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Mersana Therapeutics logo
Mersana Therapeutics MRSN
report update icon

Quarterly report 2025-Q3
added 05-23-2026

Mersana Therapeutics Financial Ratios 2024-2011 | MRSN

Brief overview of Mersana Therapeutics's valuation and returns

The comparison uses the five latest available annual observations between 2020 and 2024.

Key multiples at the end of the period are EV/EBITDA 65.4x (median 304.63x), P/S 1.48x (median 21.32x), P/B 15.57x (median 4.9x). Valuation is roughly 78.5% below five-year reference levels. The discount may reflect opportunity or higher perceived risk.

Current measures of operating quality are ROE 7.3%, ROA -47.8%, ROCE -36.2%. The business is not generating positive returns on invested resources. Valuation should be read cautiously until earnings recover.

Overall assessment

Mersana Therapeutics's multiples look low against history, but fundamental returns do not yet provide convincing support.

Annual Financial Ratios Mersana Therapeutics

2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011

P/E

-0.9 -3.3 -2.8 -1.8 -12.7 -10.8 -1.6 -4.7 - - - - - -

P/S

1.5 15.6 21.3 7205.8 1350.0 7.2 10.0 10.3 - - - - - -

EPS

-0.6 -1.5 -2.2 -2.4 -1.4 -0.7 -2.8 -3.2 -10.8 -13.4 - - - -

EV (Enterprise Value)

106 M 589 M 680 M 216 M 908 M 270 M 116 M 215 M 60.4 M 57.1 M - - - -

EBITDA per Share

0.01 0.01 0.01 0.01 0.02 -0.666 -2.8 -3.22 - - - - - -

EV/EBITDA

65.4 388.5 733.6 220.8 -12.1 -8.5 -0.7 -4.0 - - - - - -

PEG

0.03 0.07 0.06 - 0.07 -0.14 -0.12 0.02 - - - - - -

P/B

-6.3 15.6 6.2 2.5 4.9 3.9 12.0 2.6 - - - - - -

P/CF

-0.7 -3.4 -11.5 -2.2 -15.0 -4.4 -1.9 -4.1 - - - - - -

ROE %

727.65 -465.18 -221.83 -139.69 -38.60 -36.02 -730.61 -55.30 - - - - - -

ROA %

-47.83 -75.94 -61.08 -82.51 -32.20 -26.23 -81.85 -29.61 - - - - - -

ROCE %

- - - - - -36.18 -723.31 -40.08 - - - - - -

Current Ratio

0.9 1.2 1.4 2.4 6.0 4.2 1.1 3.7 - - - - - -

DSO

- - - - - - 15.8 16.3 - - - - - -

All numbers in USD currency

Quarterly Financial Ratios Mersana Therapeutics

2025-Q3 2025-Q2 2025-Q1 2024-Q4 2024-Q3 2024-Q2 2024-Q1 2023-Q4 2023-Q3 2023-Q2 2023-Q1 2022-Q4 2022-Q3 2022-Q2 2022-Q1 2021-Q4 2021-Q3 2021-Q2 2021-Q1 2020-Q4 2020-Q3 2020-Q2 2020-Q1 2019-Q4 2019-Q3 2019-Q2 2019-Q1 2018-Q4 2018-Q3 2018-Q2 2018-Q1 2017-Q4 2017-Q3 2017-Q2 2017-Q1 2016-Q4 2016-Q3 2016-Q2 2016-Q1 2015-Q4 2015-Q3 2015-Q2 2015-Q1 2014-Q4 2014-Q3 2014-Q2 2014-Q1 2013-Q4 2013-Q3 2013-Q2 2013-Q1 2012-Q4 2012-Q3 2012-Q2 2012-Q1 2011-Q4 2011-Q3 2011-Q2 2011-Q1

EPS

-1.51 -4.87 -0.19 - -2.34 -4.96 -0.16 - -0.35 -0.47 -0.52 - -0.61 -0.55 -0.59 - -0.63 -0.59 -0.5 -0.42 -0.33 -0.33 -0.35 -0.34 -0.35 -0.36 0.72 0.97 -0.74 -0.54 -0.54 0.61 -0.35 -6.33 -6.02 0.07 -4.56 -3 -4.31 - - - - - - - - - - - - - - - - - - - -

