Puma Biotechnology, Inc. key statistics and ratios

In fiscal 2025, Puma Biotechnology, Inc. had return on equity of 28.0%, an operating margin of 16.3%, debt equal to 17.4% of equity and a current ratio of 2.00. 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.

Puma Biotechnology, Inc.: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	79.9%	86.2%	86.5%	82.5%	74.8%	75.8%	73.4%	72.1%	74.5%	74.8%
Operating margin	<−999%	−37.7%	−14.3%	−13.5%	0.5%	10.4%	13.9%	13.4%	16.3%	13.2%
Net margin	<−999%	−45.3%	−27.8%	−26.7%	−11.5%	0.0%	9.2%	13.1%	13.6%	11.6%
Free-cash-flow margin	−624.5%	−9.8%	8.1%	0.3%	8.2%	−6.9%	11.4%	16.9%	18.3%	17.8%
Return on equity	—	—	—	—	—	0.0%	57.5%	41.6%	28.0%	19.9%
Return on assets	−176.4%	−53.5%	−30.6%	−25.0%	−12.4%	0.0%	9.5%	13.6%	14.5%	13.1%
Asset turnover	0.17	1.18	1.10	0.94	1.08	1.02	1.04	1.04	1.06	1.13
Current ratio	1.82	3.02	1.83	1.28	1.28	1.73	1.57	1.54	2.00	2.91
Debt to equity	93.8%	451.8%	572.6%	—	—	472.0%	190.9%	110.7%	17.4%	0.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	0.1x	2.0x	2.4x	2.5x	5.6x	8.6x
Effective tax rate	—	—	—	—	—	99.6%	4.8%	−25.6%	13.1%	—
R&D as % of revenue	750.6%	65.7%	48.8%	43.4%	28.4%	22.9%	21.4%	23.8%	27.2%	30.9%
SG&A as % of revenue	385.4%	58.2%	52.0%	52.6%	45.9%	39.5%	38.2%	34.8%	31.0%	30.8%
Capital spending as % of revenue	1.6%	0.2%	0.1%	0.0%	0.0%	0.0%	0.1%	0.0%	0.0%	−0.0%
Free cash flow ÷ net income	—	—	—	—	—	<−999%	124.4%	128.4%	134.1%	154.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Puma Biotechnology, 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
Gross margin	63.9%	76.4%	77.1%	76.5%	77.7%	69.3%	76.7%	77.9%
Operating margin	27.4%	22.6%	8.7%	12.7%	17.6%	22.7%	−8.5%	13.4%
Net margin	25.2%	32.7%	6.5%	11.2%	16.2%	17.8%	−8.4%	14.5%
Free-cash-flow margin	13.7%	26.4%	7.7%	26.8%	17.7%	19.2%	34.4%	2.9%
Current ratio	1.42	1.54	1.53	1.73	1.74	2.00	2.38	2.91
Debt to equity	109.8%	72.8%	57.6%	42.8%	29.3%	17.3%	8.8%	0.0%
R&D as % of revenue	15.6%	25.7%	30.1%	29.5%	29.2%	22.3%	44.2%	33.4%
SG&A as % of revenue	20.9%	28.1%	38.3%	34.4%	30.9%	24.4%	41.1%	31.1%

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

6 of 6 checks passed · June 30, 2026

What it owns · $193m

Short-term assets $145mLonger-term assets $48m

What it owes, and who funded it · $193m

Short-term liabilities $50mLonger-term liabilities $4mShareholders' equity $139m

Short-term assets cover short-term liabilities $145m of assets due within a year against $50m of liabilities due within a year.
Short-term assets cover long-term liabilities $145m short-term assets against $4m of longer-dated liabilities.
More cash than debt $37m 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 $30m against $4m of interest.

From Puma Biotechnology, 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

47 /100

Moderate moat

How hard Puma Biotechnology'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 20 / 20

Cash operating profit has been a median 38.7% of total assets over 7 years.
Pricing power 18 / 20

Gross margin has been a median 75.5%, moving by 4.2 percentage points (standard deviation) across 7 years.
Durability 0 / 20

Operating margin has been a median 4.4%; its worst year was -142.0%.
Discipline 4 / 20

The diluted share count rose 28.0% over five years; stock-based pay has been a median 7.2% 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 (52 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: IDYA vs PBYI ANAB vs PBYI PBYI vs RYTM AKBA vs PBYI

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

Figures from Puma Biotechnology, 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 Puma Biotechnology, Inc.