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Harmony Biosciences Holdings, Inc. key statistics and ratios

In fiscal 2025, Harmony Biosciences Holdings, Inc. had return on equity of 20.8%, an operating margin of 24.0%, debt equal to 19.0% of equity and a current ratio of 3.60. 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 year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin73.7%82.6%81.8%80.9%79.2%78.1%77.2%75.4%
Operating margin<−999%10.6%28.7%27.4%33.0%26.7%24.0%24.0%
Net margin<−999%−23.1%11.3%41.4%22.1%20.4%18.3%18.9%
Free-cash-flow margin<−999%−1.9%32.2%33.0%37.6%30.6%40.1%37.0%
Return on equity——24.4%61.6%29.6%25.8%20.8%19.4%
Return on assets−142.4%−13.8%8.0%32.8%17.4%16.1%14.0%13.7%
Asset turnover0.060.600.710.790.780.790.760.73
Current ratio1.581.955.295.072.753.313.603.48
Debt to equity—205.8%107.0%49.0%42.0%27.5%19.0%15.5%
Interest cover (operating income ÷ interest)n/m0.6x3.6x6.4x8.1x10.9x14.2x17.1x
Effective tax rate——7.6%—25.7%24.1%26.2%24.8%
R&D as % of revenue>999%12.2%9.9%16.2%13.1%20.4%21.8%23.0%
Capital spending as % of revenue2.5%0.0%0.1%0.0%0.1%0.2%0.0%0.0%
Free cash flow ÷ net income——284.0%79.5%170.0%150.3%219.2%195.9%
Dividends and buybacks ÷ free cash flow————45.6%———

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

7 of 7 checks passed · June 30, 2026
What it owns · $1.4bn
Short-term assets $814mLonger-term assets $559m
What it owes, and who funded it · $1.4bn
Short-term liabilities $234mLonger-term liabilities $140mShareholders' equity $999m
  • Short-term assets cover short-term liabilities $814m of assets due within a year against $234m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $814m short-term assets against $140m of longer-dated liabilities.
  • More cash than debt $550m of cash against $154m of debt.
  • Debt below 40% of shareholders' equity Debt is 15% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 102% to 15% over five years.
  • A year's operating cash flow covers at least 20% of debt $355m of operating cash flow against $154m of debt.
  • Operating profit covers interest at least five times over Operating income of $231m against $13m of interest.

From Harmony Biosciences Holdings, 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

93 /100

Strong moat

How hard Harmony Biosciences Holdings'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 20 / 20

    Cash operating profit has been a median 30.7% of total assets over 6 years.

  • Pricing power 20 / 20

    Gross margin has been a median 80.1%, moving by 2.4 percentage points (standard deviation) across 6 years.

  • Durability 19 / 20

    Operating margin has been a median 27.9%; its worst year was 23.8%.

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 (98 before it).

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 Harmony Biosciences Holdings, 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 Harmony Biosciences Holdings, Inc.