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Data as of Q3 2026
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Ranked against 23 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
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 | $1.26T | 61.8× | 45.9× | 19.4× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | 1.3× | 1,730 |
| JNJ | $657.7B | 24.8× | 20.9× | 7.0× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | 0.9× | 1,839 |
| ABBV | $521.1B | 125.0× | 36.8× | 8.5× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 3.9× | 1,635 |
| MRK | $368.9B | 20.5× | — | 5.7× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 1,469 |
| ABT | $183.8B | 28.6× | 19.8× | 4.2× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 0.5× | 1,081 |
| PFE | $174.0B | 22.4× | — | 2.8× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 1,034 |
| VRTX | $141.7B | 36.5× | 31.2× | 11.8× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | -1.2× | 568 |
| BMY | $127.7B | 18.1× | 11.6× | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | 2.5× | 904 |
| REGN | $95.5B | 22.4× | 22.9× | 6.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | -0.3× | 408 |
| TEVA | $49.1B | 34.8× | 18.4× | 2.8× | 4.3% | 51.8% | 8.2% | 17.8% | 14.5% | -0.7× | 7 |
| ONC | $42.1B | — | 65.5× | 7.9× | 40.2% | 87.5% | 5.4% | 6.6% | 5.4% | -6.1× | 61 |
| ZTS | $32.9B | 13.2× | 10.4× | 3.5× | 2.3% | 71.8% | 28.2% | 78.3% | 21.5% | 1.7× | 388 |
| RPRX | $29.9B | 37.7× | 24.5× | 12.6× | 5.1% | — | 32.4% | 7.9% | 4.1% | 5.3× | 161 |
| UTHR | $25.7B | 21.5× | 15.3× | 8.1× | 10.6% | 87.9% | 41.9% | 18.8% | 18.8% | -1.0× | 202 |
| INSM | $24.7B | — | — | 40.7× | 66.7% | 79.7% | -211% | -173% | -99.8% | — | 154 |
| ALNY | $22.1B | 70.8× | 36.7× | 6.0× | 65.2% | 81.8% | 8.4% | 39.8% | 39.8% | -3.0× | 163 |
| ELAN | $11.5B | — | — | 2.4× | 6.2% | 55.0% | -4.9% | -3.5% | -2.2% | — | 122 |
| BMRN | $11.3B | 32.5× | 21.7× | 3.5× | 12.9% | 77.7% | 10.8% | 5.7% | 5.2% | -1.5× | 119 |
| TGTX | $9.4B | 22.1× | 77.3× | 15.2× | 87.3% | 83.7% | 72.6% | 69.0% | 50.0% | 1.4× | 99 |
| CORT | $8.8B | 98.9× | 188.2× | 11.5× | 12.8% | 98.3% | 13.1% | 15.4% | 15.4% | -2.6× | 107 |
| ALKS | $7.6B | 31.7× | 25.7× | 5.2× | -5.2% | 86.7% | 16.4% | 13.3% | 13.3% | -1.4× | 74 |
| AMRX | $7.5B | 97.8× | 21.7× | 2.5× | 8.0% | 36.9% | 2.4% | -102% | 2.9% | 5.1× | 73 |
| KNSA | $7.2B | 123.0× | 91.5× | 10.7× | 60.1% | 88.5% | 8.7% | 10.4% | 10.4% | -2.1× | 1 |
| IONS | $7.2B | — | — | 7.7× | 33.8% | 98.3% | -40.4% | -78.0% | -17.0% | — | 81 |
Peers = companies sharing TEVA's sector (Pharmaceutical Preparations) 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $42.09 today, the market must believe free cash flow compounds 20.5%/yr for a decade (off $913.0M on the 3-yr avg basis).
On the basis ($779.3M) the requirement is 22.7%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 20.5% is more optimistic than its 9-yr track record.
