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

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	$5.1B 11.3%	$4.6B -55.9%	$10.4B -1.3%	$10.5B 54.6%	$6.8B 13.5%	$6.0B 92.6%	$3.1B 17.3%	$2.7B 59.1%	$1.7B 40.7%	$1.2B
Short Term Investments	$16.6M -54.6%	$36.6M -20.4%	$46.0M -60.6%	$116.8M -49.4%	$230.9M 17.9%	$195.8M	$0	$0 -100.0%	$423.3M 68.9%	$250.6M
Accounts Receivable	$2.1B 27.6%	$1.6B 2.9%	$1.6B 8.4%	$1.4B 26.9%	$1.1B 28.4%	$885.4M 39.8%	$633.5M 54.6%	$409.7M 45.6%	$281.3M 39.9%	$201.1M
Inventory	$1.7B 39.9%	$1.2B 63.2%	$738.8M 60.4%	$460.6M 30.4%	$353.1M 25.8%	$280.8M 67.6%	$167.5M 34.7%	$124.4M 11.2%	$111.8M 44.1%	$77.6M
Prepaid Expenses	$853.3M 28.2%	$665.7M 6.7%	$623.7M 12.7%	$553.5M 1.4%	$545.8M 77.0%	$308.4M 44.4%	$213.5M 51.6%	$140.8M -15.0%	$165.6M 134.8%	$70.5M
Total Current Assets	$11.2B 16.7%	$9.6B -32.2%	$14.1B 6.9%	$13.2B 38.4%	$9.6B 17.5%	$8.1B 68.6%	$4.8B 25.5%	$3.8B 45.1%	$2.6B 44.6%	$1.8B
Property,Plant and Equipment	$1.5B 23.8%	$1.2B 5.9%	$1.2B 4.6%	$1.1B 1.3%	$1.1B 14.1%	$958.5M	$0 -100.0%	$812.0M 2.9%	$789.4M 13.0%	$698.4M
Operating Lease Assets	$1.6B 15.2%	$1.4B 362.1%	$293.6M -15.5%	$347.4M 5.2%	$330.3M 1.5%	$325.6M 269.1%	$88.2M	—	—	—
Goodwill	$1.1B 0.0%	$1.1B 0.0%	$1.1B 0.0%	$1.1B 8.6%	$1.0B 0.0%	$1.0B 0.0%	$1.0B 1889.0%	$50.4M 0.0%	$50.4M 0.0%	$50.4M
Intangible Assets	$424.2M -48.6%	$825.9M -1.7%	$839.9M 39.1%	$603.6M 50.9%	$400.0M 0.0%	$400.0M 0.0%	$400.0M	$0	$0	$0
Deferred Tax Assets	$2.9B 24.3%	$2.3B 28.6%	$1.8B 45.3%	$1.2B 33.4%	$934.5M 5.9%	$882.8M -25.9%	$1.2B -30.4%	$1.7B 842.5%	$181.6M -27.6%	$250.7M
Other Noncurrent Assets	$1.2B 23.7%	$999.3M 11.6%	$895.3M 71.6%	$521.8M 370.9%	$110.8M 124.3%	$49.4M -68.7%	$157.6M 286.9%	$40.7M 423.3%	$7.8M -34.2%	$11.8M
Total Assets	$25.6B 13.8%	$22.5B -0.9%	$22.7B 25.2%	$18.2B 35.1%	$13.4B 14.3%	$11.8B 41.3%	$8.3B 33.2%	$6.2B 76.1%	$3.5B 22.4%	$2.9B
Liabilities