EBITDA per Share

0.14 0.12 - - - - - - - - - - 0.01 - - - 0.01 0.01 - - 0.01 0.01 0.01 - 0.02 0.01 0.01 - 0.04 0.02 0.01 - 0.03 0.31 0.16 - 0.35 0.21 - - - - - - - - - - - - - - - - - - - - -

ROE %

-959.84 -1260.49 -1375.19 -1453.34 -1533.15 -497.25 -296.62 -227.64 -293.93 -253.08 -226.23 -138.88 -168.11 -122.75 -101.32 -67.69 -80.33 -60.96 -52.68 -47.80 -55.90 -66.78 -74.88 -82.97 -317.27 -551.57 -785.87 -1020.17 -785.08 -585.34 -385.60 -185.86 -168.16 -88.23 -8.30 -2.26 24.63 24.63 - - - - - - - - - - - - - - - - - - - - -

ROA %

-69.00 -70.51 -57.62 -36.18 -53.64 -65.82 -52.27 -52.27 -71.26 -76.11 -76.95 -57.99 -78.89 -76.02 -69.32 -51.02 -61.57 -48.90 -43.32 -39.88 -44.43 -51.31 -55.87 -60.43 -73.89 -87.36 -100.83 -114.30 -96.41 -97.45 -98.48 -99.52 -87.64 -71.06 -54.49 1.20 -13.04 -13.04 - - - - - - - - - - - - - - - - - - - - -

Current Ratio

0.5 0.6 0.8 0.9 1.0 1.1 - 1.2 1.2 1.4 1.3 1.4 1.4 2.1 2.2 2.4 3.5 4.4 5.0 6.0 6.0 6.0 6.0 3.7 3.7 3.7 3.7 1.1 1.1 1.1 1.1 2.1 2.1 - - - - - - - - - - - - - - - - - - - - - - - - - -

DSO

1.8 4.0 - - 9.3 31.2 - - - - 175.4 - - - - - - - - - - - - 323.7 31.7 170.8 1.0 35.3 19.5 10.0 18.5 21.9 11.4 19.2 19.5 8.0 29.4 7.7 - - - - - - - - - - - - - - - - - - - - -

Operating Cycle

1.8 - - - 9.3 - - - - - - - - - - - - - - - - - - 323.7 31.7 170.8 1.0 35.3 19.5 10.0 18.5 21.9 11.4 19.2 19.5 8.0 29.4 7.7 - - - - - - - - - - - - - - - - - - - - -

Cash Conversion Cycle

1.8 - - - 9.3 - - - - - - - - - - - - - - - - - - 323.7 31.7 170.8 1.0 35.3 19.5 10.0 18.5 21.9 11.4 19.2 19.5 8.0 29.4 7.7 - - - - - - - - - - - - - - - - - - - - -

All numbers in USD currency

Multiples are an important financial analysis tool for the company Mersana Therapeutics, allowing investors and analysts to quickly assess the company’s value and investment attractiveness based on the ratio of market indicators to the company’s financial performance. Essentially, multiples express how the market values the company relative to its earnings, revenue, equity, or other key metrics.

Advantages of Using Financial Ratios
  • Simplified Data Analysis
    Financial ratios transform large volumes of accounting data into compact and easily interpretable indicators, significantly simplifying the assessment of the company’s condition.
  • Comparability Between Companies
    Multiples standardize financial metrics, enabling objective comparison of companies of different sizes, industries, and market capitalizations.
  • Identification of Trends and Issues
    Regular analysis of ratios helps track the dynamics of financial health, identify strengths and weaknesses of the business, as well as potential risks.
  • Decision Support
    Financial multiples serve as an important tool for investors, creditors, and company management in making investment, credit, and managerial decisions.
  • Accelerated Assessment of Investment Attractiveness
    Ratios allow quick determination of key performance, liquidity, and financial stability indicators, facilitating prompt evaluation of companies’ attractiveness for investments.

Using multiples enables comparison between companies, even if they differ in size or industry, as they standardize financial data into ratios convenient for analysis. This is especially useful for evaluating companies where direct analysis of financial statements may be complex or require in-depth knowledge.

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