Teva Pharmaceuticals
TEVA NYSE Pharmaceuticals Financials FY2016–FY2025
Teva Pharmaceuticals' revenue rose 4.3% to $17.3 billion in fiscal 2025. Its operating margin was 12.5%, up from −1.8% a year earlier. Free cash flow was $1.1 billion, up 53.3%. The diluted share count rose 2.8%.
About these figures. Teva's debt is its long-term senior notes and loans plus its short-term debt, as on its balance sheet; the default found only part of it. Teva's fiscal 2025 10-K tags one product's fourth-quarter sales as revenue, so its revenue is taken from its total sales line.
What Teva Pharmaceuticals does
Teva makes and sells medicines in two groups: generics, which are lower-cost copies of drugs whose patents have expired, along with biosimilars and over-the-counter products, and its own branded medicines. It is based in Israel, has about 34,000 employees across 57 markets, and has a large presence in the United States and Europe. Its generics are sold mainly to retail drug chains, mail-order distributors and wholesalers.
It reports three segments, each selling its full range in its region: United States, Europe, and International Markets, which covers more than 35 other countries, including Canada, Israel, Russia and parts of Latin America. Its branded medicines focus on the central nervous system, meaning the brain and nerves. They include Austedo for movement disorders, Ajovy for migraine prevention, Uzedy for schizophrenia and Copaxone for multiple sclerosis. It also has branded respiratory and cancer drugs and biosimilars. Its Anda unit distributes medicines to pharmacies, hospitals and doctors' offices in the U.S. Other activities include selling the active ingredients used in drugs and making drugs for others.
Teva calls its current plan "Pivot to Growth." It says the plan aims to grow its branded medicines, use capital where it expects the highest value, and cut costs. On March 31, 2025, it sold its Teva-Takeda business venture in Japan.
- Legal name
- TEVA PHARMACEUTICAL INDUSTRIES LIMITED
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 3, 2026
- Accession · CIK
- 0001193125-26-034532
0000818686
Revenue and margins
Teva Pharmaceuticals had $17.3B of revenue in fiscal 2025, up 4.3% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 37.3% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.1B in fiscal 2025, 6.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Teva Pharmaceuticals returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 2.8%.
Value Teva Pharmaceuticals yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$13.3B and divides by 1,163.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 65.7x · peers 13.4x · sector 27.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Teva Pharmaceuticals can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.2B | $2.8B | $3.2B | $3.3B | $3.6B |
| Debt incl. finance leases | $23.1B | $21.2B | $19.9B | $17.8B | $16.8B |
| Net debt / EBITDA | 6.9x | — | 10.5x | 19.2x | 4.2x |
| Debt / equity | 2.2x | 2.7x | 2.7x | 3.3x | 2.1x |
| Interest coverage | 1.9x | −2.4x | 0.4x | −0.3x | 2.4x |
| Current ratio | 1.1x | 1.1x | 1.0x | 1.0x | 1.0x |
| Quick ratio | 0.8x | 0.7x | 0.7x | 0.8x | 0.8x |
| Total assets | $47.7B | $44.0B | $43.5B | $39.3B | $40.7B |
| Total liabilities | $36.4B | $35.4B | $35.4B | $33.6B | $32.8B |
| Shareholders' equity | $10.3B | $7.8B | $7.5B | $5.4B | $7.9B |
| Net debt (− = net cash) | $20.9B | $18.4B | $16.6B | $14.5B | $13.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$21.7M
11 insiders
Of sales under plans
29%
