Madrigal Pharmaceuticals, Inc. logo MDGL - Madrigal Pharmaceuticals, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 20
HOLD 2
SELL 1
STRONG
SELL
0
| PRICE TARGET: $731.25 DETAILS
HIGH: $964.00
LOW: $571.00
MEDIAN: $679.00
CONSENSUS: $731.25
UPSIDE: 41.37%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2 2008 Q1 2007 Q4 2007 Q3 2007 Q2 2007 Q1 2006 Q4 2006 Q3 2006 Q2 2006 Q1 2005 Q4 2005 Q3 2005 Q2 2005 Q1 2004 Q1
Revenue
Revenue 311.3 321.1 287.3 212.8 137.2 103.3 62.2 14.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7.4 0 0 0.1 3.4 1.7 1.4 1.1 4.0 3.4 3.4 4.0 4.7 130.4 4.7 4.5 0.6 1.3 1.3 1.3 0.7 0 0 0 0 0 0 0 0 0 0 0 0.2
Cost of Revenue 26.8 24.4 18.1 9.1 4.5 3.4 2.2 0.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 130.4 0 0 2.0 0 2.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gross Profit 284.5 296.6 269.1 203.7 132.7 99.9 60.0 14.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.1) (0.0) (0.0) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7.4 0 0 0.1 3.4 1.7 1.4 1.1 4.0 3.4 3.4 4.0 4.7 (13.2) 4.7 4.5 (1.3) 1.3 (0.6) 1.3 0.7 0 0 0 0 0 0 0 0 0 0 0 0.2
Operating Expenses
R&D Expenses 108.7 116.3 174.0 54.1 44.2 25.6 68.7 71.1 71.2 70.6 71.0 68.6 62.2 70.7 68.3 58.5 47.9 52.9 54.9 51.6 45.8 53.4 53.3 44.7 33.4 24.9 19.4 15.6 12.4 8.9 6.2 5.1 5.2 6.5 6.7 6.8 4.4 5.5 7.8 (0.1) 3.4 7.2 14.4 16.4 16.2 15.7 16.2 18.8 17.6 20.0 17.6 17.9 16.4 14.4 11.7 11.3 12.1 10.9 10.8 10.4 9.4 9.3 11.0 9.7 10.2 9.2 9.1 10.1 22.6 23.0 24.1 18.3 16.1 13.3 11.5 13.6 14.4 10.5 13.3 0 0 0 0 0 16.2 5.6
SG&A Expenses 268.5 240.0 209.1 196.9 167.9 141.2 107.6 105.4 80.8 46.5 27.6 17.8 16.2 14.6 12.1 11.8 9.7 11.7 8.3 10.1 7.2 6.1 5.5 5.6 4.6 5.0 4.7 7.1 5.7 5.6 5.1 2.7 1.9 2.4 2.0 1.6 1.7 2.2 6.3 3.6 3.0 3.1 3.0 3.1 4.2 4.2 3.2 2.9 5.3 3.5 4.2 4.2 3.9 3.4 2.8 2.9 2.6 2.8 3.1 2.9 2.7 3.1 2.6 2.7 3.1 2.4 3.1 3.0 4.1 3.5 3.7 4.0 3.6 3.8 3.9 3.9 2.2 2.5 2.0 0 0 0 0 0 2.3 0
Other Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.7) 0 0 0 0 0 (14.9) (14.9) (15.5) (26.7) (26.7) 0 0
Operating Expenses 377.2 356.2 383.1 250.9 212.0 166.9 176.3 176.5 152.0 117.2 98.5 86.5 78.3 85.3 80.4 70.3 57.6 64.6 63.2 61.7 53.0 59.6 58.8 50.3 38.0 30.0 24.2 22.7 18.1 14.4 11.3 7.8 7.0 8.9 8.6 8.4 6.1 7.7 14.0 3.7 6.4 10.4 17.4 19.5 20.3 19.9 19.4 21.7 22.9 23.4 21.8 22.1 20.3 17.7 14.5 14.1 14.7 13.7 13.9 13.4 12.1 12.4 13.6 12.4 13.3 11.7 12.2 13.1 26.7 26.5 27.7 22.3 19.8 16.3 15.4 17.5 17.0 13.0 15.4 (14.9) (14.9) (15.5) (26.7) (26.7) 18.5 5.6
Operating Income
Operating Income (92.7) (59.6) (114.0) (47.2) (79.3) (67.0) (116.3) (162.5) (152.0) (117.2) (98.5) (86.5) (78.3) (85.3) (80.4) (70.3) (57.6) (64.6) (63.2) (61.7) (53.0) (59.6) (58.8) (50.3) (38.0) (30.0) (24.2) (22.7) (18.1) (14.5) (11.3) (7.8) (7.1) (8.9) (8.6) (8.4) (6.1) (7.7) (14.0) (3.5) (6.4) (10.4) (17.4) (19.5) (20.3) (19.9) (19.4) (21.7) (22.9) (23.4) (21.8) (22.1) (20.3) (17.7) (14.5) (14.1) (14.6) (10.2) (12.2) (12.0) (11.0) (8.4) (10.2) (9.0) (9.3) (7.0) 118.2 (8.5) (23.4) (25.9) (26.5) (22.9) (18.4) (16.3) (15.4) (17.5) (17.0) (13.0) (14.6) (14.9) (14.9) (15.5) (26.7) (26.7) (18.5) (9.0)
