What is Trevi Therapeutics's earnings per share (EPS)?

Trevi Therapeutics (TRVI) reported diluted earnings per share of $-0.32 for fiscal year 2025. This represents a 31.9% 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.

Trevi Therapeutics Financials

TRVI

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Trevi Therapeutics (TRVI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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).

Rhea AI TRVI FY2025 2026-05-05

Trevi is operating as an equity-funded development company, with trial spending financed mainly by new shares rather than debt.

Operating cash burn tracked the net loss closely from FY2023 through FY2025, so the reported losses are largely showing up as real cash use rather than being cushioned by non-cash accounting items. A $121.0M financing inflow in FY2025 rebuilt liquidity, yet cash ended at only $18.9M, indicating most of the new capital did not remain in the cash line and that development still depends on external funding.

Capital intensity is minimal: FY2025 capital spending was only $12K, so free cash flow was nearly identical to operating cash flow at -$42.1M. That means cash burn comes from running the organization and research programs, not from building out hard assets.

Balance-sheet risk sits more in dilution than debt: FY2025 liabilities were just $10.2M against equity of $183.2M, leaving solvency pressure low. The cost of that conservative liability profile is visible in the rising share count, which shows the company has been funding losses primarily by issuing equity.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Trevi Therapeutics'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.

Leverage

100

Trevi Therapeutics carries a low D/E ratio of 0.06, meaning only $0.06 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 19.66, Trevi Therapeutics holds $19.66 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Trevi Therapeutics generates a -23.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -48.1% the prior year.

Piotroski F-Score Weak

3/9

Trevi Therapeutics passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.98x

For every $1 of reported earnings, Trevi Therapeutics generates $0.98 in operating cash flow (-$42.1M OCF vs -$42.8M 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

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Earnings & Revenue

Revenue

N/A

EBITDA

-$49.2M

YoY+4.3%

Trevi Therapeutics's EBITDA was -$49.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.3% from the prior year.

Net Income

-$42.8M

YoY+10.7%

Trevi Therapeutics reported -$42.8M in net income in fiscal year 2025. This represents an increase of 10.7% from the prior year.

EPS (Diluted)

$-0.32

YoY+31.9%

Trevi Therapeutics earned $-0.32 per diluted share (EPS) in fiscal year 2025. This represents an increase of 31.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$42.1M

YoY-10.0%

Trevi Therapeutics generated -$42.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 10.0% from the prior year.

Cash & Debt

$18.9M

YoY-44.5%

5Y CAGR-15.9%

Trevi Therapeutics held $18.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

128M

YoY+37.1%

5Y CAGR+47.2%

Trevi Therapeutics had 128M shares outstanding in fiscal year 2025. This represents an increase of 37.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-23.3%

YoY+24.7pp

5Y CAGR+96.7pp

Trevi Therapeutics's ROE was -23.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 24.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$33.5M

YoY-15.0%

5Y CAGR+8.4%

Trevi Therapeutics invested $33.5M in research and development in fiscal year 2025. This represents a decrease of 15.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$12K

YoY-65.7%

5Y CAGR-17.8%

Trevi Therapeutics invested $12K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 65.7% from the prior year.

TRVI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	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
R&D Expenses	$33.5M-15.0%	$39.4M+66.3%	$23.7M+19.4%	$19.8M-13.7%	$23.0M+2.9%	$22.3M
SG&A Expenses	$15.8M+30.5%	$12.1M+18.6%	$10.2M+1.7%	$10.1M+6.1%	$9.5M-6.6%	$10.2M
Operating Income	-$49.3M+4.3%	-$51.5M-51.9%	-$33.9M-13.4%	-$29.9M+7.9%	-$32.5M0.0%	-$32.5M
Interest Expense	$0-100.0%	$4K-99.0%	$391K-66.4%	$1.2M-3.2%	$1.2M+163.6%	$456K
Income Tax	-$64K-113.3%	-$30K+6.3%	-$32K+11.1%	-$36K-71.4%	-$21K-16.7%	-$18K
Net Income	-$42.8M+10.7%	-$47.9M-64.8%	-$29.1M+0.3%	-$29.2M+14.1%	-$33.9M-3.6%	-$32.8M
EPS (Diluted)	$-0.32+31.9%	$-0.47-62.1%	$-0.29+35.6%	$-0.45+69.8%	$-1.49	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	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	$9.9M	N/A	$10.1M+7.4%	$9.4M+20.2%	$7.8M	N/A	$11.2M+12.0%	$10.0M
SG&A Expenses	$5.0M	N/A	$3.8M-11.6%	$4.3M+18.4%	$3.7M	N/A	$2.9M-12.4%	$3.3M
Operating Income	-$14.9M	N/A	-$13.9M-1.4%	-$13.7M-19.6%	-$11.5M	N/A	-$14.1M-6.0%	-$13.3M
Interest Expense	N/A	N/A	$0	$0	N/A	N/A	$1K0.0%	$1K
Income Tax	-$20K	N/A	-$15K+28.6%	-$21K-90.9%	-$11K	N/A	-$31K-287.5%	-$8K
Net Income	-$13.2M	N/A	-$11.8M+4.1%	-$12.3M-19.0%	-$10.3M	N/A	-$13.2M-7.2%	-$12.4M
EPS (Diluted)	$-0.09	N/A	$-0.08+11.1%	$-0.090.0%	$-0.09	N/A	$-0.13-8.3%	$-0.12

