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Bicycle Therapeutics PLC key statistics and ratios

In fiscal 2025, Bicycle Therapeutics PLC had return on equity of -31.2%, an operating margin of -340.4%, debt equal to 0.0% of equity and a current ratio of 11.98. 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.

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Operating margin−787.0%−304.7%−190.6%−500.1%−561.0%−806.6%−704.1%−595.0%−340.4%−189.4%
Net margin−789.3%−306.1%−221.8%−491.0%−571.2%−779.3%−669.7%−479.2%−301.7%−169.8%
Free-cash-flow margin−122.7%−382.1%−218.6%−182.8%−143.8%−726.7%−235.6%−470.5%−347.2%−211.9%
Return on equity———−54.1%−30.3%−36.5%−56.3%−29.0%−31.2%−25.4%
Return on assets—−26.8%−31.9%−37.6%−20.9%−25.3%−35.9%−21.8%−26.2%−22.1%
Asset turnover—0.090.140.080.040.030.050.050.090.13
Current ratio—8.6011.816.7312.656.928.0813.8111.9812.09
Debt to equity——0.0%15.7%8.7%11.2%8.3%3.9%0.0%0.0%
Interest cover (operating income ÷ interest)———n/mn/mn/mn/mn/mn/mn/m
R&D as % of revenue576.0%290.9%185.1%319.0%383.7%564.3%580.1%490.3%331.0%209.8%
Capital spending as % of revenue54.0%16.6%11.3%11.5%17.4%131.3%10.9%3.5%3.2%2.2%

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 · September 30, 2026
What it owns · $567m
Short-term assets $538mLonger-term assets $30m
What it owes, and who funded it · $567m
Short-term liabilities $44mLonger-term liabilities $17mShareholders' equity $505m
  • Short-term assets cover short-term liabilities $538m of assets due within a year against $44m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $538m short-term assets against $17m 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 −$158m against $194,000 of interest.

From Bicycle Therapeutics PLC'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

8 /100

Weak moat

How hard Bicycle Therapeutics's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -24.6% of total assets over 8 years.

  • Durability 10 / 20

    Operating margin has been a median -612.7%; its worst year was -1200.9%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 8 years, at a median -287.1% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 202.3% over five years; stock-based pay has been a median 109.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (12 before it).

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: BCYC vs PLXAAPG vs BCYCBCYC vs VSTMADCT vs BCYC

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

Figures from Bicycle Therapeutics PLC's SEC filings (10-K and 10-Q), retrieved October 31, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Bicycle Therapeutics PLC.