IONIS PHARMACEUTICALS INC
$29.06
+1.75 (+6.41%) · delayed · Nov 13, 2026
Five-year price
52w $27.25 to $86.74
- Market cap
- $4.8B
- Enterprise value
- $6.2B
- P/E
- —
- EV / EBIT
- —
- FCF yield
- −6.6%
- ROIC
- −16.1%
- Debt / equity
- 3.60
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
20
- ○ROIC > 12% (5y avg)5y avg ROIC -21.3%
- ○ROE > 15% (5y avg)5y avg ROE -60.1%
- ○Stable operating marginsMargin volatility 23.8% (σ, 5y)
- –Earnings convert to cashFCF / net income n/a (5y avg)
- ●Growing revenueRevenue CAGR 5y 5.3%
- ○Shrinking share countDiluted shares 14.6% over 5y
Value
n/a
- –P/E below 15P/E n/a
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield -6.6%
- –Price below Graham NumberGraham Number n/a
- ○P/B below 3P/B 9.9
Safety
20
- ○Debt / equity below 0.5D/E 3.60
- ○Debt payable in < 4 yrs of earningsNet debt $1.4B
- ○Interest coverage > 8xCoverage -22.1x
- ●Current ratio > 1.5Current ratio 3.83
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
20
- ○Adequate size (revenue > $2B)Revenue $0.9B
- ●Strong condition (current ratio ≥ 2)Current ratio 3.83
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -564%
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
A cash-flow valuation isn’t meaningful here: free cash flow is negative or not reported (common for banks, insurers and early-stage companies). Use book value and earnings power instead.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 373 | 514 | 600 | 1,123 | 729 | 810 | 587 | 788 | 705 | 944 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | (20) | 31 | (61) | 366 | (172) | (30) | (410) | (354) | (475) | (382) |
| Operating margin | -5.4% | 6.0% | -10.2% | 32.6% | -23.6% | -3.7% | -69.8% | -44.9% | -67.4% | -40.4% |
| Pre-tax income | (84) | (17) | (76) | 339 | (135) | (29) | (258) | (334) | (460) | (380) |
| Income tax | 3 | (6) | (291) | 52 | 345 | (1) | 12 | 32 | (6) | 2 |
| Net income | (60) | 0 | 274 | 278 | (444) | (29) | (270) | (366) | (454) | (381) |
| EPS (diluted) | -0.50 | 0.15 | 2.07 | 1.90 | -3.18 | -0.20 | -1.90 | -2.56 | -3.04 | -2.38 |
| Diluted shares | 121 | 126 | 134 | 153 | 140 | 141 | 142 | 143 | 150 | 160 |
Who owns it