Fulcrum Therapeutics, Inc. (FULC) Key Metrics
FULC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $278.8M
- Enterprise value
- −$22.9M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 2.7 10-yr median 42.6
- Price / book
- 0.9 10-yr median 2.1
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 2.63
FULC key metrics, 2017–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFULC valuation Price multiples at each fiscal year-end price.
FULC returns How much profit the business earns on the capital it uses.
FULC per-share figures Results divided by the shares outstanding at year-end.
FULC financial health Debt, liquidity and how easily interest is covered.
FULC efficiency & capital use Working capital cycle and where the cash goes.
FULC valuation history
FULC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FULC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FULC cash returned to shareholders
FULC price vs earnings per share
FULC key metrics
2017–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||
| Market capitalization | $716.5M | $291.3M | $413.8M | $327.5M | $625.5M | $296.9M | $377.1M | — | — |
| Enterprise value | $370.7M | $58.9M | $188.4M | $138.0M | $407.8M | $184.0M | $280.5M | — | — |
| Price / sales | — | 3.6 | 147.5 | 51.6 | 32.6 | 33.7 | 502.8 | — | — |
| Price / book | 2.1 | 1.2 | 1.8 | 1.6 | 3.0 | 3.1 | 4.3 | — | — |
| EV / sales | — | 0.7 | 67.2 | 21.8 | 21.3 | 20.9 | 374.0 | — | — |
| Earnings yield | −10.5% | −3.3% | −23.5% | −33.5% | −12.5% | −23.1% | −21.0% | — | — |
| Free cash flow yield | −8.4% | −0.9% | −22.1% | −30.2% | −12.8% | −18.5% | −10.7% | — | — |
| Dividend yield | — | — | — | — | — | 23.1% | — | — | — |
| Shareholder yield (dividends + buybacks) | — | — | — | 0.1% | 0.0% | 23.1% | 0.0% | — | — |
| Share price at fiscal year-end | $11.31 | $4.70 | $6.75 | $7.28 | $17.69 | $11.71 | $16.64 | — | — |
| Per share | |||||||||
| Revenue per share | $0.00 | $1.29 | $0.05 | $0.14 | $0.54 | $0.35 | $0.03 | $0.00 | $0.00 |
| Earnings per share | −$1.18 | −$0.16 | −$1.59 | −$2.44 | −$2.22 | −$2.70 | −$3.49 | −$1.92 | −$1.36 |
| Operating cash flow per share | −$0.95 | −$0.04 | −$1.48 | −$2.16 | −$2.22 | −$2.12 | −$1.74 | −$1.33 | −$1.19 |
| Free cash flow per share | −$0.95 | −$0.04 | −$1.49 | −$2.20 | −$2.27 | −$2.17 | −$1.78 | −$1.86 | −$1.30 |
| Cash per share | $5.56 | $3.89 | $3.85 | $4.51 | $6.17 | $4.45 | $4.27 | $4.30 | $0.02 |
| Book value per share | $5.51 | $3.92 | $3.84 | $4.42 | $5.98 | $3.75 | $3.85 | $4.49 | $0.08 |
| Tangible book value per share | $5.51 | $3.92 | $3.84 | $4.42 | $5.98 | $3.75 | $3.85 | $4.49 | $0.08 |
| Dividends per share | — | — | — | — | — | $2.70 | — | $0.00 | $0.00 |
| Capex per share | $0.00 | $0.00 | $0.01 | $0.04 | $0.05 | $0.05 | $0.04 | $0.53 | $0.11 |
| Debt per share | $0.10 | $0.14 | $0.18 | $0.30 | $0.01 | $0.00 | $0.00 | $0.00 | $2.04 |
| Shares outstanding | 63.4M | 62.0M | 61.3M | 45.0M | 35.4M | 25.4M | 22.7M | 16.9M | 16.9M |
| Change in shares outstanding | +2.2% | +1.1% | +36.3% | +27.2% | +39.5% | +11.9% | +33.8% | 0.0% | — |
| Returns & profitability | |||||||||
| Return on equity (ROE) | −25.3% | −4.1% | −44.8% | −53.5% | −51.1% | −75.1% | −97.0% | −84.3% | — |
| Return on invested capital (ROIC) | −972.0% | −169.3% | −908.9% | — | — | — | — | −136.6% | −51.2% |
| Return on assets (ROA) | −23.9% | −3.8% | −40.2% | −47.6% | −43.0% | −57.0% | −80.6% | −72.3% | −529.1% |
| Return on tangible assets | −20.4% | −3.7% | −37.8% | −48.5% | −33.3% | −52.8% | −71.6% | −38.0% | −529.1% |
| Free cash flow margin | — | −3.1% | — | — | −418.5% | −623.3% | — | — | — |
| Financial health | |||||||||
| Total debt | $6.4M | $8.6M | $10.8M | $13.4M | $469,000 | $17,000 | $50,000 | $46,000 | $34.6M |
| Cash & short-term investments | $352.3M | $241.0M | $236.2M | $202.9M | $218.2M | $112.9M | $96.7M | $72.8M | $407,000 |
| Net debt | −$345.9M | −$232.4M | −$225.4M | −$189.5M | −$217.7M | −$112.9M | −$96.7M | −$72.8M | $34.2M |
| Debt / equity | 0.02 | 0.04 | 0.05 | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 | 26.16 |
