The company's capital structure appears vulnerable, characterized by a deeply negative equity position of $217.1 million and a significant debt burden of $597.4 million as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Total Current Assets | 332.29M | 274.18M | 182.37M | 233.29M | 780.63M | 745.23M | 495.84M | 306.85M | 266.44M | 311.6M | 380.18M | 500.2M | 289.73M | 229.13M | 184.44M | 167.57M | 259.07M | 131.45M | 108.09M | 119.17M |
| Cash & Short-Term Investments | 220.47M | 215.46M | 88.56M | 92.15M | 656.2M | 620.13M | 364.3M | 177.02M | 173.17M | 221.42M | 305.22M | 439.39M | 248.33M | 197.6M | 168.23M | 164.02M | 248.03M | 123.14M | 89.77M | 91.94M |
| Cash Only | 220.47M | 215.46M | 88.56M | 92.15M | 656.2M | 620.13M | 364.3M | 177.02M | 173.17M | 125.74M | 54M | 261.29M | 74.3M | 75.49M | 136.7M | 87.28M | 44.32M | 123.14M | 67.72M | 62.43M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 95.68M | 251.21M | 178.11M | 174.04M | 122.11M | 31.53M | 76.73M | 203.71M | 0 | 22.05M | 29.51M |
| Accounts Receivable | 105.84M | 46.74M | 81.89M | 129.12M | 115.46M | 114.04M | 122.35M | 117.25M | 80.95M | 82.16M | 64.85M | 54.52M | 25.84M | 3.21M | 1.49M | 652K | 2.9M | 5.22M | 7.12M | 25.51M |
| Days Sales Outstanding | 90.65 | 57.61 | 85.05 | 106.45 | 102.64 | 100.6 | 114.65 | 99.89 | 85.24 | 100.54 | 86.41 | 133.06 | 123.39 | 51.25 | 3.61 | 3.61 | 24.09 | 52.77 | 117 | 889.76 |
| Inventory | 0 | 0 | 0 | 0 | 1.25M | 0 | 0 | 648K | 0 | 735K | 1.08M | 0 | 4.95M | 22.14M | 6.7M | 0 | -239.87M | 0 | 2.5M | 0 |
| Days Inventory Outstanding | - | - | - | - | 321.76 | - | - | 1.75 | - | 13.82 | 211.22 | - | 70.68 | 1.12K | 2.53K | - | - | - | - | - |
| Other Current Assets | 5.98M | 11.98M | 11.92M | 0 | 0 | 2.37M | 9.19M | 1.25M | 2.1M | 0 | 0 | 0 | 1.42M | 0 | 0 | 0 | 2.83M | 3.07M | 8.7M | 0 |
| Total Non-Current Assets | 102.27M | 122.72M | 168.54M | 237.78M | 319.89M | 381.7M | 63.4M | 95.9M | 65.61M | 294.08M | 329.64M | 118.92M | 43.78M | 49.83M | 45.47M | 41.41M | 42.29M | 31M | 32.64M | 16.73M |
| Property, Plant & Equipment | 12.06M | 12.75M | 15.52M | 18.17M | 20.31M | 22.93M | 25.5M | 30.17M | 17.27M | 17.27M | 20.51M | 21.07M | 29.83M | 37.38M | 37.54M | 33.63M | 34.37M | 22.55M | 24.6M | 4.15M |
| Fixed Asset Turnover | 27.61x | 23.23x | 22.64x | 24.36x | 20.22x | 18.05x | 15.27x | 14.20x | 20.07x | 17.27x | 13.36x | 7.10x | 2.56x | 0.61x | 4.00x | 1.96x | 1.28x | 1.60x | 0.90x | 2.52x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 785K | 785K | 785K | 785K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.84M | 2.04M | 2.86M | 3.68M | 0 | 0 | 0 | 0 | 0 | 159.91M | 166.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 15.07M | 0 | 36.95M | 0 | 47.45M | 115.24M | 140.77M | 95.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.14M | 4.5M | 5.92M | 3.61M | 847K | 358.78M | 943K | 64.94M | 47.56M | 116.11M | 142.22M | 2.63M | 13.96M | 12.46M | 7.93M | 7.79M | 7.92M | 8.45M | 8.04M | 12.59M |