Accounts Payable	$461.7M 11.8%	$413.0M 13.2%	$364.9M 20.1%	$303.9M 55.8%	$195.0M 25.7%	$155.1M 77.1%	$87.6M -21.1%	$111.0M 50.0%	$74.0M 20.4%	$61.5M
Accrued Liabilities	$3.0B 6.5%	$2.8B 5.0%	$2.7B 24.9%	$2.1B 26.7%	$1.7B 19.5%	$1.4B 25.8%	$1.1B 84.8%	$604.5M 36.2%	$444.0M 40.8%	$315.2M
Other Current Liabilities	$428.3M 18.0%	$363.0M -31.1%	$527.2M 69.2%	$311.5M 16.1%	$268.4M -15.4%	$317.4M 143.6%	$130.3M 221.0%	$40.6M 50.2%	$27.0M 147.0%	$10.9M
Total Current Liabilities	$3.9B 8.3%	$3.6B 0.5%	$3.5B 29.4%	$2.7B 28.0%	$2.1B 14.1%	$1.9B 40.7%	$1.3B 19.1%	$1.1B 38.8%	$807.3M 1.9%	$792.5M
Operating Lease Liabilities Noncurrent	$1.8B 19.6%	$1.5B 343.0%	$348.6M -8.1%	$379.5M 0.6%	$377.4M 7.7%	$350.5M 315.8%	$84.3M	—	—	—
Other Noncurrent Liabilities	$1.3B 40.8%	$901.8M 2.7%	$877.7M 28.0%	$685.8M 487.2%	$116.8M 7.8%	$108.4M -40.9%	$183.3M 597.6%	$26.3M 0.9%	$26.0M -74.5%	$102.1M
Total Liabilities	$7.0B 13.9%	$6.1B 18.9%	$5.1B 21.5%	$4.2B 27.2%	$3.3B 8.7%	$3.1B 37.2%	$2.2B 23.3%	$1.8B 20.4%	$1.5B -3.5%	$1.6B
Equity
Preferred Stock	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Common Stock	$2.5M -3.8%	$2.6M 0.0%	$2.6M 0.0%	$2.6M 4.0%	$2.5M -3.8%	$2.6M 0.4%	$2.6M 1.7%	$2.5M 1.4%	$2.5M 2.5%	$2.5M
Additional Paid In Capital	$5.1B -23.3%	$6.7B -10.4%	$7.4B 0.9%	$7.4B 7.3%	$6.9B -12.8%	$7.9B -0.5%	$7.9B 7.0%	$7.4B 3.7%	$7.2B 10.0%	$6.5B
Retained Earnings	$13.6B 41.2%	$9.6B -5.3%	$10.1B 55.5%	$6.5B 103.8%	$3.2B 272.8%	$858.7M 146.3%	$-1.9B 38.0%	$-3.0B 41.6%	$-5.1B 4.7%	$-5.4B
Accumulated Other Comprehensive Income	$-15.9M -112.4%	$127.8M 993.7%	$-14.3M -1887.5%	$800.0K -95.0%	$15.9M 123.2%	$-68.5M -3370.9%	$-2.0M -399.4%	$659.0K 105.7%	$-11.6M -154.7%	$21.2M
Total Stockholders Equity	$18.7B 13.7%	$16.4B -6.7%	$17.6B 26.4%	$13.9B 37.7%	$10.1B 16.3%	$8.7B 42.8%	$6.1B 37.2%	$4.4B 118.6%	$2.0B 75.4%	$1.2B
Total Liabilitiesand Equity	$25.6B 13.8%	$22.5B -0.9%	$22.7B 25.2%	$18.2B 35.1%	$13.4B 14.3%	$11.8B 41.3%	$8.3B 33.2%	$6.2B 76.1%	$3.5B 22.4%	$2.9B

