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Held by 498 of 6,047 reporting institutions (97th percentile) — extremely crowded.
Data as of Q2 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
EOD close · as of 2026-10-02
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $943.7M 100.0% | $705.1M 100.0% | $787.6M 100.0% | $587.4M 100.0% | $810.5M 100.0% | $729.3M 100.0% | $1.12B 100.0% | $599.7M 100.0% | $507.7M 100.0% | $346.6M 100.0% |
| Cost of Revenue | $15.9M 1.7% | $11.2M 1.6% | $9.1M 1.2% | $14.1M 2.4% | $10.8M 1.3% | $11.9M 1.6% | $4.4M 0.4% | $1.8M 0.3% | $0 0.0% | $0 0.0% |
| Research & Development | $915.6M 97.0% | $901.5M 127.9% | $899.6M 114.2% | — | $638.2M 78.7% | $531.0M 72.8% | $461.5M 41.1% | $411.9M 68.7% | $372.5M 73.4% | $340.4M 98.2% |
| Selling, General & Admin | $393.9M 41.7% | $267.5M 37.9% | $232.6M 29.5% | $150.3M 25.6% | $186.3M 23.0% | $354.3M 48.6% | $286.6M 25.5% | $244.6M 40.8% | $108.5M 21.4% | $48.6M 14.0% |
| Total Operating Expenses | $1.33B 140.4% | $1.18B 167.4% | $1.14B 144.9% | $997.6M 169.8% | $840.6M 103.7% | $901.3M 123.6% | $756.7M 67.4% | $661.0M 110.2% | $483.1M 95.2% | $392.9M 113.4% |
| Operating Income | -$381.7M -40.4% | -$475.1M -67.4% | -$353.7M -44.9% | -$410.2M -69.8% | -$30.2M -3.7% | -$172.1M -23.6% | $365.9M 32.6% | -$61.4M -10.2% | $31.0M 6.1% | -$20.2M -5.8% |
| Interest Expense | $17.3M 1.8% | $17.0M 2.4% | $12.7M 1.6% | $8.1M 1.4% | $9.3M 1.2% | $9.5M 1.3% | $12.4M 1.1% | $44.8M 7.5% | $44.8M 8.8% | $38.8M 11.2% |
| Other Income (Expense), net | -$15.4M -1.6% | $1.3M 0.2% | $14.1M 1.8% | -$7.3M -1.2% | -$9.8M -1.2% | -$62K -0.0% | -$686K -0.1% | -$182K -0.0% | -$3.5M -0.7% | $0 0.0% |
| Pretax Income | -$379.6M -40.2% | -$460.1M -65.2% | -$334.0M -42.4% | -$258.0M -43.9% | -$29.1M -3.6% | -$134.6M -18.5% | $338.8M 30.2% | -$76.2M -12.7% | -$16.8M -3.3% | -$83.6M -24.1% |
| Income Tax Expense | $1.8M 0.2% | -$6.2M -0.9% | $32.3M 4.1% | $11.7M 2.0% | -$551K -0.1% | $345.2M 47.3% | $51.5M 4.6% | -$291.1M -48.5% | -$6.0M -1.2% | $2.9M 0.8% |
| Net Income | -$381.4M -40.4% | -$453.9M -64.4% | -$366.3M -46.5% | -$269.7M -45.9% | -$28.6M -3.5% | -$444.3M -60.9% | $278.1M 24.8% | $273.7M 45.6% | $346K 0.1% | -$60.4M -17.4% |
| Per Share | ||||||||||
| EPS (Basic) | $-2.38 | $-3.04 | $-2.56 | $-1.90 | $-0.20 | $-3.18 | $2.00 | $2.09 | $0.15 | $-0.50 |
| EPS (Diluted) | $-2.38 | $-3.04 | $-2.56 | $-1.90 | $-0.20 | $-3.18 | $1.90 | $2.07 | $0.15 | $-0.50 |
| Weighted Avg Shares (Basic) | 160.0M | 149.5M | 143.2M | 141.8M | 141.0M | 139.6M | 140.0M | 132.3M | 124.0M | 120.9M |
| Weighted Avg Shares (Diluted) | 160.0M | 149.5M | 143.2M | 141.8M | 141.0M | 139.6M | 153.2M | 134.1M | 126.1M | 120.9M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$320.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -17%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $372.3M is below the $443.2M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~1.0% on $1.76B of debt.
