Vertex Pharmaceuticals

Health Care Biotechnology Boston, Massachusetts Last filing Feb 13, 2026 · FY2025

                    Revenue
                    FY2025
                
$12.0B
                    3y CAGR +10.4%
                    
                    P75
                    
                    +8.9%
                    
                    Net income
                    FY2025
                
$4.0B
                    Net margin +32.9%
                    
                    P100
                    
                    +838.1%
                    
                    Total assets
                    FY2025
                
$25.6B
                    ROA +15.4%
                    
                    P90
                    
                    +13.8%
                    
                    Operating cash flow
                    FY2025
                
$3.6B
                    FCF margin +26.6%
                    
                    P92
                    
                    +837.2%

19 yrs · FY2003–FY2025 4 gaps (2007–2004) 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 10 years

Total assets $25.6B

Total liabilities $7.0B

Shareholders equity $18.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	19.8%	20.3%	45.6%	57.9%	50.6%	51.0%	37.4%	42.4%	47.0%	40.9%
Short Term Investments	0.1%	0.2%	0.2%	0.6%	1.7%	1.7%	0.0%	0.0%	11.9%	8.7%
Accounts Receivable	8.0%	7.1%	6.9%	7.9%	8.5%	7.5%	7.6%	6.6%	7.9%	6.9%
Inventory	6.6%	5.3%	3.3%	2.5%	2.6%	2.4%	2.0%	2.0%	3.2%	2.7%
Prepaid Expenses	3.3%	3.0%	2.7%	3.0%	4.1%	2.6%	2.6%	2.3%	4.7%	2.4%
Total Current Assets	43.7%	42.6%	62.2%	72.9%	71.2%	69.2%	58.0%	61.5%	74.7%	63.2%
Property,Plant and Equipment	5.9%	5.4%	5.1%	6.1%	8.1%	8.2%	0.0%	13.0%	22.3%	24.1%
Operating Lease Assets	6.1%	6.0%	1.3%	1.9%	2.5%	2.8%	1.1%	—	—	—
Goodwill	4.2%	4.8%	4.8%	6.0%	7.5%	8.5%	12.0%	0.8%	1.4%	1.7%
Intangible Assets	1.7%	3.7%	3.7%	3.3%	3.0%	3.4%	4.8%	0.0%	0.0%	0.0%
Deferred Tax Assets	11.3%	10.3%	8.0%	6.9%	7.0%	7.5%	14.3%	27.4%	5.1%	8.7%
Other Noncurrent Assets	4.8%	4.4%	3.9%	2.9%	0.8%	0.4%	1.9%	0.7%	0.2%	0.4%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	1.8%	1.8%	1.6%	1.7%	1.5%	1.3%	1.1%	1.8%	2.1%	2.1%
Accrued Liabilities	11.6%	12.4%	11.7%	11.7%	12.5%	12.0%	13.4%	9.7%	12.5%	10.9%
Other Current Liabilities	1.7%	1.6%	2.3%	1.7%	2.0%	2.7%	1.6%	0.6%	0.8%	0.4%
Total Current Liabilities	15.1%	15.8%	15.6%	15.1%	15.9%	16.0%	16.0%	17.9%	22.8%	27.4%
Operating Lease Liabilities Noncurrent	7.2%	6.9%	1.5%	2.1%	2.8%	3.0%	1.0%	—	—	—
Other Noncurrent Liabilities	5.0%	4.0%	3.9%	3.8%	0.9%	0.9%	2.2%	0.4%	0.7%	3.5%
Total Liabilities	27.2%	27.2%	22.7%	23.3%	24.8%	26.1%	26.8%	29.0%	42.4%	53.8%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.1%
Additional Paid In Capital	20.0%	29.6%	32.8%	40.7%	51.2%	67.2%	95.4%	118.8%	201.8%	224.6%
Retained Earnings	52.9%	42.6%	44.6%	35.9%	23.8%	7.3%	-22.3%	-47.9%	-144.4%	-185.5%
Accumulated Other Comprehensive Income	-0.1%	0.6%	-0.1%	0.0%	0.1%	-0.6%	-0.0%	0.0%	-0.3%	0.7%
Total Stockholders Equity	72.8%	72.8%	77.3%	76.7%	75.2%	73.9%	73.2%	71.0%	57.2%	39.9%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

