IONIS PHARMACEUTICALS INC (IONS) Stock Analysis

Price updated 4 days ago · SEC data refreshed 3 months ago ⓘ · Not investment advice

IONIS PHARMACEUTICALS INC

IONS Healthcare Pharmaceuticals📄 SEC filings ↗ CUSIP 462222100
Valuation N/A
Long-term trend (200d) 26% below 200-day Risk 49/100 Elevated
▾ What's in the 49/100 risk score? (higher = riskier)
Fundamental health (43%) 62/100 → +26.6
leverage 62/100 · Altman Z not scored — input unavailable (see Financial Health)
Smart money (short interest + insider buying) (31%) 31/100 → +9.7
Macro backdrop (VIX, curve, credit, fear/greed + week-over-week momentum) (26%) 50/100 → +12.9
Total49/100

Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). It excludes the Altman Z score, whose retained-earnings input this filer does not report separately. See the Financial Health section for the full balance-sheet read.

💵 Price $54.21 · 4 days ago 📄 Financials SEC EDGAR · refreshed 3 months ago
📍 START HERE

How to read IONS (pre-profit growth)

This company is reinvesting instead of generating profit, so a standard DCF cannot price it. The useful question is whether the growth the market is paying for is achievable — and whether the company can fund itself until then.

Where to start — the sections that matter most for this stock
  1. 1 Reverse-DCF — the growth the price demands ↓
    It shows exactly how fast the business must grow to justify today's price. Compare that to what comparable companies have actually achieved.
  2. 2 Cash runway ↓
    Can it reach profitability before it has to raise money and dilute shareholders?
  3. 3 Interactive calculator ↓
    Set your own growth + margin assumptions and see what the business would be worth if you are right.
Or — what are you trying to decide?
A note on process: fear-driven decisions — including fear of missing out — tend to be the expensive ones. A stock up 10% a day for three days is excitement, not evidence. Whichever reader you are, the data below is there to be checked before anything is decided.
🚀
"It's surging — should I chase it?"
The momentum / FOMO trade. Before you chase, see whether the people who know it best are quietly selling into the rally.
🏷️
"Is it a cheap bargain?"
The deep-value trade. How far below assets and our value it trades — and whether it's cheap for a reason.
ⓘ Using the right valuation lens for this business type

Standard DCF doesn't fit IONS well — but that's expected for this kind of business. The Rule of 40 (Pre-Profit Growth) Lens below uses the metrics actually used by analysts who value pharmaceuticals. Reverse DCF + Football Field also work as cross-checks.

ⓘ Why does IONS trade at $54.21?

IONIS PHARMACEUTICALS INC has 160.0 million shares outstanding. At $54.21 per share, the market values all outstanding IONS equity at $8.7 billion. That's market capitalization, not enterprise value — enterprise value also accounts for debt and cash — and it matters here because IONS carries substantial debt. The share price by itself tells you almost nothing — a company can pick any share price by splitting or issuing more shares. What matters is the total value (Market Cap?Market Cap — The total dollar value the market is assigning to the entire company.
Why it matters: This is the number that actually matters when comparing companies. Two companies with the same business but different share counts have the same market cap.
Reference: Mega cap >$200B · Large $10–200B · Mid $2–10B · Small $300M–2B · Micro <$300M
Full explanation →) compared to what the business actually produces. This page values IONS in Per Share?Per Share — A company-level figure divided by total shares — what one share represents.
Why it matters: Per-share metrics are the only way to fairly compare two companies with different share counts.
Full explanation → economics — what each share represents of the underlying business. Play with the share-price calculator on the homepage →

Loading insider & short-seller data…
FAILURE RISK RANK

Safer than 58% of the stocks we cover

A model trained on every US filing since 2012 — including the 823 companies that went bankrupt or stopped trading under a dollar — ranks each covered stock by its chance of failing in the next year. This is a position among peers, not a prediction about this company alone. Below is what happened to stocks that sat in the same position in past years.

