboration income rather than volume product sales. The operating margin improvement from roughly -86% in 2025Q3 to -3.5% suggests revenue growth has begun to absorb overhead, though lumpy revenue timing likely contributes materially to that gap. Until operating expenses show a sustained decline relative to revenue, the margin improvement warrants caution rather than conclusion.
Negative ROIC Reflects Capital Consumption
According to reported quarterly data, CYTK's ROIC of -15.8% in 2026Q3 and deeply negative equity imply that invested capital is currently being consumed rather than compounded, with returns recovering from a lower 2026Q1 trough.
ROIC moved from -33.0% in 2026Q1 to -15.8% in 2026Q3, an improvement that appears driven by a larger revenue base rather than a reduction in capital employed. Shareholders' equity has turned negative, which makes ROE uninformative as a performance measure and means the ratio should not be read as a conventional return signal. The trend suggests returns are recovering from very low levels rather than demonstrating durable capital efficiency.
Debt Load Heavy Against Thin Interest Coverage
Based on reported figures, CYTK's interest coverage of -3.94 in 2026Q3 means operating earnings do not cover interest obligations, while roughly $1.3B in total debt sits against $203.4M of cash, raising refinancing and solvency questions.
Negative interest coverage across recent quarters indicates that debt service is currently funded from sources other than operations. The gap between roughly $1.3B of debt and $203.4M of cash suggests a limited internal buffer should financing conditions tighten. Debt-to-equity figures are unavailable for most recent periods, so the full leverage picture depends on filing details not included in the supplied data.
Current Ratio Overstates Near-Term Flexibility
As reported in the financial statements, CYTK's current ratio of 3.36 in 2026Q3 appears comfortable, but the $203.4M cash balance is small relative to roughly $124M of quarterly operating cash outflow, suggesting the cushion may be thinner than the headline ratio implies.
A current ratio above 3 would normally signal strong short-term coverage, yet the ratio depends on the composition of current assets, which the supplied data does not fully break out. Against a burn rate of this scale, cash on hand represents only a few quarters of operations, which may indicate reliance on future financing. Quick and current ratios are identical in the data, suggesting the question is cash sufficiency rather than inventory.
Headline Revenue Growth May Mislead Assessment
Based on CYTK's reported figures, the 376.6% trailing revenue growth rests on a small base and lumpy quarterly milestone recognition, so the most commonly misapplied metric, trailing revenue growth, may overstate the durability of commercial traction.
For a milestone-driven biotech, trailing growth rates and P/S multiples are often read as evidence of product adoption when they may instead reflect the timing of collaboration payments. A more informative approach would weigh recurring product revenue, cash receipts, and operating cash burn rather than headline sales growth. Investors should monitor whether future quarters show repeat demand and a declining cash burn before treating the growth rate as a durable signal.