Is the business good?
How good a business is RLAY?
Relay Therapeutics, Inc. earns −32% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−32%
Return on invested capital · cost of capital 9.0% · 41 points below what the capital costs: growth destroys value
- Operating margin
- −2999%
Operating margin · Biotechnology median −72% · 12 months to Q2 2026
- R&D as % of revenue
- 2616%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −68% |
| FY2021 | −12040% |
| FY2022 | −21671% |
| FY2023 | −1460% |
| FY2024 | −3722% |
| FY2025 | −1972% |
Details›
- Operating margin12 months to Q2 2026
- −2999%
- Net margin12 months to Q2 2026
- −2764%
- R&D as % of revenue
- 2616%
- Revenue, trailing twelve months
- $10M
- Net income, trailing twelve months
- −$286M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −32%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.