●
Below average · rank 42 of 100 (band: safest half)
Of the stocks in this band in past years, <0.1% went bankrupt within 12 months — 0.0× the average across all covered stocks (0.59%) and 0.0× the Healthcare average (0.94%). Within Healthcare it ranks 19 of 100. 2.7% lost 80% or more of their value within a year. 2.1% fell 50% or more within six months.
▾ Every band, and what happened to the stocks in it
Rank band went bankrupt within 12 monthsfell 80% or more (or failed) within 12 monthsfell 50% or more (or failed) within 6 months
All covered stocks (average) 0.59% 4.21% 8.51%
Healthcare (sector average) 0.94% 9.47% 17.69%
riskiest 1% 16.4% of 1,749 33.0% of 1,998 45.5% of 2,239
next 2% (97-99) 5.9% of 3,360 24.9% of 3,985 38.2% of 4,461
next 2% (95-97) 3.4% of 3,409 21.2% of 3,984 33.8% of 4,462
next 5% (90-95) 1.6% of 8,443 15.1% of 9,965 27.3% of 11,155
next 15% (75-90) 0.8% of 25,328 8.5% of 29,884 17.8% of 33,459
next 25% (50-75) 0.2% of 36,310 2.7% of 49,810 6.2% of 55,771
safest half ← this stock <0.1% of 92,256 0.5% of 99,617 2.1% of 111,538

Counts are stock-quarters 2012–2025, scored each year by a model that had not seen that year. The rank is recomputed from each company's latest filing (this one: 2026-04-30); table generated 2026-09-17. Calibrated one-year odds for this stock alone: bankruptcy 0.1%, 80%+ fall 2.1%, 50%+ fall in six months 3.3% — treat these as rougher than the band counts; the model overstates the middle of the range. For comparison, the classic Altman Z-score here is 2.00; on the same data the Altman ranking caught 26% of bankruptcies in its riskiest 5%, this one 59%.

What this is not. It is not a trade. We tested shorting these names and buying puts on them at real option prices (2010–2025): every version lost money, because the market already prices the distress and the survivors squeeze. A high rank is a reason to read the filings and to size a position for the chance of a total loss — not a reason to bet against the company. A low rank says the balance sheet and the market are calm; it says nothing about whether the price is sensible.

Checking filings for failure warnings…
VALUATION RANGE — CROSS-METHOD CHECK

Football field: where does the price sit?

Different valuation methods produce different fair-value ranges depending on assumptions. Plotting them together lets you see at a glance whether the current price is reasonable across approaches, or only one specific lens.

$5$18$31$44$57Current price $54.21EV / Sales (p25→p75)$5.74$49.98
The current price sits ABOVE the high end of every method. The market is paying a premium to all of these lenses — it expects materially better growth or margins than the models assume.

Industry multiples sourced from: industry: Pharmaceuticals. See the Peer Basket section below for the peer comparison and its limited-comparables caveat.

PEER BASKET — TIGHT COMPARABLES

How does IONS stack up against its closest peers?

We take the 8 same-industry companies most similar to IONS (similar size) and check what investors are paying for each dollar of their revenue (or profits). If IONS is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. For a leveraged business, EV/EBIT and FCF yield (both in the table) are usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.

▾ What's "EV / Sales" in plain English?

EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.

EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).

p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.

What peers trade at (p25 / median / p75)

Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 same-industry peers; implausible multiples excluded.

Peer-implied value check
Not enough clean peer EV/Sales multiples to derive a reliable median (some were dropped as implausible/outliers). The EV/EBIT and FCF-yield rows above are the better read here; also lean on the DCF.

⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.

▾ View peer list (8)
Ticker Company Industry Mcap EV/Sales EV/GPEV/EBIT FCF Yield
RGC Regencell Bioscience Holdings Ltd Pharmaceuticals $11.8B — —— —
SPRO Spero Therapeutics, Inc. Pharmaceuticals $12.4B 981.8x —1,957.0x 0.1%
TGTX TG THERAPEUTICS, INC. Pharmaceuticals $5.8B 9.8x —49.1x 10.6%
XENE Xenon Pharmaceuticals Inc. Pharmaceuticals $5.3B 705.4x —— 0.0%
TVTX Travere Therapeutics, Inc. Pharmaceuticals $4.4B 8.9x —— 4.6%
ERAS Erasca, Inc. Pharmaceuticals $4.0B — —— —
ZLAB Zai Lab Ltd Pharmaceuticals $19.6B 43.0x —— 0.8%
VKTX Viking Therapeutics, Inc. Pharmaceuticals $3.8B — —— —
FINANCIAL HEALTH SCREENS

Quality & solvency checks

Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.

