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MIST logoMilestone Pharmaceuticals Inc.(MIST)Earnings, Financials & Key Ratios

MIST•NASDAQ
$1.97
$209M mkt cap·Price updated May 6, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryCommercial Specialty Pharma
AboutMilestone Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development and commercialization of cardiovascular medicines. The company is developing etripamil, a novel channel blocker, which is in Phase III clinical trial for the treatment of paroxysmal supraventricular tachycardia in the United States and Canada; and Phase II clinical trial for the treatment of atrial fibrillation and rapid ventricular rate. It has a license and collaboration agreement with Ji Xing Pharmaceuticals to develop and commercialize etripamil prophylactic and therapeutic uses in humans. The company was incorporated in 2003 and is headquartered in Montréal, Canada.Show more
  • Revenue$2M
  • EBITDA-$62M-48.0%
  • Net Income$0+100.0%
  • EPS (Diluted)-0.75-11.9%
  • EBITDA Margin-4019.4%
  • Operating Margin-4019.4%
  • ROIC-133.67%-106.2%
  • Debt/Equity1.40-66.5%
Technical→

MIST Key Insights

Milestone Pharmaceuticals Inc. (MIST) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

  • ✗Weak Piotroski F-Score: 2/9
  • ✗Negative free cash flow
  • ✗Shares diluted 34.8% in last year
  • ✗Trading more than 30% below 52-week high
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

MIST Price & Volume

Milestone Pharmaceuticals Inc. (MIST) stock price & volume — 10-year historical chart

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MIST Growth Metrics

Milestone Pharmaceuticals Inc. (MIST) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years-32.38%
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-91.18%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-13.04%

Return on Capital

10 Years-55.37%
5 Years-65.11%
3 Years-75.42%
Last Year-74.44%

MIST Recent Earnings

Milestone Pharmaceuticals Inc. (MIST) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 0/12 qtrs (0%)
Q2 2026Latest
Mar 20, 2026
EPS
$0.16
Est $0.18
+11.1%
Revenue
$2M
Est $38M
-96.0%
Q4 2025
Nov 12, 2025
EPS
$0.12
Est $0.17
+29.4%
Revenue
—
Q3 2025
Aug 12, 2025
EPS
$0.20
Est $0.18
-11.1%
Revenue
—
Q2 2025
May 14, 2025
EPS
$0.31
Est $0.19
-63.2%
Revenue
—
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMar 20, 2026
$0.16vs $0.18+11.1%
$2Mvs $38M-96.0%
Q4 2025Nov 12, 2025
$0.12vs $0.17+29.4%
—
Q3 2025Aug 12, 2025
$0.20vs $0.18-11.1%
—
Q2 2025May 14, 2025
$0.31vs $0.19-63.2%
—
Based on last 12 quarters of dataView full earnings history →

MIST Peer Comparison

Milestone Pharmaceuticals Inc. (MIST) competitors in Commercial Specialty Pharma — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ACAD logoACADACADIA Pharmaceuticals Inc.Direct Competitor3.68B21.489.3811.87%36.49%41.9%0.04
PRAX logoPRAXPraxis Precision Medicines, Inc.Direct Competitor7.61B337.95-25.07-100%-58.74%0.00
XENE logoXENEXenon Pharmaceuticals Inc.Direct Competitor4.69B58.56-13.43-46.12%-59.46%0.01
INVA logoINVAInnoviva, Inc.Direct Competitor1.91B22.526.8218.52%118.91%46.47%0.23
IDYA logoIDYAIDEAYA Biosciences, Inc.Product Competitor2.52B28.74-22.4530.24%-62.17%-13.96%0.03
ARDX logoARDXArdelyx, Inc.Product Competitor1.74B7.10-27.3122.09%-13.58%-38.11%1.27
LXRX logoLXRXLexicon Pharmaceuticals, Inc.Product Competitor677.89M1.60-11.4360.24%-101.08%-41.94%0.58
FLGT logoFLGTFulgent Genetics, Inc.Product Competitor443.83M14.92-7.5713.83%-18.75%-5.42%0.00

Compare MIST vs Peers

Milestone Pharmaceuticals Inc. (MIST) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ACAD

Most directly comparable listed peer for MIST.

Scale Benchmark

vs MRK

Larger-name benchmark to compare MIST against a more recognizable public peer.

