Rani Therapeutics Holdings, Inc.(RANI)Earnings, Financials & Key Ratios
RANI•NASDAQ
$0.93
$22M mkt cap·Price updated May 7, 2026
AboutRani Therapeutics Holdings, Inc. operates as a clinical stage biotherapeutics company that develops orally administered biologics. The company develops the RaniPill capsule, a platform that is intended to replace subcutaneous or IV injection of biologics with oral dosing. Its product pipeline includes RT-101, an octreotide, which has completed Phase I clinical trial for the treatment of neuroendocrine tumors and acromegaly; RT-105, an anti-TNF-alpha antibody to treat psoriatic arthritis; RT-102, a parathyroid hormone that is in preclinical studies for the treatment of osteoporosis; RT-109, a human growth hormone to treat growth hormone deficiency; RT-110, a parathyroid hormone for the treatment of hypoparathyroidism; and RT-106, a basal insulin for the treatment of type 2 diabetes. The company was incorporated in 2012 and is headquartered in San Jose, California.Show more
- Revenue$1M
- EBITDA-$52M+19.9%
- Net Income-$30M+11.6%
- EPS (Diluted)-1.05+21.1%
- Gross Margin100%
- EBITDA Margin-5086.19%
- Operating Margin-5186.19%
- Net Margin-2920.04%
- ROE-207.48%-203.7%
- ROIC-101.08%-29.4%
- Debt/Equity8.51+619.0%
- Interest Coverage-10.59+18.5%
RANI Key Insights
Rani Therapeutics Holdings, Inc. (RANI) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
No significant strengths identified
✗Weaknesses
- ✗High debt to equity ratio of 8.5x
- ✗Weak Piotroski F-Score: 2/9
- ✗Negative free cash flow
- ✗Shares diluted 11.6% 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.
RANI Price & Volume
Rani Therapeutics Holdings, Inc. (RANI) stock price & volume — 10-year historical chart
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RANI Growth Metrics
Rani Therapeutics Holdings, Inc. (RANI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years0.98%
3 Years-27.67%
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-0.52%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM25.47%
Return on Capital
10 Years-88.24%
5 Years-78.16%
3 Years-100.91%
Last Year-159.93%
RANI Recent Earnings
Rani Therapeutics Holdings, Inc. (RANI) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 6/12 qtrs (50%)
Q4 2025Latest
Nov 6, 2025EPS
$0.12
Est $0.09
-33.3%
Revenue
—
Est $5M
Q3 2025
Aug 7, 2025EPS
$0.18
Est $0.19
+5.3%
Revenue
—
Q2 2025
May 13, 2025EPS
$0.22
Est $0.22
+0.0%
Revenue
$172,000
Q2 2025
Mar 31, 2025EPS
$0.27
Est $0.24
-12.5%
Revenue
$1M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q4 2025Latest | Nov 6, 2025 | $0.12vs $0.09-33.3% | —vs $5M |
| Q3 2025 | Aug 7, 2025 | $0.18vs $0.19+5.3% | — |
| Q2 2025 | May 13, 2025 | $0.22vs $0.22+0.0% | $172,000 |
| Q2 2025 | Mar 31, 2025 | $0.27vs $0.24-12.5% | $1M |
Based on last 12 quarters of dataView full earnings history →
RANI Peer Comparison