Cash of $372.3M is below short-term debt of $432.1M — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 1094 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LLY | $1.02T | 49.8× | — | 15.6× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,500 |
| JNJ | $617.0B | 23.2× | 19.6× | 6.5× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | 0.9× | 4,554 |
| ABBV | $464.4B | 111.4× | 33.2× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 3.9× | 4,062 |
| MRK | $356.0B | 19.8× | — | 5.5× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,683 |
| UNH | $333.8B | 28.1× | 19.4× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 2.7× | 3,258 |
| AZN | $243.3B | — | — | — | — | — | — | — | — | — | 1,402 |
| TMO | $242.1B | 36.9× | 31.3× | 5.4× | 3.9% | — | 15.0% | 12.6% | 7.0% | 3.7× | 2,528 |
| AMGN | $217.9B | 28.3× | 18.5× | 5.9× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.2× | 3,070 |
| GILD | $179.5B | 21.4× | 19.7× | 6.1× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,216 |
| ABT | $168.7B | 26.2× | 18.3× | 3.8× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 0.5× | 2,876 |
| PFE | $158.5B | 20.4× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,748 |
| DHR | $150.5B | 42.4× | 31.1× | 6.1× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,050 |
| ISRG | $140.4B | 49.8× | 38.7× | 13.9× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | -0.9× | 2,165 |
| VRTX | $127.9B | 33.0× | 28.0× | 10.7× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | -1.2× | 1,689 |
| BMY | $124.9B | 17.7× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,451 |
| CVS | $110.6B | 62.2× | 11.0× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | -0.9× | 2,009 |
| MDT | $110.5B | 23.2× | 14.5× | 3.0× | 8.4% | 65.0% | 13.2% | 9.7% | 6.2% | 2.8× | 2,050 |
| SYK | $105.6B | 32.8× | 18.2× | 4.2× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 1.8× | 2,183 |
| MCK | $105.2B | 23.5× | 16.6× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 0.4× | 1,943 |
| HCA | $92.4B | 15.1× | — | 1.2× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,288 |
| ELV | $83.8B | 15.3× | 14.4× | 0.4× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 2.9× | 1,560 |
| MRNA | $75.9B | — | — | 39.0× | -39.9% | 55.3% | -145% | -32.6% | -30.5% | — | 774 |
| REGN | $75.7B | 17.7× | 18.1× | 5.3× | 1.0% | — | 31.4% | 14.4% | 13.6% | -0.3× | 1,291 |
| CI | $71.5B | 12.2× | 8.0× | 0.3× | 11.2% | 21.8% | 2.2% | 14.3% | 8.1% | 2.0× | 1,638 |
| BSX | $61.7B | 22.0× | 12.1× | 3.1× | 19.9% | 69.0% | 14.4% | 11.9% | 11.8% | -0.3× | 1,430 |
| IONS | $7.2B | — | — | 7.7× | 33.8% | 98.3% | -40.4% | -78.0% | -17.0% | — | 498 |
Peers = companies sharing IONS's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-10-02
Where each multiple sits in its own 14-yr range · 32th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -70.8% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 0.3 | 0.4 | 1.6 | 1.3 | 2.4 | 1.2 | 1.6 | 1.7 |
| R&D | 68.7 | 41.1 | 72.8 | 78.7 | — | 114.2 | 127.9 | 97.0 |
| SG&A | 40.8 | 25.5 | 48.6 | 23.0 | 25.6 | 29.5 | 37.9 | 41.7 |
| Operating Income | -10.2 | 32.6 | -23.6 | -3.7 | -69.8 | -44.9 | -67.4 | -40.4 |
| Income Tax | -48.5 | 4.6 | 47.3 | -0.1 | 2.0 | 4.1 | -0.9 | 0.2 |
| Net Income | 45.6 | 24.8 | -60.9 | -3.5 | -45.9 | -46.5 | -64.4 | -40.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on IONS: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.