Innate Pharma SA key statistics and ratios

In fiscal 2025, Innate Pharma SA had an operating margin of -599.8% and a current ratio of 1.27. 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.

Innate Pharma SA: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Operating margin	−90.8%	5.5%	1.8%	1.5%	−193.6%	−99.6%	−20.6%	−256.3%	−599.8%
Net margin	−109.9%	3.2%	−24.3%	−91.7%	−213.8%	−100.7%	−12.3%	−245.9%	−546.1%
Free-cash-flow margin	−115.9%	−35.6%	39.4%	−75.5%	−240.4%	−34.1%	−53.4%	−36.2%	−587.4%
Return on equity	−45.7%	2.3%	−10.7%	−33.6%	−40.0%	−68.2%	−14.2%	−160.8%	—
Return on assets	−17.8%	0.9%	−4.8%	−17.7%	−18.4%	−23.7%	−4.0%	−34.7%	−59.0%
Asset turnover	0.16	0.27	0.20	0.19	0.09	0.24	0.33	0.14	0.11
Current ratio	1.86	1.62	1.95	3.81	1.73	3.38	3.73	2.60	1.27
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—
Interest cover (operating income ÷ interest)	n/m	50.5x	7.7x	3.2x	n/m	n/m	n/m	n/m	n/m
Effective tax rate	—	−12.3%	0.0%	—	—	—	—	—	—
R&D as % of revenue	152.2%	74.0%	73.6%	71.2%	190.3%	89.6%	90.9%	258.3%	484.4%
Capital spending as % of revenue	6.7%	0.9%	1.5%	1.3%	3.8%	0.9%	0.6%	1.9%	1.6%
Free cash flow ÷ net income	—	<−999%	—	—	—	—	—	—	—

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 2 checks passed · December 31, 2025

What it owns · $74m

Short-term assets $55mLonger-term assets $19m

What it owes, and who funded it · $43m

Short-term liabilities $43mShareholders' equity $-25m

Short-term assets cover short-term liabilities $55m of assets due within a year against $43m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
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 −$61m against $497,474 of interest.

From Innate Pharma SA'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 Innate Pharma SA's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Innate Pharma SA.