Rani Therapeutics Holdings, Inc. (RANI) competitors in Drug Delivery Technology Platforms — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 LNTH | 5.92B | 91.00 | 26.69 | 0.5% | 18.05% | 24.33% | 0.00 | |
 NUVL | 7.53B | 102.40 | -17.50 | -42.78% | ||||
 ARQT | 2.58B | 20.66 | -158.92 | 91.34% | -0.57% | -1.41% | 0.03 | |
 PRAX | 9.63B | 333.28 | -24.72 | -100% | -43.02% | 0.00 | ||
 CDTX | 6.96B | 221.38 | -8.28 | -94.52% | -43.74% | 0.02 | ||
 TNGX | 3.19B | 23.48 | -26.99 | 48.29% | -162.85% | -50.3% | 0.10 | |
 INVA | 1.93B | 22.80 | 6.91 | 18.52% | 118.91% | 46.47% | 0.23 | |
 NKTR | 1.69B | 83.37 | -8.57 | -43.89% | -297.07% | -399.1% | 1.66 |
Compare RANI vs Peers
Rani Therapeutics Holdings, Inc. (RANI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
RANI Income Statement
Rani Therapeutics Holdings, Inc. (RANI) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Sales/Revenue | 979K | 462K | 2.72M | 0 | 0 | 1.03M | 1.2M |
| Revenue Growth % | - | -52.81% | 488.1% | -100% | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 822K | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | 979K▲ 0% | 462K▼ 52.8% | 2.72M▲ 488.1% | 0▼ 100.0% | -822K▲ 0% | 1.03M▲ 225.1% | 1.2M▲ 0% |
| Gross Margin % | 100% | 100% | 100% | - | - | 100% | 100% |
| Gross Profit Growth % | - | -52.81% | 488.1% | -100% | - | 225.06% | - |
| Operating Expenses | 28.04M | 17.01M | 54.32M | 63.45M | 65.28M | 54.34M | 45.93M |
| OpEx % of Revenue | 2864.56% | 3680.95% | 1999.12% | - | - | 5286.19% | - |
| Selling, General & Admin | 3.46M | 4.96M | 27.83M | 26.84M | 26.48M | 23.95M | 20.11M |
| SG&A % of Revenue | 353.93% | 1074.03% | 1024.44% | - | - | 2329.38% | - |
| Research & Development | 24.58M | 12.04M | 26.48M | 36.61M | 39.62M | 26.68M | 22.11M |
| R&D % of Revenue | 2510.62% | 2606.93% | 974.68% | - | - | 2595.53% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -822K | 3.71M | 1M |
| Operating Income | -27.07M▲ 0% | -16.54M▲ 38.9% | -51.6M▼ 211.9% | -63.45M▼ 23.0% | -66.1M▼ 4.2% | -53.31M▲ 19.3% | -44.73M▲ 0% |
| Operating Margin % | -2764.56% | -3580.95% | -1899.12% | - | - | -5186.19% | -3727.75% |
| Operating Income Growth % | - | 38.87% | -211.89% | -22.97% | -4.17% | 19.34% | - |
| EBITDA | -26.5M | -15.96M | -51.1M | -62.9M | -65.28M | -52.29M | -43.75M |
| EBITDA Margin % | -2706.95% | -3453.46% | -1880.82% | - | - | -5086.19% | -3646.08% |
| EBITDA Growth % | - | 39.79% | -220.29% | -23.09% | -3.77% | 19.9% | 13.88% |
| D&A (Non-Cash Add-back) | 564K | 589K | 497K | 548K | 822K | 1.03M | 980K |
| EBIT | -26.58M | -16.54M | -52.58M | -62.2M | -66.1M | -51.55M | -43.93M |
| Net Interest Income | 413K | -61K | -377K | 177K | -1.78M | -3.27M | -2.93M |
| Interest Income | 423K | 63K | 89K | 1.25M | 3.3M | 1.76M | 736K |
| Interest Expense | 10K | 124K | 466K | 1.07M | 5.08M | 5.03M | 3.67M |
| Other Income/Expense | 478K | -124K | -1.45M | 177K | -1.78M | 23.3M | -2.87M |
| Pretax Income | -26.59M▲ 0% | -16.67M▲ 37.3% | -53.05M▼ 218.3% | -63.27M▼ 19.3% | -67.88M▼ 7.3% | -30.02M▲ 55.8% | -47.6M▲ 0% |
