Pharming Group N.V. (PHAR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 2, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PHAR SEC filings page.
Pharming Group N.V. (PHAR) reported $376.1M in revenue for fiscal year 2025, up 26.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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 (20-F and 6-K reports).
Pharming's 2025 recovery came from revenue scale and light reinvestment, while cash generation far exceeded accounting profit.
The key earnings-quality shift is that FY2025 operating cash flow was$54.7M against net income of$2.9M , making reported profit a poor shorthand for cash produced. Free cash flow reached$54.0M while capital expenditures were only$749K , so the cash result reflects low reinvestment needs more than a capital-heavy expansion.
Gross margin slipped 0.2 percentage points to
R&D remained
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. 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 Pharming Group N.V.'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.
Pharming Group N.V. has an operating margin of 6.9%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 34/100, indicating healthy but not exceptional operating efficiency. This is up from -2.9% the prior year.
Pharming Group N.V.'s revenue surged 26.6% year-over-year to $376.1M, reflecting rapid business expansion. This strong growth earns a score of 85/100.
Pharming Group N.V. carries a low D/E ratio of 0.33, meaning only $0.33 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.59, Pharming Group N.V. holds $2.59 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 72/100.
Pharming Group N.V. has a free cash flow margin of 14.3%, earning a moderate score of 48/100. The company generates positive cash flow after capital investments, but with room for improvement.
Pharming Group N.V.'s ROE of 1.0% shows moderate profitability relative to equity, earning a score of 33/100. This is up from -5.4% the prior year.
Pharming Group N.V. scores 3.12, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $935.7M against total liabilities of $222.9M. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Pharming Group N.V. passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
For every $1 of reported earnings, Pharming Group N.V. generates $19.19 in operating cash flow ($54.7M OCF vs $2.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Pharming Group N.V. earns $131.85 in operating income for every $1 of interest expense ($25.8M vs $196K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Pharming Group N.V. generated $376.1M in revenue in fiscal year 2025. This represents an increase of 26.6% from the prior year.
Pharming Group N.V.'s EBITDA was $37.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 397.5% from the prior year.
Pharming Group N.V. reported $2.9M in net income in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Pharming Group N.V. earned $0.00 per diluted ordinary share (EPS) in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
Pharming Group N.V. generated $54.0M in free cash flow in fiscal year 2025, representing cash available after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
Pharming Group N.V. held $145.3M in cash against $92.7M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Pharming Group N.V.'s gross margin was 87.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.2 percentage points from the prior year.
Pharming Group N.V.'s operating margin was 6.9% in fiscal year 2025, reflecting core business profitability. This is up 9.8 percentage points from the prior year.
Pharming Group N.V.'s net profit margin was 0.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.7 percentage points from the prior year.
Pharming Group N.V.'s ROE was 1.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 6.4 percentage points from the prior year.
Capital Allocation
Pharming Group N.V. invested $100.4M in research and development in fiscal year 2025. This represents an increase of 20.7% from the prior year.
Pharming Group N.V. invested $749K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 5.2% from the prior year.
Not reported for fiscal year 2025.
PHAR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Revenue | $376.1M+26.6% | $297.2M+21.1% | $245.3M+19.3% | $205.6M+3.4% | $198.9M-6.3% | $212.2M+12.0% | $189.4M |
| Cost of Revenue | $45.5M+28.5% | $35.4M+40.4% | $25.2M+43.6% | $17.6M-16.9% | $21.1M-10.2% | $23.5M-1.6% | $23.9M |
| Gross Profit | $330.6M+26.3% | $261.8M+18.9% | $220.1M+17.0% | $188.1M+5.8% | $177.7M-5.8% | $188.6M+14.0% | $165.5M |
| R&D Expenses | $100.4M+20.7% | $83.1M+20.7% | $68.9M+31.2% | $52.5M-25.3% | $70.4M+82.7% | $38.5M+21.2% | $31.8M |
| Operating Income | $25.8Mn/m | -$8.6Mn/m | -$5.4M-129.5% | $18.2M+34.5% | $13.6M-82.2% | $76.3M+11.7% | $68.2M |
| EBITDA | $37.1M+397.5% | $7.4M-29.3% | $10.5M-66.5% | $31.4M-5.3% | $33.2M-60.8% | $84.6M+14.2% | $74.0M |
| Interest Expense | $196K+250.0% | $56K-58.2% | $134K+27.6% | $105K+11.7% | $94K+27.0% | $74Kn/m | $0 |
| Income Tax | $10.3M+207.9% | $3.3Mn/m | -$1.5M-211.5% | $1.3M-81.5% | $7.1M+11.6% | $6.3M-46.0% | $11.7M |
| Net Income | $2.9Mn/m | -$11.8Mn/m | -$10.5M-177.1% | $13.7M-14.5% | $16.0M-57.6% | $37.7M-6.9% | $40.6M |
| EPS (Basic) | $0.00n/m | -$0.02n/m | -$0.02-176.2% | $0.02-16.0% | $0.03-56.9% | $0.06-10.8% | $0.07 |
| EPS (Diluted) | $0.00n/m | -$0.02n/m | -$0.02-184.2% | $0.02-17.4% | $0.02-58.2% | $0.06-8.3% | $0.06 |
| Diluted Shares (Avg) | 747M-4.9% | 785M+8.3% | 725M+2.6% | 707M+0.9% | 701M+2.7% | 683M+1.4% | 674M |
Not reported in any period shown, so not listed: SG&A Expenses.
