Ascendis Pharma A/s key statistics and ratios

In fiscal 2025, Ascendis Pharma A/s had an operating margin of -18.9% and a current ratio of 1.04. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ascendis Pharma A/s: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	—	—	—	—	100.0%	100.0%	54.7%	76.3%	83.4%	87.8%	86.8%
Operating margin	−515.2%	<−999%	<−999%	<−999%	<−999%	<−999%	<−999%	<−999%	−170.8%	−76.7%	−18.9%
Net margin	−405.5%	<−999%	<−999%	<−999%	<−999%	<−999%	<−999%	<−999%	−180.5%	−104.0%	−31.7%
Free-cash-flow margin	−548.2%	<−999%	<−999%	<−999%	<−999%	<−999%	<−999%	−997.0%	−176.1%	−84.2%	7.5%
Return on equity	−28.0%	−47.8%	−68.1%	−56.3%	−49.2%	−56.4%	−44.8%	−95.9%	—	—	—
Return on assets	—	−37.8%	−61.7%	−49.7%	−43.4%	−48.8%	−37.4%	−51.3%	−50.1%	−38.3%	−18.8%
Asset turnover	—	0.03	0.01	0.04	0.03	0.01	0.01	0.04	0.28	0.37	0.59
Current ratio	—	13.67	8.61	7.53	12.74	14.02	8.03	1.29	0.95	1.17	1.04
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.9%	187.8%	—	—	—
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	499.2%	>999%	>999%	>999%	>999%	>999%	>999%	741.8%	155.0%	84.4%	42.2%
Capital spending as % of revenue	12.8%	14.6%	61.5%	25.0%	38.6%	285.6%	304.8%	28.3%	0.9%	0.0%	0.0%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	—	—	32.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 5 checks passed · December 31, 2025

What it owns · $1.5bn

Short-term assets $1.3bnLonger-term assets $227m

What it owes, and who funded it · $1.7bn

Short-term liabilities $1.3bnLonger-term liabilities $465mShareholders' equity $-191m

Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $1.3bn of liabilities due within a year.
Short-term assets cover long-term liabilities $1.3bn short-term assets against $465m of longer-dated liabilities.
More cash than debt $723m of cash against $956m of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $61m of operating cash flow against $956m of debt.
Operating profit covers interest at least five times over Operating income of −$154m against $91m of interest.

From Ascendis Pharma A/s's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Ascendis Pharma A/s's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ascendis Pharma A/s.