Peer Set

Compare Top 5

vs ACAD, PRAX, XENE, INVA

MIST Income Statement

Milestone Pharmaceuticals Inc. (MIST) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue000015M5M1M01.55M
Revenue Growth %------66.67%-80%-100%-
Cost of Goods Sold8K10K0000000
COGS % of Revenue---------
Gross Profit
-8K▲ 0%
-10K▼ 25.0%
0▲ 100.0%
0▲ 0%
15M▲ 0%
5M▼ 66.7%
1M▼ 80.0%
0▼ 100.0%
0▲ 0%
Gross Margin %----100%100%100%--
Gross Profit Growth %--25%100%---66.67%-80%-100%-
Operating Expenses8.27M23.82M57.88M50.71M58.07M64.64M62.1M42.1M35.38M
OpEx % of Revenue----387.15%1292.84%6209.8%-2288.62%
Selling, General & Admin2.63M6.97M15.62M15.9M19.4M24.81M31.05M27.75M17.27M
SG&A % of Revenue----129.35%496.26%3104.6%-1117.34%
Research & Development5.64M16.85M42.38M34.86M38.67M39.83M31.05M14.36M18.11M
R&D % of Revenue----257.81%796.58%3105.2%-1171.28%
Other Operating Expenses00-115K-55K00000
Operating Income
-8.27M▲ 0%
-23.82M▼ 188.1%
-57.88M▼ 143.0%
-50.71M▲ 12.4%
-43.07M▲ 15.1%
-59.64M▼ 38.5%
-61.1M▼ 2.4%
-42.1M▲ 31.1%
-62.14M▼ 47.6%
Operating Margin %-----287.15%-1192.84%-6109.8%--4019.4%
Operating Income Growth %--188.12%-142.97%12.39%15.06%-38.47%-2.44%31.09%-47.59%
EBITDA-8.26M-23.81M-57.84M-50.61M-42.98M-59.55M-61.01M-42M-62.14M
EBITDA Margin %-----286.53%-1191.06%-6100.6%--4019.4%
EBITDA Growth %--188.28%-142.92%12.5%15.08%-38.56%-2.44%31.16%-47.96%
D&A (Non-Cash Add-back)8K10K38K97K93K89K92K105K0
EBIT-8.27M-23.37M-57.88M-50.71M-43.07M-58.39M-57.13M-37.94M0
Net Interest Income0000220K1.25M1.41M7.75M0
Interest Income186K711K2.6M726K220K1.25M3.97M4.16M2.92M
Interest Expense002.6M726K002.55M-3.58M-3.84M
Other Income/Expense186K711K2.6M726K220K1.25M1.41M583K0
Pretax Income
-8.08M▲ 0%
-23.11M▼ 186.0%
55.28M▲ 339.2%
-49.98M▼ 190.4%
-42.85M▲ 14.3%
-58.39M▼ 36.3%
-59.69M▼ 2.2%
-41.52M▲ 30.4%
0▲ 100.0%
Pretax Margin %-----285.69%-1167.76%-5968.5%--
Income Tax4K74K56K-17K00000
Effective Tax Rate %-0.05%-0.32%0.1%0.03%0%0%0%0%-
Net Income
-8.09M▲ 0%
-23.18M▼ 186.7%
-55.23M▼ 138.2%
-49.97M▲ 9.5%
-42.85M▲ 14.2%
-58.39M▼ 36.3%
-59.69M▼ 2.2%
-41.52M▲ 30.4%
0▲ 100.0%
Net Margin %-----285.69%-1167.76%-5968.5%--
Net Income Growth %--186.73%-138.21%9.53%14.24%-36.25%-2.22%30.44%100%
Net Income (Continuing)-8.09M-23.18M-55.23M-49.97M-42.85M-58.39M-59.69M-41.52M0
Discontinued Operations000000000
Minority Interest000000000
EPS (Diluted)
-0.34▲ 0%
-0.98▼ 188.2%
-3.50▼ 257.1%
-1.70▲ 51.4%
-1.02▲ 40.0%
-1.35▼ 32.4%
-1.39▼ 3.0%
-0.67▲ 51.8%
-0.75▼ 11.9%
EPS Growth %--188.24%-257.14%51.43%40%-32.35%-2.96%51.8%-11.94%
EPS (Basic)-0.34-0.98-3.50-1.70-1.02-1.35-1.39-0.67-0.75
Diluted Shares Outstanding23.65M23.65M15.78M29.34M41.83M42.45M42.96M62.21M83.88M
Basic Shares Outstanding23.65M23.65M15.78M29.34M41.83M42.45M42.96M62.21M83.88M
Dividend Payout Ratio---------

