RARE Nasdaq Pharmaceutical Preparations Financials FY2016βFY2025
Ultragenyx Pharmaceutical Inc. had $673M of revenue in fiscal 2025, up 20.2% on the year before. Over five years, revenue changed +19.9% a year on average.
Last close Β· Oct 23, 2026
$15.65
1.9%Hi! I read Ultragenyx Pharmaceutical Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+20.2%
Yes. Sales grew 20.2% last year.
Does it make a profit?
β85.4%
No. It lost money last year.
Does profit turn into cash?
β70.1%
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?
KIRA Β· Ultragenyx Pharmaceutical Inc. had $673M of revenue in fiscal 2025, up 20.2% on the year before. Over five years, revenue changed +19.9% a year on average. Its operating margin was β79.5%, up 16.2Β pts: of every 100 in sales, about β79 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· Ultragenyx Pharmaceutical Inc. lost $575M 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$472M in fiscal 2025, β70.1% 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· In the last 12 months, insiders sold $3.8M of shares on the open market and bought none.
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
$3.8M
9 insiders
Of sales under plans
35%
$1.3M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Howard HornChief Financial Officer | Sold | 7,066 | $15.27 | $0.1M | Form 4 |
| Sep 15, 2026 | Theodore Alan HuizengaSVP, Chief Accounting Officer | Sold plan | 1,283 | $13.57 | $0.0M | Form 4 |
| Sep 3, 2026 | Theodore Alan HuizengaSVP, Chief Accounting Officer | Sold | 161 | $13.99 | $0.0M | Form 4 |
| Aug 3, 2026 | Karah Herdman ParschauerEVP and Chief Legal Officer | Sold plan | 1,900 | $24.92 | $0.0M | Form 4 |
| Aug 3, 2026 | Howard HornChief Financial Officer | Sold plan | 4,696 | $24.92 | $0.1M | Form 4 |
| Jul 1, 2026 | Howard HornChief Financial Officer | Sold plan | 4,698 | $33.13 | $0.2M | Form 4 |
| Jun 15, 2026 | Corazon (Corsee) D. SandersDirector | Sold | 2,000 | $25.05 | $0.1M | Form 4 |
| Jun 15, 2026 | Karah Herdman ParschauerEVP and Chief Legal Officer | Sold plan | 1,899 | $24.62 | $0.0M | Form 4 |
| Jun 1, 2026 | Howard HornChief Financial Officer | Sold plan | 4,653 | $23.77 | $0.1M | Form 4 |
| May 18, 2026 | Shehnaaz SulimanDirector | Sold plan | 5,740 | $25.12 | $0.1M | Form 4 |
| May 5, 2026 | Eric CrombezEVP and Chief Medical Officer | Sold | 344 | $24.96 | $0.0M | Form 4 |
| May 1, 2026 | Howard HornChief Financial Officer | Sold plan | 4,683 | $24.90 | $0.1M | Form 4 |
| Apr 1, 2026 | Howard HornChief Financial Officer | Sold plan | 4,683 | $20.97 | $0.1M | Form 4 |
| Mar 10, 2026 | Karah Herdman ParschauerEVP and Chief Legal Officer | Sold | 3,508 | $22.67 | $0.1M | Form 4 |
| Mar 6, 2026 | Karah Herdman ParschauerEVP and Chief Legal Officer | Sold | 6,018 | $21.40 | $0.1M | Form 4 |
| Mar 3, 2026 | Howard HornChief Financial Officer | Sold plan | 1,635 | $22.40 | $0.0M | Form 4 |
| Mar 2, 2026 | John Richard PinionSee Remarks | Sold | 10,029 | $22.80 | $0.2M | Form 4 |
| Mar 2, 2026 | Emil D KakkisPresident & CEO, Director | Sold | 54,404 | $22.80 | $1.2M | Form 4 |
| Mar 2, 2026 | Eric CrombezEVP and Chief Medical Officer | Sold | 7,029 | $22.80 | $0.2M | Form 4 |
| Mar 2, 2026 | Theodore Alan HuizengaSVP, Chief Accounting Officer | Sold | 1,632 | $22.80 | $0.0M | Form 4 |