18 accounts · 10 years

Revenue $12.0B

Operating income $4.2B

Net income $4.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	46.8%	48.9%	43.4%	49.2%	56.4%	52.8%	50.0%	48.8%	70.2%	58.8%
Expenses Cost of Revenue	6.4%	6.8%	5.6%	6.0%	6.7%	6.3%	6.6%	6.6%	7.8%	7.3%
Expenses Research and Development	15.2%	16.1%	13.9%	14.0%	22.7%	15.6%	21.1%	22.7%	37.4%	36.2%
Expenses Selling,General and Administrative	6.8%	6.5%	5.0%	5.2%	6.3%	6.6%	7.9%	8.9%	14.0%	14.9%
Expenses Depreciation and Amortization	0.8%	0.9%	0.8%	0.8%	0.9%	0.9%	1.3%	1.2%	1.7%	2.1%
Expenses Share Based Compensation	2.7%	3.1%	2.6%	2.7%	3.3%	3.7%	4.3%	5.2%	8.3%	8.3%
Expenses Operating Expenses	30.5%	49.9%	26.6%	25.5%	35.7%	28.5%	35.6%	38.6%	66.7%	58.4%
Other Income Expense Operating Income	16.3%	-1.0%	16.9%	23.7%	20.7%	24.3%	14.4%	10.2%	3.5%	0.3%
Other Income Expense Interest Expense	0.1%	0.1%	0.2%	0.3%	0.4%	0.5%	0.7%	1.2%	2.0%	0.0%
Other Income Expense Other Income/expense	-0.0%	-0.4%	-0.1%	-0.9%	0.0%	2.5%	2.3%	-0.0%	-2.3%	0.1%
Other Income Expense Income Before Tax	18.1%	1.1%	19.3%	23.3%	20.3%	26.5%	16.8%	9.6%	-0.4%	-2.3%
Income Tax Income Tax Expense	2.7%	3.5%	3.3%	5.0%	2.9%	3.4%	2.6%	-23.8%	-3.0%	0.6%
net Income net Income	15.4%	-2.4%	15.9%	18.3%	17.4%	23.1%	14.1%	33.6%	7.4%	-3.9%
net Income Comprehensive Income	14.9%	-1.7%	15.9%	18.2%	18.1%	22.5%	14.1%	34.2%	6.5%	-3.2%
Earnings Per Share Basic Eps	0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%
Earnings Per Share Diluted Eps	0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%
Earnings Per Share Weighted Average Shares Basic	1.0%	1.1%	1.1%	1.4%	1.9%	2.2%	3.1%	4.1%	7.0%	8.4%
Earnings Per Share Weighted Average Shares Diluted	1.0%	1.1%	1.1%	1.4%	1.9%	2.2%	3.1%	4.1%	7.1%	8.4%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $3.6B

