Ultragenyx Pharm Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Ultragenyx Pharm has an operating margin of -95.7%, meaning the company retains $-96 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 -131.1% the prior year.
Ultragenyx Pharm's revenue surged 29.0% year-over-year to $560.2M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Ultragenyx Pharm has elevated debt relative to equity (D/E of 4.86), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
With a current ratio of 2.37, Ultragenyx Pharm holds $2.37 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 75/100.
While Ultragenyx Pharm generated -$414.2M in operating cash flow, capex of $7.5M consumed most of it, leaving -$421.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Ultragenyx Pharm passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Ultragenyx Pharm generates $0.73 in operating cash flow (-$414.2M OCF vs -$569.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
This page shows Ultragenyx Pharm (RARE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).
Key Financial Metrics
Ultragenyx Pharm generated $560.2M in revenue in fiscal year 2024. This represents an increase of 29.0% from the prior year.
Ultragenyx Pharm's EBITDA was -$500.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.9% from the prior year.
Ultragenyx Pharm generated -$421.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 18.8% from the prior year.
Ultragenyx Pharm reported -$569.2M in net income in fiscal year 2024. This represents an increase of 6.2% from the prior year.
Ultragenyx Pharm earned $-6.29 per diluted share (EPS) in fiscal year 2024. This represents an increase of 23.8% from the prior year.
Ultragenyx Pharm held $173.7M in cash against $0 in long-term debt as of fiscal year 2024.
Ultragenyx Pharm had 93M shares outstanding in fiscal year 2024. This represents an increase of 12.4% from the prior year.
Ultragenyx Pharm's operating margin was -95.7% in fiscal year 2024, reflecting core business profitability. This is up 35.4 percentage points from the prior year.
Ultragenyx Pharm's net profit margin was -101.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 38.1 percentage points from the prior year.
Ultragenyx Pharm invested $697.9M in research and development in fiscal year 2024. This represents an increase of 7.6% from the prior year.
Ultragenyx Pharm invested $7.5M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 83.1% from the prior year.
RARE Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $159.9M-3.9% | $166.5M+19.5% | $139.3M-15.5% | $164.9M+12.1% | $147.0M+35.1% | $108.8M-14.6% | $127.4M+29.9% | $98.1M |
| 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 | $216.2M+31.2% | $164.7M-0.6% | $165.8M-11.7% | $187.8M+16.3% | $161.5M-9.5% | $178.5M+11.2% | $160.6M+2.1% | $157.2M |
| SG&A Expenses | $86.6M0.0% | $86.6M-1.3% | $87.8M+6.4% | $82.5M+2.3% | $80.6M+3.1% | $78.2M+1.7% | $76.8M+2.6% | $74.9M |
| Operating Income | -$170.9M-58.4% | -$107.9M+24.5% | -$142.9M-16.9% | -$122.3M-5.1% | -$116.4M+29.6% | -$165.3M-35.5% | -$122.0M+15.9% | -$145.1M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $873K-7.8% | $947K-27.7% | $1.3M+6994.7% | -$19K-102.2% | $858K+88.6% | $455K+112.3% | -$3.7M-669.5% | $650K |
| Net Income | -$180.4M-56.9% | -$115.0M+23.9% | -$151.1M-13.3% | -$133.4M-1.4% | -$131.6M+22.9% | -$170.7M-38.6% | -$123.2M+22.8% | -$159.6M |
| EPS (Diluted) | $-1.81-54.7% | $-1.17+25.5% | $-1.57-17.2% | $-1.34+11.8% | $-1.52+25.1% | $-2.03-41.0% | $-1.44+35.4% | $-2.23 |
RARE Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B-8.9% | $1.3B-0.4% | $1.3B-12.7% | $1.5B-7.1% | $1.6B+23.8% | $1.3B-12.3% | $1.5B+20.4% | $1.2B |
| Current Assets | $643.2M-10.6% | $719.8M+3.0% | $699.2M-14.4% | $817.1M-15.3% | $964.6M+61.9% | $596.0M-18.6% | $732.2M+22.2% | $599.2M |
| Cash & Equivalents | $202.5M+14.9% | $176.3M+38.8% | $127.1M-26.9% | $173.7M-63.9% | $480.7M+328.2% | $112.3M-47.4% | $213.6M+194.3% | $72.6M |
| Inventory | $52.2M+12.3% | $46.5M+1.0% | $46.0M+2.3% | $45.0M+12.1% | $40.1M+11.8% | $35.9M+5.7% | $34.0M+6.8% | $31.8M |
| Accounts Receivable | $112.5M-9.6% | $124.5M+25.9% | $98.8M-18.9% | $121.8M+14.9% | $106.0M+5.7% | $100.3M+36.6% | $73.4M-7.4% | $79.3M |
| Goodwill | $44.4M0.0% | $44.4M0.0% | $44.4M0.0% | $44.4M0.0% | $44.4M0.0% | $44.4M0.0% | $44.4M0.0% | $44.4M |
| Total Liabilities | $1.2B+2.3% | $1.1B-1.1% | $1.2B-6.5% | $1.2B+4.6% | $1.2B+1.6% | $1.2B-4.0% | $1.2B+0.8% | $1.2B |
| Current Liabilities | $340.0M+16.0% | $293.2M+0.5% | $291.7M-15.3% | $344.2M+26.1% | $272.9M+11.1% | $245.6M-12.4% | $280.4M+10.4% | $254.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $9.2M-93.9% | $151.3M+4.9% | $144.2M-43.5% | $255.3M-41.0% | $432.4M+208.3% | $140.3M-49.1% | $275.4M+768.4% | $31.7M |
| Retained Earnings | -$4.4B-4.3% | -$4.2B-2.8% | -$4.1B-3.8% | -$4.0B-7.2% | -$3.7B-3.7% | -$3.6B-5.0% | -$3.4B-3.8% | -$3.3B |
