Rani Therapeutics Holdings, Inc. Financials
This page shows Rani Therapeutics Holdings, Inc. (RANI) 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
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Rani Therapeutics Holdings, Inc. has an operating margin of -2346.0%, meaning the company retains $-2346 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -5186.2% the prior year.
Rani Therapeutics Holdings, Inc.'s revenue surged 58.9% year-over-year to $1.6M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Rani Therapeutics Holdings, Inc. carries a low D/E ratio of 0.29, meaning only $0.29 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 4.21, Rani Therapeutics Holdings, Inc. holds $4.21 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 83/100.
While Rani Therapeutics Holdings, Inc. generated -$18.7M in operating cash flow, capex of $88K consumed most of it, leaving -$18.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Rani Therapeutics Holdings, Inc. generates a -89.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -1506.9% the prior year.
Rani Therapeutics Holdings, Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Rani Therapeutics Holdings, Inc. generates $0.63 in operating cash flow (-$18.7M OCF vs -$29.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Rani Therapeutics Holdings, Inc. earns $-13.3 in operating income for every $1 of interest expense (-$38.3M vs $2.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Rani Therapeutics Holdings, Inc. generated $1.6M in revenue in fiscal year 2025. This represents an increase of 58.9% from the prior year.
Rani Therapeutics Holdings, Inc.'s EBITDA was -$37.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 28.5% from the prior year.
Rani Therapeutics Holdings, Inc. reported -$29.7M in net income in fiscal year 2025. This represents an increase of 1.1% from the prior year.
Rani Therapeutics Holdings, Inc. earned $-0.45 per diluted share (EPS) in fiscal year 2025. This represents an increase of 57.1% from the prior year.
Cash & Balance Sheet
Rani Therapeutics Holdings, Inc. generated -$18.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 47.4% from the prior year.
Rani Therapeutics Holdings, Inc. held $18.6M in cash against $9.6M in long-term debt as of fiscal year 2025.
Rani Therapeutics Holdings, Inc. had 100M shares outstanding in fiscal year 2025.
Margins & Returns
Rani Therapeutics Holdings, Inc.'s operating margin was -2346.0% in fiscal year 2025, reflecting core business profitability. This is up 2840.2 percentage points from the prior year.
Rani Therapeutics Holdings, Inc.'s net profit margin was -1817.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1102.9 percentage points from the prior year.
Rani Therapeutics Holdings, Inc.'s ROE was -89.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1417.0 percentage points from the prior year.
Capital Allocation
Rani Therapeutics Holdings, Inc. invested $20.2M in research and development in fiscal year 2025. This represents a decrease of 24.3% from the prior year.
Rani Therapeutics Holdings, Inc. invested $88K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 67.2% from the prior year.
RANI Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0-100.0% | $172K | N/A | $0 | $0 | $0 | 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 | $3.2M-41.5% | $5.5M-16.2% | $6.6M | N/A | $6.2M+0.9% | $6.1M-19.4% | $7.6M | N/A |
