Latest Ratios: P/E Ratio -0.3x · EV/EBITDA N/A · ROE -111.2%. (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 | $18M | $40M | $22M | $32M | $39M | $166M | $300M | $884M | — | — |
| Enterprise Value | $-2443431 | $20M | $-221930 | $25M | $20M | $153M | $271M | $855M | — | — |
| P/E Ratio → | -0.26 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | 13.41 | 139.30 | — | — |
| P/B Ratio | 0.41 | 1.15 | 0.33 | 0.28 | 0.23 | 0.71 | 1.02 | 2.75 | — | — |
| 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 | — | — | — | — | — | — | 12.10 | 134.74 | — | — |
| 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 | — | — | — | — | — | — | -108.0% | -439.1% | — | — |
| Operating Margin | — | — | — | — | — | — | -184.2% | -590.5% | — | — |
| Net Profit Margin | — | — | — | — | — | — | -163.6% | -531.5% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -111.2% | -111.2% | -61.9% | -44.5% | -37.3% | -26.3% | -11.9% | -24.6% | — | — |
| ROA | -85.2% | -85.2% | -53.3% | -40.2% | -35.0% | -25.3% | -11.0% | -13.4% | -27.3% | -79.5% |
| ROIC | -149.5% | -149.5% | -59.1% | -39.6% | -30.9% | -21.9% | -11.1% | -50.7% | — | — |
| ROCE | -103.9% | -103.9% | -62.1% | -45.7% | -37.0% | -26.6% | -12.9% | -15.7% | -30.2% | -95.1% |
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 | 0.15 | 0.15 | 0.09 | 0.06 | 0.04 | — | 0.01 | 0.02 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.60 | -0.33 | -0.06 | -0.12 | -0.05 | -0.10 | -0.09 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | -27.30 | — |
| Interest Coverage | — | — | — | — | — | -900.16 | -225.27 | -179.34 | — | — |
Net cash position: cash ($26M) exceeds total debt ($5M)
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 | 4.14 | 4.14 | 7.50 | 16.38 | 17.97 | 34.48 | 27.89 | 22.60 | 13.19 | 3.02 |
| Quick Ratio | 4.14 | 4.14 | 7.50 | 16.38 | 18.04 | 34.48 | 27.89 | 22.60 | 13.19 | 3.02 |
| Cash Ratio | 3.96 | 3.96 | 7.17 | 15.73 | 17.52 | 33.23 | 27.45 | 22.24 | 13.13 | 2.70 |
| Asset Turnover | — | — | — | — | — | — | 0.07 | 0.02 | — | — |
| 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 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 | — | $3M | $2M | $2M | $2M | $2M | $2M | $1M | $2M | $2M |
Includes 30+ ratios · 9 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 NXTC stock.
NextCure, Inc.'s current P/E ratio is -0.3x. This places it at the 50th percentile of its historical range.
NextCure, Inc.'s return on equity (ROE) is -111.2%. The historical average is -45.4%.
Based on historical data, NextCure, Inc. is trading at a P/E of -0.3x. 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
Critical Cash Runway Depletion
Metrics are mathematically derived from official filings.
Persistent Decay in Capital Returns
As reported in recent financial statements, NextCure's ROIC has deteriorated to -51.3% in 2026Q1, reflecting a consistent inability to generate positive returns on invested capital as the company continues to fund high-cost clinical development programs without any offsetting commercial revenue streams to support its asset base.
The downward trend in ROIC from -10.7% in 2023Q4 to current levels suggests that the company's discovery engine is consuming capital at a rate that far outpaces its ability to create tangible value. Investors should monitor whether the current focus on NC410 and NC525 can reverse this trend, though historical data indicates a structural reliance on external funding that continues to dilute shareholder value.
Liquidity Buffer Facing Rapid Depletion
Based on quarterly balance sheet data, NextCure's current ratio has compressed from a peak of 16.38 in 2023Q4 to 4.61 in 2026Q1, signaling a tightening liquidity position that leaves the firm with minimal flexibility to manage unexpected clinical trial cost overruns or delays in strategic partnership negotiations.
While a current ratio of 4.61 appears superficially healthy, it is misleading in the context of a pre-revenue biotech firm where cash is the only meaningful liquid asset. The rapid erosion of this ratio suggests that the company is approaching a critical inflection point where its ability to meet short-term obligations will become increasingly dependent on dilutive capital raises.
Valuation Discount Reflects Clinical Risk
According to market data, NextCure trades at a P/B of 0.13, which represents a significant discount compared to peers like Kymera Therapeutics at 5.78, suggesting that the market is heavily discounting the company's pipeline following the setbacks observed in its earlier NC318 clinical program.
This valuation gap appears to be structural rather than temporary, as the market assigns little value to the FIND-IO platform until clinical efficacy is proven. The disparity between NXTC and its peers indicates that investors are currently pricing the company as a distressed asset rather than a viable long-term competitor in the immuno-oncology space.
Misapplication of Traditional Valuation Multiples
As indicated by the company's financial disclosures, the use of P/E or EV/EBITDA ratios is fundamentally inappropriate for NextCure, as these metrics obscure the reality that the firm is a pre-revenue entity where value is driven by clinical trial outcomes rather than current earnings or cash flow.
Analysts often misapply these multiples to biotech firms, which leads to distorted conclusions about the company's valuation. Instead, investors should focus on cash runway and the probability-weighted net present value of the clinical pipeline, as traditional accounting metrics fail to capture the binary nature of the company's business model.