Latest Ratios: P/E Ratio -1.4x · EV/EBITDA N/A · ROE -25.1%. (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 | $99M | $105M | $144M | $124M | $362M | $1.4B | $3.4B | — | — |
| Enterprise Value | $75M | $81M | $129M | $120M | $339M | $1.2B | $3.1B | — | — |
| P/E Ratio → | -1.41 | — | — | — | — | — | — | — | — |
| P/S Ratio | 6.14 | 6.52 | 10.33 | 8.16 | 24.66 | 217.13 | 5212.72 | — | — |
| P/B Ratio | 0.40 | 0.41 | 0.44 | 0.31 | 0.81 | 2.76 | 7.92 | — | — |
| 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 | — | 5.06 | 9.27 | 7.88 | 23.07 | 184.36 | 4704.21 | — | — |
| 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 | 49.7% | 49.7% | 49.0% | 9.5% | 2.6% | -5.8% | -144.8% | -504.3% | — |
| Operating Margin | -483.9% | -483.9% | -717.7% | -691.2% | -667.6% | -1121.3% | -5129.4% | -14554.3% | — |
| Net Profit Margin | -456.6% | -456.6% | -620.9% | -568.3% | -633.1% | -1113.1% | -4996.2% | -13825.9% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -25.1% | -25.1% | -23.9% | -20.4% | -19.6% | -15.2% | -12.6% | -27.3% | -21.0% |
| ROA | -22.2% | -22.2% | -21.6% | -18.7% | -18.1% | -14.5% | -12.2% | -25.3% | -18.7% |
| ROIC | -21.3% | -21.3% | -21.3% | -19.3% | -20.5% | -27.5% | -30.0% | -36.6% | — |
| ROCE | -24.7% | -24.7% | -25.9% | -23.4% | -19.6% | -14.9% | -12.9% | -28.3% | -22.5% |
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 | 0.09 | 0.09 | 0.08 | 0.07 | 0.07 | 0.05 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.09 | -0.05 | -0.01 | -0.05 | -0.42 | -0.77 | -0.20 | -1.03 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | -3234.95 | — | -3206.60 | — |
Net cash position: cash ($47M) exceeds total debt ($24M)
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 | 12.84 | 12.84 | 16.53 | 25.00 | 34.57 | 30.67 | 53.51 | 22.75 | 8.46 |
| Quick Ratio | 12.35 | 12.35 | 16.04 | 24.66 | 34.20 | 30.36 | 53.44 | 22.75 | 8.46 |
| Cash Ratio | 11.85 | 11.85 | 15.42 | 23.92 | 33.47 | 29.81 | 53.36 | 22.55 | 8.39 |
| Asset Turnover | — | 0.05 | 0.04 | 0.03 | 0.03 | 0.01 | 0.00 | 0.00 | — |
| Inventory Turnover | 1.04 | 1.04 | 0.96 | 3.06 | 3.09 | 1.63 | 2.91 | — | — |
| Days Sales Outstanding | — | 134.78 | 163.02 | 161.46 | 174.43 | 236.56 | 145.78 | 1025.78 | — |
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 | 10.3% | 9.7% | 8.2% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 10.3% | 9.7% | 8.2% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $57M | $62M | $64M | $62M | $61M | $61M | $61M | $21M |
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 SEER stock.
Seer, Inc.'s current P/E ratio is -1.4x. This places it at the 50th percentile of its historical range.
Seer, Inc.'s return on equity (ROE) is -25.1%. The historical average is -20.6%.
Based on historical data, Seer, Inc. is trading at a P/E of -1.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Seer, Inc. has 49.7% gross margin and -483.9% operating margin.
Key Metrics
Top Statement Risk
Insufficient liquidity runway
Metrics are mathematically derived from official filings.
Market Pricing Reflects Option Value
Based on reported figures, Seer trades at a price-to-sales multiple of 5.66, which appears to price the company as a high-growth platform play rather than a traditional biotechnology firm, despite the recent contraction in revenue and the absence of meaningful earnings or cash flow generation.
The current valuation multiple suggests investors are assigning significant option value to the potential for the Proteograph to become a standard front-end for mass spectrometry. However, this premium appears precarious given the lack of a clear path to profitability and the recent deceleration in top-line growth.
Structural Margin Deficit Persists
As reported in financial statements, Seer's gross margin has shown extreme volatility, ranging from -4.3% to 52.1%, which indicates that the company has yet to achieve the manufacturing scale necessary to stabilize its core profitability profile against high fixed operating costs.
The persistent negative operating margin of -486.7% highlights a business model that is currently optimized for market penetration rather than operational efficiency. Investors should monitor whether the company can achieve consistent positive gross margins as a prerequisite for any future improvement in bottom-line performance.
Working Capital Cycles Remain Strained
According to recent quarterly data, Seer's cash conversion cycle has remained elevated, peaking at 352 days in 2026Q1, which suggests significant inefficiencies in managing inventory and collecting receivables relative to the company's current, relatively modest revenue base.
The high days inventory outstanding, which reached 394 days in 2026Q1, implies that the company is struggling to move its Proteograph units through the sales channel effectively. This inefficiency ties up critical capital that the company cannot afford to lose given its current liquidity constraints.
Liquidity Runway Nearing Critical Threshold
Based on Seer's reported cash and equivalents of $47.3M as of 2026Q1, the company faces a tightening liquidity position that warrants close monitoring, especially when contrasted with the high quarterly burn rates required to sustain its current research and commercial infrastructure.
While the current ratio remains high, this is largely a function of the company's remaining cash balance rather than operational liquidity. The rapid depletion of assets suggests that the company may face a funding gap in the near term if commercial adoption does not accelerate significantly.
Misapplication of Revenue Multiples
The most commonly misapplied metric for Seer is the price-to-sales ratio, which obscures the company's underlying cash burn and the high cost of customer acquisition required to drive the adoption of its proprietary nanoparticle-based proteomics platform in a competitive life sciences tools market.
Investors should instead focus on the 'consumable pull-through' per instrument, as this is the true indicator of long-term revenue durability and the potential for gross margin expansion. Relying on revenue multiples alone ignores the structural risk that the current installed base may not be generating sufficient recurring demand.