Latest Ratios: P/E Ratio -0.8x · EV/EBITDA N/A · ROE -213.5%. (2008–2025 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 | $438M | $561M | $528M | $2.5B | $1.8B | $4.2B | $4.5B | $784M | $1000M | $279M | $339M |
| Enterprise Value | $1.1B | $1.3B | $1.1B | $3.2B | $2.5B | $4.7B | $4.5B | $816M | $996M | $230M | $338M |
| P/E Ratio → | -0.77 | — | — | — | — | — | 152.59 | — | — | — | — |
| P/S Ratio | 2.74 | 3.51 | 3.43 | 12.41 | 14.32 | 32.00 | 57.53 | 8.63 | 12.71 | 2.98 | 3.73 |
| P/B Ratio | 79.07 | 104.87 | 1.04 | 3.55 | 3.26 | 5.28 | 13.53 | 14.28 | 8.76 | 3.24 | 4.00 |
| P/FCF | — | — | — | — | — | — | 245.81 | — | — | — | — |
| P/OCF | — | — | — | — | — | — | 232.72 | — | — | — | — |
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 | — | 7.85 | 7.43 | 16.17 | 19.17 | 35.79 | 57.03 | 8.98 | 12.66 | 2.46 | 3.73 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | 151.64 | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | 243.67 | — | — | — | — |
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 | 31.7% | 31.7% | 24.2% | 26.3% | 38.2% | 45.1% | 41.3% | 38.0% | 31.9% | 37.1% | 48.7% |
| Operating Margin | -348.5% | -348.5% | -308.0% | -166.8% | -239.4% | -161.2% | -132.3% | -110.6% | -128.4% | -96.1% | -78.5% |
| Net Profit Margin | -341.5% | -341.5% | -201.2% | -153.0% | -244.9% | -138.9% | 37.3% | -92.6% | -130.4% | -98.6% | -82.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -213.5% | -213.5% | -51.3% | -48.5% | -46.4% | -32.2% | 15.1% | -99.6% | -102.5% | -108.0% | -94.0% |
| ROA | -53.4% | -53.4% | -20.6% | -17.5% | -16.7% | -15.0% | 10.5% | -52.9% | -65.3% | -65.4% | -55.3% |
| ROIC | -45.8% | -45.8% | -27.6% | -19.0% | -18.6% | -20.0% | -40.9% | -76.6% | -103.2% | -111.4% | -118.4% |
| ROCE | -58.0% | -58.0% | -33.3% | -21.2% | -17.9% | -18.2% | -44.0% | -80.8% | -74.3% | -79.5% | -66.8% |
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 | 141.98 | 141.98 | 1.33 | 1.33 | 1.68 | 1.21 | 0.13 | 1.12 | 0.13 | 0.16 | 0.19 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 130.07 | 1.22 | 1.08 | 1.11 | 0.63 | -0.12 | 0.58 | -0.04 | -0.57 | -0.01 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | -2.15 | — | — | — | — |
| Interest Coverage | -77.52 | -77.52 | -22.08 | -21.18 | -20.39 | -20.94 | 111.12 | -31.22 | -41.33 | -30.56 | -22.00 |
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 | 6.89 | 6.89 | 7.48 | 7.81 | 3.24 | 15.36 | 9.24 | 1.65 | 6.47 | 4.55 | 3.23 |
| Quick Ratio | 5.99 | 5.99 | 6.59 | 7.21 | 3.04 | 15.01 | 8.87 | 1.38 | 5.59 | 3.52 | 2.76 |
| Cash Ratio | 5.14 | 5.14 | 5.88 | 6.64 | 2.93 | 14.56 | 8.28 | 1.00 | 5.03 | 2.82 | 2.13 |
| Asset Turnover | — | 0.20 | 0.12 | 0.11 | 0.07 | 0.07 | 0.19 | 0.61 | 0.46 | 0.65 | 0.66 |
| Inventory Turnover | 2.22 | 2.22 | 1.99 | 2.61 | 1.57 | 2.91 | 3.26 | 4.23 | 2.99 | 2.55 | 2.98 |
| Days Sales Outstanding | — | 80.86 | 65.23 | 66.65 | 53.44 | 67.79 | 77.90 | 61.31 | 39.90 | 52.46 | 66.07 |
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 | — | — | — | — | — | — | 0.7% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | 0.4% | — | — | — | — |
| 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 | — | $300M | $288M | $254M | $225M | $204M | $175M | $153M | $135M | $106M | $89M |
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying PACB stock.
