Ultragenyx Pharm Financials
This page shows Ultragenyx Pharm (RARE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 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
Ultragenyx Pharm has an operating margin of -79.5%, meaning the company retains $-79 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 -95.7% the prior year.
Ultragenyx Pharm's revenue surged 20.2% year-over-year to $673.0M, reflecting rapid business expansion. This strong growth earns a score of 67/100.
Ultragenyx Pharm's current ratio of 2.48 indicates adequate short-term liquidity, earning a score of 46/100. The company can meet its near-term obligations, though with limited headroom.
While Ultragenyx Pharm generated -$466.0M in operating cash flow, capex of $6.0M consumed most of it, leaving -$472.0M 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 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Ultragenyx Pharm generates $0.81 in operating cash flow (-$466.0M OCF vs -$575.0M 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
Earnings & Revenue
Ultragenyx Pharm generated $673.0M in revenue in fiscal year 2025. This represents an increase of 20.2% from the prior year.
Ultragenyx Pharm's EBITDA was -$500.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 0.0% from the prior year.
Ultragenyx Pharm reported -$575.0M in net income in fiscal year 2025. This represents a decrease of 1.1% from the prior year.
Ultragenyx Pharm earned $-5.83 per diluted share (EPS) in fiscal year 2025. This represents an increase of 7.3% from the prior year.
Cash & Balance Sheet
Ultragenyx Pharm generated -$472.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 12.1% from the prior year.
Ultragenyx Pharm held $421.0M in cash against $0 in long-term debt as of fiscal year 2025.
Ultragenyx Pharm had 97M shares outstanding in fiscal year 2025. This represents an increase of 4.5% from the prior year.
Margins & Returns
Ultragenyx Pharm's operating margin was -79.5% in fiscal year 2025, reflecting core business profitability. This is up 16.2 percentage points from the prior year.
Ultragenyx Pharm's net profit margin was -85.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 16.2 percentage points from the prior year.
Capital Allocation
Ultragenyx Pharm invested $750.0M in research and development in fiscal year 2025. This represents an increase of 7.4% from the prior year.
Ultragenyx Pharm invested $6.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 14.3% from the prior year.
RARE Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $207.3M+29.6% | $159.9M-3.9% | $166.5M+19.5% | $139.3M-15.4% | $164.6M+18.0% | $139.5M-5.1% | $147.0M+35.1% | $108.8M |
| 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 | $203.3M-6.0% | $216.2M+31.2% | $164.7M-0.6% | $165.8M-11.8% | $187.9M+10.5% | $170.1M+5.3% | $161.5M-9.5% | $178.5M |
| SG&A Expenses | $87.9M+1.5% | $86.6M0.0% | $86.6M-1.3% | $87.8M+7.2% | $81.9M+1.9% | $80.4M-0.3% | $80.6M+3.1% | $78.2M |
| Operating Income | -$113.3M+33.7% | -$170.9M-58.4% | -$107.9M+24.5% | -$142.9M-16.9% | -$122.3M+7.3% | -$132.0M-13.4% | -$116.4M+29.6% | -$165.3M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $870K-0.3% | $873K-7.8% | $947K-27.7% | $1.3M+241.1% | $384K+26.7% | $303K-64.7% | $858K+88.6% | $455K |
| Net Income | -$128.6M+28.7% | -$180.4M-56.9% | -$115.0M+23.9% | -$151.1M-13.4% | -$133.2M+0.2% | -$133.5M-1.5% | -$131.6M+22.9% | -$170.7M |
| EPS (Diluted) | N/A | $-1.81-54.7% | $-1.17+25.5% | $-1.57 | N/A | $-1.40+7.9% | $-1.52+25.1% | $-2.03 |
RARE Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.5B+28.7% | $1.2B-8.9% | $1.3B-0.4% | $1.3B-12.7% | $1.5B-2.3% | $1.5B-4.9% | $1.6B+23.8% | $1.3B |
| Current Assets | $951.0M+47.9% | $643.2M-10.6% | $719.8M+3.0% | $699.2M-14.4% | $817.0M+2.2% | $799.6M-17.1% | $964.6M+61.9% | $596.0M |
| Cash & Equivalents | $421.0M+107.9% | $202.5M+14.9% | $176.3M+38.8% | $127.1M-27.0% | $174.0M+15.5% | $150.6M-68.7% | $480.7M+328.2% | $112.3M |
| Inventory | $52.0M-0.4% | $52.2M+12.3% | $46.5M+1.0% | $46.0M+2.3% | $45.0M+3.8% | $43.3M+8.0% | $40.1M+11.8% | $35.9M |
| Accounts Receivable | $158.0M+40.4% | $112.5M-9.6% | $124.5M+25.9% | $98.8M-19.0% | $122.0M+30.8% | $93.3M-12.0% | $106.0M+5.7% | $100.3M |
| Goodwill | $44.0M-0.9% | $44.4M0.0% | $44.4M0.0% | $44.4M+0.9% | $44.0M-0.9% | $44.4M0.0% | $44.4M0.0% | $44.4M |
| Total Liabilities | $1.6B+36.7% | $1.2B+2.3% | $1.1B-1.1% | $1.2B-6.5% | $1.2B+4.8% | $1.2B-0.1% | $1.2B+1.6% | $1.2B |
| Current Liabilities | $384.0M+12.9% | $340.0M+16.0% | $293.2M+0.5% | $291.7M-15.2% | $344.0M+20.7% | $285.0M+4.4% | $272.9M+11.1% | $245.6M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$80.0M-973.5% | $9.2M-93.9% | $151.3M+4.9% | $144.2M-43.4% | $255.0M-26.5% | $346.8M-19.8% | $432.4M+208.3% | $140.3M |