$6.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 18, 2026 | Brian SavageInterim Chief Legal Officer | Sold | 7,342 | $38.85 | $0.3M | Form 4 |
| Sep 18, 2026 | Roberto MignoneDirector | Sold | 367,600 | $39.06 | $14.4M | Form 4 |
| Aug 21, 2026 | Amir WeissChief Accounting Officer | Sold | 9,445 | $37.62 | $0.4M | Form 4 |
| Aug 21, 2026 | Ronit Satchi-FainaroDirector | Sold | 415 | $37.25 | $0.0M | Form 4 |
| Aug 17, 2026 | Evan LippmanEVP, Business Development | Sold plan | 18,600 | $36.57 | $0.7M | Form 4 |
| Aug 5, 2026 | Tal Zvi ZaksDirector | Sold | 17 | $34.87 | $0.0M | Form 4 |
| Aug 3, 2026 | Eric A Hughes"See ""Remarks""" | Sold plan | 25,578 | $34.88 | $0.9M | Form 4 |
| Aug 3, 2026 | Placid Jover"See ""Remarks""" | Sold plan | 12,827 | $34.88 | $0.4M | Form 4 |
| Jun 18, 2026 | Matthew ShieldsEVP, Global Operations | Sold | 9,989 | $32.19 | $0.3M | Form 4 |
| Jun 11, 2026 | Eliyahu Sharon KalifEVP, Chief Financial Officer | Sold plan | 106,563 | $34.10 | $3.6M | Form 4 |
| Jun 5, 2026 | Richard D FrancisPresident and CEO | Sold plan | 6,153 | $34.35 | $0.2M | Form 4 |
| Jun 3, 2026 | Matthew ShieldsEVP, Global Operations | Sold plan | 16,195 | $32.87 | $0.5M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 6 / 9 | 5 / 9 | 8 / 9 |
| Accruals ratio | −4.4% | −7.0% | −0.6% |
| Altman Z'' | −0.67 | −1.18 | −0.41 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Teva Pharmaceuticals TEVA | $45.9B | 4.3% | 12.5% | 6.7% | 10.5% | 65.7x | 8 | |
| Viatris VTRS | $20.9B | −3.0% | −18.6% | 13.6% | −7.1% | — | 4 | Compare → |
| Bausch Health Companies BHC | $2.4B | 6.7% | 17.7% | 9.8% | 4.5% | — | 7 | Compare → |
| Zoetis ZTS | $33.8B | 2.3% | — | 24.1% | 29.3% | 13.4x | 8 | Compare → |
| Bristol Myers Squibb BMY | $125.9B | −0.2% | — | 26.7% | 15.2% | 13.5x | 8 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $21.9B | $21.9B | $18.3B | $16.9B | $16.7B | $15.9B | $14.9B | $15.8B | $16.5B | $17.3B |
| Gross profit | $11.7B | $10.6B | $8.3B | $7.5B | $7.7B | $7.6B | $7.0B | $7.6B | $8.1B | $8.9B |
| Research and development | $422M | $175M | $114M | $1.0B | $997M | $967M | $98.0M | $953M | $998M | $1.0B |
| Operating income | $2.2B | −$17.5B | −$1.6B | −$443M | −$3.6B | $1.7B | −$2.2B | $433M | −$303M | $2.2B |
| Interest expense | $546M | $875M | $920M | $822M | $901M | $891M | $930M | $1.0B | $1.0B | $916M |
| Pretax income | $824M | −$18.4B | −$2.6B | −$1.3B | −$4.4B | $658M | −$3.2B | −$624M | −$1.3B | $1.2B |
| Income tax | $521M | −$1.9B | −$195M | −$278M | −$168M | $211M | −$643M | −$7.0M | $676M | −$180M |
| Net income | $329M | −$16.3B | −$2.2B | −$999M | −$4.0B | $417M | −$2.4B | −$559M | −$1.6B | $1.4B |
| Diluted EPS | $0.07 | −$16.26 | −$2.35 | −$0.91 | −$3.64 | $0.38 | −$2.20 | −$0.50 | −$1.45 | $1.21 |
| Diluted shares | 0.96B | 1.02B | 1.02B | 1.09B | 1.10B | 1.11B | 1.11B | 1.12B | 1.13B | 1.16B |
| Cash flow | ||||||||||
| Cash from operations | $3.9B | $2.2B | $2.4B | $748M | $1.2B | $798M | $1.6B | $1.4B | $1.2B | $1.6B |
| Capital expenditure | $901M | $874M | $651M | $525M | $578M | $562M | $548M | $526M | $498M | $501M |
| Free cash flow | $3.0B | $1.4B | $1.8B | $223M | $638M | $236M | $1.0B | $842M | $749M | $1.1B |
| Depreciation and amortization | $1.5B | $2.1B | $1.8B | $1.7B | $1.6B | $1.3B | $1.3B | $1.2B | $1.1B | $1.0B |
| Stock-based compensation | $124M | $133M | $155M | $119M | $129M | $119M | $124M | $121M | $123M | $157M |
| Acquisitions | $36.1B | $43.0M | $0.0M | $0.0M | $0.0M | $0.0M | $7.0M | $0.0M | $15.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $1.3B | $901M | $12.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $1.3B | $901M | $12.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $988M | $963M | $1.8B | $2.0B | $2.2B | $2.2B | $2.8B | $3.2B | $3.3B | $3.6B |