| Total Assets | 434.57M | 396.9M | 350.91M | 471.07M | 1.1B | 1.13B | 559.24M | 402.75M | 332.05M | 605.67M | 709.82M | 619.12M | 333.51M | 278.96M | 229.91M | 208.98M | 301.37M | 162.45M | 140.72M | 135.91M |
| Asset Turnover | 0.92x | 0.75x | 1.00x | 0.94x | 0.37x | 0.37x | 0.70x | 1.06x | 1.04x | 0.49x | 0.39x | 0.24x | 0.23x | 0.08x | 0.65x | 0.32x | 0.15x | 0.22x | 0.16x | 0.08x |
| Asset Growth % | 34.28% | 13.11% | -25.51% | -57.2% | -2.34% | 101.51% | 38.86% | 21.29% | -45.18% | -14.67% | 14.65% | 85.64% | 19.55% | 21.34% | 10.02% | -30.66% | 85.51% | 15.44% | 3.54% | - |
| Total Current Liabilities | 236.31M | 242.22M | 38.85M | 276.1M | 25.52M | 161.7M | 32.17M | 40.93M | 119.52M | 66.03M | 91.13M | 76.47M | 60.54M | 41.04M | 54.94M | 65.13M | 64.43M | 56.44M | 39.15M | 29.93M |
| Accounts Payable | 3.24M | 2.9M | 2.13M | 7.83M | 483K | 935K | 661K | 5.49M | 14.89M | 15.96M | 17.7M | 8.59M | 9.76M | 10.19M | 21.73M | 6.44M | 4.3M | 4.75M | 3.73M | 5.58M |
| Days Payables Outstanding | 601.99 | - | 102.8 | 464.86 | 124.33 | 4.85 | 76.93 | 14.79 | 165.96 | 300.15 | 3.46K | 261.25K | 139.28 | 516.21 | 8.22K | - | - | - | - | - |
| Short-Term Debt | 203.12M | 202.93M | 0 | 199.56M | 0 | 116.86M | 3.13M | 0 | 47.55M | 4.08M | 6.23M | 27.59M | 12.41M | 1.14M | 261K | 233K | 197K | 1.45M | 943K | 1.01M |
| Deferred Revenue (Current) | 3.5M | 0 | 2.03M | 2.62M | 0 | 0 | 0 | 875K | 252K | 195K | 7.72M | 7.19M | 7.19M | 5.07M | 3.38M | 36.29M | 42.85M | 32.74M | 18.01M | 15.82M |
| Other Current Liabilities | 18.04M | 35.46M | 4.98M | 26.13M | 15.88M | 7.49M | 14.97M | 14.89M | 42M | 23.23M | 42.54M | 5.02M | 8.45M | 4.92M | 8.02M | 14.42M | 2.6M | 15.33M | 28.65M | 0 |
| Current Ratio | 1.41x | 1.13x | 4.69x | 0.84x | 30.58x | 4.61x | 15.41x | 7.50x | 2.23x | 4.72x | 4.17x | 6.54x | 4.79x | 5.58x | 3.36x | 2.57x | 4.02x | 2.33x | 2.76x | 3.98x |
| Quick Ratio | 1.41x | 1.13x | 4.69x | 0.84x | 30.53x | 4.61x | 15.41x | 7.48x | 2.23x | 4.71x | 4.16x | 6.54x | 4.70x | 5.04x | 3.24x | 2.57x | 7.74x | 2.33x | 2.70x | 3.98x |
| Cash Conversion Cycle | -511.34 | - | - | - | 300.07 | - | - | 86.85 | - | -185.79 | -3.16K | - | 54.79 | 657.21 | -5.68K | - | - | - | - | - |
| Total Non-Current Liabilities | 415.4M | 416.52M | 613.4M | 541.27M | 422.62M | 359.32M | 464.43M | 455.07M | 408.9M | 529.8M | 551.97M | 447.53M | 184.42M | 199.7M | 30.92M | 33.99M | 77.39M | 404.35M | 331.98M | 284.35M |
| Long-Term Debt | 385M | 385M | 583.99M | 498.31M | 396.25M | 337.33M | 430.26M | 407.99M | 366.14M | 396.09M | 366.57M | 353.89M | 160.72M | 174.67M | 0 | 0 | 0 | 1.76M | 872K | 1.96M |
| Capital Lease Obligations | 40.72M | 9.87M | 12.3M | 14.54M | 16.6M | 18.48M | 20.32M | 22.08M | 158K | 0 | 82K | 306K | 2.57M | 3.13M | 308K | 422K | 393K | 112K | 189K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 81.72M | -2.57M | 8.82M | 11.59M | -422K | -14.61M | -112K | -189K | 0 |
| Other Non-Current Liabilities | 21.17M | 21.65M | 17.11M | 28.41M | 9.77M | 3.5M | 13.85M | 24.99M | 42.6M | 133.71M | 185.32M | 91.54M | 12.14M | 10.47M | 12.59M | 12.44M | 14.61M | 308.84M | 273.4M | 223.8M |
