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Verrica Pharmaceuticals Inc. key statistics and ratios

In fiscal 2025, Verrica Pharmaceuticals Inc. had an operating margin of -34.2%, debt equal to 0.0% of equity and a current ratio of 2.59. 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 year2021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin——90.2%65.6%——
Operating margin−257.6%−235.8%<−999%−871.3%−34.2%−93.6%
Net margin−292.3%−271.1%<−999%<−999%−50.3%−102.8%
Free-cash-flow margin−237.2%−209.8%−759.9%−805.6%−49.5%−44.0%
Return on equity−107.6%−67.4%————
Return on assets−43.8%−39.2%−106.1%−112.8%−35.3%−75.0%
Asset turnover0.150.140.080.110.700.73
Current ratio1.6111.314.551.762.591.45
Debt to equity127.9%0.0%216.9%—0.0%0.0%
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/mn/m
R&D as % of revenue132.7%135.1%396.1%156.5%24.9%48.2%
SG&A as % of revenue—192.7%923.2%777.5%99.0%124.9%
Capital spending as % of revenue7.4%3.3%7.1%0.4%0.0%0.0%

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 · $36m
Short-term assets $33mLonger-term assets $3m
What it owes, and who funded it · $36m
Short-term liabilities $22mLonger-term liabilities $9mShareholders' equity $4m
  • Short-term assets cover short-term liabilities $33m of assets due within a year against $22m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $33m short-term assets against $9m 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 −$28m against $4m of interest.

From Verrica 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 Verrica Pharmaceuticals's competitive advantage looks for rivals to wear away, judged from 9 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 -37.8% of total assets over 9 years.

  • Durability 10 / 20

    Operating margin has been a median -272.7%; its worst year was -5700.6%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -322.0% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 564.1% over five years; stock-based pay has been a median 60.7% 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.

Compare with peers

Head to head: SCLX vs VRCAJAGX vs VRCASBFM vs VRCA

More: Pharmaceuticals stocks compared, Health Care sector, rankings of US companies

Figures from Verrica 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 Verrica Pharmaceuticals Inc.