Latest Ratios: P/E Ratio 15.8x · EV/EBITDA 14.5x · ROE 5.3%. (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 | $1.9B | $3.4B | $3.1B | $2.0B | $1.7B | $2.8B | $2.6B | $1.3B | $466M | $222M | $223M |
| Enterprise Value | $1.6B | $3.1B | $2.9B | $1.8B | $1.6B | $2.6B | $2.3B | $1.1B | $413M | $213M | $189M |
| P/E Ratio → | 15.77 | 51.34 | 127.74 | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.31 | 6.56 | 6.94 | 5.54 | 5.73 | 12.74 | 22.18 | 10.70 | 5.06 | 3.08 | 3.43 |
| P/B Ratio | 1.49 | 2.59 | 2.63 | 1.91 | 1.58 | 2.55 | 6.19 | 5.38 | 5.84 | 5.95 | 3.75 |
| P/FCF | 11.94 | 26.79 | 48.51 | 58.33 | — | — | — | — | — | — | — |
| P/OCF | 14.14 | 24.89 | 41.22 | 45.19 | 225.33 | — | — | — | — | — | — |
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 | — | 5.93 | 6.52 | 4.97 | 5.26 | 12.04 | 19.31 | 9.49 | 4.49 | 2.96 | 2.91 |
| EV / EBITDA | 14.47 | 32.12 | 73.41 | — | — | — | — | — | — | — | — |
| EV / EBIT | 21.64 | 45.00 | 112.91 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 24.24 | 45.56 | 52.38 | — | — | — | — | — | — | — |
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 | 69.6% | 69.6% | 66.9% | 68.7% | 65.7% | 66.1% | 64.7% | 69.7% | 64.0% | 60.8% | 60.9% |
| Operating Margin | 14.3% | 14.3% | 3.6% | -23.8% | -13.9% | -37.3% | -30.1% | -12.6% | -24.2% | -36.9% | -44.3% |
| Net Profit Margin | 12.8% | 12.8% | 5.4% | -20.6% | -12.3% | -34.4% | -29.7% | -10.5% | -25.0% | -43.1% | -48.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.3% | 5.3% | 2.2% | -7.0% | -3.4% | -10.0% | -10.6% | -7.9% | -39.3% | -64.1% | -56.6% |
| ROA | 4.9% | 4.9% | 2.0% | -6.6% | -3.1% | -9.2% | -9.5% | -6.4% | -23.1% | -34.5% | -35.6% |
| ROIC | 5.6% | 5.6% | 1.3% | -7.2% | -3.3% | -12.0% | -29.8% | -18.8% | -60.0% | -73.1% | -100.3% |
| ROCE | 5.8% | 5.8% | 1.4% | -8.0% | -3.7% | -10.5% | -10.1% | -8.3% | -25.5% | -34.0% | -38.4% |
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 | 0.03 | 0.03 | 0.04 | 0.01 | 0.01 | 0.02 | 0.03 | 0.06 | 0.32 | 0.68 | 0.43 |
| Debt / EBITDA | 0.41 | 0.41 | 1.28 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.25 | -0.16 | -0.20 | -0.13 | -0.14 | -0.80 | -0.61 | -0.66 | -0.23 | -0.57 |
| Net Debt / EBITDA | -3.38 | -3.38 | -4.76 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -2.55 | -2.95 | -5.95 | — | — | — | — | — | — | — |
| Interest Coverage | — | — | 12873.00 | -5106.47 | -182.97 | -337.79 | -151.44 | -17.61 | -10.72 | -5.59 | -10.39 |
Net cash position: cash ($363M) exceeds total debt ($40M)
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 | 8.15 | 8.15 | 4.73 | 4.66 | 3.97 | 3.79 | 22.39 | 10.74 | 7.42 | 4.48 | 6.38 |
| Quick Ratio | 7.81 | 7.81 | 4.46 | 4.40 | 3.74 | 3.61 | 22.11 | 10.35 | 7.16 | 4.04 | 6.08 |
| Cash Ratio | 6.89 | 6.89 | 3.68 | 3.53 | 2.86 | 2.76 | 20.82 | 9.12 | 5.97 | 2.82 | 5.13 |
| Asset Turnover | — | 0.37 | 0.34 | 0.32 | 0.26 | 0.18 | 0.26 | 0.44 | 0.76 | 0.91 | 0.64 |
| Inventory Turnover | 7.65 | 7.65 | 6.79 | 7.00 | 7.11 | 6.63 | 8.90 | 5.37 | 9.72 | 5.30 | 7.33 |
| Days Sales Outstanding | — | 31.52 | 38.10 | 40.82 | 54.18 | 68.94 | 57.36 | 58.61 | 52.24 | 64.51 | 49.10 |
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 | 6.3% | 1.9% | 0.8% | — | — | — | — | — | — | — | — |
| FCF Yield | 8.4% | 3.7% | 2.1% | 1.7% | — | — | — | — | — | — | — |
| 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 | — | $81M | $78M | $73M | $72M | $68M | $53M | $46M | $37M | $34M | $29M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying VCYT stock.
