Puma Biotechnology, Inc. (PBYI) 10-Year Financial Performance & Capital Metrics

PBYI •

HealthcareBiotechnologyOncology Therapeutics Developers

AboutPuma Biotechnology, Inc., a biopharmaceutical company, focuses on the development and commercialization of products to enhance cancer care in the United States and internationally. The company's drug candidates include PB272 neratinib (oral) for the patients with early stage HER2-overexpressed/amplified breast cancer; PB272 (neratinib, oral) for the use of neratinib in combination with capecitabine for the treatment of adult patients with advanced or metastatic HER2-positive breast cancer; PB272 (neratinib, oral) for HER2 mutation-positive solid tumors. It has a license agreement with Pfizer, Inc.; and sub-license agreement with Specialised Therapeutics Asia Pte Ltd., CANbridge BIOMED Limited, Pint Pharma International SA, Knight Therapeutics, Inc., Pierre Fabre Medicament SAS, and Bixink Therapeutics Co., Ltd. The company was founded in 2010 and is headquartered in Los Angeles, California.Show more

Revenue $228M -0.9%
EBITDA $37M -12.2%
Net Income $31M +2.8%
EPS (Diluted) 0.61 -1.6%
Gross Margin 74.53% +3.4%
EBITDA Margin 16.33% -11.4%
Operating Margin 16.33% +21.6%
Net Margin 13.62% +3.7%
ROE 27.97% -32.8%
ROIC 24.73% -5.6%
Debt/Equity 0.22 -72.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 42.4%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 18.3% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y0.29%

3Y0.05%

TTM-0.89%

Profit (Net Income) CAGR

10Y-

5Y-

3Y2396.29%

TTM2.63%

EPS CAGR

10Y-

5Y-

3Y210.89%

TTM0.54%

ROCE

10Y Avg-34.53%

5Y Avg19.47%

3Y Avg26.06%

Latest29.57%

Peer Comparison

Oncology Therapeutics Developers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EXELExelixis, Inc.	11.81B	44.06	15.85	6.98%	29.63%	31.37%	7.49%	0.08
INCYIncyte Corporation	20.1B	101.27	15.80	21.22%	25.03%	24.9%	6.74%	0.01
GMABGenmab A/S	18.13B	29.44	15.36	30.67%	46.8%	114.25%	6.6%	0.03
SNDXSyndax Pharmaceuticals, Inc.	1.89B	21.71	-5.82		-279.31%	-269.93%		1.20
RCUSArcus Biosciences, Inc.	2.55B	20.37	-6.19	-4.26%	-142.91%	-55.94%		0.16
RLAYRelay Therapeutics, Inc.	1.78B	10.26	-6.37	53.44%	-18.01%	-48.76%		0.06
STROSutro Biopharma, Inc.	1.74B	20.47	-6.92	-59.64%	-205.18%	-234.19%		4.57
OLMAOlema Pharmaceuticals, Inc.	1.66B	24.20	-11			-48.77%		0.00