PHAR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Total Assets | $500.0M+25.0% | $400.0M-13.6% | $462.9M+8.7% | $425.8M+7.2% | $397.3M-5.1% | $418.5M+63.5% | $255.9M |
| Current Assets | $299.5M+7.6% | $278.4M-12.0% | $316.3M+14.0% | $277.5M+11.2% | $249.4M-5.2% | $263.2M+120.4% | $119.4M |
| Cash & Equivalents | $145.3M+164.5% | $54.9M-11.0% | $61.7M-70.2% | $207.3M+8.0% | $191.9M-6.5% | $205.2M+175.9% | $74.3M |
| Inventory | $64.9M+16.5% | $55.7M-1.8% | $56.8M+34.1% | $42.3M+55.0% | $27.3M+29.1% | $21.2M+30.4% | $16.2M |
| Accounts Receivable | $54.7M-0.2% | $54.8M+18.8% | $46.2M+67.1% | $27.6M-7.9% | $30.0M-16.5% | $35.9M+24.4% | $28.9M |
| Goodwill | $135.5M+122.1% | $61.0M-14.4% | $71.3M | N/A | N/A | N/A | N/A |
| Total Liabilities | $222.9M+24.6% | $178.9M-26.7% | $244.1M+10.4% | $221.2M+8.2% | $204.4M-13.0% | $235.0M+69.7% | $138.5M |
| Current Liabilities | $115.8M+56.9% | $73.8M-5.3% | $78.0M+30.6% | $59.7M+27.6% | $46.8M-39.1% | $76.8M-32.7% | $114.3M |
| Non-Current Liabilities | $107.1M+1.9% | $105.1M-36.7% | $166.1M+2.9% | $161.5M+2.4% | $157.6M-0.3% | $158.2M+551.6% | $24.3M |
| Long-Term Debt | $92.7M+18.6% | $78.2M-42.8% | $136.6M+3.8% | $131.6M-5.3% | $139.0M-7.2% | $149.7Mn/m | $0 |
| Total Equity | $277.1M+25.4% | $221.1M+1.0% | $218.8M+6.9% | $204.6M+6.1% | $192.9M+5.2% | $183.4M+56.3% | $117.4M |
| Retained Earnings | -$273.0Mn/m | -$275.5Mn/m | -$265.3Mn/m | -$256.4Mn/m | -$273.2Mn/m | -$295.6Mn/m | -$340.7M |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
PHAR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $54.7Mn/m | -$1.8Mn/m | -$17.3M-177.0% | $22.5M-40.7% | $37.8M-54.7% | $83.6M+12.8% | $74.1M |
| Depreciation & Amortization | $11.2M-30.2% | $16.1M+0.9% | $15.9M+20.8% | $13.2M-32.7% | $19.6M+135.9% | $8.3M+43.3% | $5.8M |
| Capital Expenditures | $749K-5.2% | $790K-45.0% | $1.4M+4.4% | $1.4M-87.2% | $10.7M+130.6% | $4.7M+75.9% | $2.6M |
| Free Cash Flow | $54.0Mn/m | -$2.6Mn/m | -$18.7M-188.9% | $21.1M-22.2% | $27.1M-65.7% | $79.0M+10.4% | $71.5M |
| Investing Cash Flow | $26.3M-17.0% | $31.6Mn/m | -$129.4M-2530.7% | $5.3Mn/m | -$21.3Mn/m | -$15.6Mn/m | -$28.3M |
| Financing Cash Flow | $1.5Mn/m | -$34.4Mn/m | -$1.0Mn/m | -$5.0Mn/m | -$27.9M-146.1% | $60.7Mn/m | -$63.5M |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.
