Latest Ratios: P/E Ratio -44.4x · EV/EBITDA N/A · ROE -25.2%. (2014–2025 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 | $30.4B | $11.3B | $1.1B | $148M | $38M | $312M | $420M | $244M | $156M | $82M | $43M |
| Enterprise Value | $30.3B | $11.3B | $1.0B | $-40468161 | $8M | $302M | $335M | $230M | $133M | $69M | $-5153996 |
| P/E Ratio → | -44.39 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | 167.52 | 16.28 | 16.67 | — | — | 40.11 | 15.72 | 9.20 |
| P/B Ratio | 42.52 | 15.85 | 2.11 | 0.81 | 0.75 | 3.72 | 3.00 | 4.06 | 2.31 | 1.63 | 0.68 |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | -45.68 | 3.30 | 16.13 | — | — | 34.34 | 13.26 | -1.11 |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | 100.0% | 100.0% | 100.0% | — | — | — | — | — |
| Operating Margin | — | — | — | -27348.0% | -3640.2% | -350.3% | — | — | -1169.3% | -531.7% | -473.3% |
| Net Profit Margin | — | — | — | -38238.1% | -3598.8% | -351.1% | — | — | -1140.6% | -523.3% | -468.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -25.2% | -25.2% | -59.3% | -289.2% | -124.9% | -58.8% | -80.9% | -122.7% | -75.3% | -48.1% | -43.8% |
| ROA | -22.4% | -22.4% | -43.8% | -164.1% | -92.6% | -48.5% | -66.1% | -97.3% | -66.3% | -44.2% | -41.0% |
| ROIC | -29.7% | -29.7% | -73.9% | -2392.1% | -135.4% | -76.3% | -120.9% | -132.6% | -82.7% | -78.7% | -149.2% |
| ROCE | -32.9% | -32.9% | -48.3% | -132.3% | -115.9% | -55.9% | -77.6% | -121.4% | -77.1% | -48.7% | -44.2% |
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 | — | — | — | — | 0.09 | 0.06 | 0.04 | 0.08 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.12 | -0.17 | -1.03 | -0.60 | -0.12 | -0.61 | -0.24 | -0.33 | -0.25 | -0.76 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($86M) exceeds total debt ($0)
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 | 13.25 | 13.25 | 11.26 | 10.68 | 4.25 | 4.91 | 9.11 | 4.06 | 7.49 | 9.77 | 16.75 |
| Quick Ratio | 13.25 | 13.25 | 11.26 | 10.68 | 4.25 | 4.91 | 9.11 | 4.06 | 7.49 | 9.77 | 16.75 |
| Cash Ratio | 12.89 | 12.89 | 11.16 | 10.61 | 3.80 | 4.62 | 8.90 | 3.92 | 7.28 | 8.94 | 16.02 |
| Asset Turnover | — | — | — | 0.00 | 0.03 | 0.17 | — | — | 0.05 | 0.09 | 0.07 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | 58.77 | 15.87 | — | — | — | 215.84 | 95.82 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| 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% | 0.0% |
| Shares Outstanding | — | $346M | $47M | $7M | $3M | $3M | $2M | $1M | $832902 | $605127 | $391669 |
Clinical trial funding shortfall
As reported in financial statements, Spyre Therapeutics trades at a price-to-book ratio of 42.52, a valuation level that appears to reflect significant investor optimism regarding the company's proprietary YTE half-life extension platform rather than any near-term earnings potential or tangible asset backing for the current share price.
The extreme P/B multiple suggests that the market is pricing in the successful commercialization of multiple pipeline assets, effectively ignoring the lack of traditional valuation metrics like P/E or EV/EBITDA. Investors should monitor whether this premium holds as the company approaches critical Phase 2 readouts, as any clinical delay could lead to a rapid compression of this valuation multiple.
Based on reported figures, the company's ROIC has remained consistently negative, bottoming out at -26.1% in 2024Q2, which underscores the inherent difficulty of generating positive returns on invested capital while the firm is entirely focused on high-cost, pre-revenue clinical development and early-stage research activities.
The persistent negative ROIC is a structural reality for a pre-commercial biotech, but the trend warrants further investigation into whether the company's capital allocation toward multiple combination therapies is yielding sufficient progress to justify the ongoing erosion of shareholder value. The lack of positive compounding returns suggests that the firm remains in a value-destructive phase until clinical proof-of-concept is achieved.
According to recent SEC filings, the company's current ratio has fluctuated significantly, reaching 8.97 in 2026Q1, which appears to provide a temporary liquidity cushion but masks the underlying reality that the firm's cash reserves are being rapidly depleted by the high costs of clinical trial execution.
While the current ratio appears high compared to industrial peers, it is misleading for a biotech firm that lacks recurring revenue and faces binary clinical risks. The company's liquidity position is highly sensitive to the timing of R&D expenditures, and investors should monitor the cash runway closely as the firm approaches the next phase of its development cycle.
As indicated by the company's financial statements, the price-to-earnings ratio is the most commonly misapplied metric for Spyre, as it obscures the firm's true economic reality by focusing on net losses that are driven by R&D investment rather than operational inefficiency or poor management performance.
Using P/E to evaluate a pre-revenue biotechnology firm is fundamentally flawed because it penalizes the very R&D spending that is necessary to create future value. Analysts should instead focus on cash runway, clinical milestone progress, and the net present value of the pipeline, as these metrics provide a more accurate assessment of the company's long-term viability.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying SYRE stock.
Spyre Therapeutics, Inc.'s current P/E ratio is -44.4x. This places it at the 50th percentile of its historical range.
Spyre Therapeutics, Inc.'s return on equity (ROE) is -25.2%. The historical average is -89.8%.
Based on historical data, Spyre Therapeutics, Inc. is trading at a P/E of -44.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.