Sarepta Therapeutics Inc
SRPTHealthcare|Biotechnology|USA
$22.07
-0.73 (-3.20%)
Tangible Book
$10.59
Financials
Financial Snapshot
Market Cap
$2.32B
Enterprise Value
$-100.1M
Revenue (TTM)
$2.20B
Net Income (TTM)
$-713.4M
Cash & Equivalents
$939.9M
Net Cash/Share
$-12.09
Free Cash Flow (TTM)
$-315.3M
Operating CF (TTM)
$-205.5M
Debt/Equity
0.91
Cash Runway & Burn Rate
Cash on Hand
$939.9M
Quarterly Burn
$51.4M
Monthly Burn
$17.1M
Est. Runway
~18.3 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $317.8M | $1.08B | $1.17B | $1.12B | $1.94B | $2.12B | $1.99B | $1.68B | $1.35B | $939.6M | $939.6M | |
| Operating Cash Flow | $-245.8M | $-232.0M | $-388.7M | $-456.5M | $107.5M | $-443.2M | $-325.3M | $-501.0M | $-205.8M | $-205.5M | $-205.5M | |
| Free Cash Flow | $-252.7M | $-253.2M | $-449.8M | $-516.1M | $25.3M | $-484.0M | $-357.6M | $-588.3M | $-352.7M | $-315.3M | $-315.3M | |
| Capital Expenditure | $-6.9M | $-21.2M | $-61.2M | $-59.6M | $-82.2M | $-40.8M | $-32.3M | $-87.3M | $-147.0M | $-109.8M | $-109.8M | |
| Financing Cash Flow | $378.1M | $888.1M | $530.1M | $642.6M | $682.3M | $561.6M | $232.5M | $125.0M | $124.8M | $-168.3M | $-168.3M |
R&D Spending
R&D (TTM)
$1.52B
R&D Intensity
69.2%
R&D Growth YoY
+0.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.4M | $154.6M | $301.0M | $380.8M | $540.1M | $701.9M | $933.0M | $1.24B | $1.90B | $2.20B | $2.20B | |
| R&D Expense | $188.3M | $166.7M | $401.8M | $560.9M | $722.3M | $771.2M | $877.1M | $877.4M | $804.5M | $1.52B | $1.52B | |
| R&D % of Revenue | 3473.0% | 107.8% | 133.5% | 147.3% | 133.7% | 109.9% | 94.0% | 70.6% | 42.3% | 69.2% | 69.2% | |
| SG&A | $81.2M | $122.7M | $207.8M | $284.8M | $317.9M | $282.7M | $451.4M | $481.9M | $557.9M | $491.7M | $491.7M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.4M | $154.6M | $301.0M | $380.8M | $540.1M | $701.9M | $933.0M | $1.24B | $1.90B | $2.20B | $2.20B | |
| Cost of Goods Sold | $101.0K | $7.4M | $34.2M | $56.6M | $63.4M | $97.0M | $140.0M | $150.3M | $319.1M | $839.6M | $839.6M | |
| Gross Profit | $5.3M | $147.2M | $266.8M | $324.2M | $476.7M | $604.8M | $793.0M | $1.09B | $1.58B | $1.36B | $1.36B | |
| R&D | $188.3M | $166.7M | $401.8M | $560.9M | $722.3M | $771.2M | $877.1M | $877.4M | $804.5M | $1.52B | $1.52B | |
| SG&A | $81.2M | $122.7M | $207.8M | $284.8M | $317.9M | $282.7M | $451.4M | $481.9M | $557.9M | $491.7M | $491.7M | |
| Operating Income | $-264.2M | $-143.2M | $-343.6M | $-522.3M | $-564.2M | $-449.7M | $-536.2M | $-267.8M | $218.1M | $-657.8M | $-657.8M | |
| Interest Expense | $-1.9M | $-5.8M | $-33.7M | $-30.7M | $-59.9M | $-63.5M | $-53.2M | $-22.0M | $-18.4M | $-38.1M | $-38.1M | |
| Pretax Income | $-267.3M | $-48.6M | $-362.6M | $-713.9M | $-553.1M | $-418.9M | $-690.0M | $-520.1M | $260.8M | $-702.2M | $-702.2M | |
| Net Income | $-267.3M | $-50.7M | $-361.9M | $-715.1M | $-554.1M | $-418.8M | $-703.5M | $-536.0M | $235.2M | $-713.4M | $-713.4M | |
| EPS (Diluted) | -5.49 | -0.86 | -5.46 | -9.71 | -7.11 | -5.15 | -8.03 | -5.80 | 2.34 | -7.13 | -8.44 | |