| Pretax Margin % | -2715.73% | -3607.79% | -1952.41% | - | - | -2920.04% | -3966.5% |
| Income Tax | 0 | 35K | 41K | 70K | 0 | 26.57M | 0 |
| Effective Tax Rate % | 0% | -0.21% | -0.08% | -0.11% | 0% | -88.5% | 0% |
| Net Income | -26.6M▲ 0% | -16.7M▲ 37.2% | -8.33M▲ 50.1% | -30.59M▼ 267.2% | -33.97M▼ 11.1% | -30.02M▲ 11.6% | -28.32M▲ 0% |
| Net Margin % | -2716.75% | -3615.37% | -306.63% | - | - | -2920.04% | -2359.58% |
| Net Income Growth % | - | 37.2% | 50.12% | -267.16% | -11.06% | 11.63% | -0.52% |
| Net Income (Continuing) | -26.59M | -16.7M | -53.09M | -63.34M | -67.88M | -56.58M | -47.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 74.16M | 37.15M | 12.58M | 1.5M | -4.11M |
| EPS (Diluted) | -1.35▲ 0% | -0.85▲ 37.0% | -0.42▲ 50.6% | -1.28▼ 204.8% | -1.33▼ 3.9% | -1.05▲ 21.1% | -0.77▲ 0% |
| EPS Growth % | - | 37.04% | 50.59% | -204.76% | -3.91% | 21.05% | 25.47% |
| EPS (Basic) | -1.35 | -0.85 | -0.42 | -1.28 | -1.33 | -1.05 | - |
| Diluted Shares Outstanding | 18.74M | 18.74M | 19.53M | 23.82M | 25.5M | 28.48M | 36.54M |
| Basic Shares Outstanding | 18.74M | 18.74M | 19.53M | 23.82M | 25.5M | 28.48M | 36.54M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
RANI Balance Sheet
Rani Therapeutics Holdings, Inc. (RANI) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Total Current Assets | 16.94M | 74.94M | 119.59M | 100.92M | 50.85M | 29.74M | 4.96M |
| Cash & Short-Term Investments | 16.54M | 73.06M | 117.45M | 98.48M | 48.54M | 27.64M | 4.14M |
| Cash Only | 16.54M | 73.06M | 117.45M | 27.01M | 5.86M | 3.76M | 4.14M |
| Short-Term Investments | 0 | 0 | 0 | 71.47M | 42.67M | 23.88M | 0 |
| Accounts Receivable | 250K | 1.72M | 0 | 0 | 200K | 428K | 0 |
| Days Sales Outstanding | 93.21 | 1.36K | - | - | - | 151.97 | 78.17 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 500K | 800K | 1.68M | 811K |
| Total Non-Current Assets | 6.08M | 4.47M | 4.61M | 7.1M | 7.07M | 6.89M | 5.18M |
| Property, Plant & Equipment | 4.45M | 4.47M | 4.61M | 7.1M | 6.82M | 6.64M | 4.94M |
| Fixed Asset Turnover | 0.22x | 0.10x | 0.59x | - | - | 0.15x | 0.21x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.63M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 246K | 246K | 1.03M |
| Total Assets | 23.02M▲ 0% | 79.42M▲ 245.0% | 124.21M▲ 56.4% | 108.03M▼ 13.0% | 57.92M▼ 46.4% | 36.63M▼ 36.7% | 10.14M▲ 0% |
| Asset Turnover | 0.04x | 0.01x | 0.02x | - | - | 0.03x | 0.05x |
| Asset Growth % | - | 244.95% | 56.4% | -13.03% | -46.39% | -36.75% | -229.73% |
| Total Current Liabilities | 3.5M | 5.31M | 2.64M | 4.82M | 7.99M | 19.89M | 19.14M |
| Accounts Payable | 198K | 537K | 1.08M | 1.46M | 648K | 1.36M | 2.47M |
| Days Payables Outstanding | - | - | - | - | 287.74 | - | - |
| Short-Term Debt | 0 | 1.36M | 0 | 0 | 4.9M | 15M | 14.59M |
| Deferred Revenue (Current) | 179K | 2.72M | 0 | 0 | 1.21M | 0 | 1.44M |