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	0	27.7M	251M	272.26M	225.11M	253.16M	228.03M	235.64M	230.47M	228.37M
Revenue Growth %	-	-	806.14%	8.47%	-17.32%	12.46%	-9.92%	3.34%	-2.19%	-0.91%
Cost of Goods Sold+	1.15M	5.6M	34.6M	36.81M	39.37M	63.7M	55.09M	62.68M	64.4M	58.16M
COGS % of Revenue	-	20.22%	13.78%	13.52%	17.49%	25.16%	24.16%	26.6%	27.94%	25.47%
Gross Profit+	-1.15M	22.1M	216.4M	235.44M	185.74M	189.45M	172.94M	172.96M	166.06M	170.21M
Gross Margin %	-	79.78%	86.22%	86.48%	82.51%	74.84%	75.84%	73.4%	72.06%	74.53%
Gross Profit Growth %	-48.07%	2023.41%	879.19%	8.8%	-21.11%	2%	-8.72%	0.01%	-3.98%	2.5%
Operating Expenses+	276.6M	314.5M	311.1M	311.04M	216.14M	188.16M	149.22M	140.31M	135.1M	132.91M
OpEx % of Revenue	-	1135.38%	123.94%	114.24%	96.01%	74.33%	65.44%	59.55%	58.62%	58.2%
Selling, General & Admin	53.8M	106.7M	146.2M	141.64M	118.49M	116.29M	89.98M	89.31M	80.16M	70.85M
SG&A % of Revenue	-	385.2%	58.25%	52.02%	52.64%	45.94%	39.46%	37.9%	34.78%	31.02%
Research & Development	222.8M	207.8M	164.9M	132.85M	97.65M	71.87M	52.24M	50.38M	54.94M	62.07M
R&D % of Revenue	-	750.18%	65.7%	48.8%	43.38%	28.39%	22.91%	21.38%	23.84%	27.18%
Other Operating Expenses	-400K	-100K	0	36.55M	0	0	7M	625K	0	0
Operating Income+	-276.6M	-292.4M	-94.7M	-75.59M	-30.4M	1.29M	23.72M	32.64M	30.97M	37.3M
Operating Margin %	-	-1055.6%	-37.73%	-27.77%	-13.51%	0.51%	10.4%	13.85%	13.44%	16.33%
Operating Income Growth %	-15.11%	-5.71%	67.61%	20.17%	59.78%	104.24%	1738.76%	37.61%	-5.13%	20.45%
EBITDA+	-275.45M	-289.59M	-87.32M	-67.52M	-20.37M	12.6M	33.56M	44.16M	42.49M	37.3M
EBITDA Margin %	-	-1045.45%	-34.79%	-24.8%	-9.05%	4.98%	14.72%	18.74%	18.44%	16.33%
EBITDA Growth %	-15%	-5.13%	69.85%	22.67%	69.83%	161.83%	166.45%	31.58%	-3.78%	-12.22%
D&A (Non-Cash Add-back)	1.15M	2.81M	7.38M	8.08M	10.03M	11.3M	9.84M	11.52M	11.52M	0
EBIT	-276.6M	-291.24M	-102.59M	-60.52M	-45.74M	-15.99M	12.05M	36M	36.55M	0
Net Interest Income+	42K	536K	-9.19M	-12.17M	-13.56M	-12.65M	-10.78M	-10.72M	-7.73M	0
Interest Income	1M	1.26M	1.8M	2.8M	489K	160K	813K	2.6M	4.72M	4.08M
Interest Expense	958K	720K	11M	15M	14.05M	12.81M	11.59M	13.33M	12.45M	-6.62M
Other Income/Expense	585K	435K	-18.92M	53K	-29.39M	-30.09M	-23.26M	-9.97M	-6.87M	-1.52M
Pretax Income+	-276M	-292M	-113.6M	-75.54M	-59.79M	-28.8M	457K	22.67M	24.1M	35.78M
Pretax Margin %	-	-1054.15%	-45.26%	-27.75%	-26.56%	-11.38%	0.2%	9.62%	10.46%	15.67%
Income Tax+	-2.15M	-2.21M	-7.92M	53K	207K	324K	455K	1.08M	-6.18M	-1.43M
Effective Tax Rate %	100%	100%	100%	100.07%	100.35%	101.12%	0.44%	95.22%	125.63%	86.95%
Net Income+	-276M	-292M	-113.6M	-75.59M	-59.99M	-29.13M	2K	21.59M	30.28M	31.11M
Net Margin %	-	-1054.15%	-45.26%	-27.77%	-26.65%	-11.51%	0%	9.16%	13.14%	13.62%
Net Income Growth %	-15.34%	-5.8%	61.1%	33.46%	20.64%	51.45%	100.01%	1079450%	40.23%	2.75%
Net Income (Continuing)	-276.01M	-291.95M	-113.58M	-75.59M	-59.99M	-29.13M	2K	21.59M	30.28M	31.11M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-8.29	-7.86	-2.99	-2.13	-1.52	-0.72	0.02	0.45	0.62	0.61
EPS Growth %	-11.28%	5.19%	61.96%	28.76%	28.64%	52.63%	102.82%	2116.75%	37.78%	-1.61%
EPS (Basic)	-8.29	-7.86	-2.99	-2.13	-1.52	-0.72	0.02	0.46	0.62	0.62
Diluted Shares Outstanding	33.3M	37.17M	37.94M	38.77M	39.58M	40.64M	44.93M	47.55M	49.1M	50.65M
