What is Ironwood's earnings per share (EPS)?

Ironwood (IRWD) reported diluted earnings per share of $0.15 for fiscal year 2025. This represents a 1400.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Ironwood Financials

IRWD

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Ironwood (IRWD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 55/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Ironwood has an operating margin of 33.3%, meaning the company retains $33 of operating profit per $100 of revenue. This strong profitability earns a score of 96/100, reflecting efficient cost management and pricing power. This is up from 26.5% the prior year.

Growth

Ironwood's revenue declined 15.7% year-over-year, from $351.4M to $296.2M. This contraction results in a growth score of 7/100.

Liquidity

Ironwood's current ratio of 1.13 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 18/100, which could limit financial flexibility.

Cash Flow

100

Ironwood converts 42.9% of revenue into free cash flow ($127.0M). This strong cash generation earns a score of 100/100.

Altman Z-Score Distress

-3.72

Ironwood scores -3.72, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($575.6M) relative to total liabilities ($658.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

5/9

Ironwood passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

5.29x

For every $1 of reported earnings, Ironwood generates $5.29 in operating cash flow ($127.0M OCF vs $24.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

3.0x

Ironwood earns $3.0 in operating income for every $1 of interest expense ($98.5M vs $32.7M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$296.2M

YoY-15.7%

5Y CAGR-5.3%

10Y CAGR+7.1%

Ironwood generated $296.2M in revenue in fiscal year 2025. This represents a decrease of 15.7% from the prior year.

EBITDA

$99.6M

YoY+5.6%

5Y CAGR-7.3%

Ironwood's EBITDA was $99.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.6% from the prior year.

Net Income

$24.0M

YoY+2629.2%

5Y CAGR-25.7%

Ironwood reported $24.0M in net income in fiscal year 2025. This represents an increase of 2629.2% from the prior year.

EPS (Diluted)

$0.15

YoY+1400.0%

5Y CAGR-25.6%

Ironwood earned $0.15 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1400.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$127.0M

YoY+22.8%

5Y CAGR-5.3%

Ironwood generated $127.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 22.8% from the prior year.

Cash & Debt

$215.5M

YoY+143.3%

5Y CAGR-9.9%

10Y CAGR-1.9%

Ironwood held $215.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

163M

YoY+1.8%

5Y CAGR+0.3%

Ironwood had 163M shares outstanding in fiscal year 2025. This represents an increase of 1.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

33.3%

YoY+6.8pp

5Y CAGR-3.4pp

10Y CAGR+101.5pp

Ironwood's operating margin was 33.3% in fiscal year 2025, reflecting core business profitability. This is up 6.8 percentage points from the prior year.

Net Margin

8.1%

YoY+7.9pp

5Y CAGR-19.1pp

10Y CAGR+103.5pp

Ironwood's net profit margin was 8.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.9 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$95.1M

YoY-14.6%

5Y CAGR+1.6%

10Y CAGR-1.3%

Ironwood invested $95.1M in research and development in fiscal year 2025. This represents a decrease of 14.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$34K

YoY-76.1%

5Y CAGR-55.0%

10Y CAGR-38.0%

Ironwood invested $34K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 76.1% from the prior year.

IRWD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$296.2M-15.7%	$351.4M-20.6%	$442.7M+7.8%	$410.6M-0.8%	$413.8M+6.2%	$389.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	$3.1M
Gross Profit	N/A	N/A	N/A	N/A	N/A	$386.4M
R&D Expenses	$95.1M-14.6%	$111.4M-4.0%	$116.1M+162.3%	$44.3M-37.1%	$70.4M-20.1%	$88.1M
SG&A Expenses	$82.3M-43.0%	$144.3M-8.9%	$158.3M+36.5%	$116.0M+4.4%	$111.1M-20.6%	$140.0M
Operating Income	$98.5M+5.8%	$93.1M+109.8%	-$945.4M-477.7%	$250.3M+7.8%	$232.3M+62.5%	$142.9M
Interest Expense	$32.7M-0.9%	$33.0M+52.7%	$21.6M+184.7%	$7.6M-75.6%	$31.1M+5.7%	$29.5M
Income Tax	$46.0M-28.5%	$64.3M-23.0%	$83.5M+7.9%	$77.4M+123.6%	-$327.8M-12308.2%	$2.7M
Net Income	$24.0M+2629.2%	$880K+100.1%	-$1.0B-672.5%	$175.1M-66.9%	$528.4M+397.7%	$106.2M
EPS (Diluted)	$0.15+1400.0%	$0.01+100.2%	$-6.45-771.9%	$0.96-70.1%	$3.21+386.4%	$0.66

