Journey Medical Corporation
DERMHealthcare|Drug Manufacturers - Specialty & Generic|US
$4.47
+0.17 (+3.95%)
Tangible Book / Share
$0.24
Cash / Share
$0.93
Financials
Financial Snapshot
Market Cap
$126.2M
Enterprise Value
$126.1M
Revenue (TTM)
$68.2M
Net Income (TTM)
-$6.1M
Cash & Investments
$25.6M
Net Cash
$102.0K
Free Cash Flow (TTM)
-$7.5M
Operating CF (TTM)
-$7.5M
Debt/Equity
0.80
Cash Runway & Burn Rate
Cash on Hand
$25.6M
Quarterly Burn
$1.9M
Monthly Burn
$624.3K
Est. Runway
~13.7 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $251.9M | $551.0M | $313.0M | $4.8M | $8.2M | $49.1M | $32.0M | $27.4M | $20.3M | $24.1M | $25.6M | |
| Operating Cash Flow | -$74.1M | -$104.0M | -$213.1M | $9.0M | $5.1M | -$2.2M | -$13.5M | $5.2M | -$9.1M | -$12.4M | -$7.5M | |
| Free Cash Flow | -$74.9M | -$104.2M | -$213.7M | $6.6M | $3.9M | -$12.2M | -$33.5M | $240.0K | -$24.1M | -$12.4M | -$7.5M | |
| Capital Expenditure | -$753.0K | -$278.0K | -$616.0K | -$2.4M | -$1.2M | -$10.0M | -$20.0M | -$5.0M | -$15.0M | $0.00 | $0.00 | |
| Financing Cash Flow | $138.9M | $462.5M | $35.4M | -$3.6M | -$487.0K | $53.0M | $16.5M | -$4.8M | $17.0M | $16.2M | $12.8M |
R&D Spending
R&D (TTM)
$495.0K
R&D Intensity
0.7%
R&D Growth vs Prior
+3.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.6M | $4.5M | $42.3M | $34.9M | $44.5M | $63.1M | $73.7M | $79.2M | $56.1M | $61.9M | $68.2M | |
| R&D Expense | $83.2M | $104.4M | $80.5M | $0.00 | $0.00 | $16.6M | $10.9M | $7.5M | $9.9M | $480.0K | $495.0K | |
| R&D % of Revenue | 368.2% | 2299.3% | 190.2% | 0.0% | 0.0% | 26.2% | 14.9% | 9.5% | 17.6% | 0.8% | 0.7% | |
| SG&A | $30.0M | $71.9M | $172.6M | $19.1M | $0.00 | $39.8M | $59.5M | $43.9M | $40.2M | $44.4M | $30.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.6M | $4.5M | $42.3M | $34.9M | $44.5M | $63.1M | $73.7M | $79.2M | $56.1M | $61.9M | $68.2M | |
| Cost of Revenue | $0.00 | $0.00 | $1.2M | $10.5M | $14.6M | $32.1M | $30.8M | $26.7M | $20.9M | $25.2M | $25.7M | |
| Gross Profit | $22.6M | $4.5M | $41.2M | $24.4M | $29.9M | $31.1M | $42.9M | $52.5M | $35.3M | $36.7M | $42.4M | |
| R&D | $83.2M | $104.4M | $80.5M | $0.00 | $0.00 | $16.6M | $10.9M | $7.5M | $9.9M | $480.0K | $495.0K | |
| SG&A | $30.0M | $71.9M | $172.6M | $19.1M | $0.00 | $39.8M | $59.5M | $43.9M | $40.2M | $44.4M | $30.9M | |
| Operating Income | -$90.6M | -$300.3M | -$214.0M | $5.3M | $7.9M | -$34.9M | -$27.5M | -$2.1M | -$13.7M | -$8.2M | -$3.0M | |
| Interest Expense | $1.5M | $8.1M | $15.6M | $255.0K | $698.0K | $7.0M | $2.0M | $1.7M | $2.7M | $3.7M | $3.7M | |
