AC Immune SA key statistics and ratios

In fiscal 2025, AC Immune SA had return on equity of -94.3%, an operating margin of -1940.1%, debt equal to 0.0% of equity and a current ratio of 1.02. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

AC Immune SA: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Operating margin	47.6%	−45.0%	−111.3%	−716.9%	40.3%	−397.0%	—	<−999%	−362.3%	−191.8%	<−999%
Net margin	51.9%	−30.6%	−130.4%	−737.1%	41.1%	−401.3%	—	<−999%	−366.4%	−186.4%	<−999%
Free-cash-flow margin	112.2%	−28.2%	−118.0%	−664.6%	48.3%	−396.8%	—	<−999%	−413.5%	239.0%	<−999%
Return on equity	29.7%	−6.8%	−20.6%	−34.7%	19.8%	−25.1%	−32.1%	−34.0%	−32.3%	−36.7%	−94.3%
Return on assets	—	−4.7%	−18.6%	−31.1%	18.0%	−22.8%	−28.7%	−30.4%	−28.9%	−24.5%	−37.9%
Asset turnover	—	0.15	0.14	0.04	0.44	0.06	—	0.02	0.08	0.13	0.02
Current ratio	—	15.61	13.28	14.75	16.72	16.53	10.12	11.16	9.22	1.71	1.02
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	—	n/m	n/m	n/m	23.5x	—	n/m	n/m	n/m	n/m	n/m
Effective tax rate	0.0%	—	—	—	0.0%	—	—	—	—	—	—
R&D as % of revenue	43.6%	111.0%	161.3%	640.6%	45.7%	385.5%	—	>999%	368.9%	229.1%	>999%
Capital spending as % of revenue	0.6%	3.9%	8.9%	26.9%	1.7%	11.1%	—	31.5%	5.4%	2.1%	25.2%
Free cash flow ÷ net income	216.3%	—	—	—	117.4%	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	—	—	—	0.0%	—	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

AC Immune SA: financial ratios, quarterly
Quarter	2017 Q1Mar 2017	2017 Q2Jun 2017	2017 Q3Sept 2017	2017 Q4Dec 2017	2018 Q1Mar 2018	2018 Q2Jun 2018	2018 Q3Sept 2018	2018 Q4Dec 2018
Operating margin	−390.5%	<−999%	−897.6%	19.4%	−776.5%	−570.5%	−528.0%	<−999%
Net margin	−471.3%	<−999%	−818.7%	25.4%	−796.6%	−549.5%	−586.4%	<−999%
Current ratio	—	—	—	13.28	—	—	—	14.75
R&D as % of revenue	371.6%	908.1%	763.0%	62.0%	690.6%	519.4%	500.9%	864.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 3 checks passed · December 31, 2025

What it owns · $194m

Short-term assets $122mLonger-term assets $72m

What it owes, and who funded it · $194m

Short-term liabilities $119mLonger-term liabilities $18mShareholders' equity $57m

Short-term assets cover short-term liabilities $122m of assets due within a year against $119m of liabilities due within a year.
Short-term assets cover long-term liabilities $122m short-term assets against $18m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of −$84m against $210,030 of interest.

From AC Immune SA's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: ACIU vs CRIS ACIU vs CAMP ACIU vs ENSC

More: Biotechnology stocks compared, Health Care sector, rankings of US companies

Figures from AC Immune SA's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to AC Immune SA.