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Tarsus Pharmaceuticals, Inc. (TARS) stock

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NASDAQ: TARS Nasdaq Biotechnology Next results ~November 3, 2026

B Fundamentals grade

Tarsus Pharmaceuticals, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$63

Valuation models combined (3)

Base case. Range ~$50–$89. Weighted average of 3 models (growth cash-flow model, forward price-to-sales vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Tarsus Pharmaceuticals, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 9 selling0 purchases and 59 sales by directors and officers, last 12 monthsInsider trades
  • Funds140 adding, 116 cuttingOf 61 active managers that changed their stake, 35 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Tarsus Pharmaceuticals files

Where Tarsus Pharmaceuticals stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $606m, up 105.2% on a year earlier, slower than the 129.0% growth a quarter earlier. That growth ranks 7 of 49 among the biotechnology companies we cover. Free-cash-flow margin rose to 9.2% from -28.0% a year earlier. Operating margin widened to -8.0% from -33.2%. The diluted share count is up 8.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $127 a share, against a share price of $73.81.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Tarsus Pharmaceuticals, Inc.'s trailing-twelve-month revenue grew 105.2% year on year, with a free-cash-flow margin of 9.2%. Where it stands out: free-cash-flow margin of 9.2% ranks 35 of 176 biotechnology companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 105.2% (-23.8pp vs the prior quarter), the 6th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 105.2% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 25.2 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Growth slowing. The growth rate is 23.8 points lower than a quarter earlier.
  • Loss-making. Operating margin is -8.0%: costs exceed revenue.
  • Share dilution. Diluted shares rose 8.0% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 45% and a beta of 0.7 against the S&P 500.
  • Insiders selling. 9 insiders sold $20M of stock over the past 365 days and none bought (64% under pre-set trading plans).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
-$0.43 against an average estimate of -$0.20: missed by 119.4%
Revenue
$174m, up 69.4% on a year earlier
Share reaction
+5.7% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 3, 2026; average EPS estimate -$1.77

Tarsus Pharmaceuticals' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.0%
  • 1 week+4.7%
  • 1 month+0.4%
  • This year-10.5%
  • 1 year+6.6%
  • 5 years+164.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$606M
Operating margin
-8.0%
Net margin
-7.7%
EPS (TTM, diluted)
$-1.08

Growth

Revenue growth
+105.2%
Change in growth rate
−23.8 pts
Share count change
+8.0%

Cash

Free cash flow (TTM)
$56M
FCF margin
9.2%
Stock pay % of revenue
8.5%

Earnings

Last results
August 6, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Deal
  2. Insider trade
  3. Results
  4. Agreement
  5. Leadership
  6. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Tarsus Pharmaceuticals, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Tarsus Pharmaceuticals, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.91 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$50 ~$33–$64 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$65 ~$67–$250 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$89 ~$74–$110 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$63 ~$50–$89 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Tarsus Pharmaceuticals, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$41.33$22.50$14.66$20.25$55.37$81.88$73.32
Market value$257m$462m$361m$595m$2.1bn$3.4bn$3.1bn
+ Net debt (− = net cash)−$168m−$171m−$52m−$195m−$20m−$109m−$130m
Enterprise value$88m$291m$309m$400m$2.1bn$3.3bn$3.0bn
Multiples
Price / sales —8.1x14.0x34.1x11.4x7.6x5.2x
Price / earnings ———————
Price / free cash flow —146.3x————56.2x
EV / EBITDA ———————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

14 /100

Weak moat

How hard Tarsus 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 -20.5% of total assets over 6 years.

  • Durability 10 / 20

    Operating margin has been a median -110.4%; its worst year was -765.9%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 1 of 6 years, at a median -86.5% 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 (19 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $191m and EPS of −$1.77 (range −$2.01 to −$1.46) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$5.79 −264% $737m +63%
Next −$0.50 +91% $920m +25%

Next year's EPS estimate has moved −130.1% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +157.5% on 90 days ago. In the last 30 days, 0 analysts raised Tarsus Pharmaceuticals, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Tarsus Pharmaceuticals, Inc., last 90 days
−$10.00 −$5.00 $0.00 $5.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$2.25 Current fiscal year, 60 days ago: −$2.13 Current fiscal year, 30 days ago: −$2.10 Current fiscal year, 7 days ago: −$5.67 Current fiscal year, Now: −$5.79 −$5.79 Next fiscal year, 90 days ago: $1.66 Next fiscal year, 60 days ago: $2.33 Next fiscal year, 30 days ago: $2.42 Next fiscal year, 7 days ago: −$0.36 Next fiscal year, Now: −$0.50 −$0.50

