Latest Ratios: P/E Ratio -34.7x · EV/EBITDA N/A · ROE -108.4%. (2023–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 |
|---|---|---|---|
| Market Cap | $7.4B | — | — |
| Enterprise Value | $7.1B | — | — |
| P/E Ratio → | -34.73 | — | — |
| P/S Ratio | — | — | — |
| P/B Ratio | 25.28 | — | — |
| 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 2024 | FY 2023 |
|---|---|---|---|
| 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 2024 | FY 2023 |
|---|---|---|---|
| Gross Margin | — | — | — |
| Operating Margin | — | — | — |
| Net Profit Margin | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 |
|---|---|---|---|
| ROE | -108.4% | -108.4% | -47.9% |
| ROA | -67.5% | -67.5% | -28.0% |
| ROIC | — | — | — |
| ROCE | -84.5% | -84.5% | -29.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 |
|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | — |
| Debt / EBITDA | — | — | — |
| Net Debt / Equity | — | -1.19 | -0.76 |
| Net Debt / EBITDA | — | — | — |
| Debt / FCF | — | — | — |
| Interest Coverage | -1008.22 | -1008.22 | — |
Net cash position: cash ($352M) exceeds total debt ($10M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 |
|---|---|---|---|
| Current Ratio | 5.34 | 5.34 | 3.81 |
| Quick Ratio | 5.34 | 5.34 | 3.81 |
| Cash Ratio | 5.24 | 5.24 | 3.73 |
| 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 2024 | FY 2023 |
|---|---|---|---|
| Dividend Yield | — | — | — |
| Payout Ratio | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 |
|---|---|---|---|
| Earnings Yield | — | — | — |
| FCF Yield | — | — | — |
| Buyback Yield | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | — | — |
| Shares Outstanding | — | $103M | $50M |
Clinical trial execution failure
According to recent financial data, Metsera trades at a price-to-book ratio of 25.28, a valuation level that suggests investors are pricing in the high probability of success for its NuSH platform rather than current fundamental performance metrics typical of the broader biotechnology sector.
The elevated P/B multiple indicates that the market assigns significant value to the company's intellectual property and pipeline potential despite the absence of revenue. This valuation appears aggressive compared to peers, implying that any clinical delay could lead to a sharp contraction in the current market capitalization.
Based on the latest quarterly filings, Metsera maintains a current ratio of 4.25, which provides a temporary buffer, yet the rapid consumption of cash reserves suggests that the company's liquidity position is narrowing as it funds intensive, multi-asset clinical development programs across its proprietary pipeline.
While the current ratio remains healthy relative to the sector, the absolute decline in cash from $588.3 million in 2025Q1 to $448.5 million in 2025Q3 highlights the high cost of clinical trial execution. Investors should monitor whether this liquidity remains sufficient to reach key Phase 2 data milestones without requiring further dilutive financing.
As reported in recent financial statements, Metsera maintains a conservative debt-to-equity ratio of 0.01, reflecting a capital structure that relies primarily on equity funding rather than debt, which is appropriate for a pre-revenue entity facing significant clinical and regulatory uncertainty in the metabolic disease market.
The lack of meaningful debt service obligations provides management with operational flexibility, though it also underscores the company's total reliance on equity markets for survival. This structure is prudent, as the high interest coverage volatility, currently at -15260.38, would make traditional debt financing prohibitively expensive and risky.
Data from recent SEC filings suggest that the price-to-book ratio is the most commonly misapplied metric for Metsera, as it fails to capture the value of intangible R&D assets and clinical progress, which are the primary drivers of the company's long-term economic potential.
Relying on P/B obscures the reality that book value in a clinical-stage biotech is largely a historical record of sunk costs rather than a reflection of future earning power. Analysts should instead focus on cash runway and the probability-weighted net present value of the clinical pipeline to better assess the company's true valuation.
Includes 30+ ratios · 2 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MTSR stock.
Metsera, Inc.'s current P/E ratio is -34.7x. This places it at the 50th percentile of its historical range.
Metsera, Inc.'s return on equity (ROE) is -108.4%. The historical average is -78.2%.
Based on historical data, Metsera, Inc. is trading at a P/E of -34.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.