| Total debt | $35.8B | $32.5B | $28.9B | $26.9B | $25.9B | $23.0B | $21.2B | $19.8B | $17.8B | $16.8B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $29.0M | $21.0M | $25.0M | $22.0M | $32.0M | $23.0M | $43.0M |
| Current assets | $17.2B | $15.4B | $13.8B | $13.5B | $13.0B | $12.6B | $12.1B | $12.5B | $12.6B | $13.9B |
| Current liabilities | $18.5B | $17.9B | $14.3B | $13.7B | $13.2B | $11.0B | $11.5B | $12.2B | $12.8B | $13.5B |
| Inventory | $5.0B | $4.9B | $4.7B | $4.4B | $4.4B | $3.8B | $3.8B | $4.0B | $3.0B | $3.2B |
| Property and equipment, net | $8.1B | $7.7B | $6.9B | $6.4B | $6.3B | $6.0B | $5.7B | $5.8B | $4.6B | $4.1B |
| Total assets | $93.1B | $70.6B | $60.7B | $57.5B | $50.6B | $47.7B | $44.0B | $43.5B | $39.3B | $40.7B |
| Total liabilities | $58.1B | $51.9B | $44.9B | $42.4B | $39.6B | $36.4B | $35.4B | $35.4B | $33.6B | $32.8B |
| Shareholders' equity | $33.3B | $17.4B | $14.7B | $14.0B | $10.0B | $10.3B | $7.8B | $7.5B | $5.4B | $7.9B |
| Margins | ||||||||||
| Gross margin | 53.2% | 48.6% | 45.4% | 44.6% | 46.4% | 47.8% | 46.7% | 48.3% | 48.7% | 51.8% |
| Operating margin | 9.8% | −80.0% | −9.0% | −2.6% | −21.4% | 10.8% | −14.7% | 2.7% | −1.8% | 12.5% |
| EBITDA margin | 16.8% | −70.3% | 1.1% | 7.6% | −12.1% | 19.2% | −6.0% | 10.0% | 4.6% | 18.3% |
| Net margin | 1.5% | −74.4% | −11.8% | −5.9% | −24.0% | 2.6% | −16.4% | −3.5% | −9.9% | 8.2% |
| FCF margin | 13.7% | 6.2% | 9.8% | 1.3% | 3.8% | 1.5% | 7.0% | 5.3% | 4.5% | 6.7% |
| Returns | ||||||||||
| Return on capital | 2.1% | −23.0% | −2.8% | −0.8% | −7.5% | 3.5% | −5.9% | 1.3% | −1.1% | 10.5% |
| Return on capital employed | 3.7% | −27.5% | −3.3% | −1.0% | −8.8% | 4.6% | −6.4% | 1.4% | −1.1% | 8.0% |
| Return on equity | 1.0% | −64.2% | −13.4% | −7.0% | −33.3% | 4.1% | −27.1% | −7.3% | −25.5% | 21.2% |
| Return on assets | 0.5% | −19.9% | −3.3% | −1.7% | −7.4% | 0.9% | −5.3% | −1.3% | −4.0% | 3.5% |
| Growth | ||||||||||
| Revenue growth | 11.5% | −0.2% | −16.4% | −7.6% | −1.4% | −4.7% | −6.0% | 6.2% | 4.4% | 4.3% |
| Net income growth | −79.3% | −5,043.8% | — | — | — | — | −686.6% | — | — | — |
| EPS growth | −96.2% | −23,328.6% | — | — | — | — | −679.0% | — | — | — |
| FCF growth | −37.3% | −54.8% | 32.9% | −87.6% | 186.1% | −63.0% | 341.5% | −19.2% | −11.1% | 53.3% |
| Share count change | 11.2% | 5.7% | 0.5% | 6.9% | 0.4% | 1.1% | 0.3% | 0.8% | 1.1% | 2.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | 9.5x | — | 132.4x | 19.5x | — | 6.9x | — | 10.5x | 19.2x | 4.2x |
| Debt / equity | 1.1x | 1.9x | 2.0x | 1.9x | 2.6x | 2.2x | 2.7x | 2.7x | 3.3x | 2.1x |
| Interest coverage | 4.0x | −20.0x | −1.8x | −0.5x | −4.0x | 1.9x | −2.4x | 0.4x | −0.3x | 2.4x |
| Current ratio | 0.9x | 0.9x | 1.0x | 1.0x | 1.0x | 1.1x | 1.1x | 1.0x | 1.0x | 1.0x |
| Quick ratio | 0.7x | 0.6x | 0.6x | 0.7x | 0.7x | 0.8x | 0.7x | 0.7x | 0.8x | 0.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.1% | 4.0% | 3.6% | 3.1% | 3.5% | 3.5% | 3.7% | 3.3% | 3.0% | 2.9% |
| Stock comp / revenue | 0.6% | 0.6% | 0.9% | 0.7% | 0.8% | 0.8% | 0.8% | 0.8% | 0.7% | 0.9% |
| Payouts / FCF | 43.6% | 66.7% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Quality scores | ||||||||||
| Piotroski F-score | 3.0 | 3.0 | 5.0 | 5.0 | 5.0 | 8.0 | 3.0 | 6.0 | 5.0 | 8.0 |
| Altman Z'' | 1.2 | −1.7 | −0.2 | −0.1 | −0.9 | 0.1 | −1.0 | −0.7 | −1.2 | −0.4 |
| Accruals ratio | −4.8% | −22.6% | −7.0% | −3.0% | −9.6% | −0.8% | −8.8% | −4.4% | −7.0% | −0.6% |
Source: SEC EDGAR XBRL filings (CIK 0000818686). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.