| Debt / assets | 0.02 | 0.03 | 0.04 | 0.06 | 0.00 | 0.00 | 0.00 | 0.00 | 7.97 |
| Current ratio | 27.40 | 22.63 | 17.71 | 12.41 | 11.77 | 4.23 | 8.24 | 17.52 | 0.48 |
| Quick ratio | 27.40 | 22.63 | 17.71 | 12.44 | 11.80 | 4.33 | 8.00 | 17.39 | 0.22 |
| Interest coverage | — | — | — | -41.8 | -29.8 | — | — | — | — |
| Working capital | $344.4M | $238.9M | $228.5M | $190.8M | $206.8M | $86.2M | $87.9M | $69.9M | −$1.4M |
| Invested capital | $3.1M | $10.6M | $9.8M | $9.4M | −$6.2M | −$17.7M | −$9.5M | $3.2M | $35.5M |
| Tangible asset value | $349.0M | $243.0M | $235.2M | $198.9M | $211.5M | $95.2M | $87.2M | $76.0M | $1.3M |
| Net current asset value | $340.2M | $232.2M | $219.7M | $179.8M | $202.5M | $78.5M | $76.8M | $64.3M | −$1.7M |
| Graham net-net per share | $5.30 | $3.64 | $3.51 | $3.91 | $5.59 | $3.12 | $3.31 | $3.76 | −$0.13 |
| Capital allocation | |||||||||
| Dividends paid | — | — | — | — | — | $68.5M | — | $0 | $0 |
| Share buybacks (net) | — | — | — | $193,000 | $0 | $193,000 | $34,000 | $0 | $0 |
| Capex / revenue | — | 0.3% | 18.1% | 31.0% | 8.9% | 15.2% | 113.7% | — | — |
| Capex / depreciation | 0.23 | 0.17 | 0.23 | 0.81 | 0.68 | 0.56 | 0.42 | 6.68 | 2.67 |
| Stock-based compensation / revenue | — | 18.2% | 527.7% | 210.5% | 57.8% | 83.3% | 563.2% | — | — |
| R&D / revenue | — | 79.2% | 2,559.8% | 1,210.7% | 363.7% | 669.2% | 9,476.3% | — | — |
| SG&A / revenue | — | 43.7% | 1,395.8% | 657.4% | 159.2% | 242.5% | 1,752.7% | — | — |
| Efficiency | |||||||||
| Days sales outstanding | — | 12.8 | 216.7 | 149.4 | 64.9 | 58.3 | 148.9 | — | — |
| Days of inventory on hand | — | — | — | -2.2 | -236.1 | 14.9 | 314.2 | 175.4 | 374.7 |
| Days payables outstanding | 361.8 | 11.3 | 16.3 | 20.0 | 643.4 | 480.6 | 306.6 | 398.4 | 854.0 |
| Cash conversion cycle (days) | — | 1.5 | 200.4 | 127.1 | -814.6 | -407.4 | 156.5 | — | — |
| Receivables turnover | 0.00 | 28.62 | 1.68 | 2.44 | 5.62 | 6.26 | 2.45 | 0.00 | 0.00 |
| Payables turnover | 1.01 | 32.33 | 22.46 | 18.23 | 0.57 | 0.76 | 1.19 | 0.92 | 0.43 |
| Inventory turnover | — | — | — | — | — | — | 1.16 | 2.08 | 0.97 |
| Asset turnover | 0.00 | 0.31 | 0.01 | 0.03 | 0.11 | 0.07 | 0.01 | 0.00 | 0.00 |
| Average receivables | $2.2M | $2.8M | $1.7M | $2.6M | $3.4M | $1.4M | $306,000 | $270,000 | $39,000 |
| Average payables | $1.4M | $2.0M | $3.2M | $4.2M | $4.4M | $3.1M | $1.7M | $1.5M | $1.7M |
| Average inventory | — | — | — | −$473,000 | −$1.6M | $97,000 | $1.8M | $646,500 | $734,000 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from FULC's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FULC valuation and financial ratios
Fulcrum Therapeutics earned a return on equity of −25.3% and a return on invested capital of −972.0% in fiscal 2025. It ended the year with $6.4 million of debt and $352.3 million in cash and short-term investments, a net cash position of $345.9 million. The share count rose 274.0% from 16.9M to 63.4M over 8 years.
See the FULC income statement, the FULC chart for price history, or the FULC stock overview for the latest quote and news.
FULC key metrics FAQ
What is Fulcrum Therapeutics's return on equity?
Fulcrum Therapeutics's return on equity (ROE) was −25.3% in fiscal 2025: net income of -$74.9 million on average shareholders' equity of $296.0 million.
What is Fulcrum Therapeutics's ROIC?
Fulcrum Therapeutics's return on invested capital was −972.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Fulcrum Therapeutics have?
Fulcrum Therapeutics had total debt of $6.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.02 and more cash than debt.
What is Fulcrum Therapeutics's free cash flow yield?
Fulcrum Therapeutics generated -$60.4 million of free cash flow in fiscal 2025, a free cash flow yield of −8.4% on its market value at year-end ($716.5 million).
What is Fulcrum Therapeutics's current ratio?
Fulcrum Therapeutics's current ratio was 27.40 at the end of fiscal 2025: current assets were 27.40 times current liabilities.