Relay Therapeutics, Inc. (RLAY) Key Metrics
RLAY valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.57B
- Enterprise value
- $3.07B
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 344.7 10-yr median 58.8
- Price / book
- 4.4 10-yr median 2.2
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 1.73
RLAY key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsRLAY valuation Price multiples at each fiscal year-end price.
RLAY returns How much profit the business earns on the capital it uses.
RLAY per-share figures Results divided by the shares outstanding at year-end.
RLAY financial health Debt, liquidity and how easily interest is covered.
RLAY efficiency & capital use Working capital cycle and where the cash goes.
RLAY valuation history
RLAY returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
RLAY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
RLAY cash returned to shareholders
RLAY price vs earnings per share
RLAY key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $1.45B | $588.6M | $1.35B | $1.68B | $2.92B | $3.75B | — | — |
| Enterprise value | $929.6M | −$144.2M | $652.9M | $735.6M | $1.99B | $3.09B | — | — |
| Price / sales | 94.5 | 58.8 | 52.8 | — | 964.6 | 45.3 | — | — |
| Price / book | 2.6 | 0.8 | 1.8 | 1.8 | 3.3 | 4.9 | — | — |
| EV / sales | 60.5 | -14.4 | 25.6 | 532.7 | 655.8 | 37.4 | — | — |
| Earnings yield | −19.0% | −57.4% | −25.3% | −17.3% | −12.5% | −1.4% | — | — |
| Free cash flow yield | −16.2% | −42.7% | −22.6% | −14.2% | −2.7% | −2.8% | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | — | — |
| Share price at fiscal year-end | $8.46 | $4.12 | $11.01 | $14.94 | $30.71 | $41.56 | — | — |
| Per share | ||||||||
| Revenue per share | $0.09 | $0.07 | $0.21 | $0.01 | $0.03 | $0.92 | — | — |
| Earnings per share | −$1.61 | −$2.36 | −$2.79 | −$2.59 | −$3.82 | −$0.58 | — | — |
| Operating cash flow per share | −$1.37 | −$1.74 | −$2.45 | −$2.04 | −$0.78 | −$1.14 | — | — |
| Free cash flow per share | −$1.37 | −$1.76 | −$2.48 | −$2.13 | −$0.82 | −$1.16 | — | — |
| Cash per share | $3.23 | $5.47 | $6.12 | $8.90 | $10.07 | $7.52 | — | — |
| Book value per share | $3.30 | $5.44 | $6.13 | $8.47 | $9.44 | $8.46 | — | — |
| Tangible book value per share | $3.30 | $5.43 | $6.12 | $8.45 | $9.41 | $8.46 | — | — |
| Capex per share | $0.00 | $0.01 | $0.03 | $0.08 | $0.04 | $0.02 | — | — |
| Debt per share | $0.19 | $0.34 | $0.44 | $0.51 | $0.24 | $0.27 | — | — |
| Shares outstanding | 171.6M | 142.9M | 122.6M | 112.2M | 95.1M | 90.2M | — | — |
| Change in shares outstanding | +20.1% | +16.6% | +9.2% | +18.0% | +5.5% | — | — | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | −41.1% | −44.2% | −40.2% | −31.4% | −43.8% | −18.0% | — | — |
| Return on invested capital (ROIC) | −531.6% | −586.4% | −914.8% | — | — | — | — | — |
| Return on assets (ROA) | −37.0% | −39.4% | −35.2% | −27.6% | −40.2% | −8.8% | −16.2% | −11.4% |
| Return on tangible assets | −44.5% | −38.9% | −40.6% | −26.5% | −36.2% | −6.6% | −16.9% | −11.4% |
| Free cash flow margin | — | — | — | — | — | −126.3% | — | — |
| Financial health | ||||||||
| Total debt | $32.5M | $48.5M | $53.5M | $57.7M | $22.9M | $24.4M | $24.8M | $178,000 |
| Cash & short-term investments | $554.5M | $781.3M | $750.1M | $998.9M | $958.1M | $678.1M | $355.8M | $421.5M |
| Net debt | −$522.1M | −$732.8M | −$696.6M | −$941.2M | −$935.2M | −$653.6M | −$331.0M | −$421.3M |
| Debt / equity | 0.06 | 0.06 | 0.07 | 0.06 | 0.03 | 0.03 | — | — |
| Debt / assets | 0.05 | 0.06 | 0.06 | 0.05 | 0.02 | 0.03 | 0.06 | 0.00 |
| Current ratio | 22.61 | 15.95 | 25.44 | 16.00 | 40.14 | 56.49 | 30.08 | 61.78 |