Basic Shares Outstanding	33.3M	37.17M	37.94M	38.77M	39.58M	40.64M	44.67M	47.13M	48.65M	50.01M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	236.47M	106.39M	203M	166.3M	146.14M	140.02M	134.28M	156.19M	147.66M	162.69M
Cash & Short-Term Investments	194.5M	81.7M	108.4M	111.64M	93.39M	82.11M	81.07M	95.94M	100.97M	97.53M
Cash Only	194.5M	81.7M	108.4M	60.04M	85.29M	63.13M	76.2M	84.58M	69.22M	29.64M
Short-Term Investments	0	0	0	51.61M	8.1M	18.98M	4.87M	11.35M	31.75M	67.89M
Accounts Receivable	0	9.67M	21.95M	28.9M	25.54M	32.53M	42.27M	48.49M	32.01M	53.65M
Days Sales Outstanding	-	127.42	31.92	38.74	41.42	46.9	67.66	75.11	50.7	85.75
Inventory	0	2.03M	2.63M	3.17M	3.45M	7.11M	4.53M	7.08M	8.72M	5.51M
Days Inventory Outstanding	-	132.25	27.69	31.43	32.02	40.73	29.99	41.23	49.44	34.61
Other Current Assets	0	11.69M	3.85M	11.74M	11.75M	11.43M	1.95M	260K	3.7M	5.99M
Total Non-Current Assets+	16.32M	59.13M	56.12M	68.61M	98.08M	86.56M	87.78M	74.34M	65.67M	53.62M
Property, Plant & Equipment	5.15M	4.47M	3.96M	21.83M	18.89M	15.77M	12.51M	8.65M	5.09M	5.56M
Fixed Asset Turnover	-	6.20x	63.34x	12.47x	11.92x	16.05x	18.23x	27.25x	45.24x	41.07x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	48.35M	44.41M	40.46M	74.14M	66.13M	70.61M	60.87M	51.13M	41.39M
Long-Term Investments	4.32M	4.32M	2K	0	0	0	0	2.09M	0	0
Other Non-Current Assets	6.85M	6.31M	6.01M	6.32M	5.06M	4.67M	4.66M	2.73M	2.38M	2.83M
Total Assets+	252.79M	165.53M	259.12M	234.91M	244.22M	226.59M	222.06M	230.53M	213.33M	216.3M
Asset Turnover	-	0.17x	0.97x	1.16x	0.92x	1.12x	1.03x	1.02x	1.08x	1.06x
Asset Growth %	5.4%	-34.52%	56.55%	-9.35%	3.97%	-7.22%	-2%	3.81%	-7.46%	1.39%
Total Current Liabilities+	37.46M	58.34M	67.11M	90.84M	114.25M	109.59M	77.48M	99.38M	96.11M	81.25M
Accounts Payable	20.04M	27.69M	20.68M	19.18M	12.08M	11.17M	6.44M	6.89M	5.51M	5.06M
Days Payables Outstanding	6.36K	1.8K	218.2	190.19	111.95	64.03	42.67	40.11	31.22	31.73
Short-Term Debt	0	0	0	0	14.29M	0	0	34M	45.33M	23.84M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	27.85M	40.29M	5.76M	15.09M	11.22M	13.34M	43.42M	39.73M	57.42M
Current Ratio	6.31x	1.82x	3.02x	1.83x	1.28x	1.28x	1.73x	1.57x	1.54x	2.00x
Quick Ratio	6.31x	1.79x	2.99x	1.80x	1.25x	1.21x	1.67x	1.50x	1.45x	1.93x
Cash Conversion Cycle	-	-1.55K	-158.59	-120.02	-38.51	23.6	54.98	76.22	68.92	88.63
Total Non-Current Liabilities+	5.5M	53.88M	157.7M	126.61M	135.92M	119.44M	122.97M	77.7M	25.1M	4.71M
Long-Term Debt	0	48.48M	151.89M	94.96M	84.03M	97.09M	98.31M	65.66M	21.72M	4.71M
Capital Lease Obligations	0	0	0	22.64M	19.55M	15.97M	11.83M	7.03M	1.49M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	5.5M	5.41M	5.82M	9M	32.34M	6.38M	12.83M	5.01M	1.88M	0
Total Liabilities	42.97M	112.22M	224.82M	217.44M	250.17M	229.03M	200.45M	177.09M	121.21M	85.96M
Total Debt+	0	48.48M	151.89M	120.23M	120.95M	116.64M	114.28M	111.49M	74.08M	28.55M
Net Debt	-194.5M	-33.22M	43.49M	60.19M	35.66M	53.51M	38.08M	26.91M	4.86M	-1.09M
Debt / Equity	-	0.91x	4.43x	6.88x	-	-	5.29x	2.09x	0.80x	0.22x
Debt / EBITDA	-	-	-	-	-	9.26x	3.41x	2.52x	1.74x	0.77x
Net Debt / EBITDA	-	-	-	-	-	4.25x	1.13x	0.61x	0.11x	-0.03x
Interest Coverage	-288.73x	-406.11x	-8.61x	-5.04x	-2.16x	0.10x	2.05x	2.45x	2.49x	-
Total Equity+	209.8M	53.3M	34.31M	17.46M	-5.95M	-2.45M	21.61M	53.44M	92.13M	130.34M
Equity Growth %	1.84%	-74.59%	-35.64%	-49.1%	-134.08%	58.9%	983.4%	147.33%	72.38%	41.48%
Book Value per Share	6.30	1.43	0.90	0.45	-0.15	-0.06	0.48	1.12	1.88	2.57