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$47.7M-60.9%	$122.1M+43.2%	$85.2M+107.2%	$41.1M-54.6%	$90.5M-1.1%	$91.6M-3.0%	$94.4M+26.1%	$74.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$22.5M-3.9%	$23.4M-14.8%	$27.4M	N/A	$29.8M-1.8%	$30.4M+17.7%	$25.8M
SG&A Expenses	N/A	$21.9M+30.4%	$16.8M-30.8%	$24.3M	N/A	$36.1M-2.3%	$37.0M-1.7%	$37.6M
Operating Income	N/A	$75.5M+66.6%	$45.3M+255.7%	-$29.1M	N/A	$25.6M+2.6%	$25.0M+126.7%	$11.0M
Interest Expense	N/A	$8.4M+0.9%	$8.4M+3.5%	$8.1M	N/A	$9.4M+26.1%	$7.5M+3.3%	$7.2M
Income Tax	N/A	$27.9M+96.4%	$14.2M+1176.8%	$1.1M	N/A	$13.7M-30.5%	$19.7M+116.4%	$9.1M
Net Income	-$2.3M-105.7%	$40.1M+69.8%	$23.6M+163.1%	-$37.4M-1757.2%	$2.3M-38.1%	$3.6M+524.0%	-$860K+79.3%	-$4.2M
EPS (Diluted)	$-0.01-104.3%	$0.23+64.3%	$0.14+160.9%	$-0.23-2400.0%	$0.01-50.0%	$0.02+300.0%	$-0.01+66.7%	$-0.03

IRWD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$396.9M+13.1%	$350.9M-25.5%	$471.1M-57.2%	$1.1B-2.3%	$1.1B+101.5%	$559.2M
Current Assets	$274.2M+50.3%	$182.4M-21.8%	$233.3M-70.1%	$780.6M+4.8%	$745.2M+50.3%	$495.8M
Cash & Equivalents	$215.5M+143.3%	$88.6M-3.9%	$92.2M-86.0%	$656.2M+5.8%	$620.1M+71.0%	$362.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$46.7M-42.9%	$81.9M-36.6%	$129.1M+11.8%	$115.5M+1.2%	$114.0M-6.8%	$122.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$658.7M+1.0%	$652.2M-20.2%	$817.4M+82.4%	$448.1M-14.0%	$521.0M+4.9%	$496.6M
Current Liabilities	$242.2M+523.5%	$38.8M-85.9%	$276.1M+981.7%	$25.5M-84.2%	$161.7M+402.6%	$32.2M
Long-Term Debt	N/A	$199.0M-50.0%	$397.9M+0.4%	$396.3M-12.8%	$454.2M+5.6%	$430.3M
Total Equity	-$261.8M+13.1%	-$301.3M+13.0%	-$346.3M-153.1%	$652.4M+7.7%	$605.9M+867.3%	$62.6M
Retained Earnings	-$1.7B+1.4%	-$1.7B+0.1%	-$1.7B-143.9%	-$696.4M+25.7%	-$937.6M+36.0%	-$1.5B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$396.9M+0.2%	$396.1M+15.5%	$342.9M+4.8%	$327.2M-6.8%	$350.9M-9.9%	$389.5M-1.5%	$395.6M-9.8%	$438.8M
Current Assets	$274.2M+0.1%	$273.8M+42.8%	$191.8M+19.4%	$160.6M-11.9%	$182.4M+2.1%	$178.6M+0.2%	$178.2M-14.4%	$208.2M
Cash & Equivalents	$215.5M+53.5%	$140.4M+51.2%	$92.9M-14.4%	$108.5M+22.5%	$88.6M+0.4%	$88.2M-16.4%	$105.5M-13.2%	$121.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$46.7M-61.2%	$120.4M+39.7%	$86.2M+116.7%	$39.8M-51.4%	$81.9M+7.5%	$76.2M+31.1%	$58.1M-19.3%	$72.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$658.7M-0.2%	$660.2M+1.4%	$651.1M-1.5%	$661.3M+1.4%	$652.2M-6.9%	$700.9M-2.3%	$717.3M-6.8%	$769.3M
Current Liabilities	$242.2M-0.1%	$242.5M+4.3%	$232.5M+383.5%	$48.1M+23.8%	$38.8M-21.3%	$49.4M+8.5%	$45.5M-82.0%	$252.4M
Long-Term Debt	N/A	$199.5M+0.1%	$199.3M+0.1%	$199.2M+0.1%	$199.0M+0.1%	$198.8M+0.1%	$198.6M-50.1%	$398.3M
Total Equity	-$261.8M+0.9%	-$264.2M+14.3%	-$308.2M+7.8%	-$334.1M-10.9%	-$301.3M+3.2%	-$311.3M+3.2%	-$321.7M+2.7%	-$330.5M
Retained Earnings	-$1.7B-0.1%	-$1.7B+2.3%	-$1.7B+1.4%	-$1.7B-2.2%	-$1.7B+0.1%	-$1.7B+0.2%	-$1.7B-0.1%	-$1.7B

