Latest Ratios: P/E Ratio -20.7x · EV/EBITDA N/A · ROE -26.3%. (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 | $2.2B | $1.3B | $1.4B | $2.7B | $1.3B | $2.5B | $4.8B | — | — | — |
| Enterprise Value | $2.1B | $1.2B | $1.4B | $2.7B | $1.4B | $2.4B | $4.6B | — | — | — |
| P/E Ratio → | -20.73 | — | — | 66.30 | — | — | — | — | — | — |
| P/S Ratio | 8.54 | 5.13 | 6.75 | 12.39 | 7.35 | 17.83 | 43.97 | — | — | — |
| P/B Ratio | 5.90 | 3.61 | 3.33 | 4.89 | 2.97 | 4.41 | 7.62 | — | — | — |
| P/FCF | 175.33 | 105.42 | — | — | — | — | 334.25 | — | — | — |
| P/OCF | 157.14 | 94.48 | — | — | — | — | 283.63 | — | — | — |
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 | — | 4.66 | 6.61 | 12.26 | 7.49 | 17.53 | 42.21 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | 61.91 | — | — | — | — | — | — |
| EV / FCF | — | 95.68 | — | — | — | — | 320.85 | — | — | — |
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 | 55.7% | 55.7% | 63.6% | 64.9% | 55.8% | 47.6% | 58.7% | 57.4% | 64.4% | 71.5% |
| Operating Margin | -65.2% | -65.2% | -100.8% | -81.9% | -81.1% | -80.8% | -56.4% | -45.3% | -42.0% | -34.2% |
| Net Profit Margin | -40.4% | -40.4% | -90.2% | 18.8% | -82.4% | -72.8% | -22.6% | -28.7% | -42.7% | -31.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -26.3% | -26.3% | -38.6% | 8.2% | -29.7% | -17.0% | -9.2% | — | — | — |
| ROA | -13.3% | -13.3% | -23.0% | 5.5% | -20.6% | -13.4% | -5.4% | -17.8% | -31.8% | -30.0% |
| ROIC | -39.4% | -39.4% | -34.4% | -26.7% | -22.2% | -17.6% | -27.8% | — | — | — |
| ROCE | -28.6% | -28.6% | -32.2% | -28.4% | -23.6% | -16.7% | -15.6% | -38.0% | -41.8% | -47.3% |
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 | 0.30 | 0.30 | 0.28 | 0.23 | 0.26 | 0.14 | 0.02 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.33 | -0.07 | -0.05 | 0.06 | -0.07 | -0.31 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -9.74 | — | — | — | — | -13.40 | — | — | — |
| Interest Coverage | — | — | — | — | -49706.67 | — | — | — | — | — |
Net cash position: cash ($231M) exceeds total debt ($109M)
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 | 2.75 | 2.75 | 3.31 | 4.25 | 4.91 | 6.85 | 9.33 | 2.63 | 3.88 | 2.70 |
| Quick Ratio | 2.75 | 2.75 | 3.31 | 4.25 | 4.91 | 6.85 | 9.33 | 2.63 | 3.88 | 2.70 |
| Cash Ratio | 2.09 | 2.09 | 1.84 | 3.46 | 4.15 | 6.32 | 8.78 | 1.91 | 3.11 | 2.04 |
| Asset Turnover | — | 0.35 | 0.25 | 0.27 | 0.26 | 0.18 | 0.14 | 0.55 | 0.55 | 0.96 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 148.92 | 449.06 | 150.13 | 139.36 | 107.31 | 119.46 | 109.82 | 98.71 | 63.96 |
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 | — | — | — | 1.5% | — | — | — | — | — | — |
| FCF Yield | 0.6% | 0.9% | — | — | — | — | 0.3% | — | — | — |
| 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 | — | $73M | $73M | $75M | $71M | $71M | $60M | $63M | $48M | $6M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying SDGR stock.
Schrödinger, Inc.'s current P/E ratio is -20.7x. The historical average is 66.3x.
