PBYIPuma Biotechnology, Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (1.6×) and margins widening.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
A balanced mix of margins, efficiency, and leverage. ROE 24% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is PBYI?
Puma Biotechnology, Inc. earns 16% 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% · 7.4 points above what the capital costs: growth creates value
- Operating margin
- 13%
Operating margin · Biotechnology median −77% · 12 months to Q2 2026
- Cash conversion
- 1.58×
Cash conversion · 1.22× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +4.9%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −14% |
| FY2021 | 0.51% |
| FY2022 | 10% |
| FY2023 | 14% |
| FY2024 | 13% |
| FY2025 | 16% |
Details›
- Gross margin12 months to Q2 2026
- 75%
- Operating margin12 months to Q2 2026
- 13%
- Net margin12 months to Q2 2026
- 12%
- Free cash flow margin
- 18%
- R&D as % of revenue
- 31%
- Revenue, trailing twelve months
- $231M
- Free cash flow, trailing twelve months
- $41M
- Net income, trailing twelve months
- $27M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 16%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.