Total Shareholders' Equity	209.8M	53.3M	34.31M	17.46M	-5.95M	-2.45M	21.61M	53.44M	92.13M	130.34M
Common Stock	4K	4K	4K	4K	4K	4K	5K	5K	5K	5K
Retained Earnings	-796.51M	-1.09B	-1.2B	-1.28B	-1.34B	-1.37B	-1.37B	-1.35B	-1.31B	-1.28B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-13K	-449K	-12K	62K	0	-2K	0	-4K	6K	36K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-141.7M	-172.5M	-24.1M	22.38M	800K	20.65M	-15.83M	27.01M	38.92M	41.8M
Operating CF Margin %	-	-622.74%	-9.6%	8.22%	0.36%	8.16%	-6.94%	11.46%	16.89%	18.3%
Operating CF Growth %	8.28%	-21.74%	86.03%	192.85%	-96.42%	2481.25%	-176.64%	270.65%	44.09%	7.41%
Net Income	-276.01M	-291.95M	-113.58M	-75.59M	-59.99M	-29.13M	2K	21.59M	30.28M	31.11M
Depreciation & Amortization	1.15M	2.81M	7.38M	8.08M	10.03M	11.3M	9.84M	11.52M	11.52M	10.94M
Stock-Based Compensation	117.26M	108.73M	86.94M	57.33M	36.58M	32.63M	11.83M	10.25M	8.24M	6.94M
Deferred Taxes	-10K	0	5K	0	0	0	0	0	-7.08M	3.25M
Other Non-Cash Items	3.37M	-30K	289K	9.28M	1.03M	7.15M	7M	1.51M	-519K	-10.44M
Working Capital Changes	12.54M	7.94M	-5.14M	23.28M	13.16M	-1.31M	-44.5M	-17.85M	-3.54M	0
Change in Receivables	0	-9.67M	-11.1M	-8.12M	2.35M	-5.98M	-7.82M	-8.37M	16.34M	-21.28M
Change in Inventory	0	-2.03M	-596K	-545K	-284K	-3.65M	2.58M	-2.55M	-1.64M	3.21M
Change in Payables	2.23M	7.66M	-7.01M	-1.53M	-7.11M	-902K	-4.73M	449K	-1.38M	-453K
Cash from Investing+	142.2M	-15.4M	-57.6M	5.16M	23.3M	-10.88M	7.1M	-19.13M	-20.44M	-36.19M
Capital Expenditures	-7.28M	-50.43M	-609K	-306K	-20.05M	0	-7M	-140K	-56K	-71K
CapEx % of Revenue	-	182.06%	0.24%	0.11%	8.91%	-	3.07%	0.06%	0.02%	0.03%
Acquisitions	15K	36K	193K	0	20M	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-4K	-15.01M	-170K	0	-20.1M	0	0	-12.5M	0	0
Cash from Financing+	162.4M	75.1M	108.4M	-67.07M	100K	-31.93M	12.22M	0	-33.85M	-45.2M
Debt Issued (Net)	0	50M	105M	-55M	0	-1.5M	0	0	-33.33M	0
Equity Issued (Net)	1000K	0	0	0	68K	0	1000K	0	150K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	576K	25.11M	3.45M	-12.07M	32K	-30.43M	-277K	0	-666K	-45.2M
Net Change in Cash	162.93M	-112.8M	26.72M	-39.53M	24.24M	-22.16M	3.5M	7.88M	-15.37M	-39.58M
Free Cash Flow+	-148.98M	-222.93M	-24.71M	22.07M	-19.25M	20.65M	-22.83M	14.37M	38.86M	41.73M
FCF Margin %	-	-804.81%	-9.84%	8.11%	-8.55%	8.16%	-10.01%	6.1%	16.86%	18.27%
FCF Growth %	4.3%	-49.63%	88.92%	189.32%	-187.2%	207.3%	-210.54%	162.95%	170.46%	7.38%
FCF per Share	-4.47	-6.00	-0.65	0.57	-0.49	0.51	-0.51	0.30	0.79	0.82
FCF Conversion (FCF/Net Income)	0.51x	0.59x	0.21x	-0.30x	-0.01x	-0.71x	-7913.50x	1.25x	1.29x	1.34x
Interest Paid	0	0	8.05M	11.74M	9.7M	10.34M	10.32M	11.63M	10.77M	0
Taxes Paid	0	0	17K	53K	207K	324K	384K	737K	1.22M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-132.76%	-221.97%	-259.34%	-292.05%	-1042.3%	-	0.02%	57.54%	41.6%	27.97%
Return on Invested Capital (ROIC)	-218.71%	-1239.79%	-145.14%	-72.95%	-42.47%	2.4%	32.13%	34.96%	26.19%	24.73%
Gross Margin	-	79.78%	86.22%	86.48%	82.51%	74.84%	75.84%	73.4%	72.06%	74.53%
Net Margin	-	-1054.15%	-45.26%	-27.77%	-26.65%	-11.51%	0%	9.16%	13.14%	13.62%
Debt / Equity	-	0.91x	4.43x	6.88x	-	-	5.29x	2.09x	0.80x	0.22x
Interest Coverage	-288.73x	-406.11x	-8.61x	-5.04x	-2.16x	0.10x	2.05x	2.45x	2.49x	-
FCF Conversion	0.51x	0.59x	0.21x	-0.30x	-0.01x	-0.71x	-7913.50x	1.25x	1.29x	1.34x
Revenue Growth	-	-	806.14%	8.47%	-17.32%	12.46%	-9.92%	3.34%	-2.19%	-0.91%

