Is CureVac NV overvalued or undervalued?

As of 24 October 2025, the valuation grade for CureVac NV has moved from attractive to very attractive, indicating a strong improvement in its perceived value. The company appears to be undervalued with a P/E ratio of 5, significantly lower than its peer PTC Therapeutics, Inc., which has a P/E of 5.85, and Harmony Biosciences Holdings, Inc. at 11.40. Additionally, CureVac's EV to EBITDA ratio of 1.90 and a PEG ratio of 0.03 further support this undervaluation narrative, suggesting that the stock is priced favorably compared to its growth potential.
In terms of recent performance, CureVac NV has demonstrated a remarkable year-to-date return of 57.18%, vastly outperforming the S&P 500's return of 15.47% over the same period. However, it has faced challenges over the longer term, with a three-year return of -27.96% compared to the S&P 500's 78.85%. Overall, the combination of low valuation ratios and strong recent performance suggests that CureVac NV is currently undervalued.