| SG&A Expenses | $4.0M-19.3% | $5.0M-11.0% | $5.6M | N/A | $5.6M-12.2% | $6.4M-0.6% | $6.4M | N/A |
| Operating Income | -$7.3M+30.9% | -$10.5M+12.6% | -$12.0M | N/A | -$11.8M+5.8% | -$12.5M+10.8% | -$14.0M | N/A |
| Interest Expense | $725K-17.3% | $877K-7.0% | $943K | N/A | $1.3M+4.8% | $1.3M-1.4% | $1.3M | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$5.4M+19.1% | -$6.7M+7.9% | -$7.3M | N/A | -$6.8M+0.3% | -$6.8M+9.1% | -$7.5M | N/A |
| EPS (Diluted) | $-0.12+33.3% | $-0.18+18.2% | $-0.22 | N/A | $-0.24+7.7% | $-0.26+10.3% | $-0.29 | N/A |
RANI Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.1M-40.0% | $16.9M-30.0% | $24.1M-34.1% | $36.6M-15.9% | $43.5M-0.4% | $43.7M-18.3% | $53.5M-7.6% | $57.9M |
| Current Assets | $5.0M-55.3% | $11.1M-37.7% | $17.8M-40.2% | $29.7M-8.1% | $32.4M+1.1% | $32.0M-22.6% | $41.4M-18.6% | $50.8M |
| Cash & Equivalents | $4.1M-59.4% | $10.2M+1.0% | $10.1M+168.8% | $3.8M-12.0% | $4.3M-5.3% | $4.5M-34.4% | $6.9M+17.3% | $5.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | $600K | $0 | 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 | $18.0M-30.9% | $26.1M-11.6% | $29.5M-11.1% | $33.1M-12.2% | $37.8M-1.1% | $38.2M-2.1% | $39.0M-13.5% | $45.0M |
| Current Liabilities | $19.1M-7.2% | $20.6M+2.4% | $20.1M+1.2% | $19.9M-1.6% | $20.2M+21.9% | $16.6M+24.0% | $13.4M+67.4% | $8.0M |
| Long-Term Debt | $0-100.0% | $2.2M-62.4% | $5.9M-38.4% | $9.6M-29.0% | $13.5M-21.3% | $17.2M-17.5% | $20.9M-14.8% | $24.5M |
| Total Equity | -$7.9M-41.0% | -$5.6M-82.4% | -$3.1M-253.4% | $2.0M-36.2% | $3.1M+10.1% | $2.8M-61.7% | $7.4M-42.5% | $12.9M |
| Retained Earnings | -$122.3M-4.6% | -$116.9M-6.1% | -$110.2M-7.1% | -$102.9M-9.5% | -$94.0M-7.8% | -$87.2M-8.5% | -$80.4M-10.3% | -$72.9M |
RANI Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.1M+12.6% | -$5.8M+28.9% | -$8.1M+5.8% | -$8.7M-2.9% | -$8.4M+6.9% | -$9.0M+4.0% | -$9.4M+24.7% | -$12.5M |
| Capital Expenditures | $0-100.0% | $37K-27.5% | $51K+64.5% | $31K-75.2% | $125K+33.0% | $94K+422.2% | $18K-89.2% | $167K |
| Free Cash Flow | -$5.1M+13.2% | -$5.8M+28.9% | -$8.2M+5.6% | -$8.7M-1.8% | -$8.5M+6.4% | -$9.1M+3.2% | -$9.4M+25.5% | -$12.6M |
| Investing Cash Flow | $0-100.0% | $5.7M-68.7% | $18.2M+623.1% | $2.5M+437.5% | $469K-92.8% | $6.5M-36.6% | $10.3M-22.4% | $13.3M |
| Financing Cash Flow | -$1.0M-636.7% | $188K+105.0% | -$3.7M-166.4% | $5.6M-27.1% | $7.7M+5363.8% | $141K+16.5% | $121K+26.0% | $96K |
| 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 |
RANI Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | -6984.3% | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | -4223.3% | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | -217.4%+22.6pp | -240.0%-138.9pp | -101.2% | N/A |
| Return on Assets | -53.4%-13.8pp | -39.6%-9.5pp | -30.1% | N/A | -15.6%-0.0pp | -15.6%-1.6pp | -14.0% | N/A |
| Current Ratio | 0.26-0.3 | 0.54-0.3 | 0.88-0.6 | 1.50-0.1 | 1.60-0.3 | 1.93-1.2 | 3.09-3.3 | 6.36 |
| Debt-to-Equity | 0.00+0.4 | -0.40+1.5 | -1.94-6.8 | 4.83+0.5 | 4.34-1.7 | 6.07+3.3 | 2.82+0.9 | 1.90 |
| FCF Margin | N/A | N/A | -4767.4% | N/A | N/A | N/A | N/A | N/A |
Similar Companies
Frequently Asked Questions
What is Rani Therapeutics Holdings, Inc.'s annual revenue?
