HRMY
Harmony Biosciences Holdings, Inc.
Healthcare • CIK: 0001802665
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Market Cap
$2.15B
P/E (TTM)
13.6x
Rev Growth (TTM)
+21.5%
Net Margin (TTM)
18.3%
FCF Yield (TTM)
16.2%
FCF Margin (TTM)
40.1%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$348M
Q4 '25
$126M+16%
Q3 '25
$109M+37%
FCF Margin
TTM40.1%
Q4 '2551.7%+14%
Sector: 0.0%Top 10%
OCF Margin40.1%
OCF/NI2.19x
CapEx Coverage1123.2x
FCF Yield16.2%
FCF Growth (2Y)+34%
Cash Conversion Cycle
12 days
DSO: 41+DIO: 12−DPO: 40
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$347.9M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
16.3%
Moderate
-0.0% YoY-4.7%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
17.7%
8Q: 22.4%
Asset Turnover
0.77x
8Q: 0.80x
Leverage (1+D/E)
1.19x
D/E: 0.19x
DuPont: 16.2% ≈ 16.3% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
720.33x
8Q:895.91x
-87966.2%
Invested Cap Turn
1.37x
8Q:1.42x
-16.4%
CapEx Intensity
0.0%
8Q:0.1%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $868.5M | $243.8M↑1.8% | $239.5M↑19.4% | $200.5M↑8.5% | $184.7M↓8.2% | $201.3M↑8.2% | $186.0M↑7.7% | $172.8M↑11.8% | $154.6M |
Operating Income | $208.5M | $38.6M↓41.1% | $65.5M↑35.9% | $48.2M↓14.3% | $56.2M↑0.9% | $55.7M↓9.7% | $61.7M↑189.0% | $21.4M↓59.0% | $52.0M |
Net Income | $158.7M | $22.5M↓55.8% | $50.9M↑27.9% | $39.8M↓12.7% | $45.6M↓7.9% | $49.5M↑7.3% | $46.1M↑297.7% | $11.6M↓69.8% | $38.3M |
Operating Cash Flow | $348.2M | $126.2M↑16.0% | $108.7M↑37.1% | $79.3M↑133.4% | $34.0M↓55.0% | $75.6M↑7.2% | $70.5M↑65.4% | $42.6M↑36.9% | $31.1M |
Free Cash Flow | $347.9M | $126.0M↑16.0% | $108.7M↑37.0% | $79.3M↑134.3% | $33.9M↓54.9% | $75.0M↑6.5% | $70.5M↑67.9% | $42.0M↑34.8% | $31.1M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
13.6x
Volatile
8Q: 47.6x-2473%
Valuation Lenses
Earnings
13.6x
vs – sector
Cash Flow
5.0x
EV/FCF vs –
Growth-Adj
1.6xPEG
Fair for growth
Quality-Adj
0.8P/E per %ROIC
ROIC: 16.3%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$2.15B
EV$1.73B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
86/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
20.5%
8Q:–
Return on Invested Capital (ROIC)Top 25%
16.3%
8Q:–
-4.7%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 17.7%
Asset Turnover: 0.77x
Earnings Quality
Cash Conversion
2.19x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin77.2%
Capital Efficiency
Invested Capital Turnover1.37x
Working Capital
Cash Conversion Cycle12 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
21.5%
OpInc Growth YoY
-30.8%
EPS Growth YoY
8.4%
FCF 3Y CAGR
34.1%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 8.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
77.2%
Operating
24.0%
Top 25% in sector
Net
18.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+21.8 pts
FCF: 40.1% | Net: 18.3%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $611.95M
Interest Coverage
–
+Net cash position: $611.95M
Leverage Metrics
Debt-to-Equity
0.19x
Balance sheet risk & solvency analysis