| Retained Earnings | -$4.5B-2.9% | -$4.4B-4.3% | -$4.2B-2.8% | -$4.1B-3.8% | -$4.0B-3.5% | -$3.8B-3.6% | -$3.7B-3.7% | -$3.6B |
RARE Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$99.8M-9.2% | -$91.4M+15.6% | -$108.3M+35.0% | -$166.5M-109.9% | -$79.3M-18.4% | -$67.0M+13.0% | -$77.0M+59.6% | -$190.7M |
| Capital Expenditures | $938K-26.6% | $1.3M-48.0% | $2.5M+85.8% | $1.3M+712.3% | $163K-89.9% | $1.6M-19.5% | $2.0M-37.4% | $3.2M |
| Free Cash Flow | -$100.8M-8.7% | -$92.7M+16.3% | -$110.7M+34.0% | -$167.8M-111.1% | -$79.5M-15.8% | -$68.6M+13.1% | -$79.0M+59.3% | -$193.9M |
| Investing Cash Flow | -$72.2M-161.7% | $117.2M+64.6% | $71.2M-40.6% | $119.9M+17.0% | $102.5M+137.2% | -$275.5M-554.9% | $60.6M-35.9% | $94.4M |
| Financing Cash Flow | $394.2M+19709500.0% | $2K-100.0% | $83.6M+53179.6% | $157K-94.7% | $2.9M-73.6% | $11.2M-97.1% | $384.9M+663787.9% | -$58K |
| 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 | 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 | -54.6%+52.2pp | -106.8%-42.0pp | -64.8%+37.8pp | -102.6%-28.3pp | -74.3%+20.3pp | -94.6%-15.5pp | -79.1%+72.8pp | -151.9% |
| Net Margin | -62.0%+50.8pp | -112.8%-43.8pp | -69.0%+39.4pp | -108.5%-27.6pp | -80.9%+14.8pp | -95.7%-6.2pp | -89.5%+67.3pp | -156.8% |
| Return on Equity | N/A | -1969.8%-1893.8pp | -76.0%+28.8pp | -104.7%-52.5pp | -52.2%-13.7pp | -38.5%-8.1pp | -30.4%+91.3pp | -121.7% |
| Return on Assets | -8.4%+6.8pp | -15.2%-6.4pp | -8.8%+2.7pp | -11.5%-2.7pp | -8.9%-0.2pp | -8.7%-0.6pp | -8.1%+4.9pp | -13.1% |
| Current Ratio | 2.48+0.6 | 1.89-0.6 | 2.45+0.1 | 2.40+0.0 | 2.38-0.4 | 2.81-0.7 | 3.54+1.1 | 2.43 |
| Debt-to-Equity | -20.06-148.3 | 128.21+120.6 | 7.59-0.5 | 8.05+3.2 | 4.87+1.5 | 3.42+0.7 | 2.74-5.6 | 8.32 |
| FCF Margin | -48.6%+9.4pp | -58.0%+8.6pp | -66.5%+54.0pp | -120.5%-72.2pp | -48.3%+0.9pp | -49.2%+4.5pp | -53.7%+124.5pp | -178.2% |
Note: Shareholder equity is negative (-$80.0M), 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 Ultragenyx Pharm's annual revenue?
Ultragenyx Pharm (RARE) reported $673.0M in total revenue for fiscal year 2025. This represents a 20.2% 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 20.2% year-over-year, from $560.0M to $673.0M in fiscal year 2025.
Is Ultragenyx Pharm profitable?
No, Ultragenyx Pharm (RARE) reported a net income of -$575.0M in fiscal year 2025, with a net profit margin of -85.4%.
What is Ultragenyx Pharm's EBITDA?
Ultragenyx Pharm (RARE) had EBITDA of -$500.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Ultragenyx Pharm's operating margin?
Ultragenyx Pharm (RARE) had an operating margin of -79.5% in fiscal year 2025, 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 -85.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ultragenyx Pharm's free cash flow?
Ultragenyx Pharm (RARE) generated -$472.0M in free cash flow during fiscal year 2025. This represents a -12.1% 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 -$466.0M in operating cash flow during fiscal year 2025, 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 2025, including both current and long-term assets.
What are Ultragenyx Pharm's capital expenditures?
Ultragenyx Pharm (RARE) invested $6.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ultragenyx Pharm spend on research and development?
Ultragenyx Pharm (RARE) invested $750.0M in research and development during fiscal year 2025.
What is Ultragenyx Pharm's current ratio?
Ultragenyx Pharm (RARE) had a current ratio of 2.48 as of fiscal year 2025, which is generally considered healthy.
What is Ultragenyx Pharm's debt-to-equity ratio?
Ultragenyx Pharm (RARE) had a debt-to-equity ratio of -20.06 as of fiscal year 2025, 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 -37.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ultragenyx Pharm's cash runway?
Based on fiscal year 2025 data, Ultragenyx Pharm (RARE) had $421.0M in cash against an annual operating cash burn of $466.0M. 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.
Why is Ultragenyx Pharm's debt-to-equity ratio negative or unusual?
Ultragenyx Pharm (RARE) has negative shareholder equity of -$80.0M 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 Ultragenyx Pharm's Piotroski F-Score?
Ultragenyx Pharm (RARE) 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 Ultragenyx Pharm's earnings high quality?
Ultragenyx Pharm (RARE) has an earnings quality ratio of 0.81x, 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 28 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.