Default is 9.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.17B shares (market data) · net debt -$1.74B
mean 42.0% · volatility σ 139% · implied rate exceeded in 4/9 yrs
Central path = implied 20.5%/yr growth; shaded band = ±1σ (139%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
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 $1.15B 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.
Modest payoff on reinvested capital. Current ROIC on all capital: 14%. 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 $3.30B is below the $3.40B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2024-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~50.3% on $1.82B of debt.
Cash of $3.56B fully covers short-term debt of $1.82B.
Mostly short-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.
EOD close · as of 2026-10-30
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 | $17.26B 100.0% | $16.54B 100.0% | $15.85B 100.0% | $14.93B 100.0% | $15.88B 100.0% | $16.66B 100.0% | $16.89B 100.0% | $18.27B 100.0% | $21.85B 100.0% | $21.90B 100.0% |
| Cost of Revenue | $8.32B 48.2% | $8.48B 51.3% | $8.20B 51.7% | $7.95B 53.3% | $8.28B 52.2% | $8.93B 53.6% | $9.35B 55.4% | $9.97B 54.6% | $11.24B 51.4% | $10.25B 46.8% |
| Gross Profit | $8.94B 51.8% | $8.06B 48.7% | $7.64B 48.2% | $6.97B 46.7% | $7.59B 47.8% | $7.73B 46.4% | $7.54B 44.6% | $8.30B 45.4% | $10.62B 48.6% | $11.65B 53.2% |
| Research & Development | — | — | — | $98.0M 0.7% | — | — | — | $114.0M 0.6% | $175.0M 0.8% | $422.0M 1.9% |
| Selling, General & Admin | $1.29B 7.5% | $1.16B 7.0% | $1.16B 7.3% | $1.18B 7.9% | $1.10B 6.9% | $1.17B 7.0% | $1.19B 7.1% | $1.30B 7.1% | $1.45B 6.6% | $1.39B 6.3% |
| Operating Income | $2.16B 12.5% | -$303.0M -1.8% | $433.0M 2.7% | -$2.20B -14.7% | $1.72B 10.8% | -$3.57B -21.4% | -$443.0M -2.6% | -$1.64B -9.0% | -$17.48B -80.0% | $2.15B 9.8% |
| Interest Expense | $916.0M 5.3% | $1.00B 6.1% | $1.03B 6.5% | $930.0M 6.2% | $891.0M 5.6% | $901.0M 5.4% | $822.0M 4.9% | $920.0M 5.0% | $875.0M 4.0% | $546.0M 2.5% |
| Other Income (Expense), net | -$934.0M -5.4% | -$981.0M -5.9% | -$1.06B -6.7% | -$966.0M -6.5% | -$1.06B -6.7% | -$834.0M -5.0% | -$822.0M -4.9% | -$959.0M -5.2% | -$895.0M -4.1% | -$1.33B -6.1% |
| Pretax Income | $1.22B 7.1% | -$1.28B -7.8% | -$624.0M -3.9% | -$3.16B -21.2% | $658.0M 4.1% | -$4.41B -26.4% | -$1.26B -7.5% | -$2.60B -14.2% | -$18.38B -84.1% | $824.0M 3.8% |
| Income Tax Expense | -$180.0M -1.0% | $676.0M 4.1% | -$7.0M -0.0% | -$643.0M -4.3% | $211.0M 1.3% | -$168.0M -1.0% | -$278.0M -1.6% | -$195.0M -1.1% | -$1.93B -8.8% | $521.0M 2.4% |
| Net Income | $1.41B 8.2% | -$1.64B -9.9% | -$559.0M -3.5% | -$2.45B -16.4% | $417.0M 2.6% | -$3.99B -24.0% | -$999.0M -5.9% | -$2.15B -11.8% | -$16.27B -74.4% | $329.0M 1.5% |
| Per Share | ||||||||||
| EPS (Basic) | $1.23 | -$1.45 | -$0.50 | -$2.20 | $0.38 | -$3.64 | -$0.91 | -$2.35 | -$16.26 | $0.07 |
| EPS (Diluted) | $1.21 | -$1.45 | -$0.50 | -$2.20 | $0.38 | -$3.64 | -$0.91 | -$2.35 | -$16.26 | $0.07 |
| Weighted Avg Shares (Basic) | 1.15B | 1.13B | 1.12B | 1.11B | 1.10B | 1.09B | 1.09B | 1.02B | 1.02B | 955 |
| Weighted Avg Shares (Diluted) | 1.16B | 1.13B | 1.12B | 1.11B | 1.11B | 1.09B | 1.09B | 1.02B | 1.02B | 961 |
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.