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	$12.0B 8.9%	$11.0B 11.7%	$9.9B 10.5%	$8.9B 17.9%	$7.6B 22.1%	$6.2B 49.1%	$4.2B 36.6%	$3.0B 22.5%	$2.5B 46.2%	$1.7B
Expenses Cost of Revenue	$1.7B 7.9%	$1.5B 21.3%	$1.3B 16.8%	$1.1B 19.5%	$904.2M 22.8%	$736.3M 34.4%	$547.8M 33.8%	$409.5M 48.9%	$275.1M 30.7%	$210.5M
Expenses Research and Development	$3.9B 7.7%	$3.6B 14.8%	$3.2B 24.5%	$2.5B -16.7%	$3.1B 66.8%	$1.8B 4.3%	$1.8B 23.9%	$1.4B 6.9%	$1.3B 26.4%	$1.0B
Expenses Selling,General and Administrative	$1.8B 19.7%	$1.5B 28.8%	$1.1B 20.3%	$944.7M 12.5%	$840.1M 9.0%	$770.5M 17.0%	$658.5M 18.1%	$557.6M 12.4%	$496.1M 14.6%	$432.8M
Expenses Depreciation and Amortization	$209.8M 1.3%	$207.2M 14.3%	$181.3M 22.3%	$148.3M 18.1%	$125.6M 14.7%	$109.5M 2.4%	$106.9M 47.6%	$72.4M 18.0%	$61.4M 0.0%	$61.4M
Expenses Share Based Compensation	$685.9M -1.8%	$698.5M 20.2%	$581.2M 18.3%	$491.3M 11.3%	$441.4M 2.8%	$429.5M 19.1%	$360.5M 10.9%	$325.0M 10.8%	$293.2M 21.9%	$240.6M
Expenses Operating Expenses	$7.8B -30.4%	$11.3B 86.4%	$6.0B 30.6%	$4.6B -3.5%	$4.8B 43.1%	$3.3B 13.0%	$3.0B 22.9%	$2.4B 2.0%	$2.4B 39.8%	$1.7B
Other Income Expense Operating Income	$4.2B 1891.9%	$-232.9M -106.1%	$3.8B -11.0%	$4.3B 54.8%	$2.8B -2.6%	$2.9B 138.5%	$1.2B 88.5%	$635.1M 415.4%	$123.2M 1140.4%	$9.9M
Other Income Expense Interest Expense	$13.3M -56.5%	$30.6M -30.6%	$44.1M -19.5%	$54.8M 15.6%	$47.4M -18.5%	$58.2M -0.6%	$58.5M -19.3%	$72.5M 4.6%	$69.3M	$0
Other Income Expense Other Income/expense	$-7.7M 91.1%	$-86.1M -277.6%	$-22.8M 86.2%	$-164.8M -3463.3%	$4.9M -98.3%	$296.6M 54.3%	$192.2M 24429.1%	$-790.0K 99.0%	$-81.4M -2070.5%	$4.1M
Other Income Expense Income Before Tax	$4.6B 1768.5%	$248.5M -94.3%	$4.4B 3.5%	$4.2B 55.0%	$2.7B -12.4%	$3.1B 123.4%	$1.4B 132.4%	$600.2M 3925.9%	$-15.7M 76.7%	$-67.4M
Income Tax Income Tax Expense	$690.0M -12.0%	$784.1M 3.1%	$760.2M -16.5%	$910.4M 134.5%	$388.3M -4.2%	$405.2M 85.8%	$218.1M 114.7%	$-1.5B -1285.4%	$-107.3M -744.0%	$16.7M
net Income net Income	$4.0B 838.1%	$-535.6M -114.8%	$3.6B 9.0%	$3.3B 41.8%	$2.3B -13.6%	$2.7B 130.4%	$1.2B -43.9%	$2.1B 695.8%	$263.5M 335.1%	$-112.1M
net Income Comprehensive Income	$3.8B 1068.1%	$-393.5M -110.9%	$3.6B 9.0%	$3.3B 36.3%	$2.4B -8.3%	$2.6B 125.3%	$1.2B -45.0%	$2.1B 824.5%	$230.7M 348.9%	$-92.7M
Earnings Per Share Basic Eps	$15 843.3%	$-2 -114.8%	$14 8.3%	$13 42.7%	$9 -12.9%	$10 127.9%	$5 -44.4%	$8 677.4%	$1 330.4%	$-0
Earnings Per Share Diluted Eps	$15 836.5%	$-2 -115.0%	$14 8.3%	$13 42.3%	$9 -12.4%	$10 128.2%	$5 -44.3%	$8 677.9%	$1 326.1%	$-0
Earnings Per Share Weighted Average Shares Basic	$255.7M -0.9%	$257.9M 0.1%	$257.7M 0.6%	$256.1M -0.6%	$257.7M -0.8%	$259.8M 1.2%	$256.7M 0.9%	$254.3M 2.2%	$248.9M 1.7%	$244.7M
Earnings Per Share Weighted Average Shares Diluted	$258.0M 0.0%	$257.9M -1.0%	$260.5M 0.5%	$259.1M -0.3%	$259.9M -1.3%	$263.4M 1.0%	$260.7M 0.6%	$259.2M 2.4%	$253.2M 3.5%	$244.7M