| EBITDA | $-259.8M | $-34.7M | $-316.7M | $-658.7M | $-466.2M | $-317.4M | $-594.9M | $-453.7M | $316.9M | $-619.6M | $-619.6M | |
| Shares Out. (M) | 48.70 | 58.82 | 66.25 | 73.61 | 77.96 | 81.26 | 87.56 | 92.40 | 107.88 | 100.12 | 104.84 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $122.4M | $599.7M | $370.8M | $835.1M | $1.50B | $2.12B | $966.8M | $428.4M | $1.10B | $801.3M | $801.3M | |
| Marketable Securities | $195.4M | $479.4M | $803.1M | $289.7M | $435.9M | $0.00 | $1.02B | $1.25B | $251.8M | $138.4M | $138.4M | |
| Total Current Assets | $373.5M | $1.23B | $1.43B | $1.47B | $2.49B | $2.60B | $2.56B | $2.58B | $3.07B | $2.54B | $2.54B | |
| Total Assets | $424.1M | $1.31B | $1.64B | $1.82B | $2.98B | $3.15B | $3.13B | $3.26B | $3.96B | $3.35B | $3.35B | |
| Total Current Liabilities | $75.4M | $88.3M | $173.7M | $264.8M | $416.0M | $452.7M | $619.6M | $653.7M | $731.7M | $1.10B | $1.10B | |
| Long-Term Debt | $6.0M | $424.9M | $420.6M | $681.9M | $992.5M | $1.10B | $1.54B | $1.13B | $1.14B | $829.0M | $829.0M | |
| Total Liabilities | $87.4M | $518.7M | $609.8M | $1.00B | $2.22B | $2.22B | $2.74B | $2.41B | $2.44B | $2.21B | $2.21B | |
| Stockholders' Equity | $336.7M | $789.2M | $1.03B | $818.2M | $761.8M | $928.0M | $384.9M | $859.3M | $1.53B | $1.14B | $1.14B | |
| Retained Earnings | $-1.17B | $-1.22B | $-1.58B | $-2.29B | $-2.85B | $-3.21B | $-3.91B | $-4.45B | $-4.21B | $-4.88B | $-4.88B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-245.8M | $-232.0M | $-388.7M | $-456.5M | $107.5M | $-443.2M | $-325.3M | $-501.0M | $-205.8M | $-205.5M | $-205.5M | |
| Capital Expenditure | $-6.9M | $-21.2M | $-61.2M | $-59.6M | $-82.2M | $-40.8M | $-32.3M | $-87.3M | $-147.0M | $-109.8M | $-109.8M | |
| Free Cash Flow | $-252.7M | $-253.2M | $-449.8M | $-516.1M | $25.3M | $-484.0M | $-357.6M | $-588.3M | $-352.7M | $-315.3M | $-315.3M | |
| Investing Cash Flow | $-90.2M | $-178.8M | $-370.5M | $286.7M | $-121.7M | $495.4M | $-1.05B | $-165.8M | $755.6M | $69.6M | $69.6M | |
| Financing Cash Flow | $378.1M | $888.1M | $530.1M | $642.6M | $682.3M | $561.6M | $232.5M | $125.0M | $124.8M | $-168.3M | $-168.3M | |
| Issuance of Stock | $364.8M | $354.0M | $513.4M | $365.4M | $312.1M | $548.5M | $0.00 | $0.00 | $0.00 | $20.0M | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-25.0M | $20.0M | |
| Issuance of Debt | $0.00 | $639.7M | $235.9M | $245.6M | $291.1M | $0.00 | $1.13B | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $-7.6M | $-54.8M | $-267.2M | $0.00 | $0.00 | $0.00 | $-823.2M | $0.00 | $-68.0K | $-162.6M | $-159.1M | |
| Stock Based Comp. | $30.0M | $30.5M | $50.1M | $78.6M | $108.1M | $113.9M | $233.0M | $182.5M | $184.3M | $123.4M | $123.4M | |
| Net Change in Cash | $42.1M | $477.3M | $-229.0M | $472.8M | $668.1M | $613.8M | $-1.14B | $-541.8M | $674.6M | $-304.2M | $-304.2M |
Dilution Tracker
Shares outstanding grew 29.0% over 5 years — significant dilution
Shares Outstanding
105M
5-Year Share Growth