TRVI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$193.4M+74.4%	$110.9M+24.0%	$89.4M-27.3%	$123.0M+219.7%	$38.5M-18.4%	$47.1M
Current Assets	$191.7M+75.1%	$109.4M+25.0%	$87.5M-28.6%	$122.6M+223.0%	$38.0M-18.0%	$46.3M
Cash & Equivalents	$18.9M-44.5%	$34.1M+5.2%	$32.4M+157.3%	$12.6M-65.8%	$36.8M-18.2%	$45.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$10.2M-9.4%	$11.3M+64.2%	$6.9M-55.9%	$15.6M-27.3%	$21.4M+7.8%	$19.8M
Current Liabilities	$9.7M-7.2%	$10.5M+80.4%	$5.8M-56.5%	$13.4M+5.3%	$12.7M+129.1%	$5.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$183.2M+83.9%	$99.6M+20.7%	$82.5M-23.2%	$107.5M+529.3%	$17.1M-37.4%	$27.3M
Retained Earnings	-$329.8M-14.9%	-$287.0M-20.0%	-$239.1M-13.8%	-$210.1M-16.1%	-$180.9M-23.1%	-$147.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$179.6M-7.2%	$193.4M-3.0%	$199.4M-4.3%	$208.3M+94.7%	$107.0M-3.5%	$110.9M+60.9%	$68.9M-6.6%	$73.8M
Current Assets	$176.1M-8.1%	$191.7M-3.3%	$198.3M-4.3%	$207.2M+96.2%	$105.6M-3.5%	$109.4M+62.5%	$67.3M-6.6%	$72.1M
Cash & Equivalents	$19.4M+2.6%	$18.9M-66.7%	$56.9M-51.4%	$117.1M+504.2%	$19.4M-43.2%	$34.1M+112.4%	$16.1M+23.8%	$13.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	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	$7.5M-26.6%	$10.2M+6.6%	$9.6M-2.8%	$9.8M+30.5%	$7.5M-33.0%	$11.3M+13.3%	$9.9M+30.2%	$7.6M
Current Liabilities	$7.1M-27.0%	$9.7M+7.8%	$9.0M-2.2%	$9.2M+34.6%	$6.9M-34.7%	$10.5M+15.2%	$9.1M+35.1%	$6.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$172.1M-6.1%	$183.2M-3.4%	$189.8M-4.4%	$198.5M+99.6%	$99.5M-0.2%	$99.6M+69.0%	$59.0M-10.9%	$66.2M
Retained Earnings	-$343.0M-4.0%	-$329.8M-2.6%	-$321.5M-3.8%	-$309.7M-4.1%	-$297.4M-3.6%	-$287.0M-4.1%	-$275.6M-5.0%	-$262.4M

TRVI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$42.1M-10.0%	-$38.3M-20.6%	-$31.7M-12.5%	-$28.2M+2.7%	-$28.9M+0.2%	-$29.0M
Capital Expenditures	$12K-65.7%	$35K-74.5%	$137K-13.8%	$159K	N/A	$32K
Free Cash Flow	-$42.1M-10.0%	-$38.3M-20.2%	-$31.8M-12.4%	-$28.3M	N/A	-$29.0M
Investing Cash Flow	-$94.1M-337.1%	-$21.5M-136.2%	$59.4M+155.3%	-$107.4M	N/A	-$32K
Financing Cash Flow	$121.0M+96.8%	$61.5M+877.3%	-$7.9M-107.1%	$111.3M+435.8%	$20.8M+24.3%	$16.7M
Dividends Paid	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