RARE Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$91.4M+15.6% | -$108.3M+35.0% | -$166.5M-109.4% | -$79.5M-3.3% | -$77.0M+59.6% | -$190.7M-127.3% | -$83.9M+28.8% | -$117.9M |
| Capital Expenditures | $1.3M-48.0% | $2.5M+85.8% | $1.3M+102.4% | $654K-67.4% | $2.0M-37.4% | $3.2M+100.7% | $1.6M-56.7% | $3.7M |
| Free Cash Flow | -$92.7M+16.3% | -$110.7M+34.0% | -$167.8M-109.3% | -$80.2M-1.5% | -$79.0M+59.3% | -$193.9M-126.8% | -$85.5M+29.7% | -$121.6M |
| Investing Cash Flow | $117.2M+64.6% | $71.2M-40.6% | $119.9M+16.7% | $102.7M+69.6% | $60.6M-35.9% | $94.4M+188.2% | -$107.0M-266.4% | $64.3M |
| Financing Cash Flow | $2K-100.0% | $83.6M+53179.6% | $157K-95.1% | $3.2M-99.2% | $384.9M+663787.9% | -$58K-100.0% | $330.6M+1210.2% | $25.2M |
| 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 |
RARE Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -106.8%-42.0pp | -64.8%+37.8pp | -102.6%-28.5pp | -74.2%+5.0pp | -79.1%+72.8pp | -151.9%-56.1pp | -95.8%+52.2pp | -148.0% |
| Net Margin | -112.8%-43.8pp | -69.0%+39.4pp | -108.5%-27.6pp | -80.9%+8.6pp | -89.5%+67.3pp | -156.8%-60.1pp | -96.7%+66.1pp | -162.8% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -15.2%-6.4pp | -8.8%+2.7pp | -11.5%-2.6pp | -8.9%-0.7pp | -8.1%+4.9pp | -13.1%-4.8pp | -8.3%+4.6pp | -12.9% |
| Current Ratio | 1.89-0.6 | 2.45+0.1 | 2.40+0.0 | 2.37-1.2 | 3.54+1.1 | 2.43-0.2 | 2.61+0.3 | 2.36 |
| Debt-to-Equity | 128.21+120.6 | 7.59-0.5 | 8.05+3.2 | 4.86+2.1 | 2.74-5.6 | 8.32+3.9 | 4.41-33.6 | 38.04 |
| FCF Margin | -58.0%+8.6pp | -66.5%+54.0pp | -120.5%-71.9pp | -48.6%+5.1pp | -53.7%+124.5pp | -178.2%-111.1pp | -67.1%+56.9pp | -124.0% |
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Frequently Asked Questions
What is Ultragenyx Pharm's annual revenue?
Ultragenyx Pharm (RARE) reported $560.2M in total revenue for fiscal year 2024. This represents a 29.0% 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 Ultragenyx Pharm's revenue growing?
Ultragenyx Pharm (RARE) revenue grew by 29% year-over-year, from $434.2M to $560.2M in fiscal year 2024.
Is Ultragenyx Pharm profitable?
No, Ultragenyx Pharm (RARE) reported a net income of -$569.2M in fiscal year 2024, with a net profit margin of -101.6%.
What is Ultragenyx Pharm's earnings per share (EPS)?
Ultragenyx Pharm (RARE) reported diluted earnings per share of $-6.29 for fiscal year 2024. This represents a 23.8% 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.
What is Ultragenyx Pharm's EBITDA?
Ultragenyx Pharm (RARE) had EBITDA of -$500.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Ultragenyx Pharm's operating margin?
Ultragenyx Pharm (RARE) had an operating margin of -95.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Ultragenyx Pharm's net profit margin?
Ultragenyx Pharm (RARE) had a net profit margin of -101.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Ultragenyx Pharm's free cash flow?
Ultragenyx Pharm (RARE) generated -$421.7M in free cash flow during fiscal year 2024. This represents a 18.8% 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 Ultragenyx Pharm's operating cash flow?
Ultragenyx Pharm (RARE) generated -$414.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Ultragenyx Pharm's total assets?
Ultragenyx Pharm (RARE) had $1.5B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Ultragenyx Pharm's capital expenditures?
Ultragenyx Pharm (RARE) invested $7.5M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Ultragenyx Pharm spend on research and development?
Ultragenyx Pharm (RARE) invested $697.9M in research and development during fiscal year 2024.
How many shares does Ultragenyx Pharm have outstanding?
Ultragenyx Pharm (RARE) had 93M shares outstanding as of fiscal year 2024.
What is Ultragenyx Pharm's current ratio?
Ultragenyx Pharm (RARE) had a current ratio of 2.37 as of fiscal year 2024, which is generally considered healthy.
What is Ultragenyx Pharm's debt-to-equity ratio?
Ultragenyx Pharm (RARE) had a debt-to-equity ratio of 4.86 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ultragenyx Pharm's return on assets (ROA)?
Ultragenyx Pharm (RARE) had a return on assets of -37.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Ultragenyx Pharm's cash runway?
Based on fiscal year 2024 data, Ultragenyx Pharm (RARE) had $173.7M in cash against an annual operating cash burn of $414.2M. This gives an estimated cash runway of approximately 5 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 Ultragenyx Pharm's Piotroski F-Score?
Ultragenyx Pharm (RARE) has a Piotroski F-Score of 3 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 Ultragenyx Pharm's earnings high quality?
Ultragenyx Pharm (RARE) has an earnings quality ratio of 0.73x, 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.
How financially healthy is Ultragenyx Pharm?
Ultragenyx Pharm (RARE) scores 35 out of 100 on our Financial Profile, indicating weak 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.