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Puma Biotechnology, Inc. (PBYI) 10-Year Financial Performance & Capital Metrics

PBYI •

HealthcareBiotechnologyOncology Therapeutics Developers

Revenue $228M -0.9%
EBITDA $37M -12.2%
Net Income $31M +2.8%
EPS (Diluted) 0.61 -1.6%
Gross Margin 74.53% +3.4%
EBITDA Margin 16.33% -11.4%
Operating Margin 16.33% +21.6%
Net Margin 13.62% +3.7%
ROE 27.97% -32.8%
ROIC 24.73% -5.6%
Debt/Equity 0.22 -72.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 42.4%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 18.3% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y0.29%

3Y0.05%

TTM-0.89%

Profit (Net Income) CAGR

10Y-

5Y-

3Y2396.29%

TTM2.63%

EPS CAGR

10Y-

5Y-

3Y210.89%

TTM0.54%

ROCE

10Y Avg-34.53%

5Y Avg19.47%

3Y Avg26.06%

Latest29.57%

Peer Comparison

Oncology Therapeutics Developers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EXELExelixis, Inc.	11.81B	44.06	15.85	6.98%	29.63%	31.37%	7.49%	0.08
INCYIncyte Corporation	20.1B	101.27	15.80	21.22%	25.03%	24.9%	6.74%	0.01
GMABGenmab A/S	18.13B	29.44	15.36	30.67%	46.8%	114.25%	6.6%	0.03
SNDXSyndax Pharmaceuticals, Inc.	1.89B	21.71	-5.82		-279.31%	-269.93%		1.20
RCUSArcus Biosciences, Inc.	2.55B	20.37	-6.19	-4.26%	-142.91%	-55.94%		0.16
RLAYRelay Therapeutics, Inc.	1.78B	10.26	-6.37	53.44%	-18.01%	-48.76%		0.06
STROSutro Biopharma, Inc.	1.74B	20.47	-6.92	-59.64%	-205.18%	-234.19%		4.57
OLMAOlema Pharmaceuticals, Inc.	1.66B	24.20	-11			-48.77%		0.00

