Latest Ratios: P/E Ratio -11.2x · EV/EBITDA N/A · ROE -41.1%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.2B | $1.5B | $589M | $1.3B | $1.7B | $2.9B | $3.7B | — | — |
| Enterprise Value | $3.1B | $1.4B | $513M | $1.3B | $1.6B | $2.7B | $3.3B | — | — |
| P/E Ratio → | -11.20 | — | — | — | — | — | — | — | — |
| P/S Ratio | 205.51 | 94.54 | 58.82 | 52.83 | 1214.17 | 964.56 | 45.35 | — | — |
| P/B Ratio | 5.46 | 2.56 | 0.76 | 1.79 | 1.76 | 3.25 | 4.91 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 91.18 | 51.25 | 49.30 | 1146.07 | 879.64 | 40.23 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.8% | 76.8% | -3052.2% | -1177.6% | -17496.3% | -5492.2% | 95.7% | — | — |
| Operating Margin | -1971.6% | -1971.6% | -3722.1% | -1460.1% | -21670.9% | -12040.2% | -67.5% | — | — |
| Net Profit Margin | -1800.6% | -1800.6% | -3374.7% | -1338.7% | -21036.1% | -12012.9% | -63.4% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -41.1% | -41.1% | -44.2% | -40.2% | -31.4% | -43.8% | -18.0% | — | — |
| ROA | -37.0% | -37.0% | -39.4% | -35.2% | -27.6% | -40.2% | -8.8% | -16.2% | -11.4% |
| ROIC | -37.3% | -37.3% | -41.0% | -36.9% | -30.0% | -55.8% | -58.7% | — | — |
| ROCE | -42.7% | -42.7% | -45.6% | -40.3% | -29.6% | -41.2% | -9.6% | -20.9% | -11.8% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.06 | 0.07 | 0.06 | 0.03 | 0.03 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.09 | -0.10 | -0.12 | -0.10 | -0.29 | -0.55 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($84M) exceeds total debt ($32M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 22.61 | 22.61 | 15.95 | 25.44 | 16.00 | 40.14 | 56.49 | 30.08 | 61.78 |
| Quick Ratio | 22.61 | 22.61 | 15.95 | 25.44 | 15.81 | 40.14 | 56.49 | 30.08 | 61.78 |
| Cash Ratio | 21.68 | 21.68 | 15.40 | 24.78 | 15.68 | 39.39 | 49.74 | 29.69 | 61.40 |
| Asset Turnover | — | 0.02 | 0.01 | 0.03 | 0.00 | 0.00 | 0.10 | — | — |
| Inventory Turnover | — | — | — | — | 20.07 | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | 1379.39 | 595.28 | 365.00 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| 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 | — | $172M | $143M | $123M | $112M | $95M | $90M | $4M | $2M |
Includes 30+ ratios · 8 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 RLAY stock.
Relay Therapeutics, Inc.'s current P/E ratio is -11.2x. This places it at the 50th percentile of its historical range.
Relay Therapeutics, Inc.'s return on equity (ROE) is -41.1%. The historical average is -36.4%.
Based on historical data, Relay Therapeutics, Inc. is trading at a P/E of -11.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Relay Therapeutics, Inc. has 76.8% gross margin and -1971.6% operating margin.
Key Metrics
Top Statement Risk
Cash burn sustainability
Metrics are mathematically derived from official filings.
Pipeline Value Priced at Premium
RLAY trades at a P/S of 228.76 and P/B of 6.07, reflecting market expectations for pipeline success despite no sustainable revenue, as per reported financials.
The P/S multiple is extreme because revenue is episodic and near zero in several quarters, making the metric nearly meaningless. The P/B of 6.07 suggests investors are valuing the company's cash and pipeline assets at a significant premium to book value. This implies the market is pricing in substantial future value from R&D programs, but the lack of consistent revenue means traditional valuation multiples offer little insight.
Margins Distorted by One-Time Items
Gross margin swung from 100% in 2026Q2 to -89.8% in 2025Q2, while operating margin averaged -100% over the last five quarters, indicating reported margins are not indicative of core economics.
The extreme volatility in gross margin, including negative values, suggests that collaboration revenue and cost recognition are lumpy, possibly due to milestone payments or cost-sharing arrangements. Operating margin has been consistently negative, with 2026Q2 at -259.5%, reflecting heavy R&D investment. The true earning power is negative, and investors should focus on cash burn rather than margin trends.
Negative Returns on Invested Capital
ROIC has remained deeply negative, ranging from -8.5% to -12.1% over the past ten quarters, indicating the company is not generating returns on its capital base, as per reported figures.
ROIC has been consistently negative, with no trend toward improvement, as losses persist and capital is continually raised. The company's asset-light model means that invested capital is primarily cash and R&D expenses, which do not generate current returns. This suggests that value creation, if any, will come from future pipeline milestones, not current capital efficiency.
Asset-Light Model with Minimal Turnover
Asset turnover is near zero, averaging 0.00-0.01 over the last ten quarters, reflecting negligible revenue relative to the asset base, as reported in financial statements.
The asset turnover ratio is essentially zero because revenue is minimal and assets are dominated by cash and short-term investments. This is typical for a clinical-stage biotech, but it means that efficiency metrics are not meaningful. The company's working capital cycle is also distorted by negative DPO values, which may indicate advanced payments or unusual payables timing, but the lack of consistent revenue makes CCC analysis unreliable.
Minimal Debt Provides Flexibility
Debt-to-equity declined to 0.03 in 2026Q2, with total debt at $30.7M, indicating a conservative leverage profile that offers financial flexibility, based on reported balance sheet data.
The company has minimal debt, and interest coverage is not applicable due to negligible interest expense. This low leverage suggests that the primary financial risk is not debt service but equity dilution from future capital raises. The balance sheet is adequate, but the company's ability to fund operations without additional financing is limited, as cash burn exceeds available cash.
Liquidity Masks Short Runway
Current ratio stands at 18.27, but cash of $121.2M covers less than two quarters of operating expenses, which averaged $86.5M per quarter in 2026, per reported data.
The high current ratio is driven by a large cash balance relative to current liabilities, but this is misleading because the company's burn rate is high. With quarterly operating cash burn exceeding $80M, the current ratio does not reflect the imminent need for additional funding. Investors should monitor the cash runway closely, as the company may need to raise capital within the next few quarters.
P/S Misapplied to Pre-Revenue Biotech
The price-to-sales ratio is commonly misapplied to RLAY because revenue is episodic and not representative of underlying value, obscuring the company's true financial position.
For a clinical-stage biotech with no product sales, P/S is nearly meaningless as revenue can be zero in some quarters and spike due to collaboration payments. A more appropriate metric is EV/Invested Capital or price-to-book, but even these are limited. Investors should focus on cash runway, pipeline milestones, and potential future revenue from partnerships, rather than traditional valuation multiples.