| Mar 2, 2026 | Karah Herdman ParschauerEVP and Chief Legal Officer | Sold | 8,135 | $22.80 | $0.2M | Form 4 |
| Mar 2, 2026 | Erik HarrisEVP & Chief Commercial Officer | Sold | 10,539 | $22.80 | $0.2M | Form 4 |
| Mar 2, 2026 | Howard HornChief Financial Officer | Sold plan | 8,409 | $22.70 | $0.2M | Form 4 |
| Feb 2, 2026 | Howard HornChief Financial Officer | Sold plan | 3,061 | $23.56 | $0.1M | Form 4 |
| Jan 2, 2026 | Howard HornChief Financial Officer | Sold plan | 3,150 | $22.84 | $0.1M | Form 4 |
| Dec 29, 2025 | Theodore Alan HuizengaSVP, Chief Accounting Officer | Sold | 85 | $34.38 | $0.0M | Form 4 |
| Dec 10, 2025 | Howard HornChief Financial Officer | Sold plan | 3,081 | $36.38 | $0.1M | Form 4 |
| Oct 13, 2025 | Howard HornChief Financial Officer | Sold | 7,942 | $31.51 | $0.3M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Ultragenyx Pharmaceutical 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 | $740M | $748M | $578M | $610M | $680M |
| Current ratio | 4.7x | 3.4x | 2.6x | 2.4x | 2.5x |
| Quick ratio | 4.6x | 3.3x | 2.5x | 2.2x | 2.3x |
| Total assets | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B |
| Total liabilities | $600M | $1.2B | $1.2B | $1.2B | $1.6B |
| Shareholders' equity | $923M | $352M | $275M | $255M | β$80.0M |
| 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· Ultragenyx Pharmaceutical 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 | 2 / 7 | 3 / 8 | 3 / 7 | 3 / 7 | 2 / 7 | 2 / 7 | 3 / 7 | 3 / 7 | 4 / 7 |
| Accruals ratio | β15.7% | β9.4% | 15.4% | β6.2% | β3.8% | β7.0% | β21.3% | β8.7% | β10.4% | β7.2% |
| Altman Z'' | 5.33 | β3.63 | 1.72 | β0.88 | 1.86 | β1.60 | β5.74 | β7.75 | β8.70 | β9.62 |
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 | $0.1M | $2.6M | $51.5M | $104M | $271M | $351M | $363M | $434M | $560M | $673M |
| Gross profit | β | $2.6M | $50.3M | β | β | β | β | β | β | β |
| Research and development | $183M | $232M | $294M | $357M | $412M | $497M | $706M | $648M | $698M | $750M |
| Operating income | β$248M | β$329M | β$371M | β$424M | β$330M | β$382M | β$649M | β$569M | β$536M | β$535M |
| Pretax income | β$246M | β$318M | β$197M | β$399M | β$185M | β$453M | β$702M | β$609M | β$567M | β$571M |
| Income tax | $0.0M | β$16.2M | $0.5M | $3.3M | $1.2M | $1.0M | $5.7M | β$2.0M | $2.0M | $4.0M |
| Net income | β$246M | β$302M | β$198M | β$403M | β$187M | β$454M | β$707M | β$607M | β$569M | β$575M |
| Net income to common | β$246M | β | β | β | β | β | β | β | β | β |
| Diluted EPS | β$6.21 | β$7.12 | β$3.97 | β$7.12 | β$3.07 | β$6.70 | β$10.12 | β$8.25 | β$6.29 | β$5.83 |
| Diluted shares | 0.04B | 0.04B | 0.05B | 0.06B | 0.06B | 0.07B | 0.07B | 0.07B | 0.09B | 0.10B |
| Cash flow | ||||||||||
| Cash from operations | β$161M | β$254M | β$291M | β$345M | β$132M | β$339M | β$380M | β$475M | β$414M | β$466M |
| Capital expenditure | $10.2M | $2.8M | $4.1M | $24.8M | $43.9M | $73.1M | $116M | $44.0M | $7.0M | $6.0M |
| Free cash flow | β$171M | β$257M | β$295M | β$370M | β$176M | β$412M | β$497M | β$519M | β$421M | β$472M |
| Depreciation and amortization | $3.4M | $5.8M | $19.5M | $8.5M | $12.3M | $13.2M | $18.2M | $26.0M | $36.0M | $35.0M |
| Stock-based compensation | $48.3M | $68.0M | $80.1M | $82.0M | $85.7M | $105M | $130M | $135M | $158M | $153M |
