Recent News
On November 17, 2025 the company announced an underwritten public offering of Class A common stock sized at $500.0 million; on November 18, 2025 Nuvalent priced the offering at $101.00 per share with expected gross proceeds of roughly $500.0 million and an option for underwriters to purchase additional shares.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 18.48 indicates no established trend; DI+ at 20.37 shows decreasing directional strength while DI- at 20.47 shows increasing directional pressure, which points toward near-term downside bias in momentum.
MACD: MACD at -0.29 and decreasing, below the signal line at 0.66, signals bearish momentum and confirms the loss of upward price impulse.
MRO: MRO at 12.2 and decreasing indicates price sits above the model target with diminishing mean-reversion pressure; the positive value suggests potential for a price correction toward the target if momentum weakens further.
RSI and momentum context: RSI at 51.66 and decreasing implies limited upside momentum and scope for consolidation or continued pullback while the short-term bias favors sellers over buyers.
Price vs moving averages and volatility: Close at $97.94 sits below the 12- and 26-day EMAs (12-day EMA $102.02; 26-day EMA $102.67) and below the 20- and 50-day averages, signaling near-term technical underperformance versus recent averages; the 200-day average at $83.53 remains well below the current price, indicating longer-term support. Price trading below the 1x lower Bollinger band ($99.94) suggests short-term price weakness and elevated deviation from recent volatility norms. The SuperTrend upper band at $107.76 and Bollinger upper levels near $105–108 provide clear resistance levels to monitor.
Volume and beta: Ten-day average volume at 471,564 versus today’s 788,323 shows intraday uptick in activity; 42-day beta 0.25 and 52-week beta 1.01 reflect lower short-term sensitivity but full-year market correlation near unity.
Fundamental Analysis
Profitability and cash flow: Net income for the period stands at -$122,437,000 with operating cash flow at -$113,769,000 and free cash flow at -$70,462,000, reflecting continued R&D-driven cash burn. Cash and short-term investments total $943,103,000, providing substantial runway relative to current cash consumption.
Income statement per-share metrics: Reported EPS at -$1.70 missed the estimate of -$1.32 by -$0.38, representing a -28.79% surprise. Forward EPS sits at -$1.40 with forward PE at -73.93, both reflecting negative earnings expectations through the near term.
Valuation multiples and book metrics: Price-to-book at 7.25 exceeds the industry peer mean of 6.95 and the industry peer median of 5.64, placing the company above peer central tendencies on a P/B basis. Trailing PE at -49.91 and PEG at -2.24 reflect the typical distortions for clinical-stage biotechs with negative earnings.
Balance sheet strength and liquidity ratios: Current ratio at 10.73 (a 20.9% QoQ decrease) and cash ratio at 10.58 indicate strong short-term liquidity. Total cash plus short-term investments near $943.1 million and market capitalization near $6.13 billion produce ample capital to fund ongoing Phase 2 activity.
R&D and operating profile: Research and development expense at $83,843,000 drives the operating loss (EBIT -$112,696,000; EBITDA -$112,696,000). Retained deficit at -$853,724,000 reflects multi-year investment in pipeline programs. Return on equity at -14.48% and return on assets at -12.12% remain negative while quarterly QoQ improvements show sequential progress in operating metrics.
Growth rates: Earnings growth QoQ improved by 25.31% while earnings growth YoY came in at -50.94%. P/B rose 23.25% QoQ and 23.80% YoY, indicating valuation multiple expansion amid capital market activity.
