Latest Ratios: P/E Ratio -3.2x · EV/EBITDA N/A · ROE -86.9%. (2011–2025 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 | $242M | $102M | $204M | $596M | $412M | $962M | $1.2B | $523M | $520M | $686M | $709M |
| Enterprise Value | $291M | $151M | $58M | $529M | $338M | $864M | $1.0B | $427M | $300M | $474M | $627M |
| P/E Ratio → | -3.22 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.62 | 0.68 | 1.37 | 10.42 | 2.75 | 12.72 | 12.26 | 8.43 | 8.65 | 4.41 | 8.19 |
| P/B Ratio | 4.32 | 1.83 | 1.75 | 3.90 | 2.90 | 4.02 | 4.05 | 2.27 | 2.14 | 2.29 | 2.64 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | 47.61 | — |
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 | — | 1.01 | 0.39 | 9.25 | 2.25 | 11.42 | 10.71 | 6.89 | 4.98 | 3.05 | 7.24 |
| 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 | 71.1% | 71.1% | 91.7% | 85.6% | 95.1% | 96.5% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -48.7% | -48.7% | -74.5% | -294.2% | -80.9% | -268.1% | -134.1% | -285.7% | -284.8% | -14.2% | -69.3% |
| Net Profit Margin | -49.9% | -49.9% | -45.1% | -15.8% | -79.8% | -267.2% | -132.7% | -244.8% | -285.2% | -12.6% | -67.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -86.9% | -86.9% | -49.9% | -6.1% | -62.8% | -75.5% | -49.3% | -64.1% | -63.3% | -6.9% | -20.1% |
| ROA | -28.8% | -28.8% | -23.9% | -3.1% | -38.3% | -56.6% | -37.5% | -47.1% | -48.6% | -5.7% | -17.5% |
| ROIC | -144.1% | -144.1% | -294.6% | -164.3% | -86.9% | -106.5% | -70.5% | -168.8% | -232.3% | -12.1% | -29.2% |
| ROCE | -34.7% | -34.7% | -49.3% | -69.6% | -48.4% | -68.9% | -44.0% | -65.7% | -57.4% | -7.3% | -19.4% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.92 | 1.92 | 0.32 | 0.22 | 0.25 | 0.11 | 0.10 | 0.13 | — | 0.00 | 0.01 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.89 | -1.25 | -0.44 | -0.52 | -0.41 | -0.51 | -0.42 | -0.91 | -0.71 | -0.31 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -7.85 | -7.85 | -58.21 | -5.33 | — | — | — | — | — | — | — |
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 | 5.10 | 5.10 | 3.92 | 4.48 | 4.57 | 3.75 | 6.17 | 5.31 | 4.49 | 6.48 | 10.40 |
| Quick Ratio | 4.92 | 4.92 | 3.92 | 4.46 | 4.54 | 3.69 | 6.17 | 5.31 | 4.49 | 6.48 | 10.69 |
| Cash Ratio | 4.40 | 4.40 | 3.63 | 4.10 | 3.18 | 3.27 | 5.38 | 4.78 | 3.88 | 6.13 | 10.15 |
| Asset Turnover | — | 0.58 | 0.57 | 0.19 | 0.52 | 0.23 | 0.26 | 0.20 | 0.18 | 0.42 | 0.28 |
| Inventory Turnover | 5.46 | 5.46 | — | 6.73 | 5.09 | 0.60 | — | — | — | — | — |
| Days Sales Outstanding | — | 32.65 | 10.60 | 66.16 | 136.79 | 50.12 | 86.17 | 75.00 | 179.60 | 32.02 | 11.65 |
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% | 0.2% | 0.0% | 0.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.1% | 0.0% | 0.0% |
| Shares Outstanding | — | $63M | $63M | $62M | $61M | $60M | $52M | $48M | $41M | $36M | $35M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying MGNX stock.
MacroGenics, Inc.'s current P/E ratio is -3.2x. This places it at the 50th percentile of its historical range.
MacroGenics, Inc.'s return on equity (ROE) is -86.9%. The historical average is -41.0%.
Based on historical data, MacroGenics, Inc. is trading at a P/E of -3.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MacroGenics, Inc. has 71.1% gross margin and -48.7% operating margin.
Key Metrics
Top Statement Risk
Liquidity and clinical execution
Metrics are mathematically derived from official filings.
Platform Discount Reflects Clinical Uncertainty
Based on reported figures, MacroGenics trades at a price-to-sales ratio of 2.05, which appears to reflect a significant platform discount compared to peers, suggesting that the market is pricing the company as a collection of high-risk clinical options rather than a stabilized, recurring commercial enterprise.
The lack of a meaningful P/E or EV/EBITDA multiple underscores the market's focus on binary clinical outcomes rather than current earnings power. Investors should monitor whether the current valuation adequately accounts for the potential long-term value of the DART platform or if it remains overly sensitive to near-term liquidity concerns.
Capital Efficiency Impaired by R&D
As reported in financial statements, the company's ROIC has experienced extreme volatility, reaching a negative 117.6% in 2025Q2, which indicates that the heavy investment in clinical-stage assets is currently failing to generate positive returns on invested capital relative to the company's historical performance.
The erratic nature of these returns is largely driven by the timing of milestone-based revenue rather than operational efficiency. This suggests that until the company can transition to a more predictable commercial revenue stream, ROIC will likely remain a secondary metric for assessing long-term value creation.
Working Capital Volatility Masks Burn
According to recent SEC filings, the cash conversion cycle has fluctuated wildly, ranging from negative 228 days in 2024Q1 to 115 days in 2025Q4, which reveals that working capital efficiency is heavily dependent on the timing of lumpy collaboration payments rather than core operational management.
The significant swings in DSO and DPO suggest that the company's ability to manage its cash cycle is secondary to the unpredictable nature of its partnership-driven revenue model. This volatility warrants further investigation into whether management can stabilize these metrics as the pipeline matures.
Debt Service Risk Remains Elevated
Based on reported figures, the debt-to-equity ratio has spiked to 1.72 in 2026Q1, indicating that the company is increasingly relying on debt to bridge liquidity gaps, which may heighten refinancing risks if clinical milestones are delayed or if the broader capital markets tighten.
The negative interest coverage ratio suggests that the company is not currently generating sufficient operating income to service its debt obligations comfortably. Investors should monitor the company's ability to secure non-dilutive capital, as the current leverage profile appears increasingly unsustainable without a successful clinical readout.
Misapplication of Price-to-Sales Multiples
The price-to-sales ratio is frequently misapplied to MacroGenics, as it obscures the fact that a significant portion of revenue is derived from non-recurring milestone payments rather than sustainable product sales, leading to a potentially misleading assessment of the company's underlying commercial health and growth trajectory.
Analysts should instead focus on the cash runway and the probability-weighted value of the clinical pipeline, as these metrics provide a more accurate picture of the company's financial viability. Relying on P/S ratios in this context may lead to an overestimation of the company's ability to sustain operations.