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.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 95th 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
ROE 18% against ROIC 14% — 3% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 21.2% — 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 | 54.6 | 55.4 | 53.6 | 52.2 | 53.3 | 51.7 | 51.3 | 48.2 |
| Gross Profit | 45.4 | 44.6 | 46.4 | 47.8 | 46.7 | 48.2 | 48.7 | 51.8 |
| R&D | 0.6 | — | — | — | 0.7 | — | — | — |
| SG&A | 7.1 | 7.1 | 7.0 | 6.9 | 7.9 | 7.3 | 7.0 | 7.5 |
| Operating Income | -9.0 | -2.6 | -21.4 | 10.8 | -14.7 | 2.7 | -1.8 | 12.5 |
| Income Tax | -1.1 | -1.6 | -1.0 | 1.3 | -4.3 | -0.0 | 4.1 | -1.0 |
| Net Income | -11.8 | -5.9 | -24.0 | 2.6 | -16.4 | -3.5 | -9.9 | 8.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TEVA: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 17.81pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -2.6% | 9.9% (today's — no rate published for this year) | -12.5pts |
| FY2020 | -26.5% | 9.9% (today's — no rate published for this year) | -36.4pts |
| FY2021 | 14.7% | 8.2% | 6.5pts |
| FY2022 | -24.8% | 10.3% | -35.0pts |
| FY2023 | 5.7% | 11.1% | -5.4pts |
| FY2024 | -5.8% | 9.5% | -15.3pts |
| FY2025 | 27.8% | 9.0% | 18.8pts |
| Now | 14.5% | 9.9% | 4.6pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 53.2% | 9.8% | 1.5% |
| FY2017 | 48.6% | -80.0% | -74.4% |
| FY2018 | 45.4% | -9.0% | -11.8% |
| FY2019 | 44.6% | -2.6% | -5.9% |
| FY2020 | 46.4% | -21.4% | -24.0% |
| FY2021 | 47.8% | 10.8% | 2.6% |
| FY2022 | 46.7% | -14.7% | -16.4% |
| FY2023 | 48.2% | 2.7% | -3.5% |
| FY2024 | 48.7% | -1.8% | -9.9% |
| FY2025 | 51.8% | 12.5% | 8.2% |
Leverage and buybacks account for 3 points of the 18% return on equity in FY2025. The business earns 14% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
The spread was positive in only 2 of the last 5 years.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Stressed coverage of 1.6x sits between comfortable and thin.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.35x |
| 5% | 2.24x |
| 10% | 2.12x |
| 15% | 2.00x |
| 20% | 1.88x |
| 25% | 1.77x |
| 30% | 1.65x |
| 35% | 1.53x |
| 40% | 1.41x |
| 45% | 1.30x |
| 50% | 1.18x |
| 55% | 1.06x |
| 60% | 0.94x |
This schedule comes from a filing dated 2024-12-31, 669 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2024-12-31 (10-K); cash from the 2024-12-31 balance sheet; FCF from FY2024.