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$2.25$1.66
60 days ago −$2.13$2.33
30 days ago −$2.10$2.42
7 days ago −$5.67−$0.36
Now −$5.79−$0.50

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.20 −$0.43 −119.4%
Mar 2026 −$0.42 −$0.16 +62.1%
Dec 2025 $0.01 −$0.20 −1974.4%
Sept 2025 −$0.33 −$0.30 +9.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

10 analysts, Oct 2026
Buy10100%
Hold00%
Sell00%

Monthly trend

  1. Oct 20261910
  2. Sep 20261910
  3. Aug 202677
  4. Jul 2026189

Counts of recommendations published by analysts covering Tarsus Pharmaceuticals, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.6%
of tradable shares
Days to cover
6.62
at average volume
Short interest, 1 month
−6%
to October 15, 2026
Held by institutions
99%
of shares
Held by insiders
2.7%
of shares
Employees
370
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +6.6%

$68.81 on October 31, 2025 to $73.32

ThenNowEffect
Revenue (last 12 months) $296m $606m +105.2%
P/S multiple 9.3x 5.2x −43.9%
Share count 40m 43m −7.4%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TARS−46%−35%+38%+173%+48%−11%
Industry peers (median)−35%−57%−18%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TARS25%50%67%67%58%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TARS−55%−54%−47%−45%−32%−32%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 16, 2020: 78% from December 18, 2020 to May 6, 2022. Getting back needed a 348% gain, reached on November 26, 2024, 935 days after the low.

Price behaviour

52-week range
$56.11 – $90.78
From 52-week high
−19.2%
vs 50-day average
−2.5%
vs 200-day average
+8.2%
Volatility (1 year)
45%
Beta vs S&P 500
0.65

