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Relay Therapeutics, Inc. (RLAY) stock analysis

RLAYNasdaqBiological Products, (No Diagnostic Substances)Fiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 4, 2026Score 10/30
$19.72−0.22 (-1.10%)

Close on Nov 11, 2026Market cap $4.32BP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value0Growth2Performance2Health6Dividend0

Mixed10 of 30 checks passed

Relay Therapeutics passes 10 of the 30 checks behind our score; 15 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
2/6
Past performance
2/6
Financial health
6/6
Dividend
0/6

What stands out

  • No debt

    Relay Therapeutics has no borrowings on its latest balance sheet.

  • Revenue growing 10%+ a year

    Revenue grew 123% a year over the last three fiscal years.

  • Interest well covered

    No meaningful interest expense to cover.

  • Debt covered by cash flow

    There is no debt to cover.

What to watch

  • Return on equity under 15%

    Return on equity was -41.2% over the last twelve months and averaged -40.1% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was -41.8%, below the 10% that usually covers the cost of capital.

  • P/B above the industry

    Relay Therapeutics's price-to-book of 5.28 is above the Drugs median of 2.29.

  • Net margin below the industry

    Relay Therapeutics's net margin of -2837% is below the Drugs median of -53.0%.

Valuation0/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/B above the industry

    Relay Therapeutics's price-to-book of 5.28 is above the Drugs median of 2.29.

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth2/6

  • Revenue growing 10%+ a year

    Revenue grew 123% a year over the last three fiscal years.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing faster than the industry

    Revenue grew 23.9% over the last twelve months; the Drugs median is 8.0%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin trend

    This company does not report gross profit.

Past performance2/6

  • Return on equity under 15%

    Return on equity was -41.2% over the last twelve months and averaged -40.1% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was -41.8%, below the 10% that usually covers the cost of capital.

  • Return on equity above the industry

    Relay Therapeutics's return on equity of -41.2% is above the Drugs median of -58.9%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin above its 5-year average

    Net margin was -2837% over the last twelve months, against a 5-year average of -7913%.

  • Net margin below the industry

    Relay Therapeutics's net margin of -2837% is below the Drugs median of -53.0%.

Financial health6/6

  • No debt

    Relay Therapeutics has no borrowings on its latest balance sheet.

  • Debt not rising

    With no debt today, leverage cannot have risen.

  • Debt covered by cash flow

    There is no debt to cover.

  • Interest well covered

    No meaningful interest expense to cover.

  • Short-term assets cover short-term debts

    Current assets are 14.62 times current liabilities.

  • Low bankruptcy risk

    The Altman Z-score is 27.77; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    Relay Therapeutics has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for Relay Therapeutics. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/B at month end
  • Own 5-year median 1.8
  • Drugs median 2.3

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$48.80M
Value traded per 1% price move
$19.13M

Downside

Medium risk

Typical loss in a bad month
19.2%
Volatility (annualized)
65%
Sharpe ratio, 1 year
3.30
Beta to the S&P 500 (5Y)
1.96

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2018 to 2025

Operating margin

-1971.6%−1904.1 pts over 5 years

Net margin

-1800.6%−1737.2 pts over 5 years

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