| Total Liabilities | 651.71M | 658.74M | 652.24M | 817.37M | 448.14M | 521.02M | 496.6M | 496M | 528.42M | 595.83M | 643.11M | 524M | 244.96M | 240.74M | 85.86M | 99.12M | 141.81M | 460.79M | 371.13M | 314.28M |
| Total Debt | 597.36M | 597.8M | 599.48M | 715.54M | 415.92M | 475.8M | 453.7M | 431.22M | 413.92M | 400.17M | 372.8M | 381.49M | 177.32M | 178.94M | 569K | 655K | 590K | 3.33M | 2.12M | 2.96M |
| Net Debt | 376.88M | 382.35M | 510.92M | 623.38M | -240.29M | -144.33M | 89.4M | 254.2M | 240.75M | 274.43M | 318.8M | 120.2M | 103.02M | 103.45M | -136.13M | -86.63M | -43.73M | -119.82M | -65.6M | -59.46M |
| Debt / Equity | -2.75x | - | - | - | 0.64x | 0.79x | 7.24x | - | - | 40.63x | 5.59x | 4.01x | 2.00x | 4.68x | 0.00x | 0.01x | 0.00x | - | - | - |
| Debt / EBITDA | 2.93x | 4.96x | 6.30x | - | 1.65x | 2.04x | 3.10x | 3.43x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.85x | 3.17x | 5.37x | - | -0.95x | -0.62x | 0.61x | 2.02x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 6.02x | 3.14x | 2.90x | 9.05x | 34.22x | 7.45x | 4.69x | 3.36x | -4.15x | -0.51x | -1.09x | -3.59x | -7.96x | -11.99x | -1229.92x | -1028.35x | -301.83x | -126.53x | -163.76x | -201.13x |
| Total Equity | -217.14M | -261.83M | -301.33M | -346.3M | 652.38M | 605.91M | 62.64M | -93.25M | -196.37M | 9.85M | 66.72M | 95.13M | 88.55M | 38.23M | 144.05M | 109.86M | 159.55M | -298.34M | -230.41M | -178.37M |
| Equity Growth % | 67.47% | 13.11% | 12.98% | -153.08% | 7.67% | 867.29% | 167.17% | 52.51% | -2094.02% | -85.24% | -29.86% | 7.42% | 131.66% | -73.46% | 31.13% | -31.15% | 153.48% | -29.48% | -29.17% | - |
| Book Value per Share | -1.30 | -1.47 | -1.88 | -2.23 | 3.50 | 3.69 | 0.39 | -0.60 | -1.29 | 0.07 | 0.46 | 0.67 | 0.65 | 0.33 | 1.35 | 1.10 | 1.78 | -4.28 | -3.30 | -2.36 |
| Total Shareholders' Equity | -217.14M | -261.83M | -301.33M | -346.3M | 652.38M | 605.91M | 62.64M | -93.25M | -196.37M | 9.85M | 66.72M | 95.13M | 88.55M | 38.23M | 144.05M | 109.86M | 159.55M | -301.55M | -235.75M | -184.87M |
| Common Stock | 165K | 163K | 160K | 156K | 154K | 162K | 161K | 158K | 154K | 151K | 148K | 143K | 141K | 121K | 108K | 101K | 99K | 8K | 7K | 7K |
| Retained Earnings | -1.63B | -1.67B | -1.7B | -1.7B | -696.38M | -937.61M | -1.47B | -1.57B | -1.59B | -1.31B | -1.19B | -1.11B | -967.45M | -777.83M | -505.02M | -432.39M | -367.54M | -314.56M | -243.37M | -189.5M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -795K | -1.06M | 923K | -3.03M | 0 | 0 | 0 | -10.08M | 0 | -79K | -7K | -86K | -19K | 2K | 5K | 6K | 1K | -298.35M | 23K | 3K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.21M | 5.34M | 6.5M |
Negative equity and debt
As reported in financial statements, Ironwood’s equity position remains deeply negative at -$217.1 million in 2026Q1, reflecting a multi-year trend of accumulated deficits that suggests the company’s historical capital allocation has struggled to generate sufficient returns to offset its significant operational and acquisition-related costs.
