Tarsus Pharmaceuticals, Inc. key statistics and ratios

In fiscal 2025, Tarsus Pharmaceuticals, Inc. had return on equity of -23.4%, an operating margin of -15.7%, debt equal to 21.8% of equity and a current ratio of 3.85. 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.

Tarsus Pharmaceuticals, Inc.: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
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%
Return on equity	−16.2%	−8.3%	−34.5%	−69.7%	−54.8%	−23.4%	−13.5%
Return on assets	−15.6%	−7.9%	−30.5%	−55.1%	−36.0%	−14.1%	−7.9%
Asset turnover	—	0.33	0.13	0.07	0.57	0.96	1.03
Current ratio	31.68	15.33	14.61	6.93	4.42	3.85	3.20
Debt to equity	0.0%	0.0%	10.4%	15.2%	33.4%	21.8%	21.6%
Interest cover (operating income ÷ interest)	—	—	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	—	73.1%	165.1%	288.4%	29.2%	14.3%	14.5%
SG&A as % of revenue	—	—	174.1%	623.0%	129.7%	94.7%	86.8%
Capital spending as % of revenue	—	1.0%	2.0%	8.6%	0.9%	2.2%	3.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Tarsus Pharmaceuticals, 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
Gross margin	—	—	93.3%	93.9%	—	—	94.2%	93.0%
Operating margin	−52.3%	−36.8%	−33.5%	−21.6%	−12.2%	−5.3%	−3.8%	−11.4%
Net margin	−48.7%	−34.8%	−32.1%	−19.8%	−10.6%	−5.5%	−4.3%	−10.7%
Free-cash-flow margin	−18.6%	−33.5%	−27.1%	−29.6%	13.8%	8.6%	−18.8%	32.9%
Current ratio	5.42	4.42	5.57	5.26	4.29	3.85	3.74	3.20
Debt to equity	30.2%	32.0%	21.0%	21.7%	21.6%	21.1%	20.8%	21.0%
R&D as % of revenue	25.2%	25.4%	18.4%	15.2%	13.7%	11.9%	13.8%	17.8%
SG&A as % of revenue	120.3%	103.9%	108.5%	100.3%	91.5%	86.2%	84.2%	86.7%

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

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.

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.

Compare with peers

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Figures from Tarsus Pharmaceuticals, 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 Tarsus Pharmaceuticals, Inc.