| Pretax Income | -$89.1M | -$303.3M | -$221.7M | $5.0M | $7.2M | -$42.4M | -$29.6M | -$3.6M | -$14.6M | -$11.4M | -$6.1M | |
| Net Income | -$89.1M | -$303.3M | -$221.5M | $3.6M | $5.3M | -$44.0M | -$29.6M | -$3.9M | -$14.7M | -$11.4M | -$6.1M | |
| EPS (Diluted) | -2.70 | -7.48 | -5.27 | 0.22 | 0.32 | -2.54 | -1.69 | -0.21 | -0.72 | -0.47 | -0.23 | |
| EBITDA | -$87.4M | -$294.8M | -$205.5M | $6.5M | $9.4M | -$32.8M | -$23.2M | $1.9M | -$8.4M | -$3.3M | $1.9M | |
| Shares Out. (M) | 33.04 | 40.56 | 42.00 | 16.66 | 16.66 | 17.32 | 17.53 | 18.23 | 20.43 | 24.50 | 27.49 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $41.8M | $295.9M | $105.0M | $4.8M | $8.2M | $49.1M | $32.0M | $27.4M | $20.3M | $24.1M | $25.6M | |
| Short-Term Investments | $210.1M | $255.1M | $208.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $284.0M | $556.6M | $335.4M | $25.3M | $35.2M | $84.5M | $77.7M | $56.5M | $48.2M | $66.9M | $72.8M | |
| Total Assets | $312.6M | $560.8M | $344.3M | $33.9M | $51.9M | $97.3M | $105.2M | $76.8M | $80.2M | $94.6M | $98.4M | |
| Total Current Liabilities | $35.0M | $105.4M | $38.6M | $20.9M | $28.1M | $51.6M | $66.8M | $41.9M | $35.2M | $37.4M | $45.8M | |
| Long-Term Debt | $0.00 | $279.4M | $313.8M | $5.2M | $5.2M | $3.6M | $19.8M | $14.6M | $24.9M | $25.3M | $20.5M | |
| Total Liabilities | $65.2M | $411.1M | $353.4M | $31.1M | $41.6M | $55.2M | $88.2M | $56.5M | $60.2M | $62.7M | $66.2M | |
| Stockholders' Equity | $247.4M | $149.6M | -$9.0M | $2.8M | $10.3M | $42.0M | $17.0M | $20.4M | $20.1M | $31.9M | $32.1M | |
| Retained Earnings | -$250.1M | -$553.4M | -$745.0M | -$163.0K | $5.1M | -$38.9M | -$68.5M | -$72.4M | -$87.0M | -$98.5M | -$101.0M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$74.1M | -$104.0M | -$213.1M | $9.0M | $5.1M | -$2.2M | -$13.5M | $5.2M | -$9.1M | -$12.4M | -$7.5M | |
| Capital Expenditure | -$753.0K | -$278.0K | -$616.0K | -$2.4M | -$1.2M | -$10.0M | -$20.0M | -$5.0M | -$15.0M | $0.00 | $0.00 | |
| Free Cash Flow | -$74.9M | -$104.2M | -$213.7M | $6.6M | $3.9M | -$12.2M | -$33.5M | $240.0K | -$24.1M | -$12.4M | -$7.5M | |
| Investing Cash Flow | -$130.3M | -$104.4M | -$13.2M | -$2.4M | -$1.2M | -$10.0M | -$20.0M | -$5.0M | -$15.0M | $0.00 | $0.00 | |
| Financing Cash Flow | $138.9M | $462.5M | $35.4M | -$3.6M | -$487.0K | $53.0M | $16.5M | -$4.8M | $17.0M | $16.2M | $12.8M | |
| Issuance of Stock | $138.9M | $181.5M | $2.1M | $0.00 | $0.00 | $32.5M | $142.0K | $4.6M | $416.0K | $567.0K | $7.5M | |
| Repurchase of Stock | $138.9M | $184.3M | $2.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | -$3.6M | -$500.0K | $5.1M | $16.9M | -$4.5M | $16.6M | $15.7M | $16.4M | |
