HRTX Nasdaq Pharmaceutical Preparations Financials FY2016βFY2025
Heron Therapeutics, Inc. /De/ had $155M of revenue in fiscal 2025, up 7.4% on the year before. Over five years, revenue changed +11.8% a year on average.
Last close Β· Oct 23, 2026
$0.30
2.2%Hi! I read Heron Therapeutics, Inc. /De/βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+7.4%
Yes. Sales grew 7.4% last year.
Does it make a profit?
β13.0%
No. It lost money last year.
Does profit turn into cash?
β18.0%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 8
Weak. It passes 2 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Heron Therapeutics, Inc. /De/ did it, and the next one. Share prices often move a lot on those days.
Next results
November 3, 2026
Tuesday Β· in 8 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 10, 2026 | Q2 '26 | Before the market opens | 8-K β |
| May 11, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Feb 26, 2026 | Q4 '25 | Before the market opens | 8-K β |
| Nov 4, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Aug 8, 2025 | Q2 '25 | Before the market opens | 8-K β |
| May 6, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Feb 27, 2025 | Q4 '24 | Before the market opens | 8-K β |
| Nov 12, 2024 | Q3 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Heron Therapeutics, Inc. /De/ had $155M of revenue in fiscal 2025, up 7.4% on the year before. Over five years, revenue changed +11.8% a year on average. Its operating margin was β1.6%, up 6.4Β pts: of every 100 in sales, about β2 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Heron Therapeutics, Inc. /De/ lost $20.2M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$27.9M in fiscal 2025, β18.0% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Heron Therapeutics, Inc. /De/ can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $158M | $84.9M | $80.4M | $59.3M | $46.6M |
| Interest coverage | β90.4x | β70.6x | β28.6x | β1.9x | β0.3x |
| Current ratio | 3.6x | 2.5x | 2.4x | 2.3x | 2.5x |
| Quick ratio | 2.9x | 1.8x | 1.8x | 1.7x | 1.5x |
| Total assets | $306M | $251M | $223M | $233M | $256M |
| Total liabilities | $228M | $237M | $256M | $267M | $242M |
| Shareholders' equity | $77.6M | $13.6M | β$34.0M | β$33.7M | $14.3M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Heron Therapeutics, Inc. /De/ passes 2 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 8 | 3 / 8 | 3 / 8 | 2 / 8 | 4 / 8 | 3 / 8 | 3 / 8 | 3 / 8 | 2 / 8 |
| Accruals ratio | β57.9% | β18.0% | 3.7% | β16.4% | β9.8% | β5.3% | β12.6% | β21.9% | 3.9% | 3.0% |
| Altman Z'' | β43.30 | β11.65 | β0.19 | β1.39 | β11.13 | β17.70 | β24.72 | β28.19 | β24.00 | β21.08 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.3M | $30.8M | $77.5M | $146M | $88.6M | $86.3M | $108M | $127M | $144M | $155M |
| Gross profit | $1.2M | $26.2M | $50.0M | $84.3M | $52.4M | $40.3M | $52.8M | $61.9M | $106M | $114M |
| Research and development | $103M | $139M | $140M | $167M | $175M | $131M | $82.7M | $39.1M | $16.7M | $12.4M |
| Operating income | β$171M | β$195M | β$184M | β$211M | β$228M | β$218M | β$175M | β$111M | β$11.5M | β$2.5M |
| Interest expense | $2.7M | $3.9M | $2.7M | $1.5M | $1.9M | $2.4M | $2.5M | $3.9M | $6.0M | $9.6M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$173M | β$197M | β$179M | β$205M | β$227M | β$221M | β$182M | β$111M | β$13.6M | β$20.2M |
| Diluted EPS | β$4.56 | β$3.65 | β$2.44 | β$2.50 | β$2.50 | β$2.24 | β$1.67 | β$0.80 | β$0.09 | β$0.12 |
| Diluted shares | 0.04B | 0.05B | 0.07B | 0.08B | 0.09B | 0.00B | 0.11B | 0.14B | 0.15B | 0.17B |
| Cash flow | ||||||||||
| Cash from operations | β$134M | β$170M | β$192M | β$125M | β$185M | β$203M | β$147M | β$58.8M | β$22.5M | β$27.6M |
