Latest Ratios: P/E Ratio -1.3x · EV/EBITDA N/A · ROE -67.4%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $188M | $275M | $120M | $162M | $209M | — | — | — |
| Enterprise Value | $145M | $231M | $89M | $101M | $52M | — | — | — |
| P/E Ratio → | -1.28 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.78 | 1.86 | 1.01 | 1.49 | 1.16 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -67.4% | -67.4% | -79.3% | -54.6% | -44.2% | -38.2% | -27.7% | -34.8% |
| ROA | -55.2% | -55.2% | -61.2% | -43.6% | -38.3% | -35.4% | -25.5% | -32.1% |
| ROIC | -73.2% | -73.2% | -108.1% | -181.2% | -453.1% | -20853.1% | -756.9% | — |
| ROCE | -63.4% | -63.4% | -75.3% | -52.3% | -41.2% | -37.9% | -27.5% | -35.0% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.12 | 0.12 | 0.16 | 0.19 | 0.14 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.30 | -0.26 | -0.56 | -0.88 | -1.00 | -1.00 | -0.90 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — |
Net cash position: cash ($61M) exceeds total debt ($17M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 11.94 | 11.94 | 7.41 | 6.43 | 9.88 | 13.56 | 12.31 | 11.58 |
| Quick Ratio | 11.94 | 11.94 | 7.41 | 6.43 | 9.88 | 13.56 | 12.31 | 11.58 |
| Cash Ratio | 11.74 | 11.74 | 7.20 | 6.30 | 9.65 | 12.88 | 11.67 | 10.71 |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $42M | $32M | $24M | $16M | $22M | $22M | $22M |
Includes 30+ ratios · 7 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 PEPG stock.
PepGen Inc.'s current P/E ratio is -1.3x. This places it at the 50th percentile of its historical range.
PepGen Inc.'s return on equity (ROE) is -67.4%. The historical average is -49.4%.
Based on historical data, PepGen Inc. is trading at a P/E of -1.3x. 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
Clinical binary funding risk
Metrics are mathematically derived from official filings.
Negative Returns Reflect R&D Intensity
As reported in financial statements, PepGen's ROIC has remained consistently negative, bottoming out at -48.4% in 2023Q4, which underscores the company's current status as a pre-revenue entity where capital is deployed exclusively into high-risk clinical development rather than generating immediate operational returns on invested capital.
The persistent negative ROIC trend is a structural feature of the company's current lifecycle stage, where the absence of revenue means every dollar of invested capital is consumed by clinical trial costs. Investors should monitor whether future data readouts can justify this capital intensity by demonstrating a clear path to commercialization and eventual positive returns.
Working Capital Volatility Impacts Liquidity
Based on reported figures, PepGen's days payable outstanding has fluctuated significantly, ranging from 69 to 930 days over the last ten quarters, which suggests that the company's working capital management is highly sensitive to the timing of clinical trial vendor payments and broader operational cash requirements.
The extreme variance in DPO indicates that the company may be managing its cash outflows by stretching payment terms with research partners and vendors. This strategy appears to be a defensive measure to preserve liquidity, though it warrants further investigation into whether such delays could impact the pace of clinical trial execution.
Eroding Liquidity Buffers Heighten Risk
According to recent quarterly filings, the current ratio has compressed from a peak of 15.78 in 2024Q1 to 14.98 in 2026Q1, reflecting a rapid consumption of liquid assets that leaves the company increasingly reliant on external capital markets to sustain its ongoing research and development operations.
While the current ratio remains numerically high, it is misleading in a pre-revenue context where cash is the only meaningful liquid asset. The downward trend in total assets suggests that the company's liquidity position is under structural pressure, necessitating a potential capital raise to avoid a funding shortfall.
Valuation Discount Relative to Peers
As indicated by current market data, PepGen trades at a price-to-book ratio of 0.49, which represents a significant discount compared to peers like CRISPR Therapeutics at 2.57, suggesting that the market is pricing in substantial execution risk regarding the company's proprietary EDO platform and clinical pipeline.
This valuation gap appears to reflect the company's earlier stage of clinical data generation compared to more established gene-editing competitors. Investors should consider whether this discount is a temporary mispricing or a structural reflection of the market's skepticism regarding the EDO platform's ability to outperform existing therapeutic standards.
Misapplication of Traditional Valuation Multiples
Based on standard financial analysis, the use of P/E or EV/EBITDA ratios is fundamentally inappropriate for PepGen, as these metrics obscure the company's lack of revenue and ignore the binary nature of its clinical-stage business model which relies entirely on future regulatory and commercial success.
Analysts should instead focus on the 'Enterprise Value to R&D' ratio or 'Cash Runway' metrics to assess the company's valuation. Relying on traditional earnings-based multiples in this context may lead to erroneous conclusions about the company's financial health and its long-term potential for value creation.