| Other Current Liabilities | 601K | 88K | 126K | 591K | 202K | 283K | 2.09M |
| Current Ratio | 4.84x | 14.12x | 45.30x | 20.96x | 6.36x | 1.50x | 1.50x |
| Quick Ratio | 4.84x | 14.12x | 45.30x | 20.96x | 6.36x | 1.50x | 1.50x |
| Cash Conversion Cycle | - | - | - | - | - | - | 78.17 |
| Total Non-Current Liabilities | 116.16M | 187.45M | 1 | 29.21M | 24.48M | 13.25M | 2.97M |
| Long-Term Debt | 115.5M | 2.41M | 0 | 29.15M | 24.48M | 9.61M | 2.97M |
| Capital Lease Obligations | 0 | 0 | 0 | 59K | 0 | 3.64M | 10.26M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 655K | 185.03M | 1 | 0 | 0 | 0 | 0 |
| Total Liabilities | 119.66M | 192.75M | 2.64M | 34.02M | 32.47M | 33.14M | 22.11M |
| Total Debt | 115.5M | 3.77M | 0 | 30.21M | 30.1M | 29.71M | 17.55M |
| Net Debt | 98.97M | -69.29M | -117.45M | 3.21M | 24.23M | 25.95M | 13.41M |
| Debt / Equity | - | - | - | 0.41x | 1.18x | 8.51x | 8.51x |
| Debt / EBITDA | - | - | - | - | - | - | -0.40x |
| Net Debt / EBITDA | - | - | - | - | - | - | -0.31x |
| Interest Coverage | -2706.50x | -133.42x | -110.73x | -59.24x | -13.00x | -10.59x | -11.97x |
| Total Equity | -96.64M▲ 0% | -113.34M▼ 17.3% | 121.57M▲ 207.3% | 74M▼ 39.1% | 25.44M▼ 65.6% | 3.49M▼ 86.3% | -11.97M▲ 0% |
| Equity Growth % | - | -17.28% | 207.26% | -39.12% | -65.62% | -86.27% | -795.32% |
| Book Value per Share | -5.16 | -6.05 | 6.22 | 3.11 | 1.00 | 0.12 | -0.33 |
| Total Shareholders' Equity | -96.64M | -113.34M | 47.41M | 36.85M | 12.87M | 1.99M | -7.86M |
| Common Stock | 664K | 664K | 5K | 5K | 5K | 5K | 6K |
| Retained Earnings | -97.3M | -114M | -8.33M | -38.92M | -72.89M | -102.91M | -122.28M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -780.16K | -849.03K | 0 | -73K | -12K | 5K | 0 |
| Minority Interest | 0 | 0 | 74.16M | 37.15M | 12.58M | 1.5M | -4.11M |
RANI Cash Flow Statement
Rani Therapeutics Holdings, Inc. (RANI) cash flow — operating, investing & free cash flow history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Cash from Operations | -26.27M | -14.96M | -32.24M | -46.52M | -51.24M | -35.5M | -35.5M |
| Operating CF Margin % | -2683.04% | -3238.1% | -1186.79% | - | - | -3452.92% | - |
| Operating CF Growth % | - | 43.05% | -115.54% | -44.25% | -10.15% | 30.72% | 119.57% |
| Net Income | -26.59M | -16.7M | -8.33M | -63.34M | -33.97M | -56.58M | -28.32M |
| Depreciation & Amortization | 564K | 589K | 497K | 548K | 822K | 1.03M | 980K |
| Stock-Based Compensation | 0 | 0 | 22.59M | 15.78M | 19.01M | 16.03M | 6.33M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -81K | 110K | -43.58M | -10K | -34.96M | 4.57M | 2.76M |
| Working Capital Changes | -163K | 1.04M | -3.43M | 509K | -2.14M | -544K | -148K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | -428K | 428K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -271K | 933K | 543K | 163K | -595K | 711K | 901K |
| Cash from Investing | -1.53M | -1.2M | -506K | -72.44M | 29.86M | 19.81M | 26.46M |
