ARMP NYSE Biological Products, (No Diagnostic Substances) Financials FY2016βFY2025
Armata Pharmaceuticals, Inc. had $4.9M of revenue in fiscal 2025, down 5.2% on the year before. Over five years, revenue changed +42.9% a year on average.
Last close Β· Oct 23, 2026
$3.64
5.5%Hi! I read Armata Pharmaceuticals, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β5.2%
No. Sales fell 5.2% last year.
Does it make a profit?
β3,544.0%
No. It lost money last year.
Does profit turn into cash?
β536.4%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 7
Mixed. It passes 4 of 7 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 Armata Pharmaceuticals, Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 11, 2026
Wednesday Β· in 16 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 12, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 12, 2026 | Q1 '26 | Time not announced | 8-K β |
| Mar 25, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 12, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 11, 2025 | Q2 '25 | Time not announced | 8-K β |
| May 14, 2025 | Q1 '25 | After the market closes | 8-K β |
| Mar 20, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 13, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Armata Pharmaceuticals, Inc. had $4.9M of revenue in fiscal 2025, down 5.2% on the year before. Over five years, revenue changed +42.9% a year on average. Its operating margin was β747.0%, up 73.2Β pts: of every 100 in sales, about β747 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· Armata Pharmaceuticals, Inc. lost $174M 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$26.3M in fiscal 2025, β536.4% 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 Armata Pharmaceuticals, Inc. 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 | $10.3M | $14.9M | $13.5M | $9.3M | $8.7M |
| Interest coverage | β372.2x | β | β15.6x | β | β |
| Current ratio | 3.1x | 1.1x | 1.2x | 0.2x | 1.2x |
| Quick ratio | 3.1x | 1.1x | 1.2x | 0.2x | 1.2x |
| Total assets | $69.8M | $95.8M | $98.4M | $86.4M | $76.9M |
| Total liabilities | $44.4M | $59.8M | $130M | $134M | $295M |
| Shareholders' equity | $25.4M | $36.1M | β$32.1M | β$48.0M | β$219M |
| 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· Armata Pharmaceuticals, Inc. passes 4 of 7 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 | β / 6 | β / 6 | β / 6 | β / 6 | 3 / 7 | 1 / 7 | 2 / 7 | 2 / 7 | 4 / 7 |
| Accruals ratio | β45.3% | β24.9% | β47.3% | β19.5% | β12.0% | 0.8% | β5.4% | β22.3% | 20.2% | β181.3% |
| Altman Z'' | β74.93 | β115.61 | β34.16 | β23.52 | β16.85 | β10.22 | β9.96 | β13.11 | β18.84 | β25.10 |
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 | β | β | β | β | $0.8M | $4.5M | $5.5M | $4.5M | $5.2M | $4.9M |
| Research and development | $5.7M | $2.9M | $8.4M | $9.8M | $14.4M | $20.0M | $35.0M | $33.8M | $34.4M | $23.7M |
| Operating income | β$23.4M | β$16.2M | β$17.7M | β$19.8M | β$21.6M | β$23.8M | β$36.9M | β$40.9M | β$42.4M | β$36.6M |
| Interest expense | $0.0M | β | $1.0M | $0.9M | $0.6M | $0.1M | $0.0M | $2.6M | β | β |
| Pretax income | β$19.4M | β$14.1M | β$16.7M | β$19.5M | β$22.2M | β$23.2M | β$0.0M | β$69.0M | β$18.9M | β$174M |
| Income tax | β$0.6M | β$1.3M | β$0.3M | β | β | β | β | β | β | β |
| Net income | β$18.8M | β$12.8M | β$16.7M | β$19.5M | β$22.2M | β$23.2M | β$36.9M | β$69.0M | β$18.9M | β$174M |
| Net income to common | β$24.3M | β$12.8M | β$16.7M | β$19.5M | β | β | β | β$69.0M | β$18.9M | β$174M |
| Diluted EPS | β$24.67 | β$2.18 | β$3.59 | β$2.55 | β$1.35 | β$0.96 | β$1.08 | β$1.91 | β$0.89 | β$4.80 |
| Diluted shares | 0.00B | 0.01B | 0.00B | 0.01B | 0.02B | 0.02B | 0.03B | 0.04B | 0.06B | 0.04B |