MIST Balance Sheet

Milestone Pharmaceuticals Inc. (MIST) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets27.55M88.05M122.5M148.69M118.92M71.8M73.03M73.93M111.92M
Cash & Short-Term Investments26.91M85.98M119.82M142.31M114.14M64.58M66M69.69M105.96M
Cash Only10.88M85.95M119.82M72.31M114.14M7.64M13.76M25.31M73.05M
Short-Term Investments16.03M29K070M056.95M52.24M44.38M32.91M
Accounts Receivable543K677K00483K1.21M3.85M2.39M1.65M
Days Sales Outstanding----11.7588.551.41K-388.61
Inventory00000000648K
Days Inventory Outstanding---------
Other Current Assets00836K948K00003.67M
Total Non-Current Assets35K30K929K1.29M926K2.68M2.19M1.57M1.64M
Property, Plant & Equipment35K30K929K1.29M926K2.68M2.19M1.57M1.64M
Fixed Asset Turnover----16.20x1.87x0.46x-0.94x
Goodwill000000000
Intangible Assets000000000
Long-Term Investments000000000
Other Non-Current Assets000000000
Total Assets
27.59M▲ 0%
88.08M▲ 219.2%
123.43M▲ 40.1%
149.97M▲ 21.5%
119.85M▼ 20.1%
74.48M▼ 37.9%
75.23M▲ 1.0%
75.5M▲ 0.4%
113.56M▲ 50.4%
Asset Turnover----0.13x0.07x0.01x-0.01x
Asset Growth %-219.25%40.13%21.51%-20.09%-37.85%1%0.36%50.41%
Total Current Liabilities1.6M4.53M8.33M6.16M6.78M6.14M7.23M8.13M13.98M
Accounts Payable4K2.6M4.38M4.64M4.38M2.26M3.98M1.93M0
Days Payables Outstanding182.595.01K-------
Short-Term Debt0000224K495K00647K
Deferred Revenue (Current)000000000
Other Current Liabilities1.11M56K00709K808K1.99M013.33M
Current Ratio17.17x19.42x14.71x24.14x17.55x11.70x10.11x9.10x8.01x
Quick Ratio17.17x19.42x14.71x24.14x17.55x11.70x10.11x9.10x7.96x
Cash Conversion Cycle---------
Total Non-Current Liabilities59.1M138.76M184K696K474K2M51.23M54.23M57.81M
Long-Term Debt00000049.77M53.35M57.73M
Capital Lease Obligations00184K696K474K2M1.46M874K0
Deferred Tax Liabilities000000000
Other Non-Current Liabilities59.1M138.76M00000083K
Total Liabilities60.71M143.29M8.51M6.86M7.25M8.13M58.45M62.35M71.79M
Total Debt00514K941K698K2.49M51.77M54.8M58.38M
Net Debt-10.88M-85.95M-119.3M-71.37M-113.44M-5.14M38.02M29.48M-14.67M
Debt / Equity--0.00x0.01x0.01x0.04x3.09x4.17x1.40x
Debt / EBITDA---------
Net Debt / EBITDA---------
Interest Coverage---22.30x-69.85x---23.92x--
Total Equity
-33.12M▲ 0%
-55.21M▼ 66.7%
114.92M▲ 308.1%
143.12M▲ 24.5%
112.6M▼ 21.3%
66.35M▼ 41.1%
16.77M▼ 74.7%
13.15M▼ 21.6%
41.77M▲ 217.7%
Equity Growth %--66.7%308.15%24.54%-21.32%-41.08%-74.72%-21.61%217.71%
Book Value per Share-1.40-2.337.284.882.691.560.390.210.50
Total Shareholders' Equity-33.12M-55.21M114.92M143.12M112.6M66.35M16.77M13.15M41.77M
Common Stock1.23M2.04M226.25M251.68M251.9M273.9M260.5M288.05M352.62M
Retained Earnings-35.09M-58.27M-113.5M-163.47M-206.32M-266.34M-326.03M-367.55M-430.6M
Treasury Stock000000000
Accumulated OCI-1.63M-1.63M-1.63M46.37M51.31M34.35M48.46M53.08M0
Minority Interest000000000