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	0	27.7M	251M	272.26M	225.11M	253.16M	228.03M	235.64M	230.47M	228.37M
Revenue Growth %	-	-	806.14%	8.47%	-17.32%	12.46%	-9.92%	3.34%	-2.19%	-0.91%
Cost of Goods Sold+	1.15M	5.6M	34.6M	36.81M	39.37M	63.7M	55.09M	62.68M	64.4M	58.16M
COGS % of Revenue	-	20.22%	13.78%	13.52%	17.49%	25.16%	24.16%	26.6%	27.94%	25.47%
Gross Profit+	-1.15M	22.1M	216.4M	235.44M	185.74M	189.45M	172.94M	172.96M	166.06M	170.21M
Gross Margin %	-	79.78%	86.22%	86.48%	82.51%	74.84%	75.84%	73.4%	72.06%	74.53%
Gross Profit Growth %	-48.07%	2023.41%	879.19%	8.8%	-21.11%	2%	-8.72%	0.01%	-3.98%	2.5%
Operating Expenses+	276.6M	314.5M	311.1M	311.04M	216.14M	188.16M	149.22M	140.31M	135.1M	132.91M
OpEx % of Revenue	-	1135.38%	123.94%	114.24%	96.01%	74.33%	65.44%	59.55%	58.62%	58.2%
Selling, General & Admin	53.8M	106.7M	146.2M	141.64M	118.49M	116.29M	89.98M	89.31M	80.16M	70.85M
SG&A % of Revenue	-	385.2%	58.25%	52.02%	52.64%	45.94%	39.46%	37.9%	34.78%	31.02%
Research & Development	222.8M	207.8M	164.9M	132.85M	97.65M	71.87M	52.24M	50.38M	54.94M	62.07M
R&D % of Revenue	-	750.18%	65.7%	48.8%	43.38%	28.39%	22.91%	21.38%	23.84%	27.18%
Other Operating Expenses	-400K	-100K	0	36.55M	0	0	7M	625K	0	0
Operating Income+	-276.6M	-292.4M	-94.7M	-75.59M	-30.4M	1.29M	23.72M	32.64M	30.97M	37.3M
Operating Margin %	-	-1055.6%	-37.73%	-27.77%	-13.51%	0.51%	10.4%	13.85%	13.44%	16.33%
Operating Income Growth %	-15.11%	-5.71%	67.61%	20.17%	59.78%	104.24%	1738.76%	37.61%	-5.13%	20.45%
EBITDA+	-275.45M	-289.59M	-87.32M	-67.52M	-20.37M	12.6M	33.56M	44.16M	42.49M	37.3M
EBITDA Margin %	-	-1045.45%	-34.79%	-24.8%	-9.05%	4.98%	14.72%	18.74%	18.44%	16.33%
EBITDA Growth %	-15%	-5.13%	69.85%	22.67%	69.83%	161.83%	166.45%	31.58%	-3.78%	-12.22%
D&A (Non-Cash Add-back)	1.15M	2.81M	7.38M	8.08M	10.03M	11.3M	9.84M	11.52M	11.52M	0
EBIT	-276.6M	-291.24M	-102.59M	-60.52M	-45.74M	-15.99M	12.05M	36M	36.55M	0
Net Interest Income+	42K	536K	-9.19M	-12.17M	-13.56M	-12.65M	-10.78M	-10.72M	-7.73M	0
Interest Income	1M	1.26M	1.8M	2.8M	489K	160K	813K	2.6M	4.72M	4.08M
Interest Expense	958K	720K	11M	15M	14.05M	12.81M	11.59M	13.33M	12.45M	-6.62M
Other Income/Expense	585K	435K	-18.92M	53K	-29.39M	-30.09M	-23.26M	-9.97M	-6.87M	-1.52M
Pretax Income+	-276M	-292M	-113.6M	-75.54M	-59.79M	-28.8M	457K	22.67M	24.1M	35.78M
Pretax Margin %	-	-1054.15%	-45.26%	-27.75%	-26.56%	-11.38%	0.2%	9.62%	10.46%	15.67%
Income Tax+	-2.15M	-2.21M	-7.92M	53K	207K	324K	455K	1.08M	-6.18M	-1.43M
Effective Tax Rate %	100%	100%	100%	100.07%	100.35%	101.12%	0.44%	95.22%	125.63%	86.95%
Net Income+	-276M	-292M	-113.6M	-75.59M	-59.99M	-29.13M	2K	21.59M	30.28M	31.11M
Net Margin %	-	-1054.15%	-45.26%	-27.77%	-26.65%	-11.51%	0%	9.16%	13.14%	13.62%
Net Income Growth %	-15.34%	-5.8%	61.1%	33.46%	20.64%	51.45%	100.01%	1079450%	40.23%	2.75%
Net Income (Continuing)	-276.01M	-291.95M	-113.58M	-75.59M	-59.99M	-29.13M	2K	21.59M	30.28M	31.11M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-8.29	-7.86	-2.99	-2.13	-1.52	-0.72	0.02	0.45	0.62	0.61
EPS Growth %	-11.28%	5.19%	61.96%	28.76%	28.64%	52.63%	102.82%	2116.75%	37.78%	-1.61%
EPS (Basic)	-8.29	-7.86	-2.99	-2.13	-1.52	-0.72	0.02	0.46	0.62	0.62
Diluted Shares Outstanding	33.3M	37.17M	37.94M	38.77M	39.58M	40.64M	44.93M	47.55M	49.1M	50.65M
Basic Shares Outstanding	33.3M	37.17M	37.94M	38.77M	39.58M	40.64M	44.67M	47.13M	48.65M	50.01M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	236.47M	106.39M	203M	166.3M	146.14M	140.02M	134.28M	156.19M	147.66M	162.69M