Interest Expense 7.8 8.3 7.5 3.3 3.3 3.5 3.7 3.7 3.8 4.0 3.5 2.9 2.3 1.7 1.5 0.8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0.2 0.1 0.2 0.2 0.3 0.4 0.5 0.5 0.6 0.7 0.7 0.7 0.7 0.5 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 8.2 9.5 10.3 8.2 9.4 11.1 13.0 14.2 8.3 9.0 3.3 3.6 3.8 1.1 0.7 0.3 0.1 0.1 0.1 0.1 0.2 0.4 0.8 1.2 1.9 2.2 2.8 3.0 3.0 3.0 2.8 1.2 0.7 0.2 0.2 0.1 0.1 0.0 0.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0.0 0.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA (92.7) (49.9) (106.4) (38.6) (69.6) (55.6) (103.0) (148.0) (143.5) (108.1) (95.1) (82.8) (74.4) (84.1) (79.6) (69.8) (57.4) (64.5) (63.0) (61.6) (52.9) (59.4) (58.7) (50.2) (37.9) (29.9) (21.4) (19.7) (15.1) (11.4) (8.5) (6.4) (6.3) (8.4) (8.4) (8.3) (6.0) (7.8) (14.0) (2.6) (0.7) (10.2) (0.9) (19.3) (20.2) (19.7) (19.3) (21.5) (22.7) (23.3) (21.6) (21.9) (20.2) (17.6) (14.4) (13.9) (14.3) (9.9) (11.9) (11.6) (10.5) (7.9) (9.8) (8.6) (8.7) (6.5) 118.2 (7.8) (21.5) (25.2) (25.7) (22.3) (17.8) (15.5) (14.6) (16.6) (16.2) (12.2) (14.6) (14.9) (14.9) (15.5) (26.7) (26.7) (18.1) (5.5)
EBIT (92.7) (50.3) (106.7) (39.0) (69.9) (55.9) (103.3) (148.3) (143.7) (108.2) (95.2) (82.9) (74.6) (84.2) (79.7) (70.0) (57.5) (64.6) (63.1) (61.7) (53.0) (59.6) (58.8) (50.3) (38.0) (30.0) (21.4) (19.7) (15.1) (11.5) (8.5) (6.5) (6.4) (8.4) (8.4) (8.3) (6.0) (7.8) (14.0) (2.6) (0.7) (10.4) (0.9) (19.5) (20.3) (19.9) (19.4) (21.7) (22.9) (23.4) (21.8) (22.1) (20.3) (17.7) (14.5) (14.1) (14.6) (10.2) (12.2) (12.0) (11.0) (8.4) (10.2) (9.0) (9.3) (7.0) 118.2 (8.5) (22.2) (25.9) (26.5) (22.9) (18.4) (16.3) (15.4) (17.5) (17.0) (13.0) (14.6) 0 0 0 0 0 (18.5) (5.5)
Income Before Tax (94.4) (58.6) (114.2) (42.3) (73.2) (59.4) (107.0) (152.0) (147.5) (112.2) (98.7) (85.8) (76.9) (85.9) (81.2) (70.7) (57.5) (64.5) (63.1) (61.7) (52.5) (59.1) (58.0) (49.0) (36.1) (27.7) (21.4) (19.7) (15.1) (11.5) (8.5) (6.5) (6.4) (8.4) (8.4) (8.3) (6.0) (7.7) (14.0) (2.9) (6.5) (10.5) (17.6) (19.8) (20.7) (20.4) (20.0) (22.3) (23.6) (24.2) (22.5) (22.8) (20.7) (47.4) (15.0) (14.6) (15.1) (47.4) (12.7) (12.5) (11.4) (37.5) (10.3) (9.1) (9.3) 79.1 118.1 (8,495) (23.5) (92.6) (26.3) (22.7) (17.6) (122.1) (14.9) (16.7) (16.4) (59.1) (14.9) 0 0 0 0 0 (17.9) (10.6)
Income Tax Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.1) 0 0 0 0 0 0 0 0 0 0 0 0 0 (44.7) 0 0 0 (36.6) 0 0 0 (28.6) 0.0 0.0 0.1 86.1 0 (42.0) 0 (66.7) (0.1) 0 0 (48.0) 0 0 (0.7) (44.8) 0 14.9 14.9 15.5 26.7 26.7 0 (1.8)
Net Income (94.4) (58.6) (114.2) (42.3) (73.2) (59.4) (107.0) (152.0) (147.5) (112.2) (98.7) (85.8) (76.9) (85.9) (81.2) (70.7) (57.5) (64.5) (63.1) (61.7) (52.5) (59.1) (58.0) (49.0) (36.1) (27.7) (21.4) (19.7) (15.1) (11.5) (8.5) (6.5) (6.4) (8.4) (8.4) (8.3) (6.0) (7.7) (14.0) (2.9) (6.5) (10.5) (17.6) (19.8) (20.7) (20.4) (20.0) (22.3) (23.6) (24.2) (22.5) (22.8) (20.7) (18.1) (15.0) (14.6) (15.1) (10.7) (12.7) (12.5) (11.4) (8.8) (10.3) (9.1) (9.3) (7.0) 118.1 (8.5) (23.5) (26.0) (26.3) (22.7) (17.6) (15.5) (14.9) (16.7) (16.4) (12.5) (13.9) (14.9) (14.9) (15.5) (26.7) (26.7) (17.9) (8.8)
Per Share Data
EPS (Basic) -3.25 -2.57 -5.08 -1.90 -3.32 -2.71 -4.92 -7.10 -7.38 -5.68 -5.34 -4.69 -4.23 -4.98 -4.75 -4.14 -3.36 -3.78 -3.79 -3.72 -3.32 -3.82 -3.75 -3.18 -2.34 -1.80 -1.39 -1.28 -0.98 -0.75 -0.56 -0.45 -0.45 -0.67 -0.68 -0.69 -0.50 -0.67 -1.59 -16.33 -9.72 -2.68 -10.46 -5.25 -6.65 -6.57 -6.65 -8.40 -9.80 -9.90 -11.55 -11.55 -10.50 -9.19 -8.75 -8.75 -9.45 -6.67 -9.10 -9.10 -9.45 -7.48 -8.89 -7.87 -8.26 -6.24 122.15 -8.78 -24.15 -26.92 -27.30 -23.45 -18.20 -16.11 -15.40 -17.50 -92.05 -19.63 -23.10 -23.47 -23.47 -24.37 -41.97 -41.97 -19.32 -11.65
EPS (Diluted) -3.25 -2.57 -5.08 -1.90 -3.32 -2.71 -4.92 -7.10 -7.38 -5.68 -5.34 -4.69 -4.23 -4.98 -4.75 -4.14 -3.36 -3.78 -3.79 -3.72 -3.32 -3.82 -3.75 -3.18 -2.34 -1.80 -1.39 -1.28 -0.98 -0.75 -0.56 -0.45 -0.45 -0.67 -0.68 -0.69 -0.50 -0.67 -1.59 -16.33 -9.72 -2.68 -10.46 -5.25 -6.65 -6.57 -6.65 -8.40 -9.80 -9.90 -11.55 -11.55 -10.50 -9.19 -8.75 -8.75 -9.45 -6.67 -9.10 -9.10 -9.45 -7.35 -8.89 -7.87 -8.26 -6.24 121.80 -8.78 -24.15 -26.82 -27.30 -23.45 -18.20 -16.11 -15.40 -17.50 -92.05 -19.63 -23.10 -23.47 -23.47 -24.37 -41.97 -41.97 -19.32 -11.65
Shares Outstanding 29.0 22.4 22.5 22.2 22.1 21.9 21.7 21.4 20.0 19.8 18.5 18.3 18.2 17.2 17.1 17.1 17.1 17.1 16.6 16.6 15.8 15.5 15.4 15.4 15.4 15.4 15.4 15.4 15.4 15.3 15.3 14.4 14.1 12.6 12.4 12.0 12.0 11.5 8.8 0.2 0.2 3.9 0.2 3.8 3.1 3.1 3.0 2.7 2.4 2.4 2.0 2.0 2.0 2.0 1.7 1.6 1.6 1.6 1.4 1.4 1.2 1.2 1.2 1.2 1.1 1.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.8 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.9 0.8
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2010 Q2 2010 Q1 2009 Q4 2009 Q2 2009 Q1 2007 Q3
Current Assets
Cash & Cash Equivalents 232.2 198.7 295.7 186.2 183.6 100.0 232.7 494.6 622.5 99.9 62.1 77.2 113.3 331.5 59.3 53.3 42.3 36.3 49.2 33.5 44.2 54.0 109.1 61.9 66.7 46.7 89.5 72.5 47.5 57.4 38.0 264.9 38.1 148.6 13.0 34.8 8.2 40.5 8.4 10.8 42.8 42.6 57.9 44.2 31.9 41.2 48.3
Short-Term Investments 585.7 784.9 814.1 610.8 659.4 826.2 765.9 563.2 436.5 534.2 170.3 221.2 216.2 27.2 93.9 158.5 177.7 234.1 250.0 290.3 263.0 230.1 226.8 322.5 341.9 392.3 364.1 393.9 430.3 426.3 450.5 225.4 144.7 42.9 49.2 32.4 31.9 0 31.2 32.3 9.2 6.0 0 0 28.7 43.6 0
Net Receivables 187.4 134.5 113.3 79.2 61.4 53.8 30.5 6.9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.9 0 0
Inventory 112.1 74.8 69.3 63.5 55.2 34.1 8.7 7.1 0.9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 65.0 52.9 5 63.6 28.2 18.8 25.9 20.0 14.0 3.1 3.1 3.2 1.8 2.6 0 0 0 0 0 0 0 0 1.7 0 1.0 1.2 0 0 0.6 1.5 0.8 1.0 0.4 0.5 0 0 0 0 0 0 0 0 0 0 0.2 0.2 0.1
Total Current Assets 1,182.3 1,245.8 1,346.7 1,003.4 988.0 1,032.9 1,063.7 1,091.7 1,074.0 637.3 235.5 301.6 331.3 361.4 157.1 214.5 221.2 271.7 303.0 326.1 308.0 285.2 337.6 386.6 409.5 440.2 455.3 468.8 478.4 485.2 489.3 491.3 183.2 192.0 62.7 67.9 40.4 41.2 41.2 44.8 52.6 49.4 58.9 44.6 63.0 86.0 50.5
Non-Current Assets
Property, Plant & Equipment 14.2 6.4 8.3 7.5 4.0 4.6 4.8 3.2 3.3 3.3 2.5 0.9 1.2 1.2 1.5 1.8 1.5 1.6 1.7 1.9 1.7 1.8 2.0 1.8 2.0 1.9 0.9 1.0 1.2 0.2 0.2 0.3 0.3 0.3 0.1 0.1 0.0 0.0 0.0 0.1 0.4 3.0 3.5 4.0 5.1 5.7 5.4
Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 7.3 7.4 7.5 4.5 4.6 4.7 4.8 4.9 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.3 0 0 0 0 0 0 0 0
Long-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 23.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.2 0.2 0.4 0.1 0.1 0.1
Total Non-Current Assets 45.0 13.8 15.8 12.0 8.7 9.3 9.6 8.1 8.3 3.3 2.5 0.9 1.2 1.2 1.5 1.8 1.5 1.6 1.7 1.9 1.7 1.8 2.0 1.8 2.0 1.9 0.9 1.0 1.2 0.2 0.2 0.3 0.3 0.3 0.1 0.1 0.0 0.0 0.3 0.1 0.4 3.2 3.6 4.3 5.2 5.8 5.5
Total Assets 1,227.3 1,259.6 1,362.5 1,015.4 996.6 1,042.2 1,073.3 1,099.8 1,082.3 640.5 238.0 302.5 332.4 362.6 158.6 216.4 222.7 273.3 304.7 328.0 309.7 287.0 339.6 388.4 411.5 442.1 456.3 469.8 479.6 485.4 489.5 491.5 183.5 192.3 62.8 68.1 40.4 41.2 41.5 44.9 53.0 52.5 62.5 48.9 68.2 91.8 56.0
Current Liabilities
Account Payables 60.8 48.9 44.9 38.0 42.1 43.6 46.0 9.0 21.5 28.0 16.5 17.5 12.1 23.8 18.6 11.3 22.8 21.4 10.4 1.1 4.4 1.0 6.3 5.0 1.1 1.2 0.8 0.4 4.4 2.5 1.0 0.6 1.4 1.9 1.4 1.3 2.8 0.8 1.2 0.7 0.7 1.3 1.5 4.0 6.0 10.6 2.0
Short-Term Debt 1.7 1.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 2.3 0 0 0 0 0 2.5
Deferred Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.3) (0.3) (0.3) (0.3) (0.3) 0 0 0 0 0 0 0 0 0 0 (0.0) (0.0) 4.6 4.6 4.6 120.6 13.8 8.0
Other Current Liabilities 241.4 260.4 0 27.7 18.3 35.0 29.7 21.3 17.0 17.0 10.0 5.5 11.2 14.9 5.0 3.6 2.7 6.8 5.0 3.6 1.7 4.7 2.9 1.9 0.3 0.3 0.3 0.3 0.3 1.8 0 0 0 0 0 0 0 0 0 2.2 1.3 0 0 0 0 0 1.3
Total Current Liabilities 338.3 310.3 391.4 196.5 167.2 169.3 177.8 125.2 114.3 118.5 99.7 99.7 98.3 115.9 98.9 84.0 76.6 76.8 69.3 56.7 48.8 46.6 49.4 45.3 25.7 25.1 15.5 12.3 10.5 8.4 6.6 5.4 6.3 10.1 8.5 6.4 5.9 4.8 3.9 3.4 8.6 12.3 13.0 16.5 146.4 43.0 13.8
Non-Current Liabilities
Long-Term Debt 340.3 346.6 339.8 118.4 118.0 117.6 117.1 116.6 116.1 115.5 114.7 99.2 84.0 49.3 49.0 48.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8.5 0
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.3) (0.5) (0.8) (1.4) (1.7) 0
Other Non-Current Liabilities 0 (6.7) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Non-Current Liabilities 345.6 346.6 345.3 122.9 118.8 118.6 118.3 117.5 117.2 116.7 116.0 99.2 84.0 49.3 49.1 48.8 0.3 0.4 0.5 0.6 0.4 0.5 0.5 0.2 0.3 0.4 0.4 0.5 0.6 0 0 0 0 0 0 0 0 0 0 0 0 4.8 6.1 7.5 10.4 129.9 3.1
Total Liabilities 683.9 656.9 736.7 319.4 286.0 287.9 296.1 242.7 231.5 235.2 215.7 199.0 182.3 165.2 148.0 132.9 76.9 77.2 69.8 57.3 49.2 47.0 49.9 45.5 26.0 25.5 15.9 12.8 11.1 8.4 6.6 5.4 6.3 10.1 8.5 6.4 5.9 4.8 3.9 3.4 8.6 17.0 19.2 24.0 156.8 172.9 16.9
Stockholders' Equity
Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Retained Earnings (2,184.9) (2,090.5) (2,031.9) (1,917.7) (1,875.4) (1,802.2) (1,742.8) (1,635.8) (1,483.8) (1,336.3) (1,224.1) (1,125.4) (1,039.6) (962.7) (876.8) (795.6) (724.8) (667.3) (602.8) (539.7) (478.0) (425.5) (366.3) (308.4) (259.4) (223.2) (195.5) (174.1) (154.4) (139.3) (127.8) (119.3) (112.8) (106.5) (98.0) (89.7) (81.3) (75.3) (67.6) (716.1) (712.8) (332.0) (322.9) (313.6) (424.7) (416.2) (284.5)
Accumulated Other Comprehensive Income 1.1 0.9 1.1 1.1 0.4 0.5 1.3 (0.4) (0.2) 0.5 (0.0) (0.1) (0.1) (0.0) (0.2) (0.4) (0.4) (0.1) 0.0 0.0 (0.0) 0.0 0.4 1.1 0.4 0.2 0.3 0.5 0.2 (0.3) (0.1) (0.0) (0.2) (0.0) 0.0 0.0 0.1 0.0 (0.0) 0.1 0.0 (17.0) (16.5) (16.0) 0.0 0.0 (10.6)
Total Stockholders' Equity 543.5 602.7 625.7 696.0 710.6 754.4 777.2 857.1 850.8 405.3 22.2 103.5 150.1 197.4 10.7 83.5 145.7 196.1 234.9 270.7 260.6 240.0 289.7 342.9 385.5 416.6 440.3 457.0 468.5 477.0 482.9 486.1 177.2 182.3 54.3 61.6 34.5 36.4 37.6 41.6 44.3 35.5 43.4 24.9 (88.6) (81.1) 39.1
Total Liabilities & Equity 1,227.3 1,259.6 1,362.5 1,015.4 996.6 1,042.2 1,073.3 1,099.8 1,082.3 640.5 238.0 302.5 332.4 362.6 158.6 216.4 222.7 273.3 304.7 328.0 309.7 287.0 339.6 388.4 411.5 442.1 456.3 469.8 479.6 485.4 489.5 491.5 183.5 192.3 62.8 68.1 40.4 41.2 41.5 44.9 53.0 52.5 62.5 48.9 68.2 91.8 56.0
Debt Metrics
Total Debt 347.3 354.4 346.4 123.9 119.8 119.6 119.1 118.1 117.7 117.2 116.6 99.7 84.6 49.9 49.8 49.7 0.7 0.8 0.9 1.0 0.7 0.8 0.9 0.5 0.6 0.7 0.8 0.8 0.9 0 0 0 0 0 0 0 0 0 0 0.0 2.3 1.4 1.7 2.1 3.0 12.1 5.6
Net Debt 115.1 155.7 50.7 (62.2) (63.9) 19.6 (113.5) (376.5) (504.8) 17.3 54.5 22.5 (28.7) (281.7) (9.5) (3.5) (41.6) (35.5) (48.3) (32.5) (43.5) (53.2) (108.3) (61.3) (66.1) (46.0) (88.7) (71.7) (46.6) (483.7) (38.0) (264.9) (38.1) (191.5) (13.0) (34.8) (8.2) (40.5) (8.4) (10.7) (40.5) (41.2) (56.2) (42.1) (28.9) (29.0) (42.8)
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2005 Q1
Operating Activities
Net Income (94.4) (58.6) (114.2) (42.3) (73.2) (59.4) (107.0) (152.0) (147.5) (112.2) (98.7) (85.8) (76.9) (85.9) (81.2) (70.7) (57.5) (64.5) (63.1) (61.7) (52.5) (59.1) (58.0) (49.0) (36.1) (27.7) (21.4) (19.7) (15.1) (11.5) (8.5) (6.5) (6.4) (8.4) (8.4) (8.3) (6.0) (7.7) (8.7) (3.4) (6.5) (17.9)
