Latest Ratios: P/E Ratio -7.9x · EV/EBITDA N/A · ROE -37.8%. (2016–2025 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 | $604M | $382M | $682M | $61M | $31M | $165M | $505M | $552M | $396M | — | — |
| Enterprise Value | $351M | $130M | $544M | $36M | $880684 | $138M | $245M | $365M | $269M | — | — |
| P/E Ratio → | -7.90 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 2.33 | 1.52 | 4.84 | — | — | — | 1.98 | 2.97 | 3.24 | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -37.8% | -37.8% | -206.6% | — | — | -7.5% | -54.4% | -47.3% | -73.9% | -479.0% | -105.5% |
| ROA | -35.8% | -35.8% | -60.3% | -98.9% | -80.4% | -5.9% | -50.8% | -43.7% | -66.0% | -300.2% | -86.4% |
| ROIC | -7653.6% | -7653.6% | — | — | — | — | — | — | — | — | — |
| ROCE | -42.8% | -42.8% | -83.0% | -235.7% | -96.4% | -11.0% | -54.5% | -49.0% | -72.7% | -412.9% | -102.6% |
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 | 0.01 | 0.01 | 0.02 | — | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.00 | -0.98 | — | — | — | -1.02 | -1.01 | -1.03 | -1.77 | -1.21 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1156.48 | -1156.48 | -540.89 | -280.73 | -222.47 | -37.87 | — | — | — | — | — |
Net cash position: cash ($254M) exceeds total debt ($1M)
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 | 26.63 | 26.63 | 12.65 | 0.76 | 4.73 | 6.95 | 16.09 | 13.96 | 12.26 | 2.40 | 6.03 |
| Quick Ratio | 26.63 | 26.63 | 12.65 | 0.76 | 4.73 | 6.95 | 16.09 | 13.96 | 12.26 | 2.40 | 6.03 |
| Cash Ratio | 26.26 | 26.26 | 12.17 | 0.70 | 4.59 | 6.82 | 15.63 | 13.34 | 11.91 | 2.27 | 6.01 |
| Asset Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $18M | $15M | $4M | $4M | $4M | $3M | $2M | $2M | $2M | $2M |
Clinical trial execution failure
Based on reported figures, Tectonic Therapeutic trades at a price-to-book ratio of 2.33, a valuation metric that reflects the market's pricing of the company's intellectual property and cash reserves rather than any fundamental earnings power, as the firm remains in a pre-revenue clinical development phase.
The current P/B multiple suggests that investors are assigning value primarily to the GEODe platform's potential and the existing cash runway rather than near-term commercial prospects. Given the lack of revenue, traditional valuation multiples like P/E or EV/EBITDA are effectively meaningless, and the current market capitalization appears to be driven by the probability-weighted success of the RXFP1 program.
As reported in financial statements, the company's ROIC of -104.8% in 2025Q1 highlights the significant capital intensity required to advance its biologic pipeline, a trend that is typical for early-stage biotechnology firms prior to achieving clinical proof-of-concept or commercialization.
The deeply negative return on invested capital is a direct consequence of heavy R&D spending without offsetting product revenue. This metric warrants further investigation as the company progresses through clinical trials, as any improvement in ROIC would likely require either a successful partnership or a significant milestone payment that validates the underlying platform technology.
According to recent SEC filings, Tectonic Therapeutic maintains a current ratio of 18.51 as of 2026Q1, which provides a robust liquidity cushion, although this figure has steadily compressed from 29.15 in 2025Q3 as the company systematically deploys capital to fund its ongoing clinical development activities.
The high current ratio is a function of the company's cash-heavy balance sheet following the AVROBIO merger, which serves as a vital buffer against operational burn. While this liquidity position appears healthy, investors should monitor the rate of compression, as it serves as a proxy for the company's remaining runway before additional dilutive financing may be required.
As indicated by the company's financial history, the use of net margin or P/E ratios to evaluate Tectonic Therapeutic is fundamentally flawed, as these metrics obscure the reality that the firm is currently in a capital-intensive R&D phase rather than a mature commercial stage.
Applying standard profitability ratios to a pre-revenue biotech company like TECX leads to misleading conclusions about operational health. Instead, analysts should focus on the cash burn rate and the clinical development timeline, as these metrics provide a more accurate assessment of the company's ability to reach critical value-inflection points without exhausting its capital reserves.
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying TECX stock.
Tectonic Therapeutic, Inc.'s current P/E ratio is -7.9x. This places it at the 50th percentile of its historical range.
Tectonic Therapeutic, Inc.'s return on equity (ROE) is -37.8%. The historical average is -126.5%.
Based on historical data, Tectonic Therapeutic, Inc. is trading at a P/E of -7.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.