| Capital Expenditures | -1.58M | -1.2M | -506K | -1.62M | -1.23M | -268K | -119K |
| CapEx % of Revenue | 161.49% | 259.74% | 18.62% | - | - | 26.07% | - |
| Acquisitions | 49K | 0 | 0 | -851K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 851K | 0 | 1.25M | 0 |
| Cash from Financing | 852K | 72.68M | 77.15M | 29M | 233K | 13.59M | 1.07M |
| Debt Issued (Net) | 0 | 4.19M | -2.85M | 29.57M | 0 | -5M | -15M |
| Equity Issued (Net) | 0 | 1000K | 1000K | 317K | 395K | 1000K | 2.04M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 852K | -2.78M | 26K | -886K | -162K | -47K | 2.7M |
| Net Change in Cash | -26.95M▲ 0% | 56.52M▲ 309.8% | 44.4M▼ 21.5% | -89.95M▼ 302.6% | -21.14M▲ 76.5% | -2.1M▲ 90.1% | -133K▲ 0% |
| Free Cash Flow | -27.85M▲ 0% | -16.16M▲ 42.0% | -32.75M▼ 102.7% | -48.13M▼ 47.0% | -52.47M▼ 9.0% | -35.76M▲ 31.8% | -27.78M▲ 0% |
| FCF Margin % | -2844.54% | -3497.84% | -1205.41% | - | - | -3478.99% | -2315.17% |
| FCF Growth % | - | 41.97% | -102.67% | -46.97% | -9% | 31.83% | 30.06% |
| FCF per Share | -1.49 | -0.86 | -1.68 | -2.02 | -2.06 | -1.26 | -1.26 |
| FCF Conversion (FCF/Net Income) | 0.99x | 0.90x | 3.87x | 1.52x | 1.51x | 1.18x | 0.98x |
| Interest Paid | 0 | 0 | 285K | 730K | 4.18M | 0 | 0 |
| Taxes Paid | 0 | 0 | 73K | 48K | 35K | 0 | 0 |
RANI Key Ratios
Rani Therapeutics Holdings, Inc. (RANI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|
| Return on Equity (ROE) | - | -202.5% | -31.28% | -68.32% | -207.48% | 492.82% |
| Return on Invested Capital (ROIC) | - | -940.67% | -117.03% | -78.14% | -101.08% | -101.08% |
| Gross Margin | 100% | 100% | - | - | 100% | 100% |
| Net Margin | -3615.37% | -306.63% | - | - | -2920.04% | -2359.58% |
| Debt / Equity | - | - | 0.41x | 1.18x | 8.51x | 8.51x |
| Interest Coverage | -133.42x | -110.73x | -59.24x | -13.00x | -10.59x | -11.97x |
| FCF Conversion | 0.90x | 3.87x | 1.52x | 1.51x | 1.18x | 0.98x |
| Revenue Growth | -52.81% | 488.1% | -100% | - | - | - |
RANI Frequently Asked Questions
Rani Therapeutics Holdings, Inc. (RANI) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Rani Therapeutics Holdings, Inc. (RANI) reported $1.2M in revenue for fiscal year 2024. This represents a 23% increase from $1.0M in 2019.
Rani Therapeutics Holdings, Inc. (RANI) grew revenue by 0.0% over the past year. Growth has been modest.
Rani Therapeutics Holdings, Inc. (RANI) reported a net loss of $28.3M for fiscal year 2024.
Dividend & Returns
Rani Therapeutics Holdings, Inc. (RANI) has a return on equity (ROE) of -207.5%. Negative ROE indicates the company is unprofitable.
Rani Therapeutics Holdings, Inc. (RANI) had negative free cash flow of $27.8M in fiscal year 2024, likely due to heavy capital investments.
Explore More RANI
Rani Therapeutics Holdings, Inc. (RANI) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
Dollar cost averaging vs lump sum
Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates