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).
Ultragenyx’s core mechanic is commercial growth outrunning accounting losses, while cash burn still requires external funding.
From FY2023 to FY2025, revenue climbed from$434M to$673M while operating loss barely changed, showing new sales are absorbing a largely fixed expense base. Even after that, FY2025 operating cash flow was-$466M and operating margin remained-79.5% , so the business is scaling faster on paper than in cash.
FY2025 shows a liquidity-versus-solvency split: current assets of
Cash increased from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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 Ultragenyx Pharm'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.
Ultragenyx Pharm scores -3.19, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.3B) relative to total liabilities ($1.6B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ultragenyx Pharm passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $136.0M-34.5% | $207.6M+29.8% | $159.9M-3.9% | $166.5M+19.8% | $139.0M-15.6% | $164.6M+18.0% | $139.5M-5.1% | $147.0M |
| 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 | $187.0M-7.9% | $203.1M-6.1% | $216.2M+31.2% | $164.7M-0.8% | $166.0M-11.7% | $187.9M+10.5% | $170.1M+5.3% | $161.5M |
| SG&A Expenses | $88.0M-0.8% | $88.7M+2.4% | $86.6M0.0% | $86.6M-0.4% | $87.0M+6.2% | $81.9M+1.9% | $80.4M-0.3% | $80.6M |
| Operating Income | -$169.0M-49.3% | -$113.2M+33.7% | -$170.9M-58.4% | -$107.9M+24.6% | -$143.0M-16.9% | -$122.3M+7.3% | -$132.0M-13.4% | -$116.4M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $1.0M-15.3% | $1.2M+35.2% | $873K-7.8% | $947K-5.3% | $1.0M+160.4% | $384K+26.7% | $303K-64.7% | $858K |
| Net Income | -$185.0M-43.8% | -$128.6M+28.7% | -$180.4M-56.9% | -$115.0M+23.9% | -$151.0M-13.4% | -$133.2M+0.2% | -$133.5M-1.5% | -$131.6M |
| EPS (Diluted) | $-1.84 | N/A | $-1.81-54.7% | $-1.17+25.5% | $-1.57 | N/A | $-1.40+7.9% | $-1.52 |
RARE Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3B-15.4% | $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 |
| Current Assets | $657.0M-30.9% | $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 |
| Cash & Equivalents | $175.0M-58.4% | $421.0M+107.9% | $202.5M+14.9% | $176.3M+38.8% | $127.0M-27.0% | $174.0M+15.5% | $150.6M-68.7% | $480.7M |
| Inventory | $55.0M+5.8% | $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 |
| Accounts Receivable | $121.0M-23.4% | $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 |
| Goodwill | $44.0M0.0% | $44.0M-0.9% | $44.4M0.0% | $44.4M0.0% | $44.4M+0.9% | $44.0M-0.9% | $44.4M0.0% | $44.4M |
| Total Liabilities | $1.5B-5.0% | $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 |
| Current Liabilities | $325.0M-15.4% | $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 |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$236.0M-195.0% | -$80.0M-973.5% | $9.2M-93.9% | $151.3M+5.1% | $144.0M-43.5% | $255.0M-26.5% | $346.8M-19.8% | $432.4M |
| Retained Earnings | -$4.7B-4.1% | -$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 |
RARE Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$197.0M-97.3% | -$99.8M-9.2% | -$91.4M+15.9% | -$108.7M+34.5% | -$166.0M-109.3% | -$79.3M-18.4% | -$67.0M+13.0% | -$77.0M |
| Capital Expenditures | $1.0M+6.6% | $938K-26.6% | $1.3M-54.1% | $2.8M+178.4% | $1.0M+513.5% | $163K-89.9% | $1.6M-19.5% | $2.0M |
| Free Cash Flow | -$198.0M-96.5% | -$100.8M-8.7% | -$92.7M+16.9% | -$111.5M+33.2% | -$167.0M-110.1% | -$79.5M-15.8% | -$68.6M+13.1% | -$79.0M |
| Investing Cash Flow | -$49.0M+32.2% | -$72.2M-161.7% | $117.2M+64.9% | $71.1M-40.8% | $120.0M+17.1% | $102.5M+137.2% | -$275.5M-554.9% | $60.6M |
| Financing Cash Flow | N/A | $394.2M+19709500.0% | $2K-100.0% | $83.6M+53179.6% | $157K-94.7% | $2.9M-73.6% | $11.2M-97.1% | $384.9M |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -124.3%-69.7pp | -54.5%+52.3pp | -106.8%-42.0pp | -64.8%+38.1pp | -102.9%-28.6pp | -74.3%+20.3pp | -94.6%-15.5pp | -79.1% |
| Net Margin | -136.0%-74.1pp | -62.0%+50.8pp | -112.8%-43.8pp | -69.0%+39.6pp | -108.6%-27.7pp | -80.9%+14.8pp | -95.7%-6.2pp | -89.5% |
| Return on Equity | N/A | N/A | -1969.8%-1893.8pp | -76.0%+28.9pp | -104.9%-52.6pp | -52.2%-13.7pp | -38.5%-8.1pp | -30.4% |
| Return on Assets | -14.3%-5.9pp | -8.4%+6.8pp | -15.2%-6.4pp | -8.8%+2.7pp | -11.5%-2.6pp | -8.9%-0.2pp | -8.7%-0.6pp | -8.1% |
| Current Ratio | 2.02-0.5 | 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 |
| Debt-to-Equity | -6.46+13.6 | -20.06-148.3 | 128.21+120.6 | 7.59-0.5 | 8.06+3.2 | 4.87+1.5 | 3.42+0.7 | 2.74 |
| FCF Margin | -145.6%-97.0pp | -48.5%+9.4pp | -58.0%+9.0pp | -67.0%+53.1pp | -120.1%-71.9pp | -48.3%+0.9pp | -49.2%+4.5pp | -53.7% |
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 Altman Z-Score?
Ultragenyx Pharm (RARE) has an Altman Z-Score of -3.19, placing it in the Distress Zone (elevated 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.
What is Ultragenyx Pharm's Piotroski F-Score?
Ultragenyx Pharm (RARE) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.
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 57 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.