Latest Ratios: P/E Ratio -12.7x · EV/EBITDA N/A · ROE -25.6%. (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 | $10.3B | $6.3B | $10.0B | $6.1B | $3.1B | $1.2B | $785M | — | — | — |
| Enterprise Value | $10.4B | $6.3B | $9.7B | $5.7B | $2.3B | $1.2B | $399M | — | — | — |
| P/E Ratio → | -12.68 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 3.62 | 2.34 | 3.02 | 4.92 | 3.26 | 4.35 | 2.27 | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -25.6% | -25.6% | -20.4% | -36.7% | -36.1% | -31.8% | -74.5% | — | — | -55.7% |
| ROA | -23.4% | -23.4% | -18.9% | -33.3% | -33.6% | -27.9% | -38.9% | -73.7% | -53.4% | -43.5% |
| ROIC | -24.2% | -24.2% | -22.1% | -69.6% | -94.5% | -81.2% | — | — | — | — |
| ROCE | -29.7% | -29.7% | -24.6% | -42.0% | -36.8% | -32.3% | -44.7% | -91.2% | -71.5% | -50.4% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.09 | 0.02 | 0.02 | 0.02 | 0.06 | — | — | — | 0.15 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.02 | -0.10 | -0.30 | -0.86 | -0.18 | -1.12 | — | — | -1.02 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -111741.50 | -14295.71 | -12744.29 | -1255.85 | -392.13 | — |
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 | 7.91 | 7.91 | 12.75 | 7.54 | 23.26 | 8.93 | 8.30 | 5.58 | 9.93 | 8.53 |
| Quick Ratio | 7.91 | 7.91 | 12.75 | 7.54 | 23.26 | 8.93 | 8.30 | 5.58 | 9.93 | 8.53 |
| Cash Ratio | 7.59 | 7.59 | 12.46 | 7.43 | 22.98 | 8.57 | 8.24 | 5.34 | 9.85 | 8.48 |
| 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 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% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $136M | $122M | $97M | $65M | $52M | $30M | $4M | $4M | $4M |
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 PCVX stock.
Vaxcyte, Inc.'s current P/E ratio is -12.7x. This places it at the 50th percentile of its historical range.
Vaxcyte, Inc.'s return on equity (ROE) is -25.6%. The historical average is -40.1%.
Based on historical data, Vaxcyte, Inc. is trading at a P/E of -12.7x. 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
R&D escalation without revenue
Metrics are mathematically derived from official filings.
Deepening Losses Reflect R&D Intensity
Vaxcyte's net margin remains deeply negative, with ROE deteriorating from -5.9% in 2024Q1 to -9.9% in 2026Q2, as reported in financial statements, reflecting escalating R&D investment without revenue.
The absence of revenue means all profitability metrics are negative, but the trend is informative: ROE and ROIC have roughly doubled in magnitude over ten quarters, indicating that losses are growing faster than the equity base. This suggests that the company is in an aggressive investment phase, with R&D expenses consuming cash at an accelerating rate. Investors should monitor whether this burn translates into clinical milestones that justify the capital deployment.
Capital Efficiency Eroding as Burn Accelerates
ROIC has deteriorated from -7.6% in 2024Q1 to -8.2% in 2026Q2, while ROE fell from -5.9% to -9.9%, per quarterly filings, indicating that each dollar of invested capital is generating larger losses.
The widening gap between ROE and ROIC suggests that the company is increasingly relying on equity financing to fund operations, with debt remaining minimal. The negative returns are not surprising for a pre-revenue biotech, but the trend is concerning: the magnitude of losses per dollar of capital is growing, implying that the company is not yet achieving economies of scale in its R&D efforts. This may indicate that the company is still in early-stage development, where costs are high and productivity is unproven.
Liquidity Buffer Shrinking Rapidly
Current ratio has fallen from 17.42 in 2024Q1 to 5.72 in 2026Q2, while cash reserves dropped from $611.5M to $183.2M, as per SEC filings, indicating a rapidly shrinking liquidity cushion.
Despite the still-healthy current ratio, the trajectory is alarming: the company is burning through cash at an accelerating pace, with operating cash outflows exceeding net losses. The quick ratio equals the current ratio, suggesting that inventory is not a significant component of current assets, which is typical for a biotech. However, the declining cash balance and rising burn rate imply that the company will need to raise additional capital in the near term, potentially diluting existing shareholders.
Minimal Debt Masks Future Financing Needs
Debt-to-equity remains low at 0.04 as of 2026Q2, but total debt has risen from $27.4M to $115.4M over ten quarters, based on reported figures, suggesting increasing reliance on debt financing.
While leverage is not currently a concern, the rising debt level and the company's negative cash flow indicate that it may need to access capital markets soon. The interest coverage ratio is not meaningful given the lack of earnings, but the low D/E suggests that the company has not yet strained its balance sheet. However, the trend of increasing debt, combined with a shrinking cash position, warrants monitoring for potential covenant or refinancing risks in the future.
Working Capital Metrics Sparse but Suggest Volatility
Days payable outstanding swung from -1105 days in 2025Q4 to 1030 days in 2026Q1, as reported in financial statements, indicating erratic working capital management and potential timing distortions.
The extreme swings in DPO are likely due to the timing of large payments or accruals, and the lack of DSO and DIO data reflects the absence of revenue and inventory. This volatility makes it difficult to assess the company's true working capital efficiency. Investors should focus on the cash conversion cycle, which is not calculable due to missing components, but the erratic DPO suggests that the company may be managing payables opportunistically, which could distort quarterly cash flow comparisons.
Misapplied P/E Obscures Pre-Revenue Reality
The P/E ratio is meaningless for Vaxcyte given negative earnings, yet it is often cited; instead, investors should focus on cash burn and runway, as per reported financials.
The most commonly misapplied ratio for Vaxcyte is the P/E multiple, which is negative and uninformative for a pre-revenue biotech. Analysts should instead use metrics like EV/Sales (which is undefined) or, more appropriately, cash runway and burn rate to assess valuation. The company's value is tied to its pipeline and potential future cash flows, not current earnings. Therefore, a more suitable approach is to evaluate the company's cash position relative to its burn rate, which currently suggests a finite runway that may necessitate dilution.