Latest Ratios: P/E Ratio -4.1x · EV/EBITDA N/A · ROE -161.8%. (2011–2025 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $845M | $1.8B | $1.1B | $1.5B | $1.5B | $1.1B | $919M | $268M | $113M | $184M | $105M |
| Enterprise Value | $1.1B | $2.0B | $1.3B | $1.2B | $1.5B | $939M | $824M | $244M | $79M | $149M | $81M |
| P/E Ratio → | -4.09 | — | — | — | — | 45.60 | — | — | — | — | — |
| P/S Ratio | 2.92 | 10.56 | 47.80 | — | — | 8.16 | 605.60 | 176.47 | 74.43 | 87.26 | 85.92 |
| P/B Ratio | 12.79 | 28.16 | 3.93 | 2.74 | 3.31 | 2.79 | 3.64 | 8.47 | 2.13 | 1.76 | 1.25 |
| P/FCF | — | — | — | — | — | 39.30 | — | — | — | — | — |
| P/OCF | — | — | — | — | — | 39.12 | — | — | — | — | — |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.79 | 55.89 | — | — | 6.72 | 543.17 | 160.84 | 52.16 | 70.57 | 66.38 |
| EV / EBITDA | — | — | — | — | — | 35.74 | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | 34.99 | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | 32.37 | — | — | — | — | — |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 96.0% | 96.0% | 96.5% | — | — | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -158.4% | -158.4% | -1434.4% | — | — | 18.8% | -4708.2% | -3792.9% | -5001.7% | -2939.0% | -3587.4% |
| Net Profit Margin | -165.6% | -165.6% | -1346.1% | — | — | 17.8% | -4816.7% | -3688.5% | -4875.5% | -2884.3% | -3645.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -161.8% | -161.8% | -75.7% | -41.0% | -34.1% | 7.5% | -51.5% | -132.2% | -94.0% | -64.5% | -59.0% |
| ROA | -45.5% | -45.5% | -47.7% | -37.7% | -31.5% | 6.6% | -40.1% | -75.9% | -66.9% | -49.4% | -44.7% |
| ROIC | -54.2% | -54.2% | -68.8% | -52.7% | -37.8% | 10.8% | -64.8% | -317.7% | -128.7% | -71.8% | -63.2% |
| ROCE | -53.0% | -53.0% | -57.8% | -45.0% | -33.8% | 7.4% | -43.7% | -101.8% | -80.2% | -56.3% | -47.6% |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.36 | 5.36 | 1.20 | 0.00 | 0.00 | 0.05 | 0.08 | 0.03 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | 0.80 | — | — | — | — | — |
| Net Debt / Equity | — | 3.27 | 0.67 | -0.53 | -0.16 | -0.49 | -0.38 | -0.75 | -0.64 | -0.34 | -0.28 |
| Net Debt / EBITDA | — | — | — | — | — | -7.65 | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | -6.93 | — | — | — | — | — |
| Interest Coverage | -7.45 | -7.45 | -63.67 | -1005.54 | -46.61 | 14.13 | -30.04 | — | -38.08 | -43.60 | -45.78 |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.40 | 4.40 | 5.82 | 10.00 | 16.85 | 21.68 | 15.84 | 3.39 | 5.18 | 8.45 | 10.47 |
| Quick Ratio | 4.12 | 4.12 | 5.82 | 10.00 | 16.85 | 21.68 | 15.84 | 3.39 | 5.11 | 8.54 | 10.24 |
| Cash Ratio | 3.44 | 3.44 | 5.63 | 9.94 | 16.67 | 21.60 | 15.53 | 3.25 | 5.02 | 8.23 | 10.16 |
| Asset Turnover | — | 0.33 | 0.03 | — | — | 0.31 | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 |
| Inventory Turnover | 0.21 | 0.21 | 2.26 | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 148.86 | 213.81 | — | — | 1.12 | 42.11 | 27.91 | 60.87 | 65.28 | 91.55 |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | 2.5% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 2.2% | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | 2.5% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% | 2.5% |
| Shares Outstanding | — | $87M | $86M | $70M | $61M | $52M | $41M | $30M | $25M | $21M | $15M |
Includes 30+ ratios · 15 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SNDX stock.