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±8.7%
After a week
8 up, 4 down
typical move ±9.5%
After a month
8 up, 4 down
typical move ±18.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +5.7% +0.5% +12.4% +48.1%
May 6, 2026 −1.7% +1.1% −0.6% −8.9%
February 23, 2026 +12.6% −0.3% +16.2% −5.2%
November 4, 2025 −2.3% −0.8% +8.4% +17.3%
August 6, 2025 +16.5% +0.7% +28.1% +40.0%
May 1, 2025 −8.8% +2.2% −9.2% −15.5%
February 25, 2025 −6.5% −0.4% −2.3% +12.0%
November 13, 2024 −1.9% −0.6% −2.1% +10.4%
August 8, 2024 +18.3% +2.8% +18.8% +37.7%
May 8, 2024 −10.5% +0.6% +1.2% −15.3%
February 27, 2024 +14.2% +0.1% +7.9% +4.3%
November 9, 2023 +5.6% +0.8% +7.2% +7.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Tarsus Pharmaceuticals, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Tarsus Pharmaceuticals, Inc.
$0 $200M $400M $600M $800M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $14.4M Revenue (TTM), FY23 Q4: $17.4M Revenue (TTM), FY24 Q1: $42.6M Revenue (TTM), FY24 Q2: $83.4M Revenue (TTM), FY24 Q3: $129.6M Revenue (TTM), FY24 Q4: $183M Revenue (TTM), FY25 Q1: $233.7M Revenue (TTM), FY25 Q2: $295.5M Revenue (TTM), FY25 Q3: $366.1M Revenue (TTM), FY25 Q4: $451.4M Revenue (TTM), FY26 Q1: $535.1M Revenue (TTM), FY26 Q2: $606.3M $606.3M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $14.4M
FY23 Q4 $17.4M
FY24 Q1 $42.6M
FY24 Q2 $83.4M
FY24 Q3 $129.6M
FY24 Q4 $183M
FY25 Q1 $233.7M
FY25 Q2 $295.5M
FY25 Q3 $366.1M
FY25 Q4 $451.4M
FY26 Q1 $535.1M
FY26 Q2 $606.3M
Revenue growth, TTM YoY Tarsus Pharmaceuticals, Inc.
-500% 0% 500% 1000% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -11.0% Revenue growth, TTM YoY, FY23 Q4: -32.4% Revenue growth, TTM YoY, FY24 Q1: 53.2% Revenue growth, TTM YoY, FY24 Q2: 567.0% Revenue growth, TTM YoY, FY24 Q3: 802.0% Revenue growth, TTM YoY, FY24 Q4: 948.6% Revenue growth, TTM YoY, FY25 Q1: 449.0% Revenue growth, TTM YoY, FY25 Q2: 254.5% Revenue growth, TTM YoY, FY25 Q3: 182.4% Revenue growth, TTM YoY, FY25 Q4: 146.7% Revenue growth, TTM YoY, FY26 Q1: 129.0% Revenue growth, TTM YoY, FY26 Q2: 105.2% 105.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -11.0%
FY23 Q4 -32.4%
FY24 Q1 53.2%
FY24 Q2 567.0%
FY24 Q3 802.0%
FY24 Q4 948.6%
FY25 Q1 449.0%
FY25 Q2 254.5%
FY25 Q3 182.4%
FY25 Q4 146.7%
FY26 Q1 129.0%
FY26 Q2 105.2%
Operating margin (TTM) Tarsus Pharmaceuticals, Inc.
-1000% -500% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -791.7% Operating margin (TTM), FY23 Q4: -820.5% Operating margin (TTM), FY24 Q1: -366.3% Operating margin (TTM), FY24 Q2: -187.6% Operating margin (TTM), FY24 Q3: -108.5% Operating margin (TTM), FY24 Q4: -65.9% Operating margin (TTM), FY25 Q1: -46.7% Operating margin (TTM), FY25 Q2: -33.2% Operating margin (TTM), FY25 Q3: -23.9% Operating margin (TTM), FY25 Q4: -15.7% Operating margin (TTM), FY26 Q1: -9.5% Operating margin (TTM), FY26 Q2: -8.0% -8.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -791.7%
FY23 Q4 -820.5%
FY24 Q1 -366.3%
FY24 Q2 -187.6%
FY24 Q3 -108.5%
FY24 Q4 -65.9%
FY25 Q1 -46.7%
FY25 Q2 -33.2%
FY25 Q3 -23.9%
FY25 Q4 -15.7%
FY26 Q1 -9.5%
FY26 Q2 -8.0%
FCF margin (TTM) Tarsus Pharmaceuticals, Inc.
-800% -600% -400% -200% 0% 200% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -630.9% FCF margin (TTM), FY23 Q4: -682.0% FCF margin (TTM), FY24 Q1: -316.4% FCF margin (TTM), FY24 Q2: -150.5% FCF margin (TTM), FY24 Q3: -78.4% FCF margin (TTM), FY24 Q4: -46.2% FCF margin (TTM), FY25 Q1: -29.0% FCF margin (TTM), FY25 Q2: -28.0% FCF margin (TTM), FY25 Q3: -15.7% FCF margin (TTM), FY25 Q4: -4.9% FCF margin (TTM), FY26 Q1: -5.9% FCF margin (TTM), FY26 Q2: 9.2% 9.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -630.9%
FY23 Q4 -682.0%
FY24 Q1 -316.4%
FY24 Q2 -150.5%
FY24 Q3 -78.4%
FY24 Q4 -46.2%
FY25 Q1 -29.0%
FY25 Q2 -28.0%
FY25 Q3 -15.7%
FY25 Q4 -4.9%
FY26 Q1 -5.9%
FY26 Q2 9.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 57 26 17 183 451 606
EBITDA −27 −12 −62 −142 −120 −70 −47
Operating income −27 −12 −63 −143 −121 −71 −49
Net income −27 −14 −62 −136 −116 −66 −46
Diluted EPS −$4.32 −$0.67 −$2.52 −$4.62 −$3.07 −$1.59 −$1.08
Growth (year on year)
Revenue — — −54.7% −32.4% +948.6% +146.7% +105.2%
Margins
EBITDA margin — −20.8% −241.7% −816.3% −65.5% −15.5% −7.8%
Operating margin — −21.3% −242.9% −820.5% −65.9% −15.7% −8.0%
Net margin — −24.2% −240.5% −778.9% −63.2% −14.7% −7.7%
Free-cash-flow margin — 5.5% −191.9% −682.0% −46.2% −4.9% 9.2%
Cash flow
Cash from operations −21 4 −49 −117 −83 −12 74
Capital spending 0 1 1 2 2 10 18
Free cash flow −22 3 −50 −119 −85 −22 56
Stock-based pay 1 8 13 20 28 42 52
Free cash flow after stock pay −22 −5 −63 −139 −112 −64 4
Balance sheet
Cash 168 171 72 225 95 184 205
Total debt 0 0 20 30 75 75 75
Net debt (negative = net cash) −168 −171 −52 −195 −20 −109 −130
Diluted shares 6m 21m 25m 29m 38m 42m 43m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · June 30, 2026
What it owns · $611m
Short-term assets $562mLonger-term assets $49m
What it owes, and who funded it · $611m
Short-term liabilities $176mLonger-term liabilities $89mShareholders' equity $347m
  • Short-term assets cover short-term liabilities $562m of assets due within a year against $176m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $562m short-term assets against $89m of longer-dated liabilities.
  • More cash than debt $205m of cash against $73m of debt.
  • Debt below 40% of shareholders' equity Debt is 21% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 0% to 21% over five years.
  • A year's operating cash flow covers at least 20% of debt $74m of operating cash flow against $73m of debt.
  • Operating profit covers interest at least five times over Operating income of −$49m against $9m of interest.