IRWD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$127.0M+22.7%	$103.5M-43.5%	$183.4M-33.0%	$273.8M+4.5%	$261.9M+55.1%	$168.8M
Capital Expenditures	$34K-76.1%	$142K-48.0%	$273K+100.7%	$136K-48.7%	$265K-85.6%	$1.8M
Free Cash Flow	$127.0M+22.8%	$103.4M-43.5%	$183.2M-33.1%	$273.6M+4.6%	$261.6M+56.7%	$167.0M
Investing Cash Flow	-$34K+76.1%	-$142K+100.0%	-$1.0B-754545.6%	-$136K+48.7%	-$265K+85.6%	-$1.8M
Financing Cash Flow	$216K+100.2%	-$107.0M-138.6%	$277.2M+216.7%	-$237.6M-5120.9%	-$4.5M-124.5%	$18.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$126.4M+423.8%	$24.1M	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$74.6M+56.7%	$47.6M+415.8%	-$15.1M-175.5%	$20.0M+31.2%	$15.2M+53.9%	$9.9M-70.5%	$33.5M-25.6%	$45.0M
Capital Expenditures	-$1K-150.0%	$2K0.0%	$2K-93.5%	$31K	$0-100.0%	$16K-72.4%	$58K-14.7%	$68K
Free Cash Flow	$74.6M+56.7%	$47.6M+415.7%	-$15.1M-175.6%	$19.9M+31.0%	$15.2M+54.2%	$9.9M-70.5%	$33.4M-25.6%	$44.9M
Investing Cash Flow	$1K+150.0%	-$2K0.0%	-$2K+93.5%	-$31K	$0+100.0%	-$16K+72.4%	-$58K+14.7%	-$68K
Financing Cash Flow	$122K	$0-100.0%	$88K+1366.7%	$6K+100.0%	-$14.9M+45.2%	-$27.2M+45.0%	-$49.4M-217.4%	-$15.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