Cash & Short-Term Investments	194.5M	81.7M	108.4M	111.64M	93.39M	82.11M	81.07M	95.94M	100.97M	97.53M
Cash Only	194.5M	81.7M	108.4M	60.04M	85.29M	63.13M	76.2M	84.58M	69.22M	29.64M
Short-Term Investments	0	0	0	51.61M	8.1M	18.98M	4.87M	11.35M	31.75M	67.89M
Accounts Receivable	0	9.67M	21.95M	28.9M	25.54M	32.53M	42.27M	48.49M	32.01M	53.65M
Days Sales Outstanding	-	127.42	31.92	38.74	41.42	46.9	67.66	75.11	50.7	85.75
Inventory	0	2.03M	2.63M	3.17M	3.45M	7.11M	4.53M	7.08M	8.72M	5.51M
Days Inventory Outstanding	-	132.25	27.69	31.43	32.02	40.73	29.99	41.23	49.44	34.61
Other Current Assets	0	11.69M	3.85M	11.74M	11.75M	11.43M	1.95M	260K	3.7M	5.99M
Total Non-Current Assets+	16.32M	59.13M	56.12M	68.61M	98.08M	86.56M	87.78M	74.34M	65.67M	53.62M
Property, Plant & Equipment	5.15M	4.47M	3.96M	21.83M	18.89M	15.77M	12.51M	8.65M	5.09M	5.56M
Fixed Asset Turnover	-	6.20x	63.34x	12.47x	11.92x	16.05x	18.23x	27.25x	45.24x	41.07x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	48.35M	44.41M	40.46M	74.14M	66.13M	70.61M	60.87M	51.13M	41.39M
Long-Term Investments	4.32M	4.32M	2K	0	0	0	0	2.09M	0	0
Other Non-Current Assets	6.85M	6.31M	6.01M	6.32M	5.06M	4.67M	4.66M	2.73M	2.38M	2.83M
Total Assets+	252.79M	165.53M	259.12M	234.91M	244.22M	226.59M	222.06M	230.53M	213.33M	216.3M
Asset Turnover	-	0.17x	0.97x	1.16x	0.92x	1.12x	1.03x	1.02x	1.08x	1.06x
Asset Growth %	5.4%	-34.52%	56.55%	-9.35%	3.97%	-7.22%	-2%	3.81%	-7.46%	1.39%
Total Current Liabilities+	37.46M	58.34M	67.11M	90.84M	114.25M	109.59M	77.48M	99.38M	96.11M	81.25M
Accounts Payable	20.04M	27.69M	20.68M	19.18M	12.08M	11.17M	6.44M	6.89M	5.51M	5.06M
Days Payables Outstanding	6.36K	1.8K	218.2	190.19	111.95	64.03	42.67	40.11	31.22	31.73
Short-Term Debt	0	0	0	0	14.29M	0	0	34M	45.33M	23.84M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	27.85M	40.29M	5.76M	15.09M	11.22M	13.34M	43.42M	39.73M	57.42M
Current Ratio	6.31x	1.82x	3.02x	1.83x	1.28x	1.28x	1.73x	1.57x	1.54x	2.00x
Quick Ratio	6.31x	1.79x	2.99x	1.80x	1.25x	1.21x	1.67x	1.50x	1.45x	1.93x
Cash Conversion Cycle	-	-1.55K	-158.59	-120.02	-38.51	23.6	54.98	76.22	68.92	88.63
Total Non-Current Liabilities+	5.5M	53.88M	157.7M	126.61M	135.92M	119.44M	122.97M	77.7M	25.1M	4.71M
Long-Term Debt	0	48.48M	151.89M	94.96M	84.03M	97.09M	98.31M	65.66M	21.72M	4.71M
Capital Lease Obligations	0	0	0	22.64M	19.55M	15.97M	11.83M	7.03M	1.49M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	5.5M	5.41M	5.82M	9M	32.34M	6.38M	12.83M	5.01M	1.88M	0
Total Liabilities	42.97M	112.22M	224.82M	217.44M	250.17M	229.03M	200.45M	177.09M	121.21M	85.96M
Total Debt+	0	48.48M	151.89M	120.23M	120.95M	116.64M	114.28M	111.49M	74.08M	28.55M
Net Debt	-194.5M	-33.22M	43.49M	60.19M	35.66M	53.51M	38.08M	26.91M	4.86M	-1.09M
Debt / Equity	-	0.91x	4.43x	6.88x	-	-	5.29x	2.09x	0.80x	0.22x
Debt / EBITDA	-	-	-	-	-	9.26x	3.41x	2.52x	1.74x	0.77x
Net Debt / EBITDA	-	-	-	-	-	4.25x	1.13x	0.61x	0.11x	-0.03x
Interest Coverage	-288.73x	-406.11x	-8.61x	-5.04x	-2.16x	0.10x	2.05x	2.45x	2.49x	-
Total Equity+	209.8M	53.3M	34.31M	17.46M	-5.95M	-2.45M	21.61M	53.44M	92.13M	130.34M
Equity Growth %	1.84%	-74.59%	-35.64%	-49.1%	-134.08%	58.9%	983.4%	147.33%	72.38%	41.48%
Book Value per Share	6.30	1.43	0.90	0.45	-0.15	-0.06	0.48	1.12	1.88	2.57
Total Shareholders' Equity	209.8M	53.3M	34.31M	17.46M	-5.95M	-2.45M	21.61M	53.44M	92.13M	130.34M
Common Stock	4K	4K	4K	4K	4K	4K	5K	5K	5K	5K
