Meiragtx Holdings plc key statistics and ratios

In fiscal 2025, Meiragtx Holdings plc had an operating margin of -130.2% and a current ratio of 0.75. 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.

Meiragtx Holdings plc: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Operating margin	−438.4%	−401.9%	−193.0%	−730.9%	−977.8%	−493.4%	−130.2%	46.3%
Net margin	−411.9%	−372.6%	−211.0%	−814.2%	−599.5%	−444.1%	−140.3%	19.9%
Free-cash-flow margin	83.2%	−545.5%	−150.9%	−741.6%	−895.6%	−328.9%	−61.7%	2.6%
Return on equity	−28.7%	−27.0%	−37.5%	−85.5%	−65.7%	−143.5%	—	75.2%
Return on assets	−16.9%	−16.9%	−23.3%	−40.6%	−26.1%	−49.6%	−44.4%	24.6%
Asset turnover	0.04	0.05	0.11	0.05	0.04	0.11	0.32	1.24
Current ratio	5.47	5.03	2.69	1.88	2.38	2.03	0.75	3.76
Debt to equity	0.0%	0.0%	0.5%	60.3%	52.2%	108.0%	—	46.3%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	14.7x
R&D as % of revenue	187.1%	217.9%	176.9%	538.5%	740.4%	359.0%	159.3%	38.5%
Capital spending as % of revenue	67.6%	134.4%	122.9%	282.4%	143.9%	14.9%	4.7%	0.8%
Free cash flow ÷ net income	—	—	—	—	—	—	—	13.3%

US$ thousands unless shown otherwise. Fiscal quarters.

Meiragtx Holdings plc: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	−367.0%	−147.2%	<−999%	<−999%	<−999%	35.1%	<−999%	76.0%
Net margin	−360.5%	−184.2%	<−999%	<−999%	<−999%	20.0%	<−999%	50.0%
Free-cash-flow margin	−236.0%	−114.5%	<−999%	<−999%	<−999%	61.5%	>999%	−12.1%
Current ratio	2.34	2.03	1.53	0.88	0.22	0.75	0.55	3.76
Debt to equity	76.2%	108.0%	222.0%	>999%	—	—	—	46.3%
R&D as % of revenue	240.5%	112.1%	>999%	907.5%	>999%	40.9%	>999%	18.0%

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

4 of 6 checks passed · June 30, 2026

What it owns · $396m

Short-term assets $218mLonger-term assets $178m

What it owes, and who funded it · $396m

Short-term liabilities $58mLonger-term liabilities $123mShareholders' equity $216m

Short-term assets cover short-term liabilities $218m of assets due within a year against $58m of liabilities due within a year.
Short-term assets cover long-term liabilities $218m short-term assets against $123m of longer-dated liabilities.
More cash than debt $143m of cash against $100m of debt.
Debt below 40% of shareholders' equity Debt is 46% 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 $14m of operating cash flow against $100m of debt.
Operating profit covers interest at least five times over Operating income of $184m against $12m of interest.

From Meiragtx Holdings plc'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

9 /100

Weak moat

How hard Meiragtx Holdings's competitive advantage looks for rivals to wear away, judged from 9 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 -34.9% of total assets over 9 years.
Durability 10 / 20

Operating margin has been a median -345.1%; its worst year was -2083.2%.
Cash conversion 1 / 20

Free cash flow was positive in 1 of 7 years, at a median -403.0% of revenue.
Discipline 0 / 20

The diluted share count rose 103.9% over five years; stock-based pay has been a median 95.2% 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 (14 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

Head to head: MGTX vs MNKD MGTX vs SVA MGTX vs NVAX MGTX vs PHAR

More: Biotechnology stocks compared, Health Care sector, rankings of US companies

Figures from Meiragtx Holdings plc'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 Meiragtx Holdings plc.