Altman Z-Score?Altman Z-Score — A bankruptcy-risk score combining 5 financial ratios into one number. Predictive of bankruptcy within 2 years.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
n/a
Not reliably computable

We can't produce a trustworthy Altman Z here: retained earnings weren't separately reported in our data, so a core input would have to be fabricated. Rather than show a categorical "distress" verdict from an invented number, we mark it unavailable. Judge financial health from the leverage, cash position, and the measurable Piotroski checks instead.

Piotroski-style checks (partial — not a standard F-score)
3 passed · 5 failed · 1 n/a
Partial result, not a standard F-score: 3 of 8 measurable checks passed. 1 of the 9 standard checks couldn't be measured, so this is scored out of 8, not 9 — it isn't comparable to a published F-score.
▾ The checks — what passed, what didn't (and what we couldn't measure)
  • ✗ Positive net income
    Net income -$381.4M in FY2025.
    Why this matters: Does the company actually earn a profit? Sustained losses eventually force it to raise money — diluting you — or take on debt.
  • ✗ Positive operating cash flow
    Operating cash flow -$268.6M (was -$500.9M the prior year).
    Why this matters: Profit can be an accounting figure; cash from running the business is harder to fake. Negative operating cash flow means the core business consumes cash and must be funded externally.
  • ✓ Cash flow backs up reported profit
    Operating cash flow -$268.6M vs net income -$381.4M.
  • ✓ Return on assets improving
    Return on assets -10.8% vs -15.1% a year ago.
  • ✗ Debt load (vs assets)
    Long-term debt is 51.4% of assets vs 41.7% a year ago ($1,812.4M of $3,523.8M assets).
    Why this matters: Rising debt relative to assets means more risk and more cash going to interest instead of shareholders. Falling debt is a sign of strengthening.
  • ✗ Short-term liquidity (current ratio)
    Current ratio 3.83x vs 8.47x a year ago.
    Why this matters: The current ratio compares assets it can turn to cash within a year against bills due within a year. Below 1.0 means it may struggle to cover near-term obligations.
  • ✗ Share count (dilution)
    Share count rose 7.0% (149.5M → 160.0M year-over-year).
    Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
  • · Pricing power (gross margin) (n/a — data not reported; not scored)
  • ✓ Sales per asset (asset turnover)
    Asset turnover 0.27x vs 0.23x a year ago.

Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.

Cash Runway
17 mo
MODERATE — 1-2 years of runway

Plain English: the company holds about $372M in cash and is burning roughly $269M/year in operations. At that pace, the cash lasts 17 mo before it must raise capital (diluting shareholders), take on debt, or cut spending.

Assumes constant burn and ignores financing/asset sales. For pre-profit biotech and growth companies, this matters more than a DCF — a great drug pipeline is worthless if they run out of money before approval.

INTERACTIVE — TWEAK YOUR ASSUMPTIONS

What if you assume different inputs?

Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount Rate?Discount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for IONS. Open Advanced to also change beta, growth and the rate path.

Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.

4.5% (risk-free)9-10% normal18% (deep-risk)
0%2-3% (GDP)5% (rarely sustainable)

A full intrinsic value isn't shown for IONS because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.

For comparison — the revenue growth today's price already assumes
—
—

—

⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
Where the discount rate comes from — discount rate = risk-free + beta × equity-risk-premium
What you'd earn risk-free from government bonds — the floor under every other rate. Slide it down to model the market expecting rate cuts (value rises); up for higher-for-longer.
The extra yearly return investors demand for owning stocks instead of safe bonds — the price of risk. History runs ~4.5–6.5%; we default to 5.5% (slightly conservative). It's an estimate, not a law — lower it if you think equities are less risky than that.
Inflation reduces the purchasing power of a nominal return: a 9% gain at 3% inflation is about 6% in real terms. The intrinsic value above is already in today's dollars (a nominal DCF carries inflation in both the growth and the discount rate), so this switch does not change the value — it restates the return in real terms.
Higher beta → higher discount rate (sets the rate above). 1.0 = moves with the market.
What you think IONS can grow revenue for ~5 years, then fades to terminal.
For a pre-profit company: the % of revenue that eventually becomes free cash flow once mature. (Our published value uses the sector norm.)
All inputs start at the values our model used.