| Cash flow | ||||||||||
| Cash from operations | β$10.6M | β$9.2M | β$10.6M | β$15.6M | β$18.3M | β$23.6M | β$32.5M | β$47.4M | β$37.6M | β$25.8M |
| Capital expenditure | $0.3M | $0.1M | $0.9M | $0.2M | $0.8M | $1.3M | $2.2M | $8.1M | $1.9M | $0.5M |
| Free cash flow | β$10.9M | β$9.3M | β$11.5M | β$15.8M | β$19.1M | β$24.9M | β$34.7M | β$55.6M | β$39.4M | β$26.3M |
| Depreciation and amortization | $0.3M | $0.3M | $1.4M | $1.4M | $1.1M | $1.2M | $0.9M | $1.0M | $1.3M | $1.5M |
| Stock-based compensation | $2.0M | $0.7M | $0.0M | $4.3M | $3.5M | $2.9M | $3.1M | $0.9M | $2.9M | $2.6M |
| Dividends paid | $0.1M | β | β | β | β | β | β | β | β | β |
| Dividends and buybacks | $0.1M | β | β | β | β | β | β | β | β | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $5.1M | $5.1M | $9.7M | $6.0M | $9.6M | $10.3M | $14.9M | $13.5M | $9.3M | $8.7M |
| Current assets | $6.3M | $5.4M | $10.4M | $6.7M | $10.8M | $15.0M | $27.0M | $19.2M | $11.3M | $10.7M |
| Current liabilities | $3.5M | $2.0M | $2.0M | $4.9M | $6.7M | $4.8M | $24.9M | $16.5M | $48.2M | $8.9M |
| Property and equipment, net | $1.1M | $0.8M | $3.2M | $2.2M | $2.0M | $2.2M | $3.6M | $12.6M | $13.2M | $12.2M |
| Goodwill | β | β | β | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M |
| Intangible assets | $10.5M | $4.7M | $2.7M | $10.3M | $10.3M | $10.3M | $10.3M | $10.3M | $10.3M | $10.3M |
| Total assets | $18.2M | $11.1M | $14.5M | $25.5M | $39.5M | $69.8M | $95.8M | $98.4M | $86.4M | $76.9M |
| Total liabilities | $8.4M | $3.4M | $6.9M | $10.9M | $20.7M | $44.4M | $59.8M | $130M | $134M | $295M |
| Shareholders' equity | $9.7M | $24.3M | $7.7M | $14.6M | $18.9M | $25.4M | $36.1M | β$32.1M | β$48.0M | β$219M |
| Margins | ||||||||||
| Operating margin | β | β | β | β | β2,623.0% | β532.5% | β670.8% | β902.8% | β820.2% | β747.0% |
| EBITDA margin | β | β | β | β | β2,487.6% | β506.3% | β654.6% | β881.4% | β794.6% | β715.8% |
| Net margin | β | β | β | β | β2,695.1% | β517.5% | β670.2% | β1,524.5% | β365.6% | β3,544.0% |
| FCF margin | β | β | β | β | β2,320.0% | β556.1% | β629.8% | β1,226.9% | β762.1% | β536.4% |
| Returns | ||||||||||
| Return on capital employed | β160.0% | β176.2% | β141.1% | β96.0% | β65.8% | β36.7% | β52.1% | β49.9% | β111.1% | β53.9% |
| Return on equity | β193.7% | β75.4% | β104.3% | β174.8% | β132.6% | β104.6% | β120.1% | β3,439.4% | β | β |
| Return on assets | β103.8% | β87.7% | β130.1% | β97.4% | β68.3% | β42.4% | β44.6% | β71.1% | β20.5% | β212.8% |
| Return on tangible equity | β | β65.2% | β336.5% | β2,299.8% | β434.0% | β198.7% | β165.3% | β | β | β |
| Growth | ||||||||||
| Revenue growth | β | β | β | β | β | 443.6% | 23.1% | β17.8% | 14.2% | β5.2% |
| Share count change | β | 568.2% | β29.2% | 72.2% | 104.9% | 46.8% | 42.3% | 5.2% | 63.7% | β38.6% |
| Financial health | ||||||||||
| Interest coverage | β3,896.3x | β | β17.4x | β21.2x | β34.4x | β372.2x | β | β15.6x | β | β |
| Current ratio | 1.8x | 2.7x | 5.1x | 1.4x | 1.6x | 3.1x | 1.1x | 1.2x | 0.2x | 1.2x |
| Quick ratio | 1.8x | 2.7x | 5.1x | 1.4x | 1.6x | 3.1x | 1.1x | 1.2x | 0.2x | 1.2x |
| Capital allocation | ||||||||||
| Capex / revenue | β | β | β | β | 100.1% | 29.1% | 40.1% | 179.8% | 36.3% | 11.1% |
| Stock comp / revenue | β | β | β | β | 422.2% | 64.4% | 56.4% | 20.7% | 55.9% | 53.2% |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | β | β | β | 3.0 | 1.0 | 2.0 | 2.0 | 4.0 |
| Altman Z'' | β74.9 | β115.6 | β34.2 | β23.5 | β16.9 | β10.2 | β10.0 | β13.1 | β18.8 | β25.1 |
| Accruals ratio | β45.3% | β24.9% | β47.3% | β19.5% | β12.0% | 0.8% | β5.4% | β22.3% | 20.2% | β181.3% |
Source: SEC EDGAR XBRL filings (CIK 0000921114). 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.
