Ironwood Financials
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).
Ironwood’s recent recovery is a cost-reset story, where cash-positive operations survived even as the revenue base kept shrinking.
From FY2023 to FY2025, revenue fell from$442.7M to$296.2M , yet operating income swung from-$945.4M to$98.5M because R&D dropped from$1.1B to$95.1M and SG&A fell to$82.3M . That ties the turnaround more to a spending reset after an unusually large FY2023 cost spike than to a stronger sales engine.
FY2025 free cash flow of
Cash more than doubled year over year to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ironwood's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ironwood has an operating margin of 33.3%, meaning the company retains $33 of operating profit per $100 of revenue. This below-average margin results in a low score of 13/100, suggesting thin profitability after operating expenses. This is up from 26.5% the prior year.
Ironwood's revenue declined 15.7% year-over-year, from $351.4M to $296.2M. This contraction results in a growth score of 6/100.
Ironwood has a moderate D/E ratio of -2.52. This balance of debt and equity financing earns a leverage score of 56/100.
Ironwood's current ratio of 1.13 is below the typical benchmark, resulting in a score of 25/100. However, the company holds substantial cash reserves (89% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Ironwood converts 42.9% of revenue into free cash flow ($127.0M). This strong cash generation earns a score of 97/100.
Ironwood scores -3.57, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($735.8M) relative to total liabilities ($658.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ironwood passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
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.
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
Earnings & Revenue
Ironwood generated $296.2M in revenue in fiscal year 2025. This represents a decrease of 15.7% from the prior year.
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.
Ironwood reported $24.0M in net income in fiscal year 2025. This represents an increase of 2629.5% from the prior year.
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
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.
Ironwood held $215.5M in cash against $0 in long-term debt as of fiscal year 2025.
Ironwood had 163M shares outstanding in fiscal year 2025. This represents an increase of 1.8% from the prior year.
Margins & Returns
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.
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.
Capital Allocation
Ironwood invested $95.1M in research and development in fiscal year 2025. This represents a decrease of 14.6% from the prior year.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $106.5M+123.2% | $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 |
| 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 | $21.9M | N/A | $22.5M-3.9% | $23.4M-14.8% | $27.4M | N/A | $29.8M-1.8% | $30.4M |
| SG&A Expenses | $12.0M | N/A | $21.9M+30.4% | $16.8M-30.8% | $24.3M | N/A | $36.1M-2.3% | $37.0M |
| Operating Income | $72.6M | N/A | $75.5M+66.6% | $45.3M+255.7% | -$29.1M | N/A | $25.6M+2.6% | $25.0M |
| Interest Expense | $9.1M | N/A | $8.4M+0.9% | $8.4M+3.5% | $8.1M | N/A | $9.4M+26.1% | $7.5M |
| Income Tax | $24.4M | N/A | $27.9M+96.4% | $14.2M+1176.8% | $1.1M | N/A | $13.7M-30.5% | $19.7M |
| Net Income | $40.8M+1891.4% | -$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 |
| EPS (Diluted) | $0.24+2500.0% | $-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 |
IRWD Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $434.6M+9.5% | $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 |
| Current Assets | $332.3M+21.2% | $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 |
| Cash & Equivalents | $220.5M+2.3% | $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 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $105.8M+126.4% | $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 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $651.7M-1.1% | $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 |
| Current Liabilities | $236.3M-2.4% | $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 |
| Long-Term Debt | $199.9M | N/A | $199.5M+0.1% | $199.3M+0.1% | $199.2M+0.1% | $199.0M+0.1% | $198.8M+0.1% | $198.6M |
| Total Equity | -$217.1M+17.1% | -$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 |
| Retained Earnings | -$1.6B+2.4% | -$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 |
IRWD Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.1M-93.1% | $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 |
| Capital Expenditures | $31K+3200.0% | -$1K-150.0% | $2K0.0% | $2K-93.5% | $31K | $0-100.0% | $16K-72.4% | $58K |
| Free Cash Flow | $5.1M-93.2% | $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 |
| Investing Cash Flow | -$31K-3200.0% | $1K+150.0% | -$2K0.0% | -$2K+93.5% | -$31K | $0+100.0% | -$16K+72.4% | -$58K |
| Financing Cash Flow | $6K-95.1% | $122K | $0-100.0% | $88K+1366.7% | $6K+100.0% | -$14.9M+45.2% | -$27.2M+45.0% | -$49.4M |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 68.1% | N/A | 61.8%+8.7pp | 53.2%+123.9pp | -70.8% | N/A | 28.0%+1.5pp | 26.5% |
| Net Margin | 38.3%+43.0pp | -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% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 9.4%+9.9pp | -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% |
| Current Ratio | 1.41+0.3 | 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 |
| Debt-to-Equity | -3.00-0.5 | -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 |
| FCF Margin | 4.8%-151.5pp | 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% |
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.
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 -3.57, 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 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 34 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.