Schrödinger, Inc.'s return on equity (ROE) is -26.3%. The historical average is -18.8%.
Based on historical data, Schrödinger, Inc. is trading at a P/E of -20.7x. Compare with industry peers and growth rates for a complete picture.
Schrödinger, Inc. has 55.7% gross margin and -65.2% operating margin.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Gross Margin Volatility Masks Core Weakness
Gross margin swung from 47.8% to 72.6% over ten quarters, with 2026Q2 at 55.1%, while operating margin remained deeply negative at -70.6%, indicating persistent structural unprofitability.
The wide gross margin range suggests significant product mix shifts between software and services, but even at peak gross margin, operating losses persisted, implying that R&D and SG&A costs are not flexing with revenue. The 2026Q2 net margin of 10.1% is misleading, as it includes non-operating gains; the operating margin of -70.6% better reflects the underlying earning power. Investors should focus on operating margin trends, which improved from -193.9% in 2024Q3 but remain far from breakeven.
ROIC Deeply Negative, No Compounding
ROIC has been negative for ten consecutive quarters, ranging from -3.9% to -20.1%, with 2026Q2 at -20.1%, indicating the company is destroying value rather than compounding returns.
Despite a modest positive ROE of 1.9% in 2026Q2, driven by non-operating gains, ROIC remains deeply negative, reflecting that operating losses exceed the return on invested capital. The trend shows no improvement in capital efficiency, as asset turnover is extremely low at 0.09, and margins are negative. This suggests that the business model has not yet demonstrated an ability to generate returns on its invested capital, and investors should monitor whether any future revenue scaling can translate into positive ROIC.
Working Capital Swings Drive Cash Flow
DSO spiked to 228 days in 2025Q1 and averaged over 100 days in several quarters, while DPO remained stable around 35 days, indicating significant working capital volatility and potential collection issues.
The cash conversion cycle is not calculable due to missing DIO, but the extreme DSO swings suggest that revenue recognition and collection timing are highly variable, likely tied to large contract milestones. The 2026Q2 DSO of 69 days is an improvement, but the historical volatility indicates that cash flow is not predictable. The low DPO relative to DSO suggests the company is not leveraging supplier financing effectively, which may strain liquidity during periods of high receivables.
Leverage Rising as Equity Erodes
D/E rose from 0.25 in 2024Q1 to 0.33 in 2026Q2, while total debt declined modestly, indicating that leverage is increasing due to a shrinking equity base from accumulated losses.
The D/EBITDA ratio of 14.70 in 2026Q2 is not meaningful given negative EBITDA, but the trend in D/E suggests that the company's equity cushion is eroding. With retained earnings worsening by $289.8M over the period, the balance sheet is becoming more leveraged relative to equity, though absolute debt levels remain manageable. Investors should monitor whether the company can access additional capital without further diluting equity, as the current cash burn may require future financing.
Liquidity Buffer Shrinking but Adequate
Current ratio fell from 4.64 in 2024Q1 to 2.71 in 2026Q2, while cash increased to $287.9M, indicating a still-adequate but declining liquidity cushion relative to quarterly burn.
The quick ratio equals the current ratio, indicating no inventory dependence, which is typical for a software company. However, the declining current ratio suggests that current liabilities are growing faster than current assets, possibly due to deferred revenue or accrued expenses. With quarterly operating cash burn averaging around $7M (excluding working capital swings), the current cash position provides a runway of several years, but the trend warrants monitoring if losses persist.
P/S Multiple Misleads on Value
The P/S ratio of 5.72 appears reasonable for a software company, but it obscures the fact that the company has negative operating margins and a P/FCF of 117.45, indicating the market is pricing in future profitability.
For a company with persistent operating losses, the P/S ratio is often misapplied because it does not account for the cost structure. A more appropriate metric would be EV/Sales adjusted for the cash burn, or a multiple on forward revenue with a path to profitability. The P/FCF of 117.45 is particularly misleading given the volatile and often negative free cash flow; investors should instead focus on the sustainability of cash burn and the timeline to breakeven, which is not evident from the current data.