Recursion Pharmaceuticals, Inc. key statistics and ratios

In fiscal 2025, Recursion Pharmaceuticals, Inc. had return on equity of -59.5%, an operating margin of -867.9%, debt equal to 1.6% of equity and a current ratio of 5.50. 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.

Recursion Pharmaceuticals, Inc.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	—	100.0%	100.0%	−21.2%	4.5%	23.1%	5.0%	29.2%
Operating margin	<−999%	<−999%	<−999%	−616.7%	−785.3%	−814.1%	−867.9%	−725.4%
Net margin	<−999%	<−999%	<−999%	−601.0%	−736.0%	−788.0%	−863.4%	−697.1%
Free-cash-flow margin	<−999%	<−999%	<−999%	−302.6%	−672.4%	−633.7%	−506.5%	−458.0%
Return on equity	—	—	−110.8%	−46.6%	−69.1%	−61.9%	−59.5%	−46.7%
Return on assets	—	−29.1%	−41.0%	−36.5%	−48.4%	−44.1%	−44.1%	−35.3%
Asset turnover	—	0.01	0.02	0.06	0.07	0.06	0.05	0.05
Current ratio	—	11.53	11.46	5.68	4.70	3.81	5.50	5.01
Debt to equity	—	—	0.1%	0.1%	0.3%	2.7%	1.6%	1.3%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	>999%	>999%	>999%	390.8%	541.2%	534.4%	636.4%	546.0%
Capital spending as % of revenue	168.6%	147.2%	391.0%	93.0%	26.8%	23.3%	8.7%	2.9%

US$ thousands unless shown otherwise. Fiscal quarters.

Recursion Pharmaceuticals, Inc.: 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	—	−48.0%	−4.9%	—	59.8%	−93.0%	−49.8%	45.9%
Operating margin	<−999%	<−999%	−916.8%	<−999%	−304.8%	<−999%	<−999%	−664.0%
Net margin	<−999%	<−999%	−894.2%	<−999%	−304.2%	<−999%	<−999%	−641.6%
Free-cash-flow margin	<−999%	−907.4%	−413.9%	<−999%	−133.1%	<−999%	<−999%	−419.4%
Current ratio	3.81	4.11	3.58	4.60	5.50	5.47	5.03	5.01
Debt to equity	1.8%	1.8%	1.5%	1.1%	0.8%	0.7%	0.5%	0.0%
R&D as % of revenue	>999%	879.2%	669.2%	>999%	270.0%	>999%	>999%	534.3%

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 7 checks passed · September 30, 2026

What it owns · $1.2bn

Short-term assets $616mLonger-term assets $606m

What it owes, and who funded it · $1.2bn

Short-term liabilities $123mLonger-term liabilities $193mShareholders' equity $906m

Short-term assets cover short-term liabilities $616m of assets due within a year against $123m of liabilities due within a year.
Short-term assets cover long-term liabilities $616m short-term assets against $193m of longer-dated liabilities.
More cash than debt $550m of cash against $93,000 of debt.
Debt below 40% of shareholders' equity Debt is 0% of equity.
Debt burden no higher than five years ago Debt to equity moved from 0% to 0% over five years.
A year's operating cash flow covers at least 20% of debt −$311m of operating cash flow against $93,000 of debt.
Operating profit covers interest at least five times over Operating income of −$495m against $914,000 of interest.

From Recursion 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

8 /100

Weak moat

How hard Recursion Pharmaceuticals'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 0 / 20

Net income has been a median -43.4% of total assets over 6 years.
Pricing power 0 / 20

Gross margin has been a median 8.1%, moving by 36.1 percentage points (standard deviation) across 5 years.
Durability 10 / 20

Operating margin has been a median -797.7%; its worst year was -1656.2%.
Cash conversion 0 / 20

Free cash flow was positive in 0 of 6 years, at a median -546.6% 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 (12 before it).

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 Recursion Pharmaceuticals, Inc.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Recursion Pharmaceuticals, Inc.