Latest Ratios: P/E Ratio -10.0x · EV/EBITDA N/A · ROE -33.9%. (1996–2025 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 | $834M | $880M | $2.3B | $1.2B | $921M | $400M | $432M | $259M | $177M | $287M | $329M |
| Enterprise Value | $1.0B | $1.1B | $2.3B | $1.2B | $920M | $420M | $451M | $248M | $166M | $270M | $316M |
| P/E Ratio → | -10.00 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.54 | 4.79 | 29.70 | 5080.43 | 1546.14 | 286.94 | 1706.02 | 562.21 | 165.58 | 269.11 | 53.43 |
| P/B Ratio | 3.84 | 3.90 | 8.16 | 4.86 | 11.52 | 3.16 | 2.05 | 1.91 | 0.99 | 2.76 | 2.69 |
| 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 | — | 5.72 | 30.26 | 5147.42 | 1544.31 | 301.39 | 1784.25 | 538.10 | 155.40 | 253.52 | 51.31 |
| 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 | 97.4% | 97.4% | 98.4% | 100.0% | 100.0% | 100.0% | -19683.4% | -11046.1% | -1093.5% | -692.2% | -138.5% |
| Operating Margin | -29.3% | -29.3% | -225.6% | -81832.9% | -23246.6% | -8183.7% | -30400.4% | -15762.0% | -2914.9% | -2746.9% | -497.3% |
| Net Profit Margin | -46.7% | -46.7% | -226.7% | -77690.7% | -23808.9% | -8335.4% | -29888.1% | -14901.7% | -2534.4% | -2621.2% | -479.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -33.9% | -33.9% | -66.1% | -112.3% | -137.5% | -68.8% | -43.7% | -43.8% | -19.2% | -24.7% | -22.3% |
| ROA | -14.7% | -14.7% | -35.3% | -63.0% | -68.1% | -46.7% | -34.7% | -39.1% | -18.3% | -23.2% | -21.2% |
| ROIC | -11.2% | -11.2% | -44.4% | -84.9% | -92.2% | -45.3% | -32.5% | -37.4% | -18.3% | -22.3% | -20.0% |
| ROCE | -11.2% | -11.2% | -43.9% | -97.0% | -94.1% | -54.2% | -40.8% | -46.0% | -22.1% | -25.9% | -23.2% |
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 | 1.11 | 0.43 | 0.35 | 0.70 | 0.44 | 0.14 | 0.02 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.76 | 0.15 | 0.06 | -0.01 | 0.16 | 0.09 | -0.08 | -0.06 | -0.16 | -0.11 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1.63 | -1.63 | -8.43 | -21.15 | -19.62 | -30.05 | -101.20 | — | — | — | -369.23 |
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 | 4.66 | 4.66 | 5.56 | 3.16 | 2.35 | 4.11 | 6.46 | 5.03 | 21.99 | 14.73 | 14.76 |
| Quick Ratio | 4.66 | 4.66 | 5.12 | 3.16 | 2.35 | 4.11 | 6.46 | 5.03 | 22.15 | 14.80 | 14.82 |
| Cash Ratio | 3.23 | 3.23 | 4.60 | 3.09 | 2.25 | 4.04 | 6.34 | 4.95 | 21.66 | 14.57 | 14.63 |
| Asset Turnover | — | 0.32 | 0.13 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 | 0.05 |
| Inventory Turnover | — | — | 0.03 | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 77.86 | 183.93 | 2548.84 | 1925.44 | 461.95 | 1041.62 | 636.37 | 399.93 | 149.43 | 28.14 |
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% | 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 | — | $667M | $646M | $571M | $381M | $328M | $271M | $190M | $177M | $159M | $159M |
Single-asset commercial execution risk
Based on current market data, Geron trades at a price-to-sales multiple of 4.61, which appears to price in significant future adoption of Rytelo while simultaneously discounting the persistent risk of equity dilution inherent in the company's current negative earnings profile and ongoing clinical development requirements.
The P/S multiple suggests investors are valuing the company based on peak revenue potential rather than current profitability, which remains elusive. This valuation implies a high-growth expectation that may be sensitive to any deceleration in the initial commercial uptake of imetelstat.
As reported in financial statements, Geron's ROIC has consistently languished in negative territory, reaching -2.3% in 2025Q4, which highlights the structural challenge of generating positive returns on invested capital while the company remains in a capital-intensive, early-stage commercial launch phase for its lead therapeutic.
The persistent negative ROIC reflects the massive historical R&D spend that has yet to be offset by commercial margins. Investors should monitor whether the company can achieve positive returns as the revenue base scales, or if the cost of maintaining the commercial infrastructure will continue to suppress capital efficiency.
According to recent quarterly filings, Geron's asset turnover ratio of 0.09 in 2026Q1 underscores the company's limited revenue base relative to its asset footprint, suggesting that operational efficiency is currently secondary to the primary objective of establishing a market presence for its specialized hematology platform.
The extreme volatility in the cash conversion cycle, particularly during the transition to commercialization, indicates that inventory and receivable management are still in a nascent state. This lack of stability in working capital metrics warrants further investigation as the company attempts to optimize its supply chain and distribution channels.
Based on the reported 2026Q1 current ratio of 6.78, Geron appears to maintain a superficial liquidity cushion, yet this figure masks the underlying cash burn rate that necessitates frequent access to capital markets to sustain the company's ongoing commercial and clinical trial operations.
While the current ratio suggests an ability to cover short-term obligations, the rapid depletion of cash reserves in the face of negative operating margins indicates a vulnerable liquidity position. The company's reliance on external financing remains a critical factor that could impact shareholder value if market conditions for biotech capital raises tighten.
Investors frequently misapply the P/E ratio to Geron, which is fundamentally flawed given the company's negative earnings and the transitionary nature of its commercial-stage business model, where current losses are a deliberate investment in future market share rather than a reflection of operational failure.
Using P/E to evaluate a company in the early stages of a drug launch obscures the true value of the underlying intellectual property and the potential for long-term margin expansion. Analysts should instead focus on metrics like price-to-peak-sales or the probability-adjusted net present value of the imetelstat platform to better capture the company's economic reality.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying GERN stock.
Geron Corporation's current P/E ratio is -10.0x. This places it at the 50th percentile of its historical range.
Geron Corporation's return on equity (ROE) is -33.9%. The historical average is -53.8%.
Based on historical data, Geron Corporation is trading at a P/E of -10.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Geron Corporation has 97.4% gross margin and -29.3% operating margin.