Organon & Co. key statistics and ratios

In fiscal 2025, Organon & Co. had return on equity of 30.6%, a net margin of 3.0%, debt equal to 1149.5% of equity and a current ratio of 1.82. 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.

Organon & Co.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	70.8%	67.6%	62.2%	62.8%	59.8%	58.0%	53.3%	53.1%
Net margin	41.4%	33.1%	21.4%	14.9%	16.3%	13.5%	3.0%	3.5%
Free-cash-flow margin	37.6%	31.1%	31.2%	10.7%	8.7%	11.9%	8.7%	11.1%
Return on equity	45.7%	34.5%	67.9%	—	—	—	30.6%	21.9%
Return on assets	—	21.4%	13.0%	8.5%	8.9%	6.9%	1.4%	1.6%
Asset turnover	—	0.65	0.61	0.57	0.54	0.51	0.48	0.46
Current ratio	—	1.33	1.45	1.56	1.54	1.60	1.82	2.02
Debt to equity	0.0%	0.0%	—	—	—	>999%	>999%	717.0%
Effective tax rate	10.6%	18.0%	11.6%	18.3%	—	−7.1%	56.0%	57.7%
R&D as % of revenue	2.8%	3.2%	7.0%	7.6%	8.4%	7.3%	5.9%	5.9%
SG&A as % of revenue	18.6%	20.8%	26.5%	27.6%	30.2%	27.5%	27.7%	28.1%
Capital spending as % of revenue	1.2%	3.9%	3.0%	3.2%	4.0%	2.7%	2.6%	2.8%
Free cash flow ÷ net income	91.0%	93.9%	145.7%	72.2%	53.6%	88.4%	287.7%	316.9%
Dividends ÷ net income	0.0%	0.0%	10.7%	31.6%	28.7%	34.4%	47.1%	9.4%
Dividends and buybacks ÷ free cash flow	0.0%	0.0%	7.4%	43.8%	53.6%	38.9%	16.4%	3.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Organon & Co.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	56.3%	55.6%	54.8%	53.5%	49.2%	53.6%	54.4%	55.2%
Net margin	6.8%	5.8%	9.1%	10.0%	−13.6%	10.0%	6.9%	10.4%
Free-cash-flow margin	21.0%	2.8%	11.4%	13.6%	6.4%	12.9%	4.2%	20.7%
Current ratio	1.60	1.67	1.65	1.75	1.82	1.97	1.95	2.02
Debt to equity	>999%	>999%	>999%	974.4%	>999%	948.9%	850.2%	717.0%
R&D as % of revenue	8.2%	6.3%	6.0%	5.2%	6.0%	6.4%	5.8%	5.3%
SG&A as % of revenue	29.5%	27.8%	28.4%	25.9%	28.7%	29.0%	27.9%	26.7%

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 · September 30, 2026

What it owns · $13.4bn

Short-term assets $5.4bnLonger-term assets $8.0bn

What it owes, and who funded it · $13.4bn

Short-term liabilities $2.7bnLonger-term liabilities $9.6bnShareholders' equity $1.2bn

Short-term assets cover short-term liabilities $5.4bn of assets due within a year against $2.7bn of liabilities due within a year.
Short-term assets cover long-term liabilities $5.4bn short-term assets against $9.6bn of longer-dated liabilities.
More cash than debt $1.5bn of cash against $8.6bn of debt.
Debt below 40% of shareholders' equity Debt is 717% 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 $843m of operating cash flow against $8.6bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Organon & Co.'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

56 /100

Moderate moat

How hard Organon &'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 11 / 20

Net income has been a median 7.5% of total assets over 6 years.
Durability 7 / 20

Net margin has been a median 12.8%; its worst year was 3.5%.
Cash conversion 16 / 20

Free cash flow was positive in 6 of 6 years, at a median 11.4% of revenue.
Discipline 15 / 20

The diluted share count rose 5.1% over five years; stock-based pay has been a median 1.4% 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 (61 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 Organon & Co.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Organon & Co.