| Stock Based Comp. | $0.00 | $20.7M | $29.8M | $240.0K | $153.0K | $2.5M | $4.4M | $2.6M | $6.1M | $6.3M | $6.1M | |
| Net Change in Cash | -$65.4M | $254.1M | -$190.9M | $3.1M | $3.4M | $40.8M | -$17.1M | -$4.6M | -$7.1M | $3.8M | $5.3M |
Dilution Tracker
Shares outstanding grew 47.0% over 5 years — significant dilution
Shares Outstanding
28M
5-Year Share Growth
+47.0%
Stock Issuance (TTM)
$7.5M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 33.04 | 40.56 | 42.00 | 16.66 | 16.66 | 17.32 | 17.53 | 18.23 | 20.43 | 24.50 | 27.49 | |
| Change vs Prior % | — | 22.7% | 3.6% | -60.3% | 0.0% | 3.9% | 1.2% | 4.0% | 12.1% | 19.9% | 12.2% | |
| Stock Issuance | $138.9M | $181.5M | $2.1M | $0.00 | $0.00 | $32.5M | $142.0K | $4.6M | $416.0K | $567.0K | $7.5M | |
| Stock Repurchase | $138.9M | $184.3M | $2.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $20.7M | $29.8M | $240.0K | $153.0K | $2.5M | $4.4M | $2.6M | $6.1M | $6.3M | $6.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 97.2% | 69.8% | 67.2% | 49.2% | 58.2% | 66.3% | 62.8% | 59.3% | 62.2% | |
| Operating Margin % | -401.3% | -6613.7% | -505.4% | 15.1% | 17.6% | -55.2% | -37.4% | -2.6% | -24.4% | -13.2% | -4.4% | |
| Net Margin % | -394.4% | -6678.3% | -523.3% | 10.4% | 11.9% | -69.7% | -40.2% | -4.9% | -26.1% | -18.5% | -9.0% | |
| EBITDA Margin % | -387.1% | -6491.6% | -485.5% | 18.7% | 21.0% | -51.9% | -31.5% | 2.4% | -15.0% | -5.4% | 2.7% | |
| FCF Margin % | -331.5% | -2295.6% | -504.8% | 19.0% | 8.8% | -19.3% | -45.5% | 0.3% | -43.0% | -20.1% | -11.0% | |
| ROE % | -36.0% | -202.6% | 2450.9% | 131.7% | 51.3% | -104.6% | -174.5% | -18.9% | -73.1% | -35.9% | -20.2% | |
| ROA % | -28.5% | -54.1% | -64.3% | 10.7% | 10.2% | -45.2% | -28.2% | -5.0% | -18.3% | -12.1% | -6.2% | |
| ROIC % | -32.3% | -65.3% | -69.9% | 29.2% | 20.4% | -68.3% | -66.5% | -5.4% | -29.9% | -14.3% | -5.2% | |
| R&D / Revenue % | 368.2% | 2299.3% | 190.2% | 0.0% | 0.0% | 26.2% | 14.9% | 9.5% | 17.6% | 0.8% | 0.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 209.4% | -79.9% | 832.4% | -17.5% | 27.5% | 41.8% | 16.7% | 7.5% | -29.1% | 10.2% | |
| Gross Profit | 209.4% | -79.9% | 806.5% | -40.8% | 22.7% | 3.7% | 38.1% | 22.4% | -32.9% | 4.0% | |
| Operating Income | -13.6% | -231.4% | 28.8% | 102.5% | 49.3% | -544.3% | 21.1% | 92.5% | -559.8% | 40.3% | |
| Net Income | -13.6% | -240.4% | 26.9% | 101.6% | 45.7% | -932.7% | 32.7% | 87.0% | -280.8% | 22.1% | |
| EPS (Diluted) | 7.8% | -177.0% | 29.5% | 104.2% | 45.5% | -893.8% | 33.5% | 87.6% | -242.9% | 34.7% | |