PHAR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Gross Margin | 87.9%-0.2pp | 88.1%-1.6pp | 89.7%-1.7pp | 91.5%+2.1pp | 89.4%+0.5pp | 88.9%+1.5pp | 87.4% |
| Operating Margin | 6.9%+9.8pp | -2.9%-0.7pp | -2.2%-11.1pp | 8.9%+2.1pp | 6.8%-29.1pp | 35.9%-0.1pp | 36.0% |
| Net Margin | 0.8%+4.7pp | -4.0%+0.3pp | -4.3%-10.9pp | 6.7%-1.4pp | 8.0%-9.8pp | 17.8%-3.6pp | 21.4% |
| Return on Equity | 1.0%+6.4pp | -5.4%-0.5pp | -4.8%-11.5pp | 6.7%-1.6pp | 8.3%-12.3pp | 20.6%-14.0pp | 34.5% |
| Return on Assets | 0.6%+3.5pp | -3.0%-0.7pp | -2.3%-5.5pp | 3.2%-0.8pp | 4.0%-5.0pp | 9.0%-6.8pp | 15.8% |
| Current Ratio | 2.59-1.2x | 3.77-0.3x | 4.06-0.6x | 4.65-0.7x | 5.33+1.9x | 3.43+2.4x | 1.05 |
| Debt-to-Equity | 0.330.0x | 0.35-0.3x | 0.620.0x | 0.64-0.1x | 0.72-0.1x | 0.82+0.8x | 0.00 |
| Liabilities-to-Equity | 0.800.0x | 0.81-0.3x | 1.120.0x | 1.080.0x | 1.06-0.2x | 1.28+0.1x | 1.18 |
| Asset Turnover | 0.750.0x | 0.74+0.2x | 0.530.0x | 0.480.0x | 0.500.0x | 0.51-0.2x | 0.74 |
| FCF Margin | 14.3%+15.2pp | -0.9%+6.8pp | -7.6%-17.9pp | 10.3%-3.4pp | 13.6%-23.6pp | 37.2%-0.5pp | 37.8% |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Pharming Group N.V. PHAR | FY2025 | $376.1M | $2.9M | 0.8% | $935.7M | 61/100 |
| Corvus Pharmaceuticals, Inc. CRVS | FY2025 | N/A | -$15.3M | N/A | $959.1M | — |
| Syndax Pharmaceuticals, Inc. SNDX | FY2025 | $172.4M | -$285.4M | N/A | $854.4M | 61/100 |
| MeiraGTx Holdings plc MGTX | FY2025 | $81.4M | -$114.2M | N/A | $923.9M | 64/100 |
| Prime Medicine, Inc. PRME | FY2025 | $4.6M | -$201.1M | N/A | $707.4M | 58/100 |
| Annexon, Inc. ANNX | FY2025 | N/A | -$206.7M | N/A | $798.1M | — |
Where Pharming Group N.V. Ranks
Frequently Asked Questions
Pharming Group N.V. (PHAR) reported $376.1M in total revenue for fiscal year 2025. This represents a 26.6% 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.
Pharming Group N.V. (PHAR) revenue grew by 26.6% year-over-year, from $297.2M to $376.1M in fiscal year 2025.
Yes, Pharming Group N.V. (PHAR) reported a net income of $2.9M in fiscal year 2025, with a net profit margin of 0.8%.
Pharming Group N.V. (PHAR) had EBITDA of $37.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Pharming Group N.V. (PHAR) had $145.3M in cash and equivalents against $92.7M in long-term debt.
Pharming Group N.V. (PHAR) had a gross margin of 87.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Pharming Group N.V. (PHAR) had an operating margin of 6.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Pharming Group N.V. (PHAR) had a net profit margin of 0.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Pharming Group N.V. (PHAR) has a return on equity of 1.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Pharming Group N.V. (PHAR) generated $54.0M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
Pharming Group N.V. (PHAR) generated $54.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Pharming Group N.V. (PHAR) had $500.0M in total assets as of fiscal year 2025, including both current and long-term assets.
Pharming Group N.V. (PHAR) invested $749K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Pharming Group N.V. (PHAR) invested $100.4M in research and development during fiscal year 2025.
Pharming Group N.V. (PHAR) had a current ratio of 2.59 as of fiscal year 2025, which is generally considered healthy.
Pharming Group N.V. (PHAR) had a debt-to-equity ratio of 0.33 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Pharming Group N.V. (PHAR) had a liabilities-to-equity ratio of 0.80 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Pharming Group N.V. (PHAR) had a return on assets of 0.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Pharming Group N.V. (PHAR) trades at 328x earnings, its market capitalization divided by $2.9M net income, FY2025. The market capitalization is $935.7M as of Nov 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Pharming Group N.V. (PHAR) trades at 2.5x sales, its market capitalization divided by $376.1M revenue, FY2025. The market capitalization is $935.7M as of Nov 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Pharming Group N.V. (PHAR) has an Altman Z-Score of 3.12, placing it in the Safe Zone (low 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.
Pharming Group N.V. (PHAR) has a Piotroski F-Score of 6 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Pharming Group N.V. (PHAR) has an earnings quality ratio of 19.19x, 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.
Pharming Group N.V. (PHAR) has an interest coverage ratio of 131.85x, meaning it can comfortably 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.
Pharming Group N.V. (PHAR) scores 61 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average 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.