Mirum Pharmaceuticals, Inc. key statistics and ratios

In fiscal 2025, Mirum Pharmaceuticals, Inc. had return on equity of -8.6%, an operating margin of -4.2%, debt equal to 98.4% of equity and a current ratio of 2.67. 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.

Mirum Pharmaceuticals, Inc.: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Operating margin	—	−906.1%	−170.3%	−58.6%	−26.0%	−4.2%	−134.9%
Net margin	—	−438.9%	−176.0%	−87.7%	−26.1%	−4.5%	−139.2%
Free-cash-flow margin	—	−693.8%	−156.3%	−38.1%	2.8%	10.5%	−37.0%
Return on equity	−60.0%	−57.5%	−103.5%	−83.7%	−37.1%	−8.6%	—
Return on assets	−42.9%	−31.4%	−41.9%	−32.7%	−13.4%	−3.1%	−91.1%
Asset turnover	—	0.07	0.24	0.37	0.51	0.69	0.65
Current ratio	12.80	3.91	2.94	4.45	3.10	2.67	2.86
Debt to equity	0.0%	0.0%	0.0%	123.2%	136.5%	98.4%	—
Interest cover (operating income ÷ interest)	—	—	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	—	686.7%	138.6%	55.1%	41.7%	35.7%	45.7%
SG&A as % of revenue	—	309.4%	115.6%	78.3%	60.0%	49.3%	50.8%
Capital spending as % of revenue	—	0.1%	0.4%	0.1%	0.3%	0.2%	0.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Mirum Pharmaceuticals, Inc.: 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	−14.0%	−24.4%	−13.6%	−3.9%	2.0%	−3.1%	−493.8%	−24.1%
Net margin	−15.8%	−23.9%	−13.2%	−4.6%	2.2%	−3.8%	−494.2%	−38.1%
Free-cash-flow margin	4.2%	−5.1%	−1.8%	9.3%	29.7%	3.7%	−143.5%	−25.1%
Current ratio	3.34	3.10	3.22	3.13	3.31	2.67	2.09	2.86
Debt to equity	132.6%	136.5%	132.3%	121.1%	105.9%	98.4%	127.9%	—
R&D as % of revenue	35.1%	44.3%	36.8%	36.1%	32.3%	34.3%	61.2%	51.4%
SG&A as % of revenue	55.9%	57.2%	51.7%	49.5%	46.5%	49.8%	60.3%	46.2%

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 5 checks passed · June 30, 2026

What it owns · $1.0bn

Short-term assets $636mLonger-term assets $409m

What it owes, and who funded it · $1.1bn

Short-term liabilities $223mLonger-term liabilities $833mShareholders' equity $-10m

Short-term assets cover short-term liabilities $636m of assets due within a year against $223m of liabilities due within a year.
Short-term assets cover long-term liabilities $636m short-term assets against $833m of longer-dated liabilities.
More cash than debt $331m of cash against $750m of debt.
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 −$227m of operating cash flow against $750m of debt.
Operating profit covers interest at least five times over Operating income of −$834m against $13m of interest.

From Mirum Pharmaceuticals, 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

10 /100

Weak moat

How hard Mirum Pharmaceuticals's competitive advantage looks for rivals to wear away, judged from 8 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 -37.5% of total assets over 8 years.
Durability 10 / 20

Operating margin has been a median -118.6%; its worst year was -1306.2%.
Cash conversion 2 / 20

Free cash flow was positive in 1 of 6 years, at a median -60.3% of revenue.
Discipline 0 / 20

The diluted share count rose 101.0% over five years; stock-based pay has been a median 21.7% 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 (15 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 Mirum Pharmaceuticals, 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 Mirum Pharmaceuticals, Inc.