Pacific Biosciences of California, Inc.'s current P/E ratio is -0.8x. The historical average is 152.6x.
Pacific Biosciences of California, Inc.'s return on equity (ROE) is -213.5%. The historical average is -88.0%.
Based on historical data, Pacific Biosciences of California, Inc. is trading at a P/E of -0.8x. Compare with industry peers and growth rates for a complete picture.
Pacific Biosciences of California, Inc. has 31.7% gross margin and -348.5% operating margin.
Key Metrics
Top Statement Risk
Negative equity and operating losses
Metrics are mathematically derived from official filings.
Gross Margin Recovery Overshadowed by Operating Losses
Pacific Biosciences' net margin has deteriorated to -114.7% in 2026Q2 according to recent financial data, indicating that operating expenses continue to overwhelm gross profit, which itself remains less than half the levels achieved by key peers like Illumina.
While gross margin has improved from a trough of -3.7% in 2025Q1 to 32.4% in 2026Q2, this recovery is negated by operating margins that have expanded negatively to -114.4%, suggesting the company's cost structure is fundamentally misaligned with its revenue scale. This disparity implies that achieving breakeven would require not just revenue growth but also substantial operational restructuring or asset monetization, neither of which is evident in the current financial trajectory.
Debt Burden Exacerbated by Negative Equity
As reported in the company's filings, PACB's debt-to-equity ratio surged to 297.29 in 2026Q1 while interest coverage stood at -20.18 in 2026Q2, signaling that the leverage structure appears unsustainable and may constrain future financing options.
The negative interest coverage, driven by operating losses, indicates that PACB cannot service its debt from core operations, increasing reliance on external capital or potential restructuring. When combined with negative shareholder equity, this leverage profile suggests a heightened risk of covenant breaches or refinancing difficulties, which could jeopardize the company's financial independence and operational continuity.
High Current Ratios Mask Solvency Vulnerabilities
Despite a current ratio of 4.92 and quick ratio of 4.03 in 2026Q2 based on quarterly reports, PACB's liquidity is undermined by a cash conversion cycle of 207 days and persistent free cash flow burn, which may limit operational flexibility under stress.
The seemingly robust liquidity ratios are inflated by high inventory levels, with days inventory outstanding at 193 days, suggesting potential obsolescence risks or demand mismatches in a capital-intensive medical device market. This structure implies that in a severe downturn, the company might struggle to liquidate assets quickly to meet obligations, especially given the minimal cash balance of $61.0 million relative to its debt obligations.
Price-to-Book Ratio Distorted by Equity Erosion
The price-to-book ratio of 76.83 for PACB as of recent quarters, coupled with a negative P/E of -0.75, suggests the market is pricing future technology potential rather than current financial health, rendering traditional multiples unreliable for assessing intrinsic value.
The elevated P/B ratio is primarily a function of severely eroded book equity due to accumulated deficits, not operational strength, making it a misleading indicator of asset value. In the absence of profitability, valuation should focus on enterprise value metrics or pipeline potential, but the high volatility in these ratios indicates significant uncertainty and risk premia embedded in the stock price.
Price-to-Book Ratio Misleads Amid Equity Erosion
The price-to-book ratio of 76.83 is commonly misapplied to PACB because it does not adjust for negative equity and significant intangible assets, which distort book value and obscure the true economic reality of the company's distressed financial position.
Investors relying on P/B may overlook the structural profitability challenges, as the ratio does not capture the cash burn dynamics or the need for future capital infusions. A more appropriate alternative would be to use enterprise value to sales multiples adjusted for growth prospects, or to focus on non-GAAP metrics that exclude non-cash impairments, though even these require caution given the company's early-stage commercialization in a competitive market.