Veracyte, Inc.'s current P/E ratio is 15.8x. The historical average is 89.5x.
Veracyte, Inc.'s current EV/EBITDA is 14.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 52.8x.
Veracyte, Inc.'s return on equity (ROE) is 5.3%. The historical average is -57.0%.
Based on historical data, Veracyte, Inc. is trading at a P/E of 15.8x. Compare with industry peers and growth rates for a complete picture.
Veracyte, Inc. has 69.6% gross margin and 14.3% operating margin. Operating margin between 10-20% is typical for established companies.
Veracyte, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Margin compression from rising overhead
Metrics are mathematically derived from official filings.
Trailing Multiples Rich, Forward Multiples Compelling
Based on Veracyte's reported figures, the trailing P/E of 29.46 and EV/EBITDA of 16.79 sit well above the forward P/E of 12.58 and forward EV/EBITDA of 7.44, implying the market is pricing a substantial earnings recovery toward late-2025 margin levels.
The gap between trailing and forward multiples suggests consensus expects the recent compression in operating margin, from 18.4% in Q4 2025 to 10.9% in Q3 2026, to prove partially transitory. Relative to the peer set, where ACNB and PAHC trade at forward-type multiples near 13x to 18x EBITDA, Veracyte's forward EV/EBITDA of 7.44 looks inexpensive, but the peer group is mostly unprofitable diagnostics names, so the comparison is only partly meaningful. Investors should monitor whether the Q3 EPS miss of $0.38 against a $0.45 estimate forces a downward revision of the forward earnings base that currently supports this discount.
Gross Margin Stable While Operating Margin Erodes
As reported in financial statements, Veracyte's gross margin held between 69% and 74% across the last ten quarters, while operating margin fell from 18.4% in Q4 2025 to 10.9% in Q3 2026, indicating that overhead growth is absorbing the stability in unit economics.
The stability of gross margin points to a pricing and cost structure that is not deteriorating at the product level, which supports the view of a scalable testing model. The compression sits below the gross line, consistent with R&D rising from $16.3M to $32.2M per quarter and SG&A climbing to $58.0M, so the issue appears to be investment intensity rather than reimbursement pressure. Net margin of 20.8% in Q3 2026 is flattered by non-operating items relative to operating margin of 10.9%, so operating margin is the more reliable gauge of underlying earning power here.
Returns Diluted by a Swollen Capital Base
Based on Veracyte's reported figures, ROIC has fallen to 1.0% in Q3 2026 from 2.0% in Q4 2025 and remains far below the 9.8% achieved by Phibro, despite a trailing revenue base of roughly $517M.
Returns on capital remain low relative to the scale of the business because the equity base has grown to roughly $1.4B, much of it tied to goodwill of about $856M from acquisitions. This suggests the acquired assets have not yet generated returns commensurate with their purchase price, a conclusion that warrants further investigation into the HalioDx integration. Compounding would require either a sustained rise in operating margin or faster revenue conversion of the acquired intangibles, neither of which the recent quarters clearly demonstrate.
Minimal Debt Keeps Coverage Comfortable
According to recent SEC filings, Veracyte's debt-to-equity ratio of 0.03 and debt-to-EBITDA of 1.81 in Q3 2026 indicate negligible leverage, even as interest coverage data is largely unavailable for the most recent quarters.
Debt-to-EBITDA moved from 6.11 in Q1 2025 and 229.17 in Q2 2025, reflecting depressed trailing EBITDA rather than any increase in borrowing, and has since normalized to 1.81. The lack of reported interest coverage in recent periods means debt service comfort cannot be fully confirmed from the supplied data, so this warrants further investigation rather than a firm conclusion. Refinancing risk appears low given the small absolute debt base.
Liquidity Ample but Drawing Down
Based on Veracyte's reported figures, the current ratio of 5.56 and quick ratio of 5.25 in Q3 2026 remain very high, though cash has declined from a peak of $362.6M in Q4 2025 to $199.8M, suggesting the buffer is being consumed by investment.
The liquidity cushion is far above what operations require, but the trajectory of cash balances matters more than the current ratio level for stress analysis. A decline of roughly $163M in three quarters, paired with rising R&D, suggests the company is funding its commercial and pipeline build from reserves. Under severe stress, the absence of debt means liquidity would likely hold, though the rate of drawdown should be monitored.
Ratio Optics Could Overstate Balance Sheet Strength
Based on reported figures, the 0.03 debt-to-equity ratio and 5.56 current ratio may make the balance sheet appear stronger than its tangible cushion suggests, since goodwill of roughly $856M represents a large share of the $1.4B equity base.
Headline leverage and liquidity ratios are most commonly misapplied here because the equity denominator is inflated by acquisition goodwill, which compresses the apparent leverage and flatters return metrics. Tangible book value, after removing goodwill, would give a more conservative view of asset backing, and cash-to-operating-expense coverage would better reflect how long the current reserves can fund the R&D and SG&A run rate. Investors should weigh these adjusted measures alongside the headline ratios before concluding the balance sheet provides a durable cushion.