Last 48 quarters of trend data · Healthcare · Biotechnology
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -34.10 | — | — | 14.53 | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 14.04 | 15.78 | 18.87 | 3.98 | 9.10 | 6.09 | 11.12 | 7.72 | 13.20 | 5.61 | 11.27 | 7.79 | 9.77 |
| — | +159.0% | +69.6% | -48.4% | -31.1% | +8.6% | -1.3% | -0.9% | +35.1% | -36.4% | +14.7% | -20.6% | +5.8% | |
| P/B Ratio | 26.55 | 26.21 | 19.14 | 11.40 | 10.07 | 9.39 | 8.99 | 26.38 | 21.28 | 18.84 | 20.61 | 13.71 | 10.48 |
| — | +179.2% | +113.0% | -56.8% | -52.7% | -50.2% | -56.4% | +92.4% | +102.9% | +101.2% | +95.1% | +63.1% | +41.8% | |
| P/FCF | — | 0.02 | — | 13.14 | — | — | — | — | — | 54.07 | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | — | — | — | 14.33 | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | — | — | 14.38 | — | — | — | — | — | 115.30 | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Ionis Pharmaceuticals, Inc.'s operating margin was -105.9% in Q4 2025, down 3.7 pp QoQ and down 57.0 pp YoY. This marks the 3rd consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. The trailing four-quarter average of -72.2% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 98.3% | 96.1% | 98.5% | 99.1% | 98.9% | 98.3% | 99.2% | 98.2% | 98.2% | 99.1% | 98.5% | 98.7% | 99.0% |
| — | -2.3% | -0.7% | +0.9% | +0.7% | -0.8% | +0.7% | -0.5% | -0.8% | +1.5% | -0.6% | +2.3% | +2.0% | |
| Operating Margin | -40.5% | -105.9% | -102.2% | 30.9% | -111.6% | -48.9% | -111.1% | -29.3% | -125.1% | -1.9% | -99.3% | -47.9% | -87.5% |
| — | -116.5% | +8.0% | +205.4% | +10.8% | -2492.2% | -11.8% | +38.7% | -43.1% | +98.6% | -168.3% | +25.1% | -115.8% | |
| Net Margin | -40.4% | -112.8% | -82.1% | 27.3% | -111.6% | -46.1% | -105.0% | -29.4% | -119.5% | -2.9% | -102.2% | -45.3% | -95.2% |
| — | -144.9% | +21.8% | +192.9% | +6.6% | -1513.4% | -2.7% | +35.0% | -25.5% | +91.7% | -247.5% | +42.4% | -107.4% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -70.7% | -41.4% | -20.6% | 22.3% | -27.6% | -16.7% | -30.3% | -23.7% | -41.8% | -2.6% | -39.6% | -18.6% | -23.5% |
| — | -148.0% | +32.2% | +194.3% | +33.9% | -532.4% | +23.5% | -26.9% | -78.1% | +70.6% | -414.2% | -18.3% | -166.7% | |
| ROA | -11.7% | -7.0% | -4.3% | 4.3% | -5.1% | -3.4% | -4.9% | -2.4% | -5.0% | -0.3% | -5.0% | -2.9% | -4.6% |
| — | -103.7% | +12.2% | +275.4% | -1.8% | -996.8% | +2.5% | +16.6% | -8.2% | +85.2% | -159.1% | +31.1% | -80.6% | |
| ROIC | -12.2% | -6.8% | -6.8% | 5.3% | -5.6% | -4.7% | -7.0% | -3.5% | -7.9% | -0.3% | -6.3% | -4.5% | -5.3% |
| — | -45.6% | +2.5% | +251.2% | +29.3% | -1629.0% | -11.7% | +20.8% | -48.2% | +97.2% | -99.7% | +5.6% | -57.5% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
The current ratio has weakened 77.0% YoY to 1.95x, tightening the short-term liquidity position. Debt/Equity has risen for 3 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.78 | 5.78 | 2.41 | 2.25 | 4.12 | 2.41 | 2.18 | 5.47 | 4.87 | 3.76 | 6.26 | 3.48 | 2.80 |
| — | +140.0% | +10.4% | -58.9% | -15.5% | -35.9% | -65.1% | +57.3% | +74.1% | +57.3% | +203.9% | +77.7% | +62.4% | |
| Debt / EBITDA | — | — | — | 9.77 | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 1.95 | 1.95 | 2.79 | 2.87 | 9.66 | 8.47 | 8.91 | 7.61 | 7.37 | 5.90 | 6.39 | 9.09 | 9.81 |
| — | -77.0% | -68.7% | -62.2% | +31.1% | +43.7% | +39.4% | -16.3% | -24.8% | -16.6% | -15.8% | +11.1% | -0.5% | |
| Quick Ratio | 1.95 | 1.95 | 2.78 | 2.86 | 9.62 | 8.43 | 8.82 | 7.51 | 7.28 | 5.88 | 6.33 | 9.00 | 9.72 |
| — | -76.9% | -68.5% | -61.9% | +32.1% | +43.4% | +39.3% | -16.5% | -25.1% | -16.0% | -15.8% | +11.0% | -0.4% | |
| Interest Coverage | -5.23 | -11.94 | -7.23 | 6.14 | -6.40 | -4.85 | -6.55 | -2.90 | -6.76 | -0.27 | -6.52 | -4.52 | -6.67 |
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Includes 30+ ratios · 48 years · Updated daily
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Start ComparisonIonis Pharmaceuticals, Inc.'s current P/E is -34.1x. The average P/E over the last 1 quarters is 14.5x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Ionis Pharmaceuticals, Inc.'s current operating margin is -40.5%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Ionis Pharmaceuticals, Inc.'s business trajectory between earnings reports.