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HCW Biologics Inc. key statistics and ratios

In fiscal 2025, HCW Biologics Inc. had an operating margin of -24270.7%, debt equal to 246.3% of equity and a current ratio of 0.11. 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.

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin——38.5%19.7%37.4%20.0%96.7%
Operating margin−142.1%—−224.3%−905.0%<−999%<−999%−115.3%
Net margin−141.5%—−221.7%−879.5%<−999%<−999%−83.8%
Free-cash-flow margin−259.0%—−307.4%<−999%−564.5%<−999%−182.1%
Return on equity—−74.6%−33.6%−98.2%——−109.5%
Return on assets−37.7%−37.3%−29.7%−66.4%−102.2%−29.1%−21.8%
Asset turnover0.27—0.130.080.090.000.26
Current ratio12.1417.4411.520.730.190.110.06
Debt to equity—0.0%17.4%48.0%—246.3%88.3%
Interest cover (operating income ÷ interest)——n/mn/mn/mn/mn/m
R&D as % of revenue177.0%—138.9%270.1%248.9%>999%78.0%
Capital spending as % of revenue4.6%—152.9%218.3%10.2%0.0%0.0%

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

1 of 3 checks passed · June 30, 2026
What it owns · $27m
Short-term assets $1mLonger-term assets $26m
What it owes, and who funded it · $27m
Short-term liabilities $19mLonger-term liabilities $1mShareholders' equity $7m
  • Short-term assets cover short-term liabilities $1m of assets due within a year against $19m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1m short-term assets against $692,531 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • 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 Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$8m against $549,013 of interest.

From HCW Biologics Inc.'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

12 /100

Weak moat

How hard HCW Biologics's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -43.4% of total assets over 6 years.

  • Durability 10 / 20

    Operating margin has been a median -432.7%; its worst year was -1472.3%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -571.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (17 before it).

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

Compare with peers

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Figures from HCW Biologics Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to HCW Biologics Inc.