Investing cash flow $-945.4M

Financing cash flow $-2.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	15.4%	-2.4%	15.9%	18.3%	17.4%	23.1%	14.1%	33.6%	7.4%	-3.9%
Operating Activities Depreciation and Amortization	0.8%	0.9%	0.8%	0.8%	0.9%	0.9%	1.3%	1.2%	1.7%	2.1%
Operating Activities Stock Based Compensation	2.7%	3.1%	2.6%	2.7%	3.3%	3.7%	4.3%	5.2%	8.3%	8.3%
Operating Activities Deferred Income Taxes	-2.0%	-1.5%	-2.4%	-1.5%	-1.2%	2.4%	2.0%	-24.2%	-3.6%	0.6%
Operating Activities Changes In Operating Assets and Liabilities	5.1%	9.6%	4.4%	5.2%	3.7%	7.0%	4.9%	9.5%	18.3%	3.8%
Operating Activities Other Non Cash Items	0.6%	0.2%	0.9%	2.7%	0.1%	3.6%	0.5%	0.4%	-0.6%	—
Operating Activities net Cash From Operating Activities	14.2%	-2.2%	15.6%	22.8%	19.7%	27.7%	18.9%	20.3%	23.8%	8.2%
Investing Activities Capital Expenditures	1.7%	1.3%	0.9%	1.1%	1.7%	2.2%	0.9%	1.5%	2.8%	2.0%
Investing Activities Purchases of Investments	24.9%	33.0%	16.7%	3.8%	3.9%	3.7%	6.5%	6.9%	15.0%	21.3%
Investing Activities Proceeds From Sale of Investments	23.0%	19.8%	3.7%	5.1%	3.7%	3.2%	5.7%	6.9%	10.4%	26.2%
Investing Activities Other Investing Activities	0.1%	0.2%	0.1%	0.3%	—	—	0.0%	-0.0%	-0.0%	0.0%
Investing Activities net Cash From Investing Activities	-3.7%	-16.7%	-13.8%	-1.8%	-2.5%	0.8%	-14.9%	-3.2%	-13.6%	1.8%
Financing Activities Repurchase of Common Stock	7.9%	5.2%	1.9%	0.0%	10.6%	4.6%	2.2%	5.6%	0.0%	0.0%
Financing Activities Proceeds From Stock Issuance	0.2%	0.2%	0.4%	0.8%	0.5%	1.9%	3.8%	4.2%	9.1%	1.7%
Financing Activities Tax Withholding On Stock Based Compensation	1.4%	1.8%	1.0%	0.9%	1.0%	1.7%	0.1%	0.0%	—	—
Financing Activities Other Financing Activities	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%	0.1%	0.0%	0.0%	0.0%
Financing Activities net Cash From Financing Activities	-8.8%	-6.6%	-2.5%	-0.4%	-11.0%	-4.3%	1.5%	-1.1%	1.9%	4.6%
Cash Reconciliation Effect of Exchange Rate On Cash	0.4%	-0.2%	0.1%	-0.2%	-0.1%	0.2%	0.0%	-0.1%	0.2%	-0.2%
Cash Reconciliation net Change In Cash	2.0%	-25.7%	-0.6%	20.5%	6.0%	24.4%	5.6%	15.9%	12.3%	14.4%
Cash Reconciliation Cash At Beginning of Period	19.8%	20.3%	45.6%	57.9%	50.6%	51.0%	37.5%	42.6%	47.0%	42.5%
Cash Reconciliation Cash At End of Period	19.8%	20.3%	45.6%	57.9%	50.6%	51.0%	37.5%	42.6%	47.0%	42.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+86.2%	+86.1%	+87.2%	+87.9%	+88.1%	+88.1%	+86.8%	+86.6%	+88.9%	+87.6%
Operating margin	+34.8%	-2.1%	+38.8%	+48.2%	+36.7%	+46.0%	+28.8%	+20.8%	+5.0%	+0.6%
Net margin	+32.9%	-4.9%	+36.7%	+37.2%	+30.9%	+43.7%	+28.3%	+68.8%	+10.6%	-6.6%
FCF margin	+26.6%	-7.2%	+33.8%	+44.0%	+31.8%	+48.2%	+35.9%	+38.5%	+30.0%	+10.5%
Growth
Revenue CAGR (3y)	+10.4%	+13.3%	+16.7%	+29.0%	+35.5%	+35.6%	+34.7%	+43.5%	+62.5%	+12.0%
Returns
ROE	+21.2%	-3.3%	+20.6%	+23.9%	+23.2%	+31.2%	+19.3%	+47.3%	+13.0%	-9.7%
ROA	+15.4%	-2.4%	+15.9%	+18.3%	+17.4%	+23.1%	+14.1%	+33.6%	+7.4%	-3.9%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	2.90x	2.69x	3.99x	4.83x	4.46x	4.33x	3.61x	3.43x	3.28x	2.31x
Quick ratio	1.85x	1.73x	3.36x	4.36x	3.70x	3.66x	2.80x	2.73x	2.41x	1.75x
Leverage
D/E	0.37x	0.37x	0.29x	0.30x	0.33x	0.35x	0.37x	0.41x	0.74x	1.35x
Interest coverage	313.78x	-7.61x	86.89x	78.60x	58.69x	49.12x	20.47x	8.76x	1.78x	—
Efficiency
Asset turnover	0.47x	0.49x	0.43x	0.49x	0.56x	0.53x	0.50x	0.49x	0.70x	0.59x
Cash conversion cycle	+333d	+242d	+166d	+112d	+119d	+114d	+109d	+61d	+91d	+71d

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Vertex Pharmaceuticals

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