Legend Biotech Corp key statistics and ratios

In fiscal 2025, Legend Biotech Corp had return on equity of -29.1%, an operating margin of -13.3%, debt equal to 31.8% of equity and a current ratio of 1.96. 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.

Legend Biotech Corp: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	—	—	100.0%	100.0%	44.1%	49.4%	65.5%	61.4%
Operating margin	—	—	—	—	—	−185.2%	−49.3%	−13.3%
Net margin	−5.7%	−169.4%	−355.2%	−586.4%	−381.5%	−181.8%	−28.2%	−28.8%
Free-cash-flow margin	583.6%	−183.1%	−332.3%	−349.7%	−189.9%	−145.0%	−25.2%	−12.5%
Return on equity	−1.1%	−50.3%	−71.1%	−59.2%	−59.1%	−51.9%	−15.4%	−29.1%
Return on assets	—	−34.7%	−52.5%	−43.8%	−36.4%	−32.6%	−10.1%	−17.4%
Asset turnover	—	0.20	0.15	0.07	0.10	0.18	0.36	0.60
Current ratio	—	2.25	5.14	4.14	3.69	6.92	4.62	1.96
Debt to equity	0.0%	—	0.0%	15.7%	35.1%	22.5%	28.9%	31.8%
Interest cover (operating income ÷ interest)	—	—	—	—	—	n/m	n/m	n/m
R&D as % of revenue	123.4%	270.0%	309.5%	455.3%	286.9%	134.0%	65.9%	40.3%
Capital spending as % of revenue	42.7%	44.6%	35.0%	61.3%	17.9%	7.0%	2.2%	2.8%

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

5 of 6 checks passed · December 31, 2025

What it owns · $1.7bn

Short-term assets $1.2bnLonger-term assets $487m

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

Short-term liabilities $636mLonger-term liabilities $95mShareholders' equity $1.0bn

Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $636m of liabilities due within a year.
Short-term assets cover long-term liabilities $1.2bn short-term assets against $95m of longer-dated liabilities.
More cash than debt $902m of cash against $0 of debt.
Debt below 40% of shareholders' equity Debt is 0% of equity.
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 No debt to cover.
Operating profit covers interest at least five times over Operating income of −$136m against $4m of interest.

From Legend Biotech Corp'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 Legend Biotech Corp'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 Legend Biotech Corp.