Dashboard|IONS – Overview

IONS

IONIS PHARMACEUTICALS INC

Healthcare • CIK: 0000874015

Market Cap

$12.66B

P/E (TTM)

-33.5x

Rev Growth (TTM)

+33.8%

Net Margin (TTM)

-40.4%

FCF Yield (TTM)

-2.6%

FCF Margin (TTM)

-34.5%

LATEST EARNINGS

•

Q4 FY2025

•

8 days ago

•View source

Revenue

$203.00M

-10.6%

Net Income

$-229.00M

-120.2%

EPS

$-1.41

-113.6%

Operating

-105.9%↓ -57.4%

Net

-112.8%↓ -67.0%

•Total revenue for the year ended December 31, 2025, was $944 million, a 34% increase from $705 million in 2024, exceeding expectations.
•TRYNGOLZA® (olezarsen) generated $50 million in net product sales in Q4 2025, a 56% increase over the prior quarter, and $108 million for the full year 2025.
•Cash, cash equivalents and short-term investments increased to $2.7 billion as of December 31, 2025, up from $2.3 billion in the prior year.
•Multiple key programs are on track for 2026 launches and regulatory submissions, including olezarsen for sHTG and zilganersen for Alexander disease.

View Full Earnings →

Cash Flow Health

Free Cash Flow1/8 positive

TTM$-326M

Q4 '25

$-160M-16%

Q3 '25

$-138M-201%

FCF Margin

TTM-34.5%

Q4 '25-78.9%+11%

Sector: 0.0%Below Avg

OCF Margin-28.5%

OCF/NI0.70x

CapEx Coverage-5.2x

FCF Yield-2.6%

FCF Growth (2Y)–

Cash Conversion Cycle

-277 days

DSO: 0+DIO: 239−DPO: 517

View Insights from Latest Filing →View Full Cash Flow Statement →

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)$-325.7M

Capital Return / FCF0.0%

Est. Dividends Paid (TTM)$0

Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM

-17.2%

Volatile

+0.0% YoY-4.7%

P25MedianP75

25th pctl (med: 0.0%)

DuPont BreakdownROIC = Margin × Turn × (1+D/E)

NOPAT Margin

-40.6%

8Q: -104.3%

Asset Turnover

0.31x

8Q: 0.23x

Leverage (1+D/E)

4.60x

D/E: 3.60x

DuPont: -58.3% ≈ -17.2% ROIC

Asset & CapEx Efficiency

Fixed Asset Turn

8.79x

8Q:6.93x

-28.2%

Invested Cap Turn

0.42x

8Q:0.33x

+20.3%

CapEx Intensity

2.3%

8Q:1.7%

CapEx/Depreciation

5.14x

Asset-based ROIC formula

Full Analysis

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	$943.7M	$203.3M↑29.7%	$156.7M↓65.3%	$452.0M↑243.5%	$131.6M↓41.9%	$226.6M↑69.3%	$133.8M↓40.6%	$225.3M↑88.5%	$119.5M
Operating Income	$-381.7M	$-214.5M↓33.9%	$-160.2M↓214.6%	$139.8M↑195.2%	$-146.9M↓32.5%	$-110.8M↑25.5%	$-148.7M↓124.9%	$-66.1M↑55.8%	$-149.5M
Net Income	$-381.4M	$-229.4M↓78.4%	$-128.6M↓204.1%	$123.6M↑184.1%	$-146.9M↓40.8%	$-104.3M↑25.7%	$-140.5M↓112.0%	$-66.3M↑53.6%	$-142.8M
Operating Cash Flow	$-268.6M	$-137.7M↓4.8%	$-131.4M↓186.8%	$151.3M↑200.4%	$-150.8M↓29.8%	$-116.1M↓1.0%	$-115.0M↑4.1%	$-119.9M↑20.0%	$-149.9M
Free Cash Flow	$-325.7M	$-160.4M↓15.9%	$-138.4M↓200.9%	$137.1M↑183.6%	$-164.0M↓13.7%	$-144.2M↓29.5%	$-111.3M↑20.6%	$-140.1M↑10.0%	$-155.7M
Total Equity	N/A

Income Statement Cash Flow Statement Balance Sheet

Valuation Analysis

Fair Value

Price-to-EarningsTTM

-33.5x

Volatile

8Q: -48.6x+2805%

Multiple expansion without fundamental improvement

Valuation Lenses

Earnings

-33.5x

vs – sector

Cash Flow

-33.0x

EV/FCF vs –

Growth-Adj

–PEG

N/A

Quality-Adj

–P/E per %ROIC

ROIC: -17.2%

Shareholder Returns

Dividend

–

Buyback

–

Total Yield

–

Market Cap$12.66B

EV$10.74B

Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score

-63/100

Below Average

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Below Avg

-67.2%

8Q:–

Return on Invested Capital (ROIC)Below Avg

-17.2%

8Q:–

-4.7%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: -40.6%

Asset Turnover: 0.31x

Earnings Quality

Cash Conversion

0.70x

OCF / Net Income

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin98.3%

Capital Efficiency

Invested Capital Turnover0.42x

Working Capital

Cash Conversion Cycle-277 days

Growth Quality & Momentum

Moderate Growth

Growth Quality Score

70/100

Growth 40%

Margins 30%

FCF 20%

Consistency 10%

Growth Rates

Revenue Growth YoY

33.8%

OpInc Growth YoY

-93.5%

EPS Growth YoY

19.7%

FCF 3Y CAGR

N/A

Margin Quality & Sustainability

Moderate

Profitability Cascade

Gross

98.3%

Operating

-40.4%

Above Avg in sector

Net

-40.4%

Margins Unknown

Earnings Quality Signals

SBC / Revenue

—

FCF vs Net Gap

+5.9 pts

FCF: -34.5% | Net: -40.4%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress

Net Debt / EBITDA

Net Cash

(0.0x)Net Cash: $917.32M

Interest Coverage

–

+Net cash position: $917.32M

Leverage Metrics

Debt-to-Equity

3.60x

Balance sheet risk & solvency analysis