+29.0%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 48.70 | 58.82 | 66.25 | 73.61 | 77.96 | 81.26 | 87.56 | 92.40 | 107.88 | 100.12 | 104.84 | |
| YoY Change % | — | 20.8% | 12.6% | 11.1% | 5.9% | 4.2% | 7.7% | 5.5% | 16.8% | -7.2% | 4.7% | |
| Stock Issuance | $364.8M | $354.0M | $513.4M | $365.4M | $312.1M | $548.5M | $0.00 | $0.00 | $0.00 | $20.0M | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-25.0M | $20.0M | |
| Stock Based Comp. | $30.0M | $30.5M | $50.1M | $78.6M | $108.1M | $113.9M | $233.0M | $182.5M | $184.3M | $123.4M | $123.4M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 98.1% | 95.2% | 88.6% | 85.1% | 88.3% | 86.2% | 85.0% | 87.9% | 83.2% | 61.8% | 61.8% | |
| Operating Margin % | -4873.3% | -92.6% | -114.1% | -137.2% | -104.5% | -64.1% | -57.5% | -21.5% | 11.5% | -29.9% | -29.9% | |
| Net Margin % | -4930.2% | -32.8% | -120.2% | -187.8% | -102.6% | -59.7% | -75.4% | -43.1% | 12.4% | -32.5% | -32.5% | |
| EBITDA Margin % | -4791.8% | -22.5% | -105.2% | -173.0% | -86.3% | -45.2% | -63.8% | -36.5% | 16.7% | -28.2% | -28.2% | |
| FCF Margin % | -4661.2% | -163.8% | -149.4% | -135.5% | 4.7% | -69.0% | -38.3% | -47.3% | -18.5% | -14.3% | -14.3% | |
| ROE % | -101.4% | -9.0% | -39.7% | -77.3% | -70.1% | -49.6% | -107.2% | -86.2% | 19.7% | -53.5% | -55.0% | |
| ROA % | -76.6% | -5.9% | -24.5% | -41.3% | -23.1% | -13.7% | -22.4% | -16.8% | 6.5% | -19.5% | -19.9% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 127.43 / 401.80
Industry Med.27.95
P/S1.02
Historical0.52 / 12.45 / 2193.21
Industry Med.9.84
P/B2.03
Historical0.86 / 9.44 / 35.55
Industry Med.2.92
EV/EBITDA-3.90
Historical-129.91 / -14.43 / 166.25
Industry Med.12.92
EV/Revenue1.10
Historical0.74 / 11.66 / 2064.43
Industry Med.8.79
P/FCF—
Historical28.06 / 97.73 / 317.49
Industry Med.35.03
Intrinsic Value Models
Tangible Book
$10.59
Net Current Assets
$3.130
Median P/S Value
$296.03
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | 51.96 | At Loss | At Loss | |
| PS Ratio | 247.12 | 21.17 | 24.02 | 24.94 | 24.61 | 10.43 | 12.16 | 7.17 | 6.90 | 0.98 | 1.02 | |
| PB Ratio | 4.46 | 4.57 | 7.51 | 11.86 | 17.76 | 8.45 | 29.60 | 10.52 | 7.71 | 1.98 | 2.03 | |
| EV/EBITDA | -4.62 | -85.13 | -22.11 | -14.13 | -27.17 | -21.69 | -18.53 | -19.31 | 37.14 | -3.81 | -3.91 | |
| EV/Revenue | 221.42 | 19.13 | 23.26 | 24.44 | 23.45 | 9.81 | 11.82 | 7.04 | 6.19 | 1.07 | 1.10 |
Analyst Estimates & Quality
Altman Z-Score
-0.87
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
-3.14
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $1,730M | $1,419M | $1,449M |
| Net Income | $304M | $144M | $122M |
| EPS | 2.85 | 1.16 | 0.77 |
| Book Value per Share | 13.89 | 15.53 | 18.69 |
| Operating Cash Flow per Share | 3.42 | 2.88 | 4.24 |
| Operating CF | $358.57M | $302.30M | $444.54M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Phosphorodiamidate morpholino oligomer (PMO) Products | $965.6M |
| Collaboration and Other | $333.9M |
| ELEVIDYS | $898.7M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $1.70B |
| Collaboration and other | $333.9M |
| Rest of World | $165.2M |