The persistent negative equity, anchored by a $1.6 billion deficit in retained earnings, indicates that the company has historically consumed more capital than it has generated. This trajectory warrants caution, as it suggests that the business model’s reliance on collaboration-based profit sharing has not yet achieved the scale necessary to build a sustainable book value.
According to recent SEC filings, Ironwood maintains a substantial debt load of $597.4 million as of 2026Q1, which, when viewed alongside the company's negative equity, highlights a capital structure that appears heavily reliant on external financing to sustain its ongoing R&D and commercialization efforts.
The presence of nearly $600 million in debt against a negative equity base suggests that the company’s financial position is highly sensitive to interest rate fluctuations and refinancing risks. Investors should monitor whether the cash flow generated from the Linzess franchise remains sufficient to service this debt without requiring further dilutive capital raises.
Based on reported figures, Ironwood’s current ratio fluctuated significantly from 0.82 in 2025Q2 to 1.41 in 2026Q1, illustrating that the company’s ability to cover short-term obligations is subject to the lumpy timing of collaboration-based cash inflows and working capital swings.
While the current ratio has improved from its 2025 lows, the underlying liquidity remains fragile due to the company's dependence on partner-driven revenue cycles. This volatility suggests that the firm may lack a consistent cash cushion, potentially forcing management to prioritize liquidity preservation over aggressive pipeline investment during periods of revenue shortfall.
As disclosed in financial statements, the company’s asset base is remarkably lean, with net PPE of only $12.1 million and minimal goodwill of $1.8 million, which implies that the firm’s value is almost entirely derived from intangible collaboration rights rather than tangible productive assets.
This asset-light structure makes the company exceptionally vulnerable to any disruption in the AbbVie partnership, as there are few physical assets to fall back on if the core GI franchise faces competitive or regulatory headwinds. The lack of significant tangible assets suggests that the company’s valuation is almost entirely tethered to the continued commercial success of a single therapeutic pillar.
Quick answers to the most common questions about buying IRWD stock.
As of 2025, Ironwood Pharmaceuticals, Inc. (IRWD) had total assets of $396.9M including $274.2M in current assets.
Ironwood Pharmaceuticals, Inc. (IRWD) carries total debt of $597.8M, offset by $215.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ironwood Pharmaceuticals, Inc. (IRWD) has total shareholders' equity (book value) of $-261.8M ($-1.47 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ironwood Pharmaceuticals, Inc. (IRWD) reported a current ratio of 1.13x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.