MIST Cash Flow Statement

Milestone Pharmaceuticals Inc. (MIST) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-8.05M-21.05M-51.15M-50.73M-33.22M-52.47M-46.42M-28.85M-49.04M
Operating CF Margin %-----221.49%-1049.38%-4642.4%--3172.12%
Operating CF Growth %--161.38%-143.05%0.82%34.51%-57.93%11.52%37.86%-70%
Net Income-8.09M-23.18M-55.23M-49.97M-42.85M-58.39M-59.69M-41.52M-63.06M
Depreciation & Amortization8K10K38K97K93K89K92K105K114K
Stock-Based Compensation190K633K1.19M4.95M7.28M9.05M9.53M5.78M7.46M
Deferred Taxes00-1.63M000000
Other Non-Cash Items59K787K1.63M0044K2.39M3.13M6.44M
Working Capital Changes-164K1.5M2.85M-5.81M2.26M-3.26M1.24M3.66M0
Change in Receivables147K-134K-169K-112K465K-730K-2.64M1.46M0
Change in Inventory00169K00000-648K
Change in Payables-222K2.88M3.52M-2.08M00004.43M
Cash from Investing-16.02M16M-384K-70M70M-57.12M4.76M8.28M11.25M
Capital Expenditures-36K-5K-413K00-272K-112K-33K0
CapEx % of Revenue-----5.44%11.2%--
Acquisitions0035.41M000000
Investments---------
Other Investing-15.99M16M-35.41M00000-83.22M
Cash from Financing30.72M80.11M85.41M73.22M5.05M3.09M47.79M32.12M85.53M
Debt Issued (Net)00000050M00
Equity Issued (Net)1000K1000K1000K1000K01000K01000K0
Dividends Paid000000000
Share Repurchases000000000
Other Financing-278K461K44K48.31M5.05M458K-2.21M4.86M85.53M
Net Change in Cash
6.65M▲ 0%
75.07M▲ 1029.3%
33.87M▼ 54.9%
-47.51M▼ 240.3%
41.83M▲ 188.1%
-106.5M▼ 354.6%
6.12M▲ 105.7%
11.55M▲ 88.7%
47.73M▲ 313.1%
Free Cash Flow
-8.09M▲ 0%
-21.05M▼ 160.3%
-51.56M▼ 145.0%
-50.73M▲ 1.6%
-33.22M▲ 34.5%
-52.74M▼ 58.7%
-46.54M▲ 11.8%
-28.88M▲ 37.9%
-49.04M▼ 69.8%
FCF Margin %-----221.49%-1054.82%-4653.6%--3172.12%
FCF Growth %--160.27%-144.95%1.62%34.51%-58.74%11.77%37.94%-69.8%
FCF per Share-0.34-0.89-3.27-1.73-0.79-1.24-1.08-0.46-0.58
FCF Conversion (FCF/Net Income)1.00x0.91x0.93x1.02x0.78x0.90x0.78x0.69x-
Interest Paid000000000
Taxes Paid000000000

MIST Key Ratios

Milestone Pharmaceuticals Inc. (MIST) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025
Return on Equity (ROE)---185%-38.73%-33.52%-65.26%-143.61%-277.55%-
Return on Invested Capital (ROIC)----112.92%-91.12%-148.22%-79.01%-64.83%-133.67%
Gross Margin----100%100%100%--
Net Margin-----285.69%-1167.76%-5968.5%--
Debt / Equity--0.00x0.01x0.01x0.04x3.09x4.17x1.40x
Interest Coverage---22.30x-69.85x---23.92x--
FCF Conversion1.00x0.91x0.93x1.02x0.78x0.90x0.78x0.69x-
Revenue Growth------66.67%-80%-100%-

MIST SEC Filings & Documents

Milestone Pharmaceuticals Inc. (MIST) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Mar 20, 2026·SEC

Material company update

Jan 26, 2026·SEC

Material company update

Jan 13, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 20, 2026·SEC

FY 2025

Mar 13, 2025·SEC

FY 2024

Mar 21, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 12, 2025·SEC

FY 2025

Aug 12, 2025·SEC

FY 2025

May 14, 2025·SEC

MIST Frequently Asked Questions

Milestone Pharmaceuticals Inc. (MIST) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Milestone Pharmaceuticals Inc. (MIST) reported $1.4M in revenue for fiscal year 2025.

Milestone Pharmaceuticals Inc. (MIST) grew revenue by 0.0% over the past year. Growth has been modest.

Milestone Pharmaceuticals Inc. (MIST) reported a net loss of $79.4M for fiscal year 2025.

Dividend & Returns

Milestone Pharmaceuticals Inc. (MIST) had negative free cash flow of $49.1M in fiscal year 2025, likely due to heavy capital investments.

Explore More MIST

Milestone Pharmaceuticals Inc. (MIST) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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