Depreciation & Amortization 0.4 0.4 2.2 0.4 0.4 0.4 0.3 0.3 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0 (0.1) 0 0.1 0.0 0.4
Stock-Based Compensation 34.0 0 26.3 25.2 20.9 17.7 17.9 24.4 19.9 14.9 12.7 11.0 11.2 8.1 8.1 7.9 7.5 6.4 6.2 8.2 6.1 5.1 5.1 5.7 4.8 4.0 5.0 7.8 6.0 5.1 5.0 2.2 1.2 0.9 1.0 0.7 0.6 0.6 7.1 0.5 0.4 0
Change in Working Capital (105.9) (102.5) 163.1 (31.7) (37.5) (63.6) 21.8 (8.1) (22.3) 16.5 0.4 (1.2) (19.0) 18.9 13.6 5.1 0.0 10.0 11.2 6.5 2.9 (1.1) 4.9 19.0 0.7 11.4 5.1 0.4 2.6 0.1 (1.7) (1.2) (3.5) 1.5 2.4 0.0 1.6 1.9 7.4 (4.2) (6.2) 3.2
Other Non-Cash Items (1.6) 27.2 2.4 1.4 0.5 0.5 0.0 0.5 0.7 0.8 0.7 0.6 0.4 0.3 0.3 0.2 0 30.7 0 0 0 0 0 0 0 0 0.0 (0.0) 0.0 (6.3) 0.0 (0.0) (0.0) (0.0) 0.0 0.0 0.0 0.0 1.2 (0.1) 0.0 0.9
Operating Cash Flow (167.4) (133.5) 79.8 (47.1) (88.9) (104.5) (67.0) (134.9) (149.2) (79.9) (84.9) (75.3) (84.1) (58.5) (59.1) (57.4) (49.9) (48.1) (45.6) (46.9) (43.4) (54.9) (47.9) (24.3) (30.5) (12.3) (11.3) (11.5) (6.5) (6.3) (5.2) (5.4) (8.6) (5.9) (5.0) (7.7) (3.8) (5.3) 7.0 (7.1) (12.2) (13.4)
Investing Activities
Capital Expenditure (3.8) 0.4 (0.9) 0 0 (0.2) (0.8) (5.1) (0.4) (1.0) (0.3) (0.1) (0.0) (0.0) (0.0) (0.1) (0.1) (0.1) (0.1) (0.0) (0.0) (0.0) (0.0) (0.0) (0.3) (0.1) 0.0 0.0 (0.0) (0.0) (0.0) 0 (0.0) 0.1 0 (0.1) (0.0) (0.0) (0.0) 0 0 (0.8)
Acquisitions 0 0 0 0 0 0 0 0 0 0 (0.1) 0 0 (0.0) (0.1) (0.0) 0 0.8 0 0 0 0 0 0 0 0 0 0 (0.0) (3.7) 0 0 0 0 0 0 0 0 0.0 0 0 0
Purchases of Investments (157.8) (213.0) (478.2) (225.5) (130.8) (350.2) (416.0) (280.8) (84.2) (474.9) (68.9) (91.9) (198.8) (12.8) (14.2) (78.9) (37.6) (54.7) (115.3) (130.3) (93.7) (116.2) (59.3) (95.2) (58.6) (212.2) (141.0) (92.3) (173.8) (89.4) (273.1) (129.7) (122.2) (35.3) (3.8) (9.0) (22.1) (7.7) 38.4 (32.2) (9.2) (57.2)
Sales/Maturities of Investments 353.9 240.1 275.1 273.4 294.7 302.4 214.4 163.8 182.6 113.8 119.4 88.2 12.0 79.2 79.4 98.3 93.5 70.5 155.4 103.0 60.3 111.4 154.1 114.6 109.4 181.9 169.2 128.7 170.4 114.4 51.1 48.8 20.1 41.4 (13.1) 8.5 11.6 17.5 (32.2) 9.2 31.6 55.8
Other Investing Activities 0 0 0 0 0 0 0 (5) 0 0 0.1 0 0 0.0 0.1 0.0 0 (0.8) 0 0 0 0 0 0 0 0 0.0 0.0 0.0 3.7 (0.2) (0.1) (0.1) (0.1) (0.0) (0.0) (0.0) 0.3 6.1 0.3 0 0
Investing Cash Flow 192.2 27.6 (207.0) 47.9 163.9 (48.0) (202.4) (122.1) 98.1 (362.1) 50.2 (3.7) (186.9) 66.4 65.1 19.2 55.9 15.6 40.1 (27.3) (33.5) (4.8) 94.8 19.4 50.5 (30.5) 28.3 36.4 (3.5) 25.0 (222.0) (80.9) (102.1) 6.1 (16.9) (0.6) (10.6) 10.1 12.2 (22.7) 22.4 (2.2)
Financing Activities
Net Debt Issuance 0 (1.0) 218.9 0 0 0 0 0 0 0 15 15 35 0 0 50 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13.1 6.1 0 (0.1)
Stock Repurchased 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities 0 0 0 10.4 0 0 7.5 48.2 262.1 244.2 1.9 6.2 17.7 9.0 0 (0.9) 0 0.5 0.0 0 0.5 4.6 0.3 0.1 0 0 0.0 0.1 0.1 0.6 0.5 1.4 0 0 0 0 0 6.0 (11.5) 0 0.8 (0.7)
