Latest Ratios: P/E Ratio -10.2x · 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 | $148M | $102M | $204M | $596M | $412M | $962M | $1.2B | $523M | $520M | $686M | $709M |
| Enterprise Value | $198M | $151M | $58M | $529M | $338M | $864M | $1.0B | $427M | $300M | $474M | $627M |
| P/E Ratio → | -10.15 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.88 | 0.68 | 1.37 | 10.42 | 2.75 | 12.72 | 12.26 | 8.43 | 8.65 | 4.41 | 8.19 |
| P/B Ratio | 2.65 | 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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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MGNX stock.
MacroGenics, Inc.'s current P/E ratio is -10.2x. 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 -10.2x. 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
Milestone-driven revenue volatility
Metrics are mathematically derived from official filings.
Negative Earnings Make Multiples Uninformative
According to reported figures, MGNX trades at a P/E of -1.97 and a P/S of 0.99, with a P/B of 2.65, meaning earnings-based valuation is not meaningful and pricing rests on book value and sales multiples instead. Investors should interpret this with caution given the volatile revenue base.
The negative trailing P/E reflects a net loss position, so the multiple cannot be benchmarked against growth or history in a conventional sense. The P/B of 2.65 suggests the market is paying a premium over book equity, which appears to rest on pipeline and milestone expectations rather than on the accumulated deficit of roughly -$1.2B to -$1.3B. Forward multiples and EV-based measures are unavailable in the supplied data, so valuation cannot be triangulated beyond these figures.
Margins Swing With Revenue Recognition Timing
Based on reported quarterly figures, gross margin ranged from -42.2% to 81.6% and operating margin from -165.3% to 25.6%, indicating that reported profitability is driven by milestone timing rather than a stable cost base. Investors should monitor whether this pattern persists.
The extreme dispersion in gross and operating margins suggests the income statement reflects lumpy collaboration or licensing recognition more than recurring operating economics. Operating margin was positive in only a minority of quarters, which appears consistent with R&D spend of roughly $29M to $52M per quarter overwhelming revenue in most periods. Net margin in 2026Q2 of 59.4% diverged sharply from operating margin of -42.2%, warranting further investigation into non-operating items.
Returns Oscillate Without Compounding Trend
As reported in financial statements, ROIC moved between -128.8% and 59.1% across the period, with ROE swinging from -95.8% to 63.3%, indicating returns that are episodic rather than compounding on invested capital.
Negative ROIC in most measured quarters suggests invested capital has not generated a sustained return, and the single positive reading in 2025Q3 appears to coincide with a revenue peak rather than a durable shift. The ROE of 60.9% in 2026Q2 is distorted by a small equity base and non-operating income, so it should not be read as improved capital efficiency. Returns are better viewed as a function of milestone timing than of structural margin improvement.
Debt Episodic, Coverage Not Assessable
According to reported figures, MGNX's debt-to-equity ratio ranged from 0.28 to 2.31 while interest coverage was negative or unavailable in most quarters, suggesting debt service capacity depends on episodic revenue rather than operating earnings.
Leverage spikes in specific quarters rather than trending steadily, which may indicate financing tied to milestone or capital events. Negative interest coverage in most periods means operating earnings did not cover interest expense, although the supplied data does not establish refinancing terms or covenant conditions. Investors should monitor debt maturity and any covenant disclosures, as these are not captured in the ratio data.
Liquidity Strong on Paper, Cash Declining
Based on reported figures, the current ratio ranged from 1.90 to 5.25 and quick ratio tracked closely, while cash fell from $182.8M in 2024Q4 to $113.9M in 2026Q2 amid recurring operating losses, suggesting the buffer is eroding.
Current and quick ratios are nearly identical, indicating limited inventory dependence and a balance sheet composed mostly of liquid assets. However, the high ratios partly reflect the timing of receivables and deferred revenue rather than durable resources. Under a stress scenario in which milestone revenue stalls, the cash decline trend suggests runway would depend heavily on the pace of operating burn, which the supplied data does not fully quantify.
Lags Peers on Returns, Net Margin Mixed
As reported in peer data, MGNX's ROE and ROIC compare unfavorably with several peers, while its D/E of around 0.82 in the latest quarter sits above much of the group, suggesting a relative lag that appears partly structural.
Peers such as MRUS and ZYME also show deeply negative margins, so MGNX's losses are not an outlier within clinical-stage biotechnology. The company's lower negative ROE relative to RCUS and IMVT is offset by a leverage profile that is higher than most peers with near-zero debt. Gaps in returns appear linked to the sector's pre-commercial economics rather than a single company-specific failure, though the lag in ROIC warrants monitoring.
Headline Metrics Overstate Underlying Strength
The most commonly misapplied ratio here is ROE, which for MGNX is inflated by a small equity base and non-operating items, as the 60.9% reading in 2026Q2 alongside a -42.2% operating margin illustrates.
ROE obscures the fact that the equity base is shrinking relative to an accumulated deficit of roughly -$1.2B, so a positive ratio can arise from a small denominator rather than improved earnings. A more informative alternative is operating margin combined with cumulative free cash flow over several quarters, which better reflects the milestone-driven economics. Investors should treat headline ROE and current ratio readings as unreliable indicators of earning power until revenue recognition becomes more predictable.