ACADACADIA Pharmaceuticals Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (2.4×), margins widening, and elite returns on assets.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
High-quality, exceptional returns on the assets themselves, not leverage. ROE 30% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is ACAD?
ACADIA Pharmaceuticals Inc. earns 19% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 10 points above what the capital costs: growth creates value
- Operating margin
- 7.6%
Operating margin · Biotechnology median −77% · 12 months to Q2 2026
- Cash conversion
- 2.35×
Cash conversion · 0.96× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +2.5%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −65% |
| FY2021 | −35% |
| FY2022 | −43% |
| FY2023 | −10% |
| FY2024 | 24% |
| FY2025 | 9.8% |
Details›
- Gross margin12 months to Q2 2026
- 91%
- Operating margin12 months to Q2 2026
- 7.6%
- Net margin12 months to Q2 2026
- 33%
- Free cash flow margin
- 13%
- R&D as % of revenue
- 29%
- Revenue, trailing twelve months
- $1.14B
- Free cash flow, trailing twelve months
- $146M
- Net income, trailing twelve months
- $380M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 19%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.