Latest Ratios: P/E Ratio -24.0x · EV/EBITDA N/A · ROE -34.2%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.2B | $2.6B | $2.5B | $697M | $479M | $756M | — | — |
| Enterprise Value | $4.1B | $2.5B | $2.4B | $616M | $462M | $741M | — | — |
| P/E Ratio → | -23.96 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — |
| P/B Ratio | 7.70 | 4.89 | 5.37 | 2.19 | 1.38 | 2.76 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -34.2% | -34.2% | -34.4% | -30.1% | -21.8% | -35.5% | — | — |
| ROA | -32.3% | -32.3% | -32.4% | -28.3% | -20.7% | -20.6% | -21.9% | -38.7% |
| ROIC | -32.4% | -32.4% | -36.1% | -30.2% | -18.3% | -23.1% | — | — |
| ROCE | -38.7% | -38.7% | -40.4% | -33.9% | -22.9% | -21.5% | -22.9% | -42.4% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.11 | -0.08 | -0.25 | -0.05 | -0.06 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -15.83 | — | — | — |
Net cash position: cash ($61M) 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 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 19.85 | 19.85 | 19.93 | 19.50 | 21.53 | 26.97 | 29.86 | 21.24 |
| Quick Ratio | 19.85 | 19.85 | 19.93 | 19.50 | 21.53 | 26.97 | 29.86 | 21.24 |
| Cash Ratio | 19.37 | 19.37 | 19.71 | 18.98 | 21.22 | 26.69 | 29.73 | 20.89 |
| Asset Turnover | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $103M | $92M | $64M | $54M | $50M | $49M | $49M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying EWTX stock.
Edgewise Therapeutics, Inc.'s current P/E ratio is -24.0x. This places it at the 50th percentile of its historical range.
Edgewise Therapeutics, Inc.'s return on equity (ROE) is -34.2%. The historical average is -31.2%.
Based on historical data, Edgewise Therapeutics, Inc. is trading at a P/E of -24.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Cash burn acceleration
Metrics are mathematically derived from official filings.
Liquidity Masking Imminent Dilution
According to recent SEC filings, EWTX's current ratio stands at 16.24 in 2026Q2, yet cash of $72.3M covers under two quarters of operating expenses, suggesting a liquidity illusion.
The current ratio of 16.24 appears robust, but it is inflated by the absence of current liabilities typical of a pre-revenue biotech. With quarterly operating cash burn averaging $43.5M in 2026, the $72.3M cash position implies a runway of less than two quarters, which may force equity issuance or partnership funding. Investors should monitor the pace of cash consumption relative to clinical milestones, as the high ratio does not reflect the imminent need for external capital.
Clean Balance Sheet, Equity Burden
As reported in financial statements, EWTX's debt-to-equity is 0.01 with total debt of $3.6M, but the entire financing burden falls on equity holders, with accumulated deficit reaching $652.7M.
The minimal debt simplifies the capital structure, but it also means the company has no financial leverage to cushion operational losses. The deepening accumulated deficit, which grew from $273.3M in 2024Q1 to $652.7M in 2026Q2, indicates that all losses are funded by equity, likely leading to future dilution. While interest coverage is not applicable due to negligible debt, the real risk is not debt service but the cost of equity capital in a rising rate environment.
Asset-Light Model, Cash Inefficiency
Based on EWTX's reported figures, asset turnover is not meaningful due to zero revenue, but the asset-light model is evident with PP&E of only $8.2M, while cash burn accelerates.
The company's efficiency metrics are dominated by cash burn rather than working capital management. With no revenue, traditional efficiency ratios like asset turnover and DSO are irrelevant. The negligible capital expenditures (averaging $0.2M per quarter) underscore a focus on intangible clinical assets, but the real inefficiency lies in the cash conversion cycle, where operating cash flow averages only 0.84 times net loss, indicating a growing gap between accrual losses and cash consumption.
Returns Decaying with Clinical Spend
According to recent financial statements, EWTX's ROIC worsened from -7.0% in 2024Q1 to -11.0% in 2026Q2, reflecting escalating R&D investment without revenue to offset it.
The return on invested capital has deteriorated steadily, driven by expanding operating losses that grew 78% from $34.8M to $61.9M over the period. This decline is not due to asset inefficiency but rather the inherent nature of a clinical-stage company investing heavily in late-stage trials. The initiation of the GRAND CANYON pivotal trial in 2026 suggests that returns may remain negative for the foreseeable future, with any potential recovery contingent on successful commercialization.
Premium Valuation vs. Clinical Peers
Based on reported figures, EWTX's P/B of 8.71 is higher than ACAD's 3.94 and KYMR's 6.27, implying a market premium for its oral small-molecule platform.
Compared to peers like ACADIA (P/B 3.94) and Kymera (P/B 6.27), EWTX trades at a premium, which may reflect optimism about its mutation-agnostic approach and oral delivery. However, this premium is not supported by superior returns, as EWTX's ROE of -12.2% is worse than ACAD's 32.4% and comparable to other clinical-stage peers. The market appears to be pricing in a higher probability of success for EDG-5506, but this could be vulnerable to clinical setbacks or competitive pressure from gene therapies.
Misapplied P/B in Pre-Revenue Biotech
The price-to-book ratio is commonly misapplied to EWTX, as its book value is dominated by cash and intangible clinical assets, obscuring the true value of its pipeline.
For a pre-revenue biotech, P/B is misleading because book value does not capture the value of the clinical pipeline or the potential of the platform. EWTX's P/B of 8.71 may appear expensive, but it reflects the market's valuation of future cash flows from EDG-5506, not the liquidation value of assets. A more appropriate metric would be EV/Invested Capital or a risk-adjusted NPV of the pipeline, which better accounts for the stage of development and probability of success.