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Sinovac Biotech LTD key statistics and ratios

In fiscal 2025, Sinovac Biotech LTD had return on equity of -0.9%, an operating margin of -127.0%, debt equal to 11.1% of equity and a current ratio of 4.59. 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.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025
Gross margin76.2%49.9%62.8%69.1%88.4%89.2%86.8%86.8%94.9%55.3%68.8%61.1%67.9%
Operating margin50.1%−40.0%5.9%0.7%26.0%19.7%27.9%42.2%91.0%−34.5%−151.9%−139.9%−127.0%
Net margin23.7%−25.5%−1.5%−0.8%14.8%9.5%18.3%21.6%41.9%1.0%−2.9%25.2%−15.5%
Free-cash-flow margin52.4%−117.0%−2.7%−36.7%27.4%1.0%11.6%68.9%76.1%−75.5%−3.7%−42.3%−145.4%
Return on equity23.6%−8.1%−0.7%−0.5%19.3%10.8%16.4%21.2%166.8%0.2%−0.2%1.1%−0.9%
Return on assets—−4.0%−0.4%−0.3%10.1%6.5%10.9%9.4%87.1%0.1%−0.1%0.7%−0.6%
Asset turnover—0.160.260.340.680.690.600.432.080.100.030.030.04
Current ratio—3.213.341.972.204.884.012.305.939.008.977.334.59
Debt to equity0.0%3.8%—35.2%21.8%2.8%2.0%4.7%0.2%0.1%3.1%4.5%11.1%
Effective tax rate26.8%———18.5%22.5%7.9%14.5%19.6%——5.1%—
R&D as % of revenue5.2%25.5%15.8%17.5%11.8%9.5%9.9%9.5%0.8%32.5%74.5%74.9%56.0%
SG&A as % of revenue21.6%56.5%41.9%58.0%50.1%59.7%49.4%34.6%3.1%56.7%127.2%116.5%86.3%
Capital spending as % of revenue5.1%74.3%27.2%17.5%6.8%2.4%4.3%25.0%3.1%21.3%33.2%26.6%12.7%
Free cash flow ÷ net income220.9%———185.4%10.7%63.3%318.8%181.3%<−999%—−168.1%—
Dividends ÷ net income19.3%—————0.0%0.0%23.1%>999%—>999%—
Dividends and buybacks ÷ free cash flow9.5%—————0.0%0.0%12.7%————

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

3 of 6 checks passed · December 31, 2025
What it owns · $8.5bn
Short-term assets $7.1bnLonger-term assets $1.5bn
What it owes, and who funded it · $6.6bn
Short-term liabilities $1.5bnLonger-term liabilities $605mShareholders' equity $4.4bn
  • Short-term assets cover short-term liabilities $7.1bn of assets due within a year against $1.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7.1bn short-term assets against $605m of longer-dated liabilities.
  • More cash than debt $488m of cash against $495m of debt.
  • Debt below 40% of shareholders' equity Debt is 11% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 5% to 11% over five years.
  • A year's operating cash flow covers at least 20% of debt −$512m of operating cash flow against $495m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Sinovac Biotech LTD'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 Sinovac Biotech LTD's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Sinovac Biotech LTD.