Balance sheet at 2024-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $42.09, free cash flow must compound 20.69%/yr for 10 years. It has done 31.4%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 186.1% | 20.7% |
| FY2021 | −63.0% | 20.7% |
| FY2022 | 341.5% | 20.7% |
| FY2023 | −19.2% | 20.7% |
| FY2024 | −11.0% | 20.7% |
| FY2025 | 53.3% | 20.7% |
The implied rate has been matched or beaten in 3 of the last 6 years.
No trend data available for this metric.
Top 10 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-18 | 5 co-filers Interim Chief Legal Officer | Option exercise | 4,503 | $34.70 | $156k |
| 2026-09-18 | Mignone Roberto Director | Open-market saleindirect | 367,600 | $39.06 | $14.4m |
| 2026-09-18 | 5 co-filers Interim Chief Legal Officer | Exercise & sell | 4,503 | $38.69 | $174k |
| 2026-09-18 | 5 co-filers |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| Exercise & sell |
| 2,525 |
| $39.15 |
| $99k |
| 2026-09-18 | 5 co-filers Interim Chief Legal Officer | Exercise & sell | 314 | $38.70 | $12k |
| 2026-09-18 | 5 co-filers Interim Chief Legal Officer | Option exercise | 4,503 | $34.70 | — |
| 2026-08-21 | Satchi-Fainaro Ronit Director | Open-market sale | 415 | $37.25 | $15k |
| 2026-08-21 | 4 co-filers Chief Accounting Officer | Exercise & sell | 6,945 | $37.61 | $261k |
| 2026-08-21 | 4 co-filers Chief Accounting Officer | Option exercise | 2,500 | $19.61 | $49k |
| 2026-08-21 | 4 co-filers Chief Accounting Officer | Exercise & sell | 2,500 | $37.63 | $94k |
| 2026-08-21 | 4 co-filers Chief Accounting Officer | Option exercise | 2,500 | $19.16 | — |
| 2026-08-17 | Lippman Evan EVP, Business Development | 10b5-1 plan sale | 18,600 | $36.57 | $680k |
| 2026-08-05 | Zaks Tal Zvi Director | Open-market sale | 17 | $34.87 | $593 |
| 2026-08-03 | 3 co-filers See "Remarks" | Option exercise | 12,827 | — | — |
| 2026-08-03 | 3 co-filers See "Remarks" | Option exercise | 52,744 | — | — |
| 2026-08-03 | 3 co-filers See "Remarks" | 10b5-1 plan sale | 12,827 | $34.88 | $447k |
| 2026-08-03 | 3 co-filers See "Remarks" | 10b5-1 plan sale | 25,578 | $34.88 | $892k |
| 2026-08-03 | 3 co-filers See "Remarks" | Option exercise | 52,744 | $0.00 | — |
| 2026-08-03 | 3 co-filers See "Remarks" | Option exercise | 12,827 | $0.00 | — |
| 2026-06-18 | Shields Matthew EVP, Global Operations | Open-market sale | 9,989 | $32.19 | $322k |
| 2026-06-11 | Kalif Eliyahu Sharon EVP, Chief Financial Officer | 10b5-1 plan sale | 106,563 | $34.10 | $3.6m |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 14,492 | — | — |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 21,739 | — | — |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 14,492 | — | — |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 14,492 | — | — |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 14,492 | — | — |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 14,492 | — | — |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 14,492 | — | — |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 14,492 | — | — |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 14,492 | — | — |
| 2026-06-05 | 3 co-filers President and CEO | Option exercise | 13,043 | — | — |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 14,492 | $0.00 | — |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 14,492 | $0.00 | — |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 14,492 | $0.00 | — |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 21,739 | $0.00 | — |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 14,492 | $0.00 | — |
| 2026-06-05 | 3 co-filers President and CEO | 10b5-1 plan sale | 6,153 | $34.35 | $211k |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 14,492 | $0.00 | — |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 14,492 | $0.00 | — |
| 2026-06-05 | 2 co-filers Group filing | Option exercise | 14,492 | $0.00 | — |