Rani Therapeutics Holdings, Inc. key statistics and ratios

In fiscal 2025, Rani Therapeutics Holdings, Inc. had return on equity of -169.6%, an operating margin of -2346.0%, debt equal to 0.0% of equity and a current ratio of 4.21. 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.

Rani Therapeutics Holdings, Inc.: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Operating margin	<−999%	<−999%	—	—	<−999%	<−999%	−675.8%
Net margin	<−999%	−306.6%	—	—	<−999%	<−999%	−618.0%
Free-cash-flow margin	<−999%	<−999%	—	—	<−999%	<−999%	−417.0%
Return on equity	—	—	−72.6%	−136.6%	—	−169.6%	−83.4%
Return on assets	−21.0%	−8.2%	−26.3%	−40.9%	−63.5%	−62.3%	−50.5%
Asset turnover	0.01	0.03	—	—	0.02	0.03	0.08
Current ratio	14.12	45.30	20.96	6.36	1.50	4.21	5.31
Debt to equity	—	0.0%	81.4%	233.2%	>999%	0.0%	0.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	>999%	974.7%	—	—	>999%	>999%	375.4%
Capital spending as % of revenue	259.7%	18.6%	—	—	26.1%	5.4%	1.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Rani Therapeutics Holdings, 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	—	<−999%	<−999%	—	—	−584.2%	−488.2%	−516.9%
Net margin	—	−870.3%	<−999%	—	—	−705.3%	−411.8%	−432.7%
Free-cash-flow margin	—	−844.9%	<−999%	—	—	20.1%	−381.3%	−530.3%
Current ratio	1.60	1.50	0.88	0.54	0.26	4.21	3.40	5.31
Debt to equity	907.2%	>999%	—	—	—	0.0%	—	—
R&D as % of revenue	—	662.5%	>999%	—	—	336.0%	302.2%	293.7%

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

2 of 3 checks passed · June 30, 2026

What it owns · $61m

Short-term assets $57mLonger-term assets $4m

What it owes, and who funded it · $52m

Short-term liabilities $11mLonger-term liabilities $2mShareholders' equity $39m

Short-term assets cover short-term liabilities $57m of assets due within a year against $11m of liabilities due within a year.
Short-term assets cover long-term liabilities $57m short-term assets against $2m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
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 Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of −$33m against $1m of interest.

From Rani Therapeutics Holdings, 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

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 Rani Therapeutics Holdings, 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 Rani Therapeutics Holdings, Inc.