Latest Ratios: P/E Ratio -3.1x · EV/EBITDA N/A · ROE -25.3%. (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 | $200M | $717M | $291M | $414M | $328M | $626M | $297M | $377M | — | — |
| Enterprise Value | $9M | $525M | $242M | $399M | $306M | $590M | $240M | $280M | — | — |
| P/E Ratio → | -3.13 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | 3.64 | 147.54 | 51.65 | 32.64 | 33.65 | — | — | — |
| P/B Ratio | 0.67 | 2.05 | 1.20 | 1.76 | 1.65 | 2.96 | 3.12 | 4.33 | — | — |
| 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 | — | — | 3.02 | 142.28 | 48.23 | 30.79 | 27.19 | — | — | — |
| 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 | — | — | 20.8% | -2459.8% | -1110.7% | -263.7% | -569.2% | — | — | — |
| Operating Margin | — | — | -27.4% | -3945.2% | -1774.9% | -423.0% | -811.6% | — | — | — |
| Net Profit Margin | — | — | -12.2% | -3470.1% | -1732.4% | -421.9% | -802.7% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -25.3% | -25.3% | -4.1% | -44.8% | -53.5% | -52.7% | -77.7% | -101.3% | -84.3% | -1737.1% |
| ROA | -23.9% | -23.9% | -3.8% | -40.2% | -47.6% | -44.4% | -59.0% | -84.3% | -72.3% | -529.1% |
| ROIC | -36.2% | -36.2% | -7.9% | -41.7% | -47.8% | -56.7% | -375.1% | — | -129.7% | -48.6% |
| ROCE | -28.1% | -28.1% | -8.9% | -48.8% | -52.9% | -50.9% | -71.2% | -65.2% | -80.6% | -1478.6% |
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 | 0.02 | 0.02 | 0.04 | 0.05 | 0.07 | — | 0.00 | 0.00 | 0.00 | 26.16 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.55 | -0.20 | -0.06 | -0.11 | -0.17 | -0.60 | -1.11 | -0.96 | 25.85 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($198M) exceeds total debt ($6M)
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 | 27.40 | 27.40 | 22.63 | 17.71 | 12.41 | 11.77 | 4.23 | 8.24 | 17.52 | 0.48 |
| Quick Ratio | 27.40 | 27.40 | 22.63 | 17.71 | 12.41 | 11.80 | 4.33 | 8.00 | 17.39 | 0.22 |
| Cash Ratio | 27.00 | 27.00 | 21.82 | 17.27 | 12.13 | 11.36 | 4.23 | 7.97 | 17.21 | 0.15 |
| Asset Turnover | — | — | 0.31 | 0.01 | 0.03 | 0.08 | 0.07 | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | 0.69 | 2.41 | 0.97 |
| Days Sales Outstanding | — | — | 15.25 | 292.65 | 62.21 | 78.28 | 111.99 | — | — | — |
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 | — | $63M | $62M | $61M | $45M | $35M | $25M | $23M | $17M | $17M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying FULC stock.
Fulcrum Therapeutics, Inc.'s current P/E ratio is -3.1x. This places it at the 50th percentile of its historical range.
Fulcrum Therapeutics, Inc.'s return on equity (ROE) is -25.3%. The historical average is -55.5%.
Based on historical data, Fulcrum Therapeutics, Inc. is trading at a P/E of -3.1x. 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
Clinical Trial Binary Risk
Metrics are mathematically derived from official filings.
Market Valuation Reflects Clinical Uncertainty
Based on reported figures, Fulcrum trades at a price-to-book ratio of 0.69, which suggests that the market is heavily discounting the company's asset base relative to its peers, likely due to the binary nature of the ongoing Phase 3 REACH trial and lack of commercial revenue.
The current P/B multiple indicates that investors are pricing the firm below its liquidation value, a common occurrence for pre-revenue biotech entities facing significant clinical hurdles. This valuation suggests that the market is prioritizing the risk of further capital dilution over the potential long-term value of the FulcrumSeek platform.
Negative Returns Reflect R&D Intensity
According to historical financial data, Fulcrum's ROIC has remained consistently negative, bottoming at -10.8% in 2025Q4, which highlights the structural inability of the current clinical-stage business model to generate positive returns on invested capital without a commercialized product.
The persistent negative ROIC is a direct consequence of high R&D spending relative to the company's asset base. Investors should monitor whether the eventual transition to commercialization can reverse this trend, as the current capital allocation is entirely focused on long-term asset development rather than immediate efficiency.
Liquidity Buffer Supports Clinical Runway
As reported in financial statements, the company maintains a current ratio of 34.33 as of 2026Q1, which provides a substantial, albeit temporary, liquidity cushion to fund operations while the firm navigates the high-cost Phase 3 REACH trial and other research-intensive development activities.
While the high current ratio appears robust, it is primarily a function of cash reserves being depleted by ongoing R&D burn rather than operational efficiency. This liquidity position warrants careful monitoring, as the lack of recurring revenue means the company remains inherently vulnerable to the timing of future capital raises.
Misapplied Metrics Obscure Operational Reality
The most commonly misapplied metric for Fulcrum is the P/E ratio, which, at -3.22, provides no meaningful insight into the company's value because the firm lacks the recurring earnings necessary to support such a valuation multiple in a pre-commercial clinical-stage business model.
Investors should instead focus on the cash burn rate and the progress of clinical milestones, as these are the true drivers of value for a company in this stage of development. Relying on traditional earnings-based multiples like P/E or EV/EBITDA in this context risks misinterpreting the firm's fundamental financial health and long-term viability.