    Copy shareable link to this scenario →

    Price$54.21
    Model IVNot applicable — DCF couldn't price this stock. The other valuation lenses on this page (reverse-DCF, peers, sector lens — whichever apply to this filer) carry the read instead.

    A standard discounted cash flow?DCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
    Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
    Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
    Full explanation →     valuation is not meaningful for Ionis Pharmaceuticals due to its consistently negative net income and operating cash flow, indicating a cash-burning growth stage. Investors are likely betting on the success of its drug pipeline and future revenue streams from new product approvals. The primary quantifiable risk is the rising long-term debt, which has increased from $0M to $1812M.

    ⚠️ FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.

    As of 3 months ago

    ANATOMY

    Anatomy of a share

    What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.

    IONS IONIS PHARMACEUTICALS INC stock anatomy showing per-share revenue, operating expenses, free cash flow, and debt
    −40.4%
    loss
    Where each $1 of revenue goes
    For every $1 of revenue, IONS currently loses 40.4¢ — costs exceed sales. A money-losing business can still be a good investment if losses are shrinking toward profitability; check the trend, not just the snapshot.
    Net margin = net income ÷ revenue (most recent fiscal year).
    Plain English: each share (at $54) represents $5.90 of revenue per share per year, $2.38 lost per share per year, and $2.84 of cash burned per share (negative free cash flow) from the latest fiscal year. Each share carries $11.33 of total debt (interest-bearing borrowings, current + long-term).
    What's free cash flow / what do these mean?

    Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.

    Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.

    Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.

    Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.

    THE KEY DEBATE

    What you actually need to decide

    Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.

    🐂 The Bull Case
    The company must achieve significant commercial success and market penetration with its pipeline drugs to turn operating cash flow positive and justify its current valuation.
    🐻 The Bear Case
    Continued negative operating cash flow, which has been positive only 1/5 years, coupled with rising long-term debt, poses a significant risk if new drug approvals or sales do not materialize.
    📌 Signposts to watch — update your view as these print
    • Announcement of positive Phase 3 clinical trial results
    • Regulatory approval of a new drug candidate
    • Growth in commercial product sales and royalty revenues
    MOMENTUM — WHAT'S GETTING BETTER & WORSE

    The trend, in plain numbers (FY2024 → FY2025, latest reported)

    Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.

    ✅ Improving
    • Revenue grew +34% to $943.7M.
    • Free cash flow is negative at -$453.9M — the cash burn narrowed vs last year.
    • Still unprofitable at -$381.4M — loss narrowing.

    Nothing was clearly worsening year-over-year.

    WHO

    Management & Leadership

    Ionis Pharmaceuticals is led by CEO Brett P. Monia, who has been with the company for over 30 years and served as CEO since 2020. Stanley T. Crooke, the company's founder, serves as Executive Chairman. The company focuses on discovering and developing RNA-targeted therapeutics.

    Brett P. Monia
    Chief Executive Officer
    Stanley T. Crooke
    Executive Chairman
    WHAT

    What They Make

    Ionis Pharmaceuticals discovers and develops RNA-targeted therapeutic drugs for a wide range of diseases, selling them to patients through partnerships with larger pharmaceutical companies.

    End Markets

    Neurological disordersCardiovascular diseasesRare diseases

    Revenue Drivers

    Commercial product sales
    Collaboration and license revenue
    Research and development services
    Market Cap: 8.7BBeta: 0.52
    WHY

    Why Is It Priced Like This?

    Why Customers Pay

    Offers first-in-class treatments for severe diseases
    Provides targeted therapies with novel mechanisms of action
    Addresses unmet medical needs in various therapeutic areas
    No discounted-cash-flow value for this filer This company's reported free cash flow is negative, so a discounted-cash-flow valuation has no positive cash stream to discount. That is a fact about the business, not missing data — the reported figures below are complete.

    What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.

    The market is pricing Ionis Pharmaceuticals based on expectations for its future drug pipeline success, as evidenced by its negative net income and operating cash flow. The market may be assigning value to potential blockbuster drug approvals, which is not in the model. Its revenue is growing at 3.9%/yr, suggesting investors are focused on this top-line expansion despite current unprofitability.