Retained Earnings	-796.51M	-1.09B	-1.2B	-1.28B	-1.34B	-1.37B	-1.37B	-1.35B	-1.31B	-1.28B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-13K	-449K	-12K	62K	0	-2K	0	-4K	6K	36K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-141.7M	-172.5M	-24.1M	22.38M	800K	20.65M	-15.83M	27.01M	38.92M	41.8M
Operating CF Margin %	-	-622.74%	-9.6%	8.22%	0.36%	8.16%	-6.94%	11.46%	16.89%	18.3%
Operating CF Growth %	8.28%	-21.74%	86.03%	192.85%	-96.42%	2481.25%	-176.64%	270.65%	44.09%	7.41%
Net Income	-276.01M	-291.95M	-113.58M	-75.59M	-59.99M	-29.13M	2K	21.59M	30.28M	31.11M
Depreciation & Amortization	1.15M	2.81M	7.38M	8.08M	10.03M	11.3M	9.84M	11.52M	11.52M	10.94M
Stock-Based Compensation	117.26M	108.73M	86.94M	57.33M	36.58M	32.63M	11.83M	10.25M	8.24M	6.94M
Deferred Taxes	-10K	0	5K	0	0	0	0	0	-7.08M	3.25M
Other Non-Cash Items	3.37M	-30K	289K	9.28M	1.03M	7.15M	7M	1.51M	-519K	-10.44M
Working Capital Changes	12.54M	7.94M	-5.14M	23.28M	13.16M	-1.31M	-44.5M	-17.85M	-3.54M	0
Change in Receivables	0	-9.67M	-11.1M	-8.12M	2.35M	-5.98M	-7.82M	-8.37M	16.34M	-21.28M
Change in Inventory	0	-2.03M	-596K	-545K	-284K	-3.65M	2.58M	-2.55M	-1.64M	3.21M
Change in Payables	2.23M	7.66M	-7.01M	-1.53M	-7.11M	-902K	-4.73M	449K	-1.38M	-453K
Cash from Investing+	142.2M	-15.4M	-57.6M	5.16M	23.3M	-10.88M	7.1M	-19.13M	-20.44M	-36.19M
Capital Expenditures	-7.28M	-50.43M	-609K	-306K	-20.05M	0	-7M	-140K	-56K	-71K
CapEx % of Revenue	-	182.06%	0.24%	0.11%	8.91%	-	3.07%	0.06%	0.02%	0.03%
Acquisitions	15K	36K	193K	0	20M	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-4K	-15.01M	-170K	0	-20.1M	0	0	-12.5M	0	0
Cash from Financing+	162.4M	75.1M	108.4M	-67.07M	100K	-31.93M	12.22M	0	-33.85M	-45.2M
Debt Issued (Net)	0	50M	105M	-55M	0	-1.5M	0	0	-33.33M	0
Equity Issued (Net)	1000K	0	0	0	68K	0	1000K	0	150K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	576K	25.11M	3.45M	-12.07M	32K	-30.43M	-277K	0	-666K	-45.2M
Net Change in Cash	162.93M	-112.8M	26.72M	-39.53M	24.24M	-22.16M	3.5M	7.88M	-15.37M	-39.58M
Free Cash Flow+	-148.98M	-222.93M	-24.71M	22.07M	-19.25M	20.65M	-22.83M	14.37M	38.86M	41.73M
FCF Margin %	-	-804.81%	-9.84%	8.11%	-8.55%	8.16%	-10.01%	6.1%	16.86%	18.27%
FCF Growth %	4.3%	-49.63%	88.92%	189.32%	-187.2%	207.3%	-210.54%	162.95%	170.46%	7.38%
FCF per Share	-4.47	-6.00	-0.65	0.57	-0.49	0.51	-0.51	0.30	0.79	0.82
FCF Conversion (FCF/Net Income)	0.51x	0.59x	0.21x	-0.30x	-0.01x	-0.71x	-7913.50x	1.25x	1.29x	1.34x
Interest Paid	0	0	8.05M	11.74M	9.7M	10.34M	10.32M	11.63M	10.77M	0
Taxes Paid	0	0	17K	53K	207K	324K	384K	737K	1.22M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-132.76%	-221.97%	-259.34%	-292.05%	-1042.3%	-	0.02%	57.54%	41.6%	27.97%
Return on Invested Capital (ROIC)	-218.71%	-1239.79%	-145.14%	-72.95%	-42.47%	2.4%	32.13%	34.96%	26.19%	24.73%
Gross Margin	-	79.78%	86.22%	86.48%	82.51%	74.84%	75.84%	73.4%	72.06%	74.53%
Net Margin	-	-1054.15%	-45.26%	-27.77%	-26.65%	-11.51%	0%	9.16%	13.14%	13.62%
Debt / Equity	-	0.91x	4.43x	6.88x	-	-	5.29x	2.09x	0.80x	0.22x
Interest Coverage	-288.73x	-406.11x	-8.61x	-5.04x	-2.16x	0.10x	2.05x	2.45x	2.49x	-
FCF Conversion	0.51x	0.59x	0.21x	-0.30x	-0.01x	-0.71x	-7913.50x	1.25x	1.29x	1.34x
Revenue Growth	-	-	806.14%	8.47%	-17.32%	12.46%	-9.92%	3.34%	-2.19%	-0.91%

Puma Biotechnology, Inc. (PBYI) 10-Year Financial Performance & Capital Metrics

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Puma Biotechnology, Inc. (PBYI) 10-Year Financial Performance & Capital Metrics

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✓Strengths

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Growth Metrics

Revenue CAGR

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