| Acquisitions | β | $143M | β | β | $0.0M | $0.0M | $75.0M | $0.0M | $0.0M | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $380M | $234M | $460M | $755M | $1.2B | $740M | $748M | $578M | $610M | $680M |
| Finance lease liabilities | β | β | β | β | $1.2M | $1.0M | $0.2M | β | β | β |
| Current assets | $402M | $270M | $522M | $851M | $1.3B | $857M | $884M | $732M | $817M | $951M |
| Current liabilities | $60.3M | $71.0M | $74.7M | $103M | $190M | $181M | $261M | $280M | $344M | $384M |
| Inventory | β | $0.8M | $7.1M | $11.5M | $13.0M | $16.2M | $26.8M | $34.0M | $45.0M | $52.0M |
| Property and equipment, net | $17.1M | $21.8M | $20.0M | $44.3M | $73.5M | $141M | $260M | $291M | $266M | $244M |
| Goodwill | β | $44.4M | $44.4M | $44.4M | $44.4M | $44.4M | $44.4M | $44.4M | $44.0M | $44.0M |
| Intangible assets | β | $142M | $129M | $129M | $131M | $131M | $160M | $166M | $178M | $176M |
| Total assets | $541M | $491M | $720M | $1.1B | $1.8B | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B |
| Total liabilities | $66.7M | $107M | $111M | $482M | $605M | $600M | $1.2B | $1.2B | $1.2B | $1.6B |
| Preferred stock | β | β | β | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $474M | $383M | $609M | $654M | $1.2B | $923M | $352M | $275M | $255M | β$80.0M |
| Margins | ||||||||||
| Gross margin | β | 100.0% | 97.8% | β | β | β | β | β | β | β |
| Operating margin | β186,471.4% | β12,593.5% | β721.2% | β409.0% | β121.8% | β108.6% | β178.6% | β131.1% | β95.7% | β79.5% |
| EBITDA margin | β183,897.0% | β12,370.5% | β683.2% | β400.8% | β117.3% | β104.9% | β173.6% | β125.1% | β89.3% | β74.3% |
| Net margin | β184,867.7% | β11,567.3% | β383.7% | β388.3% | β68.8% | β129.2% | β194.7% | β139.9% | β101.6% | β85.4% |
| FCF margin | β128,694.0% | β9,825.3% | β572.2% | β357.0% | β65.0% | β117.2% | β136.7% | β119.6% | β75.2% | β70.1% |
| Returns | ||||||||||
| Return on capital employed | β51.6% | β78.4% | β57.6% | β41.1% | β21.0% | β28.5% | β50.5% | β47.0% | β46.2% | β46.6% |
| Return on equity | β51.9% | β70.5% | β39.8% | β63.8% | β20.6% | β43.7% | β111.0% | β193.6% | β214.7% | β657.1% |
| Return on assets | β45.5% | β58.6% | β32.7% | β43.4% | β12.9% | β27.7% | β46.1% | β40.0% | β38.0% | β37.9% |
| Return on tangible equity | β51.9% | β153.0% | β45.4% | β83.8% | β19.1% | β60.7% | β479.6% | β943.7% | β1,724.2% | β |
| Growth | ||||||||||
| Revenue growth | β | 1,863.9% | 1,871.5% | 101.4% | 161.3% | 29.7% | 3.4% | 19.5% | 29.0% | 20.2% |
| Share count change | β | 7.2% | 17.2% | 13.7% | 7.5% | 11.4% | 3.1% | 5.1% | 23.1% | 9.0% |
| Financial health | ||||||||||
| Current ratio | 6.7x | 3.8x | 7.0x | 8.2x | 6.8x | 4.7x | 3.4x | 2.6x | 2.4x | 2.5x |
| Quick ratio | 6.7x | 3.8x | 6.9x | 8.1x | 6.8x | 4.6x | 3.3x | 2.5x | 2.2x | 2.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 7,660.2% | 106.9% | 7.9% | 23.9% | 16.2% | 20.8% | 32.0% | 10.1% | 1.3% | 0.9% |
| Stock comp / revenue | 36,322.6% | 2,603.9% | 155.6% | 79.1% | 31.6% | 29.9% | 35.9% | 31.1% | 28.2% | 22.7% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 2.0 | 3.0 | 3.0 | 3.0 | 2.0 | 2.0 | 3.0 | 3.0 | 4.0 |
| Altman Z'' | 5.3 | β3.6 | 1.7 | β0.9 | 1.9 | β1.6 | β5.7 | β7.7 | β8.7 | β9.6 |
| Accruals ratio | β15.7% | β9.4% | 15.4% | β6.2% | β3.8% | β7.0% | β21.3% | β8.7% | β10.4% | β7.2% |
Source: SEC EDGAR XBRL filings (CIK 0001515673). 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.
