Pharming Group N.V. key statistics and ratios

In fiscal 2025, Pharming Group N.V. had return on equity of 1.1%, an operating margin of 6.9%, debt equal to 35.4% of equity and a current ratio of 2.59. 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.

Pharming Group N.V.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	87.4%	88.9%	89.4%	91.5%	89.7%	88.1%	87.9%
Operating margin	36.0%	35.9%	6.8%	8.9%	−2.2%	−2.9%	6.9%
Net margin	21.4%	17.8%	8.0%	6.7%	−4.3%	−4.0%	0.8%
Free-cash-flow margin	37.8%	37.2%	13.6%	10.3%	−7.6%	−0.9%	14.3%
Return on equity	34.5%	25.1%	8.5%	6.9%	−5.0%	−5.4%	1.1%
Return on assets	15.8%	11.2%	3.9%	3.3%	−2.4%	−2.7%	0.6%
Asset turnover	0.74	0.63	0.49	0.50	0.55	0.69	0.84
Current ratio	1.05	3.43	5.33	4.65	4.06	3.77	2.59
Debt to equity	0.0%	82.7%	73.0%	65.2%	63.3%	37.3%	35.4%
Interest cover (operating income ÷ interest)	5.1x	12.8x	2.2x	3.4x	n/m	n/m	2.4x
Effective tax rate	22.5%	14.4%	30.7%	8.8%	—	—	80.3%
R&D as % of revenue	16.8%	18.2%	35.4%	25.5%	28.1%	28.0%	26.7%
Capital spending as % of revenue	1.4%	2.2%	5.4%	0.7%	0.6%	0.3%	0.2%
Free cash flow ÷ net income	176.3%	209.2%	169.4%	154.2%	—	—	>999%

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 · $500m

Short-term assets $299mLonger-term assets $200m

What it owes, and who funded it · $393m

Short-term liabilities $116mShareholders' equity $277m

Short-term assets cover short-term liabilities $299m of assets due within a year against $116m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $145m of cash against $98m of debt.
Debt below 40% of shareholders' equity Debt is 35% of equity.
Debt burden no higher than five years ago Debt to equity moved from 82% to 35% over five years.
A year's operating cash flow covers at least 20% of debt $55m of operating cash flow against $98m of debt.
Operating profit covers interest at least five times over Operating income of $26m against $11m of interest.

From Pharming Group N.V.'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 Pharming Group N.V.'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 Pharming Group N.V.