| Quick ratio | 22.61 | 15.95 | 25.44 | 15.81 | 68.20 | 73.96 | 30.08 | 61.78 |
| Interest coverage | — | — | — | -34.1 | -441.5 | — | — | — |
| Working capital | $552.7M | $758.5M | $739.8M | $955.8M | $951.9M | $756.5M | $348.6M | $417.2M |
| Invested capital | $45.0M | $45.0M | $55.4M | $9.0M | −$37.4M | $109.7M | −$511.4M | −$532.3M |
| Tangible asset value | $567.1M | $775.5M | $749.7M | $947.9M | $895.5M | $763.3M | −$180.4M | −$110.9M |
| Net current asset value | $524.0M | $715.7M | $678.1M | $870.0M | $865.6M | $733.6M | −$213.0M | −$115.4M |
| Graham net-net per share | $2.92 | $4.81 | $5.37 | $7.66 | $5.36 | $6.48 | — | — |
| Capital allocation | ||||||||
| Share buybacks (net) | $0 | $0 | — | $0 | $0 | $0 | $0 | $82,000 |
| Capex / revenue | 2.7% | 20.2% | 16.2% | 656.2% | 114.6% | 2.3% | — | — |
| Capex / depreciation | 0.12 | 0.37 | 0.78 | 2.19 | 0.88 | 0.54 | 2.81 | 0.78 |
| Stock-based compensation / revenue | 406.5% | 940.7% | 336.8% | 4,065.0% | 1,599.7% | 38.7% | — | — |
| R&D / revenue | 1,702.3% | 3,188.7% | 1,291.9% | 17,838.9% | 9,760.6% | 120.8% | — | — |
| SG&A / revenue | 369.3% | 759.4% | 291.0% | 4,712.9% | 1,831.8% | 46.7% | — | — |
| Efficiency | ||||||||
| Days sales outstanding | — | — | 37.3 | 1,342.5 | 5,277.6 | 365.0 | — | — |
| Days of inventory on hand | — | — | — | -503.5 | -991.8 | -24,484.4 | — | — |
| Days payables outstanding | 1,118.6 | 13.5 | 11.1 | 14.2 | 15.8 | 686.1 | 750.3 | 797.3 |
| Cash conversion cycle (days) | — | — | 26.2 | 824.9 | 4,270.0 | -24,805.5 | — | — |
| Receivables turnover | — | — | 9.79 | 0.27 | 0.07 | 1.00 | — | — |
| Payables turnover | 0.33 | 27.07 | 32.99 | 25.78 | 23.16 | 0.53 | 0.49 | 0.46 |
| Asset turnover | 0.02 | 0.01 | 0.03 | 0.00 | 0.00 | 0.14 | 0.00 | 0.00 |
| Average receivables | — | — | $2.6M | $5.1M | $43.8M | $82.7M | — | — |
| Average payables | $10.9M | $11.7M | $9.9M | $9.4M | $7.3M | $6.7M | $5.8M | $4.7M |
| Average inventory | — | — | — | −$335.2M | −$460.3M | −$238.1M | — | — |
| Intangibles / total assets | 0.0% | 0.3% | 0.3% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% |
Computed from RLAY's annual financial statements (latest annual report filed February 26, 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.
RLAY valuation and financial ratios
Relay Therapeutics earned a return on equity of −41.1% and a return on invested capital of −531.6% in fiscal 2025. It ended the year with $32.5 million of debt and $554.5 million in cash and short-term investments, a net cash position of $522.1 million.
See the RLAY income statement, the RLAY chart for price history, or the RLAY stock overview for the latest quote and news.
RLAY key metrics FAQ
What is Relay Therapeutics's return on equity?
Relay Therapeutics's return on equity (ROE) was −41.1% in fiscal 2025: net income of -$276.5 million on average shareholders' equity of $672.4 million.
What is Relay Therapeutics's ROIC?
Relay Therapeutics's return on invested capital was −531.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Relay Therapeutics have?
Relay Therapeutics had total debt of $32.5 million at the end of fiscal 2025, a debt-to-equity ratio of 0.06 and more cash than debt.
What is Relay Therapeutics's free cash flow yield?
Relay Therapeutics generated -$235.9 million of free cash flow in fiscal 2025, a free cash flow yield of −16.2% on its market value at year-end ($1.5 billion).
What is Relay Therapeutics's current ratio?
Relay Therapeutics's current ratio was 22.61 at the end of fiscal 2025: current assets were 22.61 times current liabilities.