What is Nuvalent, Inc.'s earnings per share (EPS)?

Nuvalent, Inc. (NUVL) reported diluted earnings per share of $-5.85 for fiscal year 2025. This represents a -48.9% 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.

Nuvalent, Inc. Financials

NUVL

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

This page shows Nuvalent, Inc. (NUVL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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

Piotroski F-Score Weak

1/9

Nuvalent, Inc. passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.65x

For every $1 of reported earnings, Nuvalent, Inc. generates $0.65 in operating cash flow (-$275.2M OCF vs -$425.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$425.4M

YoY-63.1%

Nuvalent, Inc. reported -$425.4M in net income in fiscal year 2025. This represents a decrease of 63.1% from the prior year.

EPS (Diluted)

$-5.85

YoY-48.9%

Nuvalent, Inc. earned $-5.85 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 48.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$261.7M

YoY+79.7%

5Y CAGR+90.9%

Nuvalent, Inc. held $261.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-34.1%

YoY-9.7pp

Nuvalent, Inc.'s ROE was -34.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 9.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$307.0M

YoY+41.0%

5Y CAGR+81.9%

Nuvalent, Inc. invested $307.0M in research and development in fiscal year 2025. This represents an increase of 41.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

NUVL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	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
R&D Expenses	$307.0M+41.0%	$217.8M+92.3%	$113.2M+77.7%	$63.7M+79.2%	$35.6M+130.9%	$15.4M
SG&A Expenses	$107.3M+71.5%	$62.6M+72.7%	$36.2M+62.0%	$22.4M+118.1%	$10.3M+583.0%	$1.5M
Operating Income	-$414.3M-47.8%	-$280.4M-87.5%	-$149.5M-73.6%	-$86.1M-87.9%	-$45.8M-171.0%	-$16.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$585K-23.4%	$764K	$0	$0	N/A	N/A
Net Income	-$425.4M-63.1%	-$260.8M-106.6%	-$126.2M-54.2%	-$81.9M-76.6%	-$46.3M-218.3%	-$14.6M
EPS (Diluted)	$-5.85-48.9%	$-3.93-81.1%	$-2.17-31.5%	$-1.65+22.5%	$-2.13+58.1%	$-5.08

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	$83.8M+3.6%	$80.9M+8.7%	$74.4M	N/A	$60.6M+23.2%	$49.2M+27.3%	$38.6M
SG&A Expenses	N/A	$28.9M+22.0%	$23.7M+16.0%	$20.4M	N/A	$15.8M-1.3%	$16.0M+14.5%	$14.0M
Operating Income	N/A	-$112.7M-7.8%	-$104.6M-10.3%	-$94.8M	N/A	-$76.3M-17.2%	-$65.2M-23.9%	-$52.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	$8.7M+7.4%	$8.1M-4.7%	$8.5M
Income Tax	N/A	$132K-9.0%	$145K-7.6%	$157K	N/A	$40K-76.5%	$170K-55.6%	$383K
Net Income	N/A	-$122.4M-22.9%	-$99.7M-17.8%	-$84.6M	N/A	-$84.3M-47.5%	-$57.2M-28.5%	-$44.5M
EPS (Diluted)	N/A	$-1.70-22.3%	$-1.39-17.8%	$-1.18	N/A	$-1.28-45.5%	$-0.88-27.5%	$-0.69

NUVL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.4B+23.7%	$1.1B+55.9%	$732.4M+51.8%	$482.5M+64.2%	$293.8M+2659.9%	$10.6M
Current Assets	$1.4B+23.0%	$1.1B+55.9%	$726.5M+52.0%	$478.0M+64.5%	$290.6M+2629.9%	$10.6M
Cash & Equivalents	$261.7M+79.7%	$145.7M-56.6%	$335.4M+38.7%	$241.8M+252.9%	$68.5M+563.2%	$10.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$164.4M+128.4%	$72.0M+126.1%	$31.8M+63.4%	$19.5M+121.7%	$8.8M-79.1%	$42.0M
Current Liabilities	$91.2M+68.8%	$54.0M+69.8%	$31.8M+63.4%	$19.5M+121.7%	$8.8M+100.6%	$4.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B+16.7%	$1.1B+52.7%	$700.6M+51.3%	$463.0M+62.4%	$285.0M+1010.0%	-$31.3M
Retained Earnings	-$972.4M-77.8%	-$547.1M-91.1%	-$286.3M-78.8%	-$160.1M-104.6%	-$78.2M-145.3%	-$31.9M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.4B+44.2%	$979.9M-5.8%	$1.0B-5.9%	$1.1B-3.1%	$1.1B-4.0%	$1.2B+76.1%	$675.2M-4.7%	$708.5M
Current Assets	$1.4B+45.5%	$956.9M-6.1%	$1.0B-6.2%	$1.1B-4.1%	$1.1B-4.0%	$1.2B+77.1%	$666.3M-4.8%	$699.5M
Cash & Equivalents	$261.7M+126.1%	$115.8M-9.2%	$127.5M+5.5%	$120.8M-17.1%	$145.7M-60.5%	$369.2M+375.2%	$77.7M-21.1%	$98.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$164.4M+22.2%	$134.5M+33.4%	$100.8M+6.4%	$94.7M+31.7%	$72.0M+6.2%	$67.7M+77.3%	$38.2M+14.3%	$33.4M
Current Liabilities	$91.2M+2.3%	$89.2M+18.6%	$75.1M+0.2%	$75.0M+38.9%	$54.0M+5.6%	$51.1M+33.9%	$38.2M+14.3%	$33.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B+47.7%	$845.4M-10.0%	$939.7M-7.1%	$1.0B-5.5%	$1.1B-4.6%	$1.1B+76.0%	$637.0M-5.6%	$675.0M
Retained Earnings	-$972.4M-13.9%	-$853.7M-16.7%	-$731.3M-15.8%	-$631.6M-15.5%	-$547.1M-15.8%	-$472.3M-21.7%	-$387.9M-17.3%	-$330.8M