    HOW

    Business Model & Valuation

    How They Make Money

    Receives milestone payments from partners for drug development
    Earns royalties on sales of commercialized drugs by partners
    Generates revenue from direct sales of its own approved products

    The company funds itself primarily through equity raises and debt, as evidenced by its rising long-term debt from $0M to $1812M, given its negative operating cash flow.

    Growth / Revenue DCF

    Negative free cash flow: revenue/margin growth model used - standard FCF DCF is unreliable for companies still scaling.

    Show advanced inputs
    Revenue Growth3.9%

    What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project its revenue segments independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.

    WHEN

    Maturity & Competitive Position

    Growth-stage life sciences

    Moat Signals

    Proprietary antisense technology platform
    Extensive patent portfolio in RNA therapeutics
    Strategic partnerships with major pharmaceutical companies

    Revenue is growing at 3.9%/yr over four years, from $810M to $944M, but net income has been negative in 5 out of 5 years.

    WHERE

    Geography & Markets

    Ionis Pharmaceuticals is headquartered in the US and operates globally through its partnerships. Specific geographic revenue mix is not available from current data sources.

    Geographic Risks

    Regulatory approval risk for new drug candidates
    Reliance on collaboration partners for commercialization and funding
    SIGNALS

    Market Signals

    These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.

    Model neutral, tape bullish
    RSI?RSI — Relative Strength Index — a 0-100 momentum gauge. Above 70 = overbought; below 30 = oversold.
    Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
    Reference: 30–70 normal · >70 overbought · <30 oversold
    Full explanation →     (14)    54.5NeutralMomentum is balanced — neither overbought nor oversold.
    MACD?MACD — Moving Average Convergence Divergence — compares a fast and a slow price trend to gauge momentum direction.
    Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
    Reference: Line above signal = bullish momentum · below = bearish
    Full explanation →    BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
    50-Day Average$74.63Price below (-27.4%)Price below its 50-day average = near-term downtrend.
    200-Day Average$72.89Price belowThe 200-day line is the long-term trend divider — above it is generally considered a bull market for the stock.
    50 vs 200 CrossGolden50-day above 200-dayA "golden cross" — the medium trend has overtaken the long trend (often read as bullish).

    Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.

    QUALITY

    Data Quality & Risk Flags (4 notes — click to expand/collapse)
    Guardrail Notes (4)
    • FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.
    • Price is far above the model output - market may be pricing optionality, narrative catalysts, or margin expansion beyond what trailing cash flows support.
    • Extreme valuation (P/IV withheld — see the note above); output dominated by data/units issue (often a multi-class share-count mismatch). Suppressed.
    • DATA UNAVAILABLE: per-share values suppressed due to missing/unreliable shares data.
    FINANCIALS

    Financial Statements (5-year tables — click to expand)

    From IONIS PHARMACEUTICALS INC's SEC filings (EDGAR).

    Income (5yr)

    YearRevenueNet IncomeEPS
    2025943.7M-381.4M$-2.38
    2024705.1M-453.9M$-3.04
    2023787.6M-366.3M$-2.56
    2022587.4M-269.7M$-1.90
    2021810.5M-28.6M$-0.20

    Cash Flow (5yr)

    YearOperating CFCapEx− SBC & adj.Free Cash Flow
    2025 -268.6M 51.4M 133.9M -453.9M
    2024 -500.9M 45.3M 130.2M -676.4M
    2023 -307.5M 23.8M 105.8M -437.1M
    2022 -274.4M 15.7M 100.3M -390.4M
    2021 30.8M 12.0M 120.7M -101.8M

    How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: -268.6M − 51.4M − 133.9M (SBC & adj.) = -453.9M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a projected from revenue × terminal margin, not this single year.

    Balance Sheet

    Total Assets3.5B
    Total Liabilities3.0B
    Equity489.1M
    Total Debt1.8B
    YOU MIGHT ALSO LIKE

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    PG
    Methodology by Pouyan Golshani, MD — founder of Gighz. Savng was built by a physician for busy professionals: every number on this page comes from SEC filings (EDGAR) and FINRA data through transparent, rules-based models — no analyst opinions, no hidden inputs. How we calculate every number →
    ⚠️ Not investment advice. Automated model outputs, last refreshed May 30, 2026 (the analysis-refresh date, not the latest filing period). All models have blind spots. Full disclaimer →
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