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	$4.0B 838.1%	$-535.6M -114.8%	$3.6B 9.0%	$3.3B 41.8%	$2.3B -13.6%	$2.7B 130.4%	$1.2B -43.9%	$2.1B 695.8%	$263.5M 335.1%	$-112.1M
Operating Activities Depreciation and Amortization	$209.8M 1.3%	$207.2M 14.3%	$181.3M 22.3%	$148.3M 18.1%	$125.6M 14.7%	$109.5M 2.4%	$106.9M 47.6%	$72.4M 18.0%	$61.4M 0.0%	$61.4M
Operating Activities Stock Based Compensation	$685.9M -1.8%	$698.5M 20.2%	$581.2M 18.3%	$491.3M 11.3%	$441.4M 2.8%	$429.5M 19.1%	$360.5M 10.9%	$325.0M 10.8%	$293.2M 21.9%	$240.6M
Operating Activities Deferred Income Taxes	$-510.8M -46.4%	$-348.8M 35.0%	$-536.5M -94.5%	$-275.9M -78.5%	$-154.6M -155.8%	$277.3M 65.7%	$167.4M 111.1%	$-1.5B -1086.2%	$-127.5M -856.3%	$16.9M
Operating Activities Changes In Operating Assets and Liabilities	$1.3B -39.8%	$2.2B 116.3%	$1.0B 6.3%	$942.2M 91.8%	$491.2M -40.6%	$826.5M 104.4%	$404.3M -31.7%	$592.0M -8.5%	$647.3M 491.7%	$109.4M
Operating Activities Other Non Cash Items	$148.5M 274.1%	$39.7M -81.0%	$208.9M -58.1%	$498.9M 2869.6%	$16.8M -96.0%	$425.1M 1018.7%	$38.0M 71.6%	$22.1M 206.2%	$-20.9M	—
Operating Activities net Cash From Operating Activities	$3.6B 837.2%	$-492.6M -113.9%	$3.5B -14.3%	$4.1B 56.2%	$2.6B -18.7%	$3.3B 107.3%	$1.6B 23.5%	$1.3B 50.3%	$844.9M 257.9%	$236.1M
Investing Activities Capital Expenditures	$437.6M 47.0%	$297.7M 48.6%	$200.4M -2.1%	$204.7M -12.9%	$235.0M -9.5%	$259.8M 244.6%	$75.4M -21.0%	$95.4M -4.0%	$99.4M 75.8%	$56.6M
Investing Activities Purchases of Investments	$6.4B -14.0%	$7.4B 96.4%	$3.8B 446.6%	$692.7M 31.1%	$528.2M 22.4%	$431.4M -19.7%	$537.2M 24.4%	$431.9M -18.9%	$532.6M -13.6%	$616.6M
Investing Activities Proceeds From Sale of Investments	$5.9B 32.1%	$4.5B 432.2%	$839.1M -8.8%	$920.0M 84.3%	$499.3M 34.1%	$372.3M -21.8%	$475.9M 10.3%	$431.6M 16.9%	$369.2M -51.3%	$757.6M
Investing Activities Other Investing Activities	$24.7M -54.3%	$54.0M 74.2%	$31.0M -35.1%	$47.8M	—	—	$0 100.0%	$-75.0K 92.9%	$-1.1M -1839.3%	$61.0K
Investing Activities net Cash From Investing Activities	$-945.4M 74.9%	$-3.8B -20.0%	$-3.1B -878.4%	$-321.1M 5.8%	$-340.9M -443.0%	$99.4M 108.0%	$-1.2B -511.1%	$-202.2M 58.2%	$-483.3M -1043.3%	$51.2M
Financing Activities Repurchase of Common Stock	$2.0B 71.4%	$1.2B 175.3%	$427.6M	$0 -100.0%	$1.4B 164.4%	$539.1M 189.8%	$186.0M -46.9%	$350.0M	$0	$0
Financing Activities Proceeds From Stock Issuance	$55.6M 11.2%	$50.0M -38.1%	$80.8M -44.1%	$144.6M 125.2%	$64.2M -71.9%	$228.2M -28.2%	$317.8M 20.7%	$263.4M -18.5%	$323.3M 566.6%	$48.5M
Financing Activities Tax Withholding On Stock Based Compensation	$369.9M -8.7%	$405.0M 79.1%	$226.1M 31.5%	$172.0M 26.6%	$135.9M -32.2%	$200.3M 3238.3%	$6.0M	$0	—	—
Financing Activities Other Financing Activities	$3.7M -40.3%	$6.2M 244.4%	$1.8M -48.6%	$3.5M -38.6%	$5.7M 416.7%	$-1.8M -137.5%	$4.8M 130.9%	$2.1M	$0	$0
Financing Activities net Cash From Financing Activities	$-2.3B -51.3%	$-1.5B -165.9%	$-562.2M -730.4%	$-67.7M 95.4%	$-1.5B -192.5%	$-505.3M -498.5%	$126.8M 278.0%	$-71.2M -204.1%	$68.4M -48.7%	$133.3M
Cash Reconciliation Effect of Exchange Rate On Cash	$90.9M 313.4%	$-42.6M -258.4%	$26.9M 192.1%	$-29.2M -117.9%	$-13.4M -165.0%	$20.6M 1187.5%	$1.6M 125.9%	$-6.2M -206.5%	$5.8M 224.3%	$-4.7M
Cash Reconciliation net Change In Cash	$515.6M 108.9%	$-5.8B -4051.8%	$-139.7M -103.8%	$3.7B 357.6%	$811.2M -71.7%	$2.9B 520.3%	$462.4M -53.3%	$990.7M 127.3%	$435.8M 4.8%	$415.9M
Cash Reconciliation Cash At Beginning of Period	$5.1B 11.3%	$4.6B -55.9%	$10.4B -1.3%	$10.5B 54.6%	$6.8B 13.5%	$6.0B 91.9%	$3.1B 17.4%	$2.7B 59.4%	$1.7B 35.4%	$1.2B
Cash Reconciliation Cash At End of Period	$5.1B 11.3%	$4.6B -55.9%	$10.4B -1.3%	$10.5B 54.6%	$6.8B 13.5%	$6.0B 91.9%	$3.1B 17.4%	$2.7B 59.4%	$1.7B 35.4%	$1.2B

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

Valuation

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Vertex Pharmaceuticals

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