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Viatris key statistics and ratios

In fiscal 2025, Viatris had return on equity of -21.1%, an operating margin of -18.6%, debt equal to 98.0% of equity and a current ratio of 1.38. 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 year2018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin35.0%33.9%31.8%31.2%40.0%41.7%38.2%35.1%34.8%
Operating margin7.9%6.2%−1.8%−0.2%9.9%5.0%0.1%−18.6%−0.6%
Net margin3.1%0.1%−5.6%−7.1%12.8%0.4%−4.3%−24.6%−2.8%
Free-cash-flow margin18.3%13.8%8.3%14.3%15.9%16.4%13.4%13.5%13.3%
Return on equity2.9%0.3%−5.8%−5.8%10.0%0.3%−3.2%−21.1%−2.8%
Return on assets—0.1%−1.4%−2.2%4.0%0.1%−1.4%−8.9%−1.1%
Asset turnover—0.370.260.310.310.320.330.360.41
Current ratio—1.211.221.101.581.671.651.381.58
Debt to equity0.0%—112.6%112.7%91.5%88.6%75.4%98.0%93.6%
Interest cover (operating income ÷ interest)1.7x1.4xn/mn/m2.7x1.3x0.0xn/mn/m
Effective tax rate−18.1%89.1%——26.1%73.0%———
R&D as % of revenue6.2%5.6%4.6%4.2%4.1%5.2%5.5%6.8%6.9%
SG&A as % of revenue21.3%22.3%28.0%25.3%25.7%26.4%27.8%26.5%27.0%
Capital spending as % of revenue2.2%1.9%2.0%2.6%2.5%2.4%2.2%2.6%2.6%
Free cash flow ÷ net income592.8%>999%——124.7%>999%———
Dividends and buybacks ÷ free cash flow20.7%0.0%0.0%0.0%0.0%9.9%12.6%25.8%15.5%

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 7 checks passed · June 30, 2026
What it owns · $35.0bn
Short-term assets $10.1bnLonger-term assets $25.0bn
What it owes, and who funded it · $35.0bn
Short-term liabilities $6.3bnLonger-term liabilities $14.4bnShareholders' equity $14.3bn
  • Short-term assets cover short-term liabilities $10.1bn of assets due within a year against $6.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $10.1bn short-term assets against $14.4bn of longer-dated liabilities.
  • More cash than debt $886m of cash against $13.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 94% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 96% to 94% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.3bn of operating cash flow against $13.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$87m against $480m of interest.

From Viatris'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

42 /100

Weak moat

How hard Viatris'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 -1.3% of total assets over 6 years.

  • Pricing power 11 / 20

    Gross margin has been a median 37.5%, moving by 4.3 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -0.4%; its worst year was -18.4%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 6 of 6 years, at a median 13.3% 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 (47 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 Viatris's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Viatris.