Financing Cash Flow 2.3 9.0 236.6 1.7 8.6 19.8 7.5 134.1 573.7 479.9 19.6 42.9 52.7 264.3 0 49.1 0 19.5 21.1 63.5 67.1 4.6 0.3 0.1 0 0 0.0 0.1 0.1 0.6 0.5 313.0 0.3 135.5 0 34.9 3.4 6.0 13.1 (2.3) (2.3) (0.7)
Cash Position
Net Change in Cash 28.4 (96.9) 109.5 2.5 83.6 (132.7) (261.9) (122.9) 522.6 37.9 (15.1) (36.1) (218.2) 272.2 6.1 11.0 6.0 (12.9) 15.6 (10.7) (9.8) (55.1) 47.3 (4.8) 20.0 (42.8) 17.0 25.0 (9.9) 19.3 (226.8) 226.7 (110.5) 135.7 (21.8) 26.6 (10.9) 10.8 (2.4) (32.1) 7.8 (16.2)
Cash at Beginning 203.8 300.7 191.2 188.6 105.0 237.7 499.6 622.5 99.9 62.1 77.2 113.3 331.5 59.3 53.3 42.3 36.3 49.2 33.5 44.2 54.0 109.1 61.9 66.7 46.7 89.5 72.5 47.5 57.4 38.0 264.9 38.1 148.6 13.0 34.8 8.2 19.1 8.4 10.8 42.8 35.0 42.7
Cash at End 232.2 203.8 300.7 191.2 188.6 105.0 237.7 499.6 622.5 99.9 62.1 77.2 113.3 331.5 59.3 53.3 42.3 36.3 49.2 33.5 44.2 54.0 109.1 61.9 66.7 46.7 89.5 72.5 47.5 57.4 38.0 264.9 38.1 148.6 13.0 34.8 8.2 19.1 8.4 10.8 42.8 26.5
Free Cash Flow (171.3) (133.1) 79.0 (47.1) (88.9) (104.7) (67.8) (140.1) (149.5) (81.0) (85.3) (75.4) (84.1) (58.5) (59.1) (57.5) (50.0) (48.2) (45.6) (46.9) (43.5) (55.0) (47.9) (24.3) (30.8) (12.4) (11.3) (11.5) (6.5) (6.3) (5.3) (5.4) (8.6) (5.8) (5.0) (7.8) (3.8) (5.3) 7.0 (7.1) (12.2) (14.2)
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2 2008 Q1 2007 Q4 2007 Q3 2007 Q2 2007 Q1 2006 Q4 2006 Q3 2006 Q2 2006 Q1 2005 Q4 2005 Q3 2005 Q2 2005 Q1 2004 Q1
Income Statement
Revenue 311.3 321.1 287.3 212.8 137.2 103.3 62.2 14.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7.4 0 0 0.1 3.4 1.7 1.4 1.1 4.0 3.4 3.4 4.0 4.7 130.4 4.7 4.5 0.6 1.3 1.3 1.3 0.7 0 0 0 0 0 0 0 0 0 0 0 0.2
Gross Profit 284.5 296.6 269.1 203.7 132.7 99.9 60.0 14.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.1) (0.0) (0.0) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7.4 0 0 0.1 3.4 1.7 1.4 1.1 4.0 3.4 3.4 4.0 4.7 (13.2) 4.7 4.5 (1.3) 1.3 (0.6) 1.3 0.7 0 0 0 0 0 0 0 0 0 0 0 0.2
Operating Income (92.7) (59.6) (114.0) (47.2) (79.3) (67.0) (116.3) (162.5) (152.0) (117.2) (98.5) (86.5) (78.3) (85.3) (80.4) (70.3) (57.6) (64.6) (63.2) (61.7) (53.0) (59.6) (58.8) (50.3) (38.0) (30.0) (24.2) (22.7) (18.1) (14.5) (11.3) (7.8) (7.1) (8.9) (8.6) (8.4) (6.1) (7.7) (14.0) (3.5) (6.4) (10.4) (17.4) (19.5) (20.3) (19.9) (19.4) (21.7) (22.9) (23.4) (21.8) (22.1) (20.3) (17.7) (14.5) (14.1) (14.6) (10.2) (12.2) (12.0) (11.0) (8.4) (10.2) (9.0) (9.3) (7.0) 118.2 (8.5) (23.4) (25.9) (26.5) (22.9) (18.4) (16.3) (15.4) (17.5) (17.0) (13.0) (14.6) (14.9) (14.9) (15.5) (26.7) (26.7) (18.5) (9.0)