Valuation conclusion: WMDST values the stock as under-valued based on the firm’s sizable cash position, pipeline progress, and the present mix of negative near-term earnings with material upside tied to clinical milestones.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-30 |
| NEXT REPORT DATE: | 2026-01-29 |
| CASH FLOW | Begin Period Cash Flow | $ 127.5 M |
| Operating Cash Flow | $ -113.77 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ 11.9 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -11.72 M | |
| End Period Cash Flow | $ 115.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | $ 83.8 M | |
| Total Operating Expenses | $ 112.7 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -112.70 M | |
| EBIT | $ -112.70 M | |
| Operating Income | $ -112.70 M | |
| Interest Income | $ 10.2 M | |
| Interest Expense | — | |
| Net Interest Income | $ 10.2 M | |
| Income Before Tax | $ -122.31 M | |
| Tax Provision | $ 132.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -122.44 M | |
| Net Income From Continuing Operations | $ -122.44 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.32 | |
| EPS Actual | $ -1.70 | |
| EPS Difference | $ -0.38 | |
| EPS Surprise | -28.788 % | |
| Forward EPS | $ -1.40 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 979.9 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 845.4 M | |
| Total Current Assets | $ 956.9 M | |
| Cash and Short-Term Investments | $ 943.1 M | |
| Cash | $ 115.8 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 23.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 22.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 89.2 M | |
| Net Debt | — | |
| Total Debt | — | |
| Total Liabilities | $ 134.5 M | |
| EQUITY | ||
| Total Equity | $ 845.4 M | |
| Retained Earnings | $ -853.72 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 11.70 | |
| Shares Outstanding | 72.272 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 6.1 B |
| Enterprise Value | — | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.159 | |
| Asset To Liability | 7.285 | |
| Debt To Capital | — | |
| Debt To Assets | — | |
| Debt To Assets QoQ | — | |
| Debt To Assets YoY | — | |
| Debt To Assets IPRWA | — | |
| Debt To Equity | — | |
| Debt To Equity QoQ | — | |
| Debt To Equity YoY | — | |
| Debt To Equity IPRWA | — | |
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 7.254 | |
| Price To Book QoQ | 23.254 % | |
| Price To Book YoY | 23.797 % | |
| Price To Book IPRWA | high: 16.86 NUVL: 7.254 mean: 6.949 median: 5.638 low: -8.555 |
|
| Price To Earnings (P/E) | -49.911 | |
| Price To Earnings QoQ | -11.432 % | |
| Price To Earnings YoY | -31.017 % | |
| Price To Earnings IPRWA | high: 56.753 mean: -3.413 median: -10.415 NUVL: -49.911 low: -93.179 |
|
| PE/G Ratio | -2.238 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -73.926 | |
| Forward PE/G | -3.315 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 520.898 median: 189.366 mean: 166.152 NUVL: 0 low: -314.885 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 845.4 M | |
| Net Invested Capital | $ 845.4 M | |
| Invested Capital | $ 845.4 M | |
| Net Tangible Assets | $ 845.4 M | |
| Net Working Capital | $ 867.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 10.579 | |
| Current Ratio | 10.734 | |
| Current Ratio QoQ | -20.889 % | |
| Current Ratio YoY | -53.474 % | |
| Current Ratio IPRWA | high: 25.502 NUVL: 10.734 mean: 4.353 median: 3.195 low: 0.02 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | — | |
| Interest Coverage Ratio | -13.065 | |
| Interest Coverage Ratio QoQ | 7.77 % | |
| Interest Coverage Ratio YoY | 47.641 % | |
| Interest Coverage Ratio IPRWA | high: 815.709 mean: 40.224 median: 4.789 NUVL: -13.065 low: -1538.4 |
|
| Operating Cash Flow Ratio | -0.79 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -5.827 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | 22.302 % | |
| Earnings Growth QoQ | 25.313 % | |
| Earnings Growth YoY | -50.936 % | |
| Earnings Growth IPRWA | high: 162.5 % NUVL: 22.302 % median: -6.312 % mean: -13.413 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -70.46 M | |
| Free Cash Flow Yield | -1.149 % | |
| Free Cash Flow Yield QoQ | -17.04 % | |
| Free Cash Flow Yield YoY | 64.849 % | |
| Free Cash Flow Yield IPRWA | high: 30.655 % median: 0.768 % mean: 0.31 % NUVL: -1.149 % low: -58.703 % |
|
| Free Cash Growth | -8.011 % | |
| Free Cash Growth QoQ | -120.167 % | |
| Free Cash Growth YoY | -170.806 % | |
| Free Cash Growth IPRWA | high: 201.164 % mean: 25.8 % median: 22.832 % NUVL: -8.011 % low: -200.947 % |
|
| Free Cash To Net Income | 0.576 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 0.576 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -12.12 % | |
| Return On Assets QoQ | 30.519 % | |
| Return On Assets YoY | 33.937 % | |
| Return On Assets IPRWA | high: 30.5 % median: 0.176 % mean: -2.216 % NUVL: -12.12 % low: -66.968 % |
|
| Return On Capital Employed (ROCE) | -12.652 % | |
| Return On Equity (ROE) | -0.145 | |
| Return On Equity QoQ | 36.581 % | |
| Return On Equity YoY | 92.516 % | |
| Return On Equity IPRWA | high: 0.948 median: -0.002 mean: -0.005 NUVL: -0.145 low: -1.385 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -10.531 % | |
| Return On Invested Capital QoQ | 19.793 % | |
| Return On Invested Capital YoY | -304.05 % | |
| Return On Invested Capital IPRWA | high: 31.965 % median: 4.45 % mean: -0.012 % NUVL: -10.531 % low: -73.241 % |
|