Is the business good?
How good a business is HRMY?
Harmony Biosciences Holdings, Inc. earns 35% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
35%
Return on invested capital · cost of capital 9.0% · 26 points above what the capital costs: growth creates value
- Operating margin
- 21%
Operating margin · Biotechnology median −72% · 12 months to Q1 2026
- Share count, year on year
- +0.43%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 25%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 11% |
| FY2021 | 29% |
| FY2022 | 27% |
| FY2023 | 33% |
| FY2024 | 27% |
| FY2025 | 24% |
Details›
- Gross margin12 months to Q1 2026
- 77%
- Operating margin12 months to Q1 2026
- 21%
- Net margin12 months to Q1 2026
- 16%
- R&D as % of revenue
- 25%
- Revenue, trailing twelve months
- $899M
- Net income, trailing twelve months
- $146M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 35%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.