Rani Therapeutics Holdings, Inc. (RANI) reported $1.6M in total revenue for fiscal year 2025. This represents a 58.9% 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 Rani Therapeutics Holdings, Inc.'s revenue growing?
Rani Therapeutics Holdings, Inc. (RANI) revenue grew by 58.9% year-over-year, from $1.0M to $1.6M in fiscal year 2025.
Is Rani Therapeutics Holdings, Inc. profitable?
No, Rani Therapeutics Holdings, Inc. (RANI) reported a net income of -$29.7M in fiscal year 2025, with a net profit margin of -1817.1%.
What is Rani Therapeutics Holdings, Inc.'s EBITDA?
Rani Therapeutics Holdings, Inc. (RANI) had EBITDA of -$37.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Rani Therapeutics Holdings, Inc. have?
As of fiscal year 2025, Rani Therapeutics Holdings, Inc. (RANI) had $18.6M in cash and equivalents against $9.6M in long-term debt.
What is Rani Therapeutics Holdings, Inc.'s operating margin?
Rani Therapeutics Holdings, Inc. (RANI) had an operating margin of -2346.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Rani Therapeutics Holdings, Inc.'s net profit margin?
Rani Therapeutics Holdings, Inc. (RANI) had a net profit margin of -1817.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Rani Therapeutics Holdings, Inc.'s return on equity (ROE)?
Rani Therapeutics Holdings, Inc. (RANI) has a return on equity of -89.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Rani Therapeutics Holdings, Inc.'s free cash flow?
Rani Therapeutics Holdings, Inc. (RANI) generated -$18.8M in free cash flow during fiscal year 2025. This represents a 47.4% 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 Rani Therapeutics Holdings, Inc.'s operating cash flow?
Rani Therapeutics Holdings, Inc. (RANI) generated -$18.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Rani Therapeutics Holdings, Inc.'s total assets?
Rani Therapeutics Holdings, Inc. (RANI) had $58.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Rani Therapeutics Holdings, Inc.'s capital expenditures?
Rani Therapeutics Holdings, Inc. (RANI) invested $88K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Rani Therapeutics Holdings, Inc. spend on research and development?
Rani Therapeutics Holdings, Inc. (RANI) invested $20.2M in research and development during fiscal year 2025.
What is Rani Therapeutics Holdings, Inc.'s current ratio?
Rani Therapeutics Holdings, Inc. (RANI) had a current ratio of 4.21 as of fiscal year 2025, which is generally considered healthy.
What is Rani Therapeutics Holdings, Inc.'s debt-to-equity ratio?
Rani Therapeutics Holdings, Inc. (RANI) had a debt-to-equity ratio of 0.29 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Rani Therapeutics Holdings, Inc.'s return on assets (ROA)?
Rani Therapeutics Holdings, Inc. (RANI) had a return on assets of -50.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Rani Therapeutics Holdings, Inc.'s cash runway?
Based on fiscal year 2025 data, Rani Therapeutics Holdings, Inc. (RANI) had $18.6M in cash against an annual operating cash burn of $18.7M. This gives an estimated cash runway of approximately 12 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 Rani Therapeutics Holdings, Inc.'s Piotroski F-Score?
Rani Therapeutics Holdings, Inc. (RANI) has a Piotroski F-Score of 4 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 Rani Therapeutics Holdings, Inc.'s earnings high quality?
Rani Therapeutics Holdings, Inc. (RANI) has an earnings quality ratio of 0.63x, 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.
Can Rani Therapeutics Holdings, Inc. cover its interest payments?
Rani Therapeutics Holdings, Inc. (RANI) has an interest coverage ratio of -13.3x, meaning it can struggle to 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 Rani Therapeutics Holdings, Inc.?
Rani Therapeutics Holdings, Inc. (RANI) scores 47 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.