Net Income (94.4) (58.6) (114.2) (42.3) (73.2) (59.4) (107.0) (152.0) (147.5) (112.2) (98.7) (85.8) (76.9) (85.9) (81.2) (70.7) (57.5) (64.5) (63.1) (61.7) (52.5) (59.1) (58.0) (49.0) (36.1) (27.7) (21.4) (19.7) (15.1) (11.5) (8.5) (6.5) (6.4) (8.4) (8.4) (8.3) (6.0) (7.7) (14.0) (2.9) (6.5) (10.5) (17.6) (19.8) (20.7) (20.4) (20.0) (22.3) (23.6) (24.2) (22.5) (22.8) (20.7) (18.1) (15.0) (14.6) (15.1) (10.7) (12.7) (12.5) (11.4) (8.8) (10.3) (9.1) (9.3) (7.0) 118.1 (8.5) (23.5) (26.0) (26.3) (22.7) (17.6) (15.5) (14.9) (16.7) (16.4) (12.5) (13.9) (14.9) (14.9) (15.5) (26.7) (26.7) (17.9) (8.8)
EPS (Diluted) -3.25 -2.57 -5.08 -1.90 -3.32 -2.71 -4.92 -7.10 -7.38 -5.68 -5.34 -4.69 -4.23 -4.98 -4.75 -4.14 -3.36 -3.78 -3.79 -3.72 -3.32 -3.82 -3.75 -3.18 -2.34 -1.80 -1.39 -1.28 -0.98 -0.75 -0.56 -0.45 -0.45 -0.67 -0.68 -0.69 -0.50 -0.67 -1.59 -16.33 -9.72 -2.68 -10.46 -5.25 -6.65 -6.57 -6.65 -8.40 -9.80 -9.90 -11.55 -11.55 -10.50 -9.19 -8.75 -8.75 -9.45 -6.67 -9.10 -9.10 -9.45 -7.35 -8.89 -7.87 -8.26 -6.24 121.80 -8.78 -24.15 -26.82 -27.30 -23.45 -18.20 -16.11 -15.40 -17.50 -92.05 -19.63 -23.10 -23.47 -23.47 -24.37 -41.97 -41.97 -19.32 -11.65
Balance Sheet
Cash & Equivalents 232.2 198.7 295.7 186.2 183.6 100.0 232.7 494.6 622.5 99.9 62.1 77.2 113.3 331.5 59.3 53.3 42.3 36.3 49.2 33.5 44.2 54.0 109.1 61.9 66.7 46.7 89.5 72.5 47.5 57.4 38.0 264.9 38.1 148.6 13.0 34.8 8.2 40.5 8.4 10.8 42.8 42.6 57.9 44.2 31.9 41.2 48.3
Total Assets 1,227.3 1,259.6 1,362.5 1,015.4 996.6 1,042.2 1,073.3 1,099.8 1,082.3 640.5 238.0 302.5 332.4 362.6 158.6 216.4 222.7 273.3 304.7 328.0 309.7 287.0 339.6 388.4 411.5 442.1 456.3 469.8 479.6 485.4 489.5 491.5 183.5 192.3 62.8 68.1 40.4 41.2 41.5 44.9 53.0 52.5 62.5 48.9 68.2 91.8 56.0
Total Debt 347.3 354.4 346.4 123.9 119.8 119.6 119.1 118.1 117.7 117.2 116.6 99.7 84.6 49.9 49.8 49.7 0.7 0.8 0.9 1.0 0.7 0.8 0.9 0.5 0.6 0.7 0.8 0.8 0.9 0 0 0 0 0 0 0 0 0 0 0.0 2.3 1.4 1.7 2.1 3.0 12.1 5.6
Stockholders' Equity 543.5 602.7 625.7 696.0 710.6 754.4 777.2 857.1 850.8 405.3 22.2 103.5 150.1 197.4 10.7 83.5 145.7 196.1 234.9 270.7 260.6 240.0 289.7 342.9 385.5 416.6 440.3 457.0 468.5 477.0 482.9 486.1 177.2 182.3 54.3 61.6 34.5 36.4 37.6 41.6 44.3 35.5 43.4 24.9 (88.6) (81.1) 39.1
Cash Flow
Operating Cash Flow (167.4) (133.5) 79.8 (47.1) (88.9) (104.5) (67.0) (134.9) (149.2) (79.9) (84.9) (75.3) (84.1) (58.5) (59.1) (57.4) (49.9) (48.1) (45.6) (46.9) (43.4) (54.9) (47.9) (24.3) (30.5) (12.3) (11.3) (11.5) (6.5) (6.3) (5.2) (5.4) (8.6) (5.9) (5.0) (7.7) (3.8) (5.3) 7.0 (7.1) (12.2) (13.4)
Capital Expenditure (3.8) 0.4 (0.9) 0 0 (0.2) (0.8) (5.1) (0.4) (1.0) (0.3) (0.1) (0.0) (0.0) (0.0) (0.1) (0.1) (0.1) (0.1) (0.0) (0.0) (0.0) (0.0) (0.0) (0.3) (0.1) 0.0 0.0 (0.0) (0.0) (0.0) 0 (0.0) 0.1 0 (0.1) (0.0) (0.0) (0.0) 0 0 (0.8)
Free Cash Flow (171.3) (133.1) 79.0 (47.1) (88.9) (104.7) (67.8) (140.1) (149.5) (81.0) (85.3) (75.4) (84.1) (58.5) (59.1) (57.5) (50.0) (48.2) (45.6) (46.9) (43.5) (55.0) (47.9) (24.3) (30.8) (12.4) (11.3) (11.5) (6.5) (6.3) (5.3) (5.4) (8.6) (5.8) (5.0) (7.8) (3.8) (5.3) 7.0 (7.1) (12.2) (14.2)