What is MAZE's return on invested capital?

MAZE (MAZE) reported return on invested capital of -117.8% in Q1 2026.

What does return on invested capital mean?

Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.

MAZE MAZE Return on invested capital

Return on invested capital at other companies

Vertex PharmaceuticalsVRTX

26.8%+23.0pp

Septerna, Inc.SEPN

-27.8%—

Stoke Therapeutics, Inc.STOK

-114.4%—

Olema Pharmaceuticals, Inc.OLMA

-52.9%-0.1pp

ZymeworksZYME

-34.5%-6.1pp

Nurix Therapeutics, Inc.NRIX

-70.2%-7.5pp

Other financials

Income statement

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Revenue$20.0M—

Operating income-$26.6M+25.0%

Net income-$24.2M+26.2%

EPS (diluted)-$0.45+60.9%

Balance sheet

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Cash & equivalents$198.8M-32.5%

Total debt$61.2M+137%

Total equity$341.7M+17.0%

Total assets$419.7M+26.1%

Cash flow

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Operating cash flow-$39.1M-32.5%

CapEx$93.0K-68.9%

Free cash flow-$39.2M-31.5%

Valuation

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Market cap$1.48B+201%

Enterprise value$1.34B—

P/S7.9×—

Profitability

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Operating margin-71.5%—

Net margin-65.4%—

FCF margin-65.1%—

Returns & leverage

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Return on equity-38.7%—

Debt / equity0.2×+0.1×

Current ratio17.9×+1.8×

Where this comes from

Calculated from MAZE’s reported figures.

nopat/invested capital=-117.8%

Based on trailing twelve months.

The official record: MAZE’s 10-Q, filed May 12, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is MAZE's return on invested capital?: MAZE (MAZE) reported return on invested capital of -117.8% in Q1 2026.
What does return on invested capital mean?: Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.