Syndax Pharmaceuticals, Inc.'s current P/E ratio is -4.1x. The historical average is 45.6x.
Syndax Pharmaceuticals, Inc.'s return on equity (ROE) is -161.8%. The historical average is -75.4%.
Based on historical data, Syndax Pharmaceuticals, Inc. is trading at a P/E of -4.1x. Compare with industry peers and growth rates for a complete picture.
Syndax Pharmaceuticals, Inc. has 96.0% gross margin and -158.4% operating margin.
Key Metrics
Top Statement Risk
Debt-funded burn and refinancing exposure
Metrics are mathematically derived from official filings.
Negative Earnings Leave Sales Multiple Anchoring Valuation
Based on reported figures, SNDX trades at a P/S of 4.90 and P/B of 12.79 while trailing P/E is negative at -2.90, leaving sales and book multiples as the only usable reference points against a deficit-heavy equity base.
With earnings negative, the P/E of -2.90 carries no valuation information and should not be compared to profitable peers. The P/B of 12.79 appears elevated given that reported equity has turned to a deficit of -$17.2M in 2026Q3, which may indicate the market is pricing the lead revumenib asset rather than book value. Investors should monitor whether the sales multiple compresses as milestone-driven revenue proves non-recurring.
Milestone Accounting Inflates Gross Margin Quality
As reported in financial statements, SNDX's gross margin of 83.2% in 2026Q3 and operating margin of -50.3% show that headline margin strength reflects negligible cost of goods sold rather than durable earning power.
Gross margins have ranged between 83% and 100% across the last ten quarters, which is consistent with milestone revenue carrying almost no direct cost. Operating margin has improved from deeply negative levels of -182.7% in 2025Q2 to -50.3% in 2026Q3, yet remains far from breakeven. The gap between gross and operating margin suggests R&D and SG&A absorb nearly all revenue, and this may persist until commercial scaling occurs.
Debt Build Overwhelms Negative Equity Base
According to recent SEC filings, SNDX's total debt rose from $1.1M in 2024Q2 to $589.4M in 2026Q3, with the debt-to-equity ratio of 5.36 in 2025Q4 no longer meaningful as equity turned negative.
Interest coverage has been negative across the period, with values of -2.81 in 2026Q3 and -2.89 in 2026Q2, meaning operating earnings do not cover interest obligations. The shift from near-zero leverage to a debt load of roughly $589M suggests the company has moved from equity-funded to debt-funded burn. This warrants further investigation into maturity schedules and refinancing terms, which are not disclosed in the supplied data.
Current Ratio Masks Shrinking Cash Cushion
Based on reported figures, SNDX's current ratio of 4.69 in 2026Q3 remains well above 1.0, yet cash fell to $135.9M from $336.5M in 2026Q2, signaling a sharp drawdown that the ratio alone obscures.
The current and quick ratios remain above 4 across the period, but this reflects the composition of current assets rather than resilience to sustained burn. A cash decline of roughly $200M in a single quarter, against quarterly operating cash outflows near $27M, suggests debt proceeds or other movements may have affected the balance. Under severe stress, the cash position may not cover multiple quarters of operating losses, so investors should monitor runway closely.
Revenue Recovery Could Undermine Burn Thesis
Investors may view SNDX's quarterly revenue rise to $83.3M in 2026Q3 as early evidence of self-funding potential, although quarterly free cash flow margin of -32.7% indicates the business remains well short of that outcome.
The bear case on SNDX rests on persistent burn, but a sustained revenue run-rate above $80M per quarter could compress losses faster than the trailing ratios imply. The most commonly misapplied metric for this business model is trailing P/E, which becomes meaningless with negative earnings and obscures the milestone-driven nature of revenue. Forward cash conversion and cash runway, rather than earnings-based multiples, appear better suited to assessing this pre-commercial profile.