From Tarsus 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.

Dividends, buybacks and capital spending

Diluted share count
+8.0%
year over year
R&D spending
14.5%
of revenue
Sales & admin spending
86.8%
of revenue
Days sales outstanding
58 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated TARS MIRM ARWR HCM NRIX RARE Median
Revenue, last 12 months $606m $618m $669m $549m $702m $717m $56m
Revenue growth, last 12 months 105.2% 44.0% 16.8% −13.0% 738.8% 17.5% 12.6%
Revenue growth, 3-year average 264.7% 74.8% 37.7% — 117.1% 21.2% 13.7%
Revenue growth, latest quarter 69.4% 37.9% 171.0% — >999% 28.1% 10.2%
Gross margin — — — 38.7% — 97.2% 82.9%
Operating margin −8.0% −134.9% −33.8% −7.1% 41.3% −73.6% −189.4%
Operating margin, 3-year average −76.2% −63.1% −945.9% −40.5% −207.1% −90.2% −363.5%
Net margin −7.7% −139.2% −47.8% 83.3% 42.0% −81.7% −169.8%
Cash from operations / revenue 12.2% −36.8% −8.8% −11.8% 54.0% −67.6% −168.0%
Free-cash-flow margin 9.2% −37.0% −11.2% −14.4% 52.7% −68.2% −162.4%
Free-cash-flow margin, 3-year average −56.4% −14.7% −908.4% −27.4% −141.7% −79.3% −310.0%
Stock pay / revenue 8.5% 16.8% 10.5% 2.6% 5.8% 15.1% 20.0%
Change in share count 8.0% 15.3% 7.8% 0.0% 31.0% 4.2% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 105.2% 12.6% 38 of 172
Change in growth rate Growth -23.8pp -0.1pp 128 of 172
Operating margin Profitability -8.0% -189.4% 45 of 175
Net margin Profitability -7.7% -157.3% 44 of 180
Free-cash-flow margin Cash generation 9.2% -145.4% 35 of 176
Stock pay as % of revenue Cash generation 8.5% 19.2% 55 of 179
Long-term debt as % of assets Balance sheet 11.9% 20.6% 30 of 78
Change in share count Balance sheet 8.0% 7.9% 80 of 156
Days sales outstanding Balance sheet 58 days 75 days 37 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $451M 100.0% ▲ 150.7%
License and Collaboration $0 0.0% ▼ 100.0%

From Tarsus Pharmaceuticals, Inc.'s 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3B
Institutions reporting
257
Shares held vs prior quarter
▲ 7.0%
Positions opened / closed
36 / 32