| Operating Cash Flow | -53.0% | -40.3% | -105.0% | 104.2% | -43.1% | -142.5% | -520.5% | 138.7% | -274.2% | -36.3% | |
| Free Cash Flow | -53.9% | -39.2% | -105.0% | 103.1% | -40.6% | -409.8% | -175.3% | 100.7% | -10152.9% | 48.4% | |
| R&D Expense | 24.4% | 25.5% | -22.9% | -100.0% | 0.0% | 0.0% | -33.9% | -31.1% | 30.7% | -95.1% | |
| SG&A Expense | 69.5% | 139.3% | 140.0% | -88.9% | -100.0% | 0.0% | 49.3% | -26.2% | -8.4% | 10.4% | |
| Total Assets | 40.9% | 79.4% | -38.6% | -90.2% | 53.3% | 87.4% | 8.1% | -26.9% | 4.4% | 17.9% | |
| Book Value / Share | 7.9% | -50.7% | -105.8% | 176.8% | 274.0% | 293.0% | -60.1% | 15.2% | -12.0% | 32.4% | |
| Debt | 0.0% | 0.0% | 12.3% | -98.3% | 87.1% | -8.8% | 153.8% | -22.8% | 45.0% | -1.2% | |
| Diluted Shares | 23.6% | 22.7% | 3.6% | -60.3% | 0.0% | 3.9% | 1.2% | 4.0% | 12.1% | 19.9% |
Valuation
P/E (TTM)At Loss
P/S1.85
10Y Low / Med / High0.46 / 3.55 / 84.86
P/B3.83
10Y Low / Med / High1.27 / 3.98 / 57.51
EV/EBITDA67.38
10Y Low / Med / High17.08 / 24.34 / 49.61
EV/Revenue1.85
10Y Low / Med / High0.33 / 3.59 / 81.22
P/FCFAt Loss
10Y Low / Med / High23.91 / 40.25 / 437.58
Intrinsic Value Models (per share)
Tangible Book / Share
$0.24
Net Current Assets / Share
$0.23
Cash / Share
$0.93
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -3.52 | -1.27 | -1.80 | 43.18 | 29.69 | -2.12 | -1.14 | -27.43 | -5.43 | -16.40 | -19.79 | |
| P/S Ratio | 13.90 | 84.86 | 9.42 | 4.53 | 3.55 | 1.48 | 0.46 | 1.33 | 1.42 | 3.05 | 1.85 | |
| P/B Ratio | 1.27 | 2.57 | -44.15 | 57.51 | 15.38 | 2.22 | 1.98 | 5.16 | 3.98 | 5.93 | 3.83 | |
| EV/EBITDA | -3.11 | -1.25 | -2.96 | 24.34 | 17.08 | -1.62 | -1.06 | 49.61 | -10.16 | -57.16 | 67.38 | |
| EV/Revenue | 12.05 | 81.22 | 14.36 | 4.55 | 3.59 | 0.84 | 0.33 | 1.20 | 1.52 | 3.07 | 1.85 |
Analyst Estimates & Quality
Altman Z-Score
0.65
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $77.2M | $115.2M | $162.3M |
| Net Income | -$3.0M | $10.7M | $25.7M |
| EPS | $-0.13 | $0.44 | $1.05 |
| # Analysts (EPS) | 3 | 3 | 2 |
Revenue Segments
By Product
| Segment | 2018 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Product | $3.0M | — | — | — | — | — |
| Accutane | — | $10.1M | $18.4M | $20.2M | $19.4M | $12.9M |
| Exelderm | — | $5.4M | $3.5M | $2.4M | — | — |
| Other Branded Products | — | $37.0K | — | — | — | — |
| Qbrexa | — | $17.1M | — | — | — | — |
| Targadox | — | $22.4M | $8.0M | $3.2M | — | — |
| Ximino | — | $8.2M | $5.0M | $287.0K | — | — |
| Amzeeq | — | — | $7.2M | $6.2M | $5.0M | — |
| Qbrexza | — | — | $26.7M | $25.4M | $25.1M | $25.0M |
| Zilxi | — | — | $2.3M | $2.0M | $1.6M | — |