Latest Ratios: P/E Ratio -2.6x · EV/EBITDA N/A · ROE -59.5%. (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 | $1.9B | $1.8B | $1.9B | $2.0B | $1.4B | $2.9B | — | — |
| Enterprise Value | $1.3B | $1.2B | $1.4B | $1.7B | $854M | $2.6B | — | — |
| P/E Ratio → | -2.57 | — | — | — | — | — | — | — |
| P/S Ratio | 25.99 | 24.50 | 31.50 | 46.71 | 34.11 | 291.68 | — | — |
| P/B Ratio | 1.46 | 1.62 | 1.79 | 4.42 | 2.79 | 5.37 | — | — |
| 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 | — | 15.60 | 23.25 | 38.94 | 21.53 | 264.31 | — | — |
| 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 | -62.0% | -62.0% | 23.1% | 2.9% | -21.7% | 100.0% | 100.0% | -2577.3% |
| Operating Margin | -867.9% | -867.9% | -814.1% | -797.8% | -619.3% | -1827.8% | -2479.2% | -3649.4% |
| Net Profit Margin | -863.4% | -863.4% | -788.0% | -747.7% | -603.5% | -1864.8% | -2549.3% | -3654.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -59.5% | -59.5% | -61.9% | -69.1% | -46.6% | -110.8% | — | — |
| ROA | -44.1% | -44.1% | -44.1% | -48.4% | -36.5% | -41.0% | -43.5% | -61.6% |
| ROIC | -95.8% | -95.8% | -107.0% | -479.8% | -143.9% | — | — | — |
| ROCE | -50.1% | -50.1% | -52.6% | -60.3% | -42.2% | -43.6% | -45.7% | -65.9% |
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 | 0.07 | 0.07 | 0.10 | 0.11 | 0.10 | 0.02 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.59 | -0.47 | -0.74 | -1.03 | -0.50 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -355.30 | -355.30 | -294.67 | -3423.00 | -4353.11 | -62.17 | -62.98 | -97.45 |
Net cash position: cash ($743M) exceeds total debt ($78M)
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 | 5.50 | 5.50 | 3.81 | 4.70 | 5.68 | 11.46 | 11.53 | 11.43 |
| Quick Ratio | 5.50 | 5.50 | 3.81 | 4.70 | 5.68 | 11.46 | 11.53 | 11.43 |
| Cash Ratio | 5.03 | 5.03 | 3.17 | 4.20 | 5.48 | 11.07 | 11.35 | 10.46 |
| Asset Turnover | — | 0.05 | 0.04 | 0.07 | 0.06 | 0.02 | 0.01 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 120.47 | 304.99 | 25.74 | 25.32 | 331.79 | 16.68 | 32.21 |
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% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $447M | $274M | $208M | $176M | $170M | $166M | $166M |
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 RXRX stock.
Recursion Pharmaceuticals, Inc.'s current P/E ratio is -2.6x. This places it at the 50th percentile of its historical range.
Recursion Pharmaceuticals, Inc.'s return on equity (ROE) is -59.5%. The historical average is -69.6%.
Based on historical data, Recursion Pharmaceuticals, Inc. is trading at a P/E of -2.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Recursion Pharmaceuticals, Inc. has -62.0% gross margin and -867.9% operating margin.
Key Metrics
Top Statement Risk
Cash burn sustainability
Metrics are mathematically derived from official filings.
Gross Margin Volatility Masks Cost Structure
Gross margin swung from 53.7% in 2024Q3 to -183.6% in 2024Q4, with recent quarters negative, indicating COGS exceeding revenue and lack of pricing power, per reported financials.
The erratic gross margin pattern, including -49.8% in 2026Q2, suggests that revenue recognition from collaborations is lumpy and not tied to recurring commercial activity. Operating margin improved to -17.6% in 2026Q2 from -40.7% in 2024Q4, but this appears driven by a revenue spike rather than cost discipline. Net margin remains deeply negative, reflecting the heavy R&D investment that is characteristic of early-stage biotech, but the lack of a clear path to positive gross margin warrants close monitoring.
ROIC Deeply Negative but Improving
ROIC improved from -52.5% in 2024Q1 to -23.2% in 2026Q2, yet remains deeply negative, indicating the company is destroying value on invested capital, as per financial statements.
The improvement in ROIC is largely due to a shrinking capital base from cash burn and asset write-downs, not operational efficiency. ROE also improved from -21.1% to -13.5% over the same period, but this is a function of reduced equity, not profitability. The company is not compounding returns; it is consuming capital faster than it generates returns, which is typical for pre-commercial biotech but unsustainable without future financing or a major partnership.
Working Capital Efficiency Deteriorates
DSO spiked to 166 days in 2026Q2 from 60 days in 2025Q4, while CCC remains unmeasurable due to missing DIO, indicating worsening receivables collection, per recent filings.
The sharp increase in DSO suggests that collaboration receivables are taking longer to collect, possibly reflecting the lumpy nature of milestone payments. DPO also rose to 131 days, indicating the company is stretching supplier payments, which may strain relationships. The negative FCF margin of -24.4% in 2026Q2 underscores that working capital swings are amplifying cash burn, as seen in the prior cash flow analysis.
Low Leverage Masks Fixed Obligations
D/E stands at 0.07 with interest coverage of -422.97 in 2026Q2, indicating minimal debt but negative earnings, so debt service is not a current concern, per balance sheet data.
The company's low leverage is a positive, but the absolute debt of $61.9M is a fixed obligation against a shrinking cash base. Interest coverage is deeply negative because operating income is negative, but with minimal debt, interest expense is small. The real risk is not leverage but the need to raise capital to fund operations, which could dilute shareholders or increase leverage if debt is used.
High Current Ratio Masks Runway Risk
Current ratio remains above 5.0, but cash dropped to $545.7M in 2026Q2, implying roughly five quarters of runway at current burn, per balance sheet analysis.
The current ratio of 5.03 in 2026Q2 is misleading because it is inflated by cash and short-term investments, but the company is burning over $100M per quarter. The quick ratio equals the current ratio, indicating no inventory dependence, which is typical for biotech. However, the shrinking cash buffer and negative FCF margin suggest that liquidity will deteriorate rapidly unless the company secures additional funding or partnerships.
P/S Misleading for Pre-Revenue Biotech
P/S of 23.47 is often misapplied to biotech with erratic revenue; a more relevant metric is EV/Invested Capital or price-to-tangible book, given negative earnings.
The price-to-sales ratio is commonly used for biotech, but RXRX's revenue is highly volatile and not indicative of sustainable operations. A better metric is EV/Invested Capital, which would be negative given negative EBITDA, or price-to-tangible book value, which would be lower than P/B of 1.32 due to goodwill. Investors should focus on cash runway and pipeline value rather than revenue multiples, as the company is pre-commercial and revenue is collaboration-driven.