Top buyers and sellers, Q2 2026: 140 institutions bought and 116 sold ; the biggest buyer was Millennium Management LLC (+863K shares) and the biggest seller Driehaus Capital Management LLC (−609K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $243M 3.9M 8.0% ▲ 8.5%
Deep Track Capital, LP $231M 3.7M 7.6% ▲ 1.9%
RTW Investments, LP $211M 3.4M 7.0% ▲ 0.3%
Jupiter Topco LLC $177M 2.8M 5.8% —
Paradigm Biocapital Advisors LP $175M 2.8M 5.7% ▲ 8.3%
Assenagon Asset Management S.A. $119M 1.9M 3.9% ▲ 48.0%
Morgan Stanley $115M 1.8M 3.8% ▼ 6.0%
Vanguard Capital Management LLC $113M 1.8M 3.7% ▲ 1.8%
Jennison Associates LLC $105M 1.7M 3.4% ▼ 2.8%
Tang Capital Management LLC $98.7M 1.6M 3.2% ▲ 31.9%
Millennium Management LLC $89.8M 1.4M 3.0% ▲ 152.8%
Bank Of America Corp $75.1M 1.2M 2.5% ▼ 0.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Tarsus Pharmaceuticals, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $20M 59 trades by 9 insiders · 64% under pre-set plans
Net ▼ $20M net selling
Insider Date Trade Shares Price Value
Link William J Phd Director September 15, 2026 Sell pre-set plan 11,675 $78.33 $914,503
Link William J Phd Director September 15, 2026 Sell pre-set plan 759 $79.00 $59,961
Link William J Phd Director September 15, 2026 Sell pre-set plan 66 $80.01 $5,281
Neervannan Seshadri Chief Operating Officer September 4, 2026 Sell pre-set plan 4,564 $85.00 $387,940
Lin Elizabeth Yeu Chief Medical Officer September 4, 2026 Sell pre-set plan 5,386 $90.00 $484,740
Lin Elizabeth Yeu Chief Medical Officer September 4, 2026 Sell pre-set plan 5,387 $85.00 $457,895
Lin Elizabeth Yeu Chief Medical Officer September 4, 2026 Sell pre-set plan 1,590 $90.00 $143,100
Lin Elizabeth Yeu Chief Medical Officer September 4, 2026 Sell pre-set plan 1,590 $85.00 $135,150
Azamian Bobak R. President/CEO and Board Chair September 4, 2026 Sell pre-set plan 7,100 $90.27 $640,917
Azamian Bobak R. President/CEO and Board Chair September 4, 2026 Sell pre-set plan 2,900 $91.27 $264,683
Lin Elizabeth Yeu Chief Medical Officer September 2, 2026 Sell pre-set plan 5,387 $80.00 $430,960
Lin Elizabeth Yeu Chief Medical Officer September 2, 2026 Sell pre-set plan 1,590 $80.00 $127,200

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 6, 2026
  • February 23, 2026
  • November 4, 2025
  • August 6, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on Tarsus Pharmaceuticals, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Tarsus Pharmaceuticals, Inc. in brief

What does Tarsus Pharmaceuticals, Inc. do?
Tarsus Pharmaceuticals, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Tarsus Pharmaceuticals, Inc.'s stock ticker?
Tarsus Pharmaceuticals, Inc. trades under the ticker TARS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Tarsus Pharmaceuticals, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Tarsus Pharmaceuticals, Inc. reported revenue of $606M, 105.2% higher than a year earlier, according to its SEC filings.
What is Tarsus Pharmaceuticals, Inc.'s free cash flow?
Tarsus Pharmaceuticals, Inc.'s free-cash-flow margin is 9.2% of revenue over the trailing twelve months, ranking 35 of the 176 biotechnology companies we cover.
Who are Tarsus Pharmaceuticals, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Deep Track Capital, LP and RTW Investments, LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Tarsus Pharmaceuticals, Inc.'s market cap?
On November 2, 2026, Tarsus Pharmaceuticals, Inc.'s market capitalisation was about $3.1B and net debt of -$130M. Market figures come from third-party market data and may be delayed.
How much debt does Tarsus Pharmaceuticals, Inc. have?
Tarsus Pharmaceuticals, Inc.'s debt-to-equity ratio is 21.0%, from its latest balance sheet (0.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Tarsus Pharmaceuticals, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Tarsus Pharmaceuticals, Inc. are Mirum Pharmaceuticals, Inc., Arrowhead Pharmaceuticals, Inc., Hutchmed (china) Ltd, Nurix Therapeutics, Inc. and Ultragenyx Pharmaceutical Inc. The side-by-side comparison below sets their revenue, margins and growth against Tarsus Pharmaceuticals, Inc.'s.
Are insiders buying or selling Tarsus Pharmaceuticals, Inc. stock?
Over the last 12 months, Tarsus Pharmaceuticals, Inc.'s directors and officers reported 0 open-market purchases and 59 sales on Form 4. The insider trading page charts every trade.
When is Tarsus Pharmaceuticals, Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Tarsus Pharmaceuticals, Inc. announces its own schedule.