| Capital expenditure | $3.1M | $2.6M | $9.2M | $7.2M | $6.8M | $3.0M | $1.8M | $1.5M | $1.7M | $0.3M |
| Free cash flow | β$137M | β$173M | β$201M | β$132M | β$192M | β$206M | β$149M | β$60.3M | β$24.2M | β$27.9M |
| Depreciation and amortization | $1.1M | $1.5M | $1.5M | $2.0M | $2.8M | $3.0M | $2.9M | $2.9M | $2.5M | $2.3M |
| Stock-based compensation | $26.0M | $30.5M | $33.4M | $51.4M | $50.2M | $46.9M | $43.0M | $32.9M | $13.0M | $10.3M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $13.4M | $145M | $332M | $391M | $208M | $158M | $84.9M | $80.4M | $59.3M | $46.6M |
| Current assets | $62.1M | $228M | $447M | $479M | $314M | $254M | $205M | $189M | $209M | $238M |
| Current liabilities | $38.7M | $103M | $92.0M | $96.7M | $103M | $71.1M | $82.4M | $79.7M | $91.5M | $96.1M |
| Inventory | $5.3M | $10.1M | $39.0M | $25.0M | $41.9M | $48.4M | $54.6M | $42.1M | $53.2M | $92.7M |
| Property and equipment, net | $5.1M | $6.0M | $14.7M | $19.6M | $22.7M | $23.7M | $22.2M | $20.2M | $14.9M | $12.4M |
| Total assets | $67.5M | $234M | $462M | $513M | $354M | $306M | $251M | $223M | $233M | $256M |
| Total liabilities | $88.7M | $103M | $92.0M | $109M | $117M | $228M | $237M | $256M | $267M | $242M |
| Preferred stock | $0.0M | β | β | β | β | β | β | β | $0.0M | $1.1M |
| Shareholders' equity | β$21.3M | $131M | $370M | $404M | $236M | $77.6M | $13.6M | β$34.0M | β$33.7M | $14.3M |
| Margins | ||||||||||
| Gross margin | 97.3% | 85.1% | 64.5% | 57.8% | 59.2% | 46.7% | 49.0% | 48.8% | 73.2% | 73.3% |
| Operating margin | β13,363.2% | β632.4% | β237.4% | β144.3% | β257.4% | β252.3% | β162.2% | β87.1% | β8.0% | β1.6% |
| EBITDA margin | β13,277.2% | β627.4% | β235.5% | β142.9% | β254.2% | β248.8% | β159.5% | β84.8% | β6.3% | β0.1% |
| Net margin | β13,537.4% | β641.9% | β230.8% | β140.3% | β256.4% | β255.6% | β169.1% | β87.0% | β9.4% | β13.0% |
| FCF margin | β10,729.6% | β561.8% | β259.4% | β90.2% | β216.2% | β239.0% | β138.1% | β47.5% | β16.8% | β18.0% |
| Returns | ||||||||||
| Return on capital employed | β594.5% | β148.4% | β49.7% | β50.6% | β90.9% | β92.8% | β103.6% | β77.5% | β8.1% | β1.6% |
| Return on equity | β | β359.4% | β71.4% | β52.9% | β71.0% | β140.5% | β399.4% | β | β | β |
| Return on assets | β256.6% | β130.9% | β51.4% | β42.0% | β52.5% | β66.9% | β65.4% | β46.7% | β6.0% | β8.3% |
| Return on tangible equity | β | β150.6% | β48.3% | β50.7% | β96.1% | β284.5% | β1,341.2% | β | β | β140.9% |
| Growth | ||||||||||
| Revenue growth | β | 2,305.6% | 151.8% | 88.4% | β39.3% | β2.6% | 24.7% | 18.0% | 13.6% | 7.4% |
| Share count change | β | 42.5% | 35.4% | 11.7% | 11.0% | β99.9% | 110,434.0% | 26.9% | 10.4% | 9.4% |
| Financial health | ||||||||||
| Interest coverage | β64.2x | β49.4x | β68.8x | β143.1x | β120.0x | β90.4x | β70.6x | β28.6x | β1.9x | β0.3x |
| Current ratio | 1.6x | 2.2x | 4.9x | 5.0x | 3.1x | 3.6x | 2.5x | 2.4x | 2.3x | 2.5x |
| Quick ratio | 1.5x | 2.1x | 4.4x | 4.7x | 2.7x | 2.9x | 1.8x | 1.8x | 1.7x | 1.5x |
| Capital allocation | ||||||||||
| Capex / revenue | 245.1% | 8.3% | 11.8% | 4.9% | 7.7% | 3.5% | 1.7% | 1.2% | 1.2% | 0.2% |
| Stock comp / revenue | 2,029.4% | 99.3% | 43.1% | 35.2% | 56.7% | 54.3% | 39.9% | 25.9% | 9.0% | 6.7% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 4.0 | 3.0 | 3.0 | 2.0 | 4.0 | 3.0 | 3.0 | 3.0 | 2.0 |
| Altman Z'' | β43.3 | β11.6 | β0.2 | β1.4 | β11.1 | β17.7 | β24.7 | β28.2 | β24.0 | β21.1 |
| Accruals ratio | β57.9% | β18.0% | 3.7% | β16.4% | β9.8% | β5.3% | β12.6% | β21.9% | 3.9% | 3.0% |
Source: SEC EDGAR XBRL filings (CIK 0000818033). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