IRWD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	99.2%
Operating Margin	33.3%+6.8pp	26.5%+240.0pp	-213.5%-274.5pp	61.0%+4.8pp	56.1%+19.4pp	36.7%
Net Margin	8.1%+7.9pp	0.3%+226.6pp	-226.4%-269.0pp	42.6%-85.1pp	127.7%+100.5pp	27.3%
Return on Equity	N/A	N/A	N/A	26.8%-60.4pp	87.2%-82.3pp	169.5%
Return on Assets	6.0%+5.8pp	0.3%+213.0pp	-212.8%-228.7pp	15.9%-31.0pp	46.9%+27.9pp	19.0%
Current Ratio	1.13-3.6	4.69+3.8	0.84-29.7	30.58+26.0	4.61-10.8	15.41
Debt-to-Equity	-2.52-1.9	-0.66+0.5	-1.15-1.8	0.61-0.1	0.75-6.1	6.87
FCF Margin	42.9%+13.5pp	29.4%-11.9pp	41.4%-25.3pp	66.6%+3.4pp	63.2%+20.4pp	42.9%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	61.8%+8.7pp	53.2%+123.9pp	-70.8%	N/A	28.0%+1.5pp	26.5%+11.7pp	14.7%
Net Margin	-4.8%-37.6pp	32.8%+5.2pp	27.7%+118.6pp	-90.9%-93.4pp	2.5%-1.5pp	4.0%+4.9pp	-0.9%+4.7pp	-5.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-0.6%-10.7pp	10.1%+3.2pp	6.9%+18.3pp	-11.4%-12.1pp	0.6%-0.3pp	0.9%+1.2pp	-0.2%+0.7pp	-0.9%
Current Ratio	1.130.0	1.13+0.3	0.82-2.5	3.34-1.4	4.69+1.1	3.62-0.3	3.92+3.1	0.82
Debt-to-Equity	-2.52-1.8	-0.76-0.1	-0.65-0.1	-0.60+0.1	-0.66-0.0	-0.64-0.0	-0.62+0.6	-1.21
FCF Margin	156.3%+117.3pp	39.0%+56.7pp	-17.7%-66.1pp	48.4%+31.6pp	16.8%+6.0pp	10.8%-24.6pp	35.4%-24.6pp	60.0%

Note: Shareholder equity is negative (-$261.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is Ironwood's annual revenue?

Ironwood (IRWD) reported $296.2M in total revenue for fiscal year 2025. This represents a -15.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ironwood's revenue growing?

Ironwood (IRWD) revenue declined by 15.7% year-over-year, from $351.4M to $296.2M in fiscal year 2025.

Is Ironwood profitable?

Yes, Ironwood (IRWD) reported a net income of $24.0M in fiscal year 2025, with a net profit margin of 8.1%.

What is Ironwood's EBITDA?

Ironwood (IRWD) had EBITDA of $99.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Ironwood's operating margin?

Ironwood (IRWD) had an operating margin of 33.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Ironwood's net profit margin?

Ironwood (IRWD) had a net profit margin of 8.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Ironwood's free cash flow?

Ironwood (IRWD) generated $127.0M in free cash flow during fiscal year 2025. This represents a 22.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Ironwood's operating cash flow?

Ironwood (IRWD) generated $127.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Ironwood's total assets?

Ironwood (IRWD) had $396.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Ironwood's capital expenditures?

Ironwood (IRWD) invested $34K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Ironwood spend on research and development?

Ironwood (IRWD) invested $95.1M in research and development during fiscal year 2025.

How many shares does Ironwood have outstanding?

Ironwood (IRWD) had 163M shares outstanding as of fiscal year 2025.

What is Ironwood's current ratio?

Ironwood (IRWD) had a current ratio of 1.13 as of fiscal year 2025, which is considered adequate.

What is Ironwood's debt-to-equity ratio?

Ironwood (IRWD) had a debt-to-equity ratio of -2.52 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ironwood's return on assets (ROA)?

Ironwood (IRWD) had a return on assets of 6.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Ironwood's debt-to-equity ratio negative or unusual?

Ironwood (IRWD) has negative shareholder equity of -$261.8M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Ironwood's Altman Z-Score?

Ironwood (IRWD) has an Altman Z-Score of -3.72, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Ironwood's Piotroski F-Score?

Ironwood (IRWD) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ironwood's earnings high quality?

Ironwood (IRWD) has an earnings quality ratio of 5.29x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Ironwood cover its interest payments?

Ironwood (IRWD) has an interest coverage ratio of 3.0x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Ironwood?

Ironwood (IRWD) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.