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$16.7M-118.7%	-$7.6M+29.9%	-$10.9M-7.7%	-$10.1M+25.1%	-$13.5M-41.1%	-$9.6M+0.1%	-$9.6M-10.1%	-$8.7M
Capital Expenditures	$102K	$0-100.0%	$12K	N/A	N/A	$7K	$0	N/A
Free Cash Flow	-$16.8M-120.0%	-$7.6M+29.9%	-$10.9M	N/A	N/A	-$9.6M0.0%	-$9.6M	N/A
Investing Cash Flow	$17.0M+155.4%	-$30.6M+39.9%	-$50.9M-1851.6%	-$2.6M+73.8%	-$10.0M+58.3%	-$23.9M-411.4%	$7.7M+177.0%	$2.8M
Financing Cash Flow	$222K-21.8%	$284K-82.6%	$1.6M-98.5%	$110.4M+1168.2%	$8.7M-83.1%	$51.5M+933.9%	$5.0M-1.8%	$5.1M
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

TRVI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-23.3%+24.7pp	-48.1%-12.9pp	-35.2%-8.1pp	-27.1%+171.6pp	-198.8%-78.7pp	-120.1%
Return on Assets	-22.1%+21.1pp	-43.2%-10.7pp	-32.5%-8.8pp	-23.7%+64.5pp	-88.2%-18.7pp	-69.5%
Current Ratio	19.66+9.2	10.41-4.6	15.03+5.9	9.15+6.2	2.98-5.3	8.33
Debt-to-Equity	0.06-0.1	0.11+0.0	0.08-0.1	0.14-1.1	1.25+0.5	0.73
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-7.7%	N/A	-6.2%-0.0pp	-6.2%+4.2pp	-10.4%	N/A	-22.5%-3.8pp	-18.7%
Return on Assets	-7.3%	N/A	-5.9%-0.0pp	-5.9%+3.8pp	-9.7%	N/A	-19.2%-2.5pp	-16.7%
Current Ratio	24.75+5.1	19.66-2.3	21.93-0.5	22.42+7.0	15.38+5.0	10.41+3.0	7.38-3.3	10.68
Debt-to-Equity	0.04-0.0	0.060.0	0.050.0	0.05-0.0	0.08-0.0	0.11-0.1	0.17+0.1	0.12
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Trevi Therapeutics profitable?

No, Trevi Therapeutics (TRVI) reported a net income of -$42.8M in fiscal year 2025.

What is Trevi Therapeutics's EBITDA?

Trevi Therapeutics (TRVI) had EBITDA of -$49.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Trevi Therapeutics's return on equity (ROE)?

Trevi Therapeutics (TRVI) has a return on equity of -23.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Trevi Therapeutics's free cash flow?

Trevi Therapeutics (TRVI) generated -$42.1M in free cash flow during fiscal year 2025. This represents a -10.0% 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 Trevi Therapeutics's operating cash flow?

Trevi Therapeutics (TRVI) generated -$42.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Trevi Therapeutics's total assets?

Trevi Therapeutics (TRVI) had $193.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Trevi Therapeutics's capital expenditures?

Trevi Therapeutics (TRVI) invested $12K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Trevi Therapeutics spend on research and development?

Trevi Therapeutics (TRVI) invested $33.5M in research and development during fiscal year 2025.

How many shares does Trevi Therapeutics have outstanding?

Trevi Therapeutics (TRVI) had 128M shares outstanding as of fiscal year 2025.

What is Trevi Therapeutics's current ratio?

Trevi Therapeutics (TRVI) had a current ratio of 19.66 as of fiscal year 2025, which is generally considered healthy.

What is Trevi Therapeutics's debt-to-equity ratio?

Trevi Therapeutics (TRVI) had a debt-to-equity ratio of 0.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Trevi Therapeutics's return on assets (ROA)?

Trevi Therapeutics (TRVI) had a return on assets of -22.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Trevi Therapeutics's cash runway?

Based on fiscal year 2025 data, Trevi Therapeutics (TRVI) had $18.9M in cash against an annual operating cash burn of $42.1M. 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 Trevi Therapeutics's Piotroski F-Score?

Trevi Therapeutics (TRVI) 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Trevi Therapeutics's earnings high quality?

Trevi Therapeutics (TRVI) has an earnings quality ratio of 0.98x, 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 Trevi Therapeutics?

Trevi Therapeutics (TRVI) scores 33 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.