NUVL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$275.2M-48.7%	-$185.1M-85.5%	-$99.7M-53.5%	-$65.0M-62.4%	-$40.0M-167.6%	-$14.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$124.1M+78.4%	-$573.5M-299.6%	-$143.5M-1245.8%	-$10.7M+95.2%	-$220.0M	N/A
Financing Cash Flow	$515.3M-9.4%	$568.9M+68.9%	$336.8M+35.3%	$248.9M-21.8%	$318.2M+1329.2%	$22.3M
Dividends Paid	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

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$73.3M-4.1%	-$70.5M+8.0%	-$76.6M-39.7%	-$54.8M+11.6%	-$62.0M-35.3%	-$45.8M-11.3%	-$41.2M-14.1%	-$36.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$280.9M-620.5%	$54.0M-30.3%	$77.5M+204.8%	$25.4M+114.9%	-$170.0M+20.1%	-$212.9M-1413.6%	$16.2M+107.8%	-$206.8M
Financing Cash Flow	$500.3M+10381.1%	$4.8M-17.1%	$5.8M+26.5%	$4.5M-46.4%	$8.5M-98.5%	$550.3M+13201.1%	$4.1M-30.9%	$6.0M
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

NUVL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-34.1%-9.7pp	-24.4%-6.3pp	-18.0%-0.3pp	-17.7%-1.4pp	-16.3%	N/A
Return on Assets	-30.1%-7.3pp	-22.8%-5.6pp	-17.2%-0.3pp	-17.0%-1.2pp	-15.8%+121.0pp	-136.7%
Current Ratio	15.27-5.7	20.96-1.9	22.83-1.7	24.54-8.5	33.07+30.6	2.43
Debt-to-Equity	0.13+0.1	0.07+0.0	0.050.0	0.04+0.0	0.03+1.4	-1.34
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

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	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	-14.5%-3.9pp	-10.6%-2.2pp	-8.4%	N/A	-7.5%+1.4pp	-9.0%-2.4pp	-6.6%
Return on Assets	N/A	-12.5%-2.9pp	-9.6%-1.9pp	-7.6%	N/A	-7.1%+1.4pp	-8.5%-2.2pp	-6.3%
Current Ratio	15.27+4.5	10.73-2.8	13.57-0.9	14.48-6.5	20.96-2.1	23.07+5.6	17.45-3.5	20.93
Debt-to-Equity	0.13-0.0	0.16+0.1	0.11+0.0	0.09+0.0	0.070.0	0.060.0	0.06+0.0	0.05
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Nuvalent, Inc. profitable?

No, Nuvalent, Inc. (NUVL) reported a net income of -$425.4M in fiscal year 2025.

What is Nuvalent, Inc.'s return on equity (ROE)?

Nuvalent, Inc. (NUVL) has a return on equity of -34.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Nuvalent, Inc.'s operating cash flow?

Nuvalent, Inc. (NUVL) generated -$275.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Nuvalent, Inc.'s total assets?

Nuvalent, Inc. (NUVL) had $1.4B in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Nuvalent, Inc. spend on research and development?

Nuvalent, Inc. (NUVL) invested $307.0M in research and development during fiscal year 2025.

What is Nuvalent, Inc.'s current ratio?

Nuvalent, Inc. (NUVL) had a current ratio of 15.27 as of fiscal year 2025, which is generally considered healthy.

What is Nuvalent, Inc.'s debt-to-equity ratio?

Nuvalent, Inc. (NUVL) had a debt-to-equity ratio of 0.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Nuvalent, Inc.'s return on assets (ROA)?

Nuvalent, Inc. (NUVL) had a return on assets of -30.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Nuvalent, Inc.'s cash runway?

Based on fiscal year 2025 data, Nuvalent, Inc. (NUVL) had $261.7M in cash against an annual operating cash burn of $275.2M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Nuvalent, Inc.'s Piotroski F-Score?

Nuvalent, Inc. (NUVL) has a Piotroski F-Score of 1 out of 9, indicating weak 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 Nuvalent, Inc.'s earnings high quality?

Nuvalent, Inc. (NUVL) has an earnings quality ratio of 0.65x, considered low quality (accrual-driven). 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.