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 revenue.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 5 years

Total assets $25.6B

Total liabilities $7.0B

Shareholders equity $18.7B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	42.4%	41.5%	105.1%	117.6%	89.7%
Short Term Investments	0.1%	0.3%	0.5%	1.3%	3.0%
Accounts Receivable	17.1%	14.6%	15.8%	16.1%	15.0%
Inventory	14.1%	10.9%	7.5%	5.2%	4.7%
Prepaid Expenses	7.1%	6.0%	6.3%	6.2%	7.2%
Total Current Assets	93.3%	87.1%	143.3%	148.2%	126.2%
Property,Plant and Equipment	12.7%	11.1%	11.7%	12.4%	14.4%
Operating Lease Assets	13.0%	12.3%	3.0%	3.9%	4.4%
Goodwill	9.1%	9.9%	11.0%	12.2%	13.2%
Intangible Assets	3.5%	7.5%	8.5%	6.8%	5.3%
Deferred Tax Assets	24.1%	21.2%	18.4%	14.0%	12.3%
Other Noncurrent Assets	10.3%	9.1%	9.1%	5.8%	1.5%
Total Assets	213.7%	204.5%	230.3%	203.2%	177.3%
Liabilities
Accounts Payable	3.8%	3.7%	3.7%	3.4%	2.6%
Accrued Liabilities	24.8%	25.3%	26.9%	23.8%	22.2%
Other Current Liabilities	3.6%	3.3%	5.3%	3.5%	3.5%
Total Current Liabilities	32.2%	32.3%	35.9%	30.7%	28.3%
Operating Lease Liabilities Noncurrent	15.4%	14.0%	3.5%	4.2%	5.0%
Other Noncurrent Liabilities	10.6%	8.2%	8.9%	7.7%	1.5%
Total Liabilities	58.1%	55.6%	52.2%	47.5%	44.0%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	42.7%	60.5%	75.5%	82.7%	90.8%
Retained Earnings	113.0%	87.2%	102.8%	73.0%	42.3%
Accumulated Other Comprehensive Income	-0.1%	1.2%	-0.1%	0.0%	0.2%
Total Stockholders Equity	155.5%	148.9%	178.1%	155.8%	133.3%
Total Liabilitiesand Equity	213.7%	204.5%	230.3%	203.2%	177.3%

Income Statement

Revenue, expense, and profitability

18 accounts · 5 years

Revenue $12.0B

Operating income $4.2B

Net income $4.0B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	13.8%	13.9%	12.8%	12.1%	11.9%
Expenses Research and Development	32.6%	32.9%	32.0%	28.4%	40.3%
Expenses Selling,General and Administrative	14.6%	13.3%	11.5%	10.6%	11.1%
Expenses Depreciation and Amortization	1.7%	1.9%	1.8%	1.7%	1.7%
Expenses Share Based Compensation	5.7%	6.3%	5.9%	5.5%	5.8%
Expenses Operating Expenses	65.2%	102.1%	61.2%	51.8%	63.3%
Other Income Expense Operating Income	34.8%	-2.1%	38.8%	48.2%	36.7%
Other Income Expense Interest Expense	0.1%	0.3%	0.4%	0.6%	0.6%
Other Income Expense Other Income/expense	-0.1%	-0.8%	-0.2%	-1.8%	0.1%
Other Income Expense Income Before Tax	38.7%	2.3%	44.4%	47.4%	36.0%
Income Tax Income Tax Expense	5.7%	7.1%	7.7%	10.2%	5.1%
net Income net Income	32.9%	-4.9%	36.7%	37.2%	30.9%
net Income Comprehensive Income	31.7%	-3.6%	36.5%	37.0%	32.0%
Earnings Per Share Basic Eps	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%
Earnings Per Share Weighted Average Shares Basic	2.1%	2.3%	2.6%	2.9%	3.4%
Earnings Per Share Weighted Average Shares Diluted	2.1%	2.3%	2.6%	2.9%	3.4%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 5 years

Operating cash flow $3.6B

Investing cash flow $-945.4M

Financing cash flow $-2.3B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	32.9%	-4.9%	36.7%	37.2%	30.9%
Operating Activities Depreciation and Amortization	1.7%	1.9%	1.8%	1.7%	1.7%
Operating Activities Stock Based Compensation	5.7%	6.3%	5.9%	5.5%	5.8%
Operating Activities Deferred Income Taxes	-4.3%	-3.2%	-5.4%	-3.1%	-2.0%
Operating Activities Changes In Operating Assets and Liabilities	10.9%	19.7%	10.1%	10.6%	6.5%
Operating Activities Other Non Cash Items	1.2%	0.4%	2.1%	5.6%	0.2%
Operating Activities net Cash From Operating Activities	30.3%	-4.5%	35.8%	46.2%	34.9%
Investing Activities Capital Expenditures	3.6%	2.7%	2.0%	2.3%	3.1%
Investing Activities Purchases of Investments	53.3%	67.5%	38.4%	7.8%	7.0%
Investing Activities Proceeds From Sale of Investments	49.1%	40.5%	8.5%	10.3%	6.6%
Investing Activities Other Investing Activities	0.2%	0.5%	0.3%	0.5%	—
Investing Activities net Cash From Investing Activities	-7.9%	-34.2%	-31.8%	-3.6%	-4.5%
Financing Activities Repurchase of Common Stock	16.8%	10.7%	4.3%	0.0%	18.8%
Financing Activities Proceeds From Stock Issuance	0.5%	0.5%	0.8%	1.6%	0.8%
Financing Activities Tax Withholding On Stock Based Compensation	3.1%	3.7%	2.3%	1.9%	1.8%
Financing Activities Other Financing Activities	0.0%	0.1%	0.0%	0.0%	0.1%
Financing Activities net Cash From Financing Activities	-18.8%	-13.6%	-5.7%	-0.8%	-19.5%
Cash Reconciliation Effect of Exchange Rate On Cash	0.8%	-0.4%	0.3%	-0.3%	-0.2%
Cash Reconciliation net Change In Cash	4.3%	-52.6%	-1.4%	41.6%	10.7%
Cash Reconciliation Cash At Beginning of Period	42.4%	41.5%	105.1%	117.7%	89.8%
Cash Reconciliation Cash At End of Period	42.4%	41.5%	105.1%	117.7%	89.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+86.2%	+86.1%	+87.2%	+87.9%	+88.1%
Operating margin	+34.8%	-2.1%	+38.8%	+48.2%	+36.7%
Net margin	+32.9%	-4.9%	+36.7%	+37.2%	+30.9%
FCF margin	+26.6%	-7.2%	+33.8%	+44.0%	+31.8%
Growth
Revenue CAGR (3y)	+10.4%	+13.3%	+16.7%	+29.0%	+35.5%
Returns
ROE	+21.2%	-3.3%	+20.6%	+23.9%	+23.2%
ROA	+15.4%	-2.4%	+15.9%	+18.3%	+17.4%
ROIC	—	—	—	—	—
Liquidity
Current ratio	2.90x	2.69x	3.99x	4.83x	4.46x
Quick ratio	1.85x	1.73x	3.36x	4.36x	3.70x
Leverage
D/E	0.37x	0.37x	0.29x	0.30x	0.33x
Interest coverage	313.78x	-7.61x	86.89x	78.60x	58.69x
Efficiency
Asset turnover	0.47x	0.49x	0.43x	0.49x	0.56x
Cash conversion cycle	+333d	+242d	+166d	+112d	+119d

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FY2025 fundamentals · no price

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Vertex Pharmaceuticals

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