GYRE THERAPEUTICS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GYRE THERAPEUTICS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue		1.02	0.01		20.9	7.34	102	113	106	117
Cost of revenue							4.79	4.64	3.88	5.42
Gross profit							97.5	109	102	111
Research and development	11.6	12.8	21.5	43.9	53	68.9	16.7	13.8	12	13.7
Selling and marketing							54.2	61.2	57.5	65.2
General and administrative	9.26	9.99	12.4	13.4	16.2	19	17.4	14.7	16.1	20.8
Operating expenses	20.8	22.8	33.8	57.3	78.3	95.2	88.3	176	89.6	105
Operating income	-20.4	-21.8	-33.8	-57.3	-57.4	-87.9	9.2	-67.2	16.2	11.5
Other non-operating income	0.09	-0	1.65	-0.04	-0.09	-0.08		-1.52	-1.66	-1.51
Pre-tax income						-87.9	9.41	-77	23.2	14.4
Income tax							5.1	8.52	5.32	4.56
Net income to minority interests							2.01	7.45	5.81	4.85
Net income	-16.9	-21.6	-30.1	-55.2	-56.2	-87.9	4.31	-85.5	17.9	9.88
EBITDA	-20	-21.6	-33.7	-57.1	-57.2	-87.6	10.3	-66.2	17.7	14
EPS, basic	-21.75	-7.45	-2.68	-4.60	-2.93	-2.87	0.04	-1.41	0.14	0.06
EPS, diluted	-21.75	-7.45	-2.68	-4.60	-2.93	-2.87	0.03	-1.41	0.05	0.02
Shares, basic (weighted)	0.78	3.42	11.2	12	19.2	30.6	63.6	65.8	85.1	89.3
Shares, diluted (weighted)	0.78	3.42	11.2	12	19.2	30.6	75.7	65.8	102	103
Dividend per share							0.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	10.3	14.5	31.2	15.4	30.4	44.3	25.2	33.5	11.8	49.2
Short-term investments	6.8	18	88.9	61.5	49	2.5	0		14.9	15.4
Receivables				15	3.31	1.82	17.1	15.2	19.6	31.1
Inventory							6.12	4.28	6.34	10.2
Other current assets	0.96	1.33	3.81	4.2	6.84	2.81	0.84	1.05	1.44	1.49
Total current assets	37.5	39.1	124	96.1	89.5	51.5	49.7	57.2	64.8	149
Property, plant and equipment	0.44	0.28	0.39	0.3	0.43	0.97	17.7	23.3	23.9	27.5
Lease right-of-use assets				1.93	1.83	2.74	0.67	0.49	1.82	3.61
Intangible assets							0.3	0.27	0.27	4.73
Long-term investments					2.54				1.6	1.59
Other non-current assets		0.13	0.54	0.26	0.53	0.47	3.39	1	3.03	7.62
Total assets	38.1	39.5	125	98.6	94.8	55.7	84.8	117	125	220
Accounts payable	0.84	0.75	1.25	4.28	5.93	6.42	0.12	0.36	0.11	1.34
Deferred revenue	0.28	0.21		15	1.98	0.23	0.15	0.04	0.06	1.18
Total current liabilities	22	8.74	4.8	28.9	17.8	14.2	12.2	20	19.5	23.8
Lease liabilities				1.32	0.98	0.41	0.12	0.2	0.89	2.3
Other non-current liabilities							0.06	0.05	0.01	1.51
Total liabilities	22	8.74	4.98	30.2	18.8	14.6	12.5	38.1	27	31.4
Paid-in capital	164	204	323	327	391	444	32.8	68.2	136	173
Retained earnings	-148	-173	-203	-259	-315	-403	7.4	-85.5	-73.5	-113
Other comprehensive income	-0		-0	0.03	0.01		-0.39	-1.64	-2.6	-0.91
Shareholders' equity	16.1	30.8	120	68.3	76.1	41.1	42.5	-15.8	63.3	62.5
Minority interests							29.7	29.8	35.1	-2.95
Total equity	16.1	30.8	120	68.3	76.1	59.5	72.2	13.9	35.8	59.5
Total liabilities and equity	38.1	39.5	125	98.6	94.8	55.7	84.8	117	125	220
Shares outstanding	0.8	6.08	12	12	22.1	31.4	63.6	76.6	86.3	91.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-16.9	-21.6	-30.1	-55.2	-56.2	-87.9	4.31	-85.5	17.9	9.88
Depreciation and amortization	0.39	0.17	0.15	0.15	0.14	0.29	1.09	1.07	1.55	2.48
Stock-based compensation	0.64	0.86	2.61	3.2	3.63	3.41	13.4	7.28	0.83	7.16
Deferred income tax							-0.89	-0.83	-1	-1.11
Change in receivables	0.46	0.01		-15	11.7	1.5		0.29	-5.26	-10.8
Change in inventory							-0.88	1.75	-2.14	-3.63
Change in payables	-0.1	-0.09	0.5	3.03	1.65	0.5	-0.11	0.19	-0.25	0.01
Cash from operations	-18.5	-19.9	-28.6	-43.6	-55	-83.8	10.7	25.9	-3.64	1.01
Capital expenditures	-0.47	-0.02	-0.38	-0.06		-0.84	-4.99	-8.52	-2.32	-1.19
Purchases of investments	-13.4	-25.5	-199	-0.06	-0.27	-0.84
Sales and maturities of investments	10
Cash from investing	-1.31	-11.2	-71.3	27.4	9.66	48.2	-13.8	-19.8	-19.9	-0.47
Stock issued	0.96	5.34						0	0.77	2.36
Dividends paid							-45
Cash from financing	0.95	21.1	111	0.33	60.4	49.6	-45	2.5	2.1	24.4
Net change in cash	-18.8	-10.1	11.5	-15.9	15	14	-5.03	8.33	-21.7	25.3
Free cash flow	-18.9	-20	-28.9	-43.7		-84.6	5.69	17.4	-5.96	-0.18
Income taxes paid							6.31	6.35	8.52	5.62

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.35 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	94.2%	Gross profit / revenue.
Operating margin	-10.5%	Operating income / revenue.
EBITDA margin	-8.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-13.8%	Pre-tax income / revenue.
Net margin	-22.1%	Net income / revenue.
FCF margin	-5.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-4.2%	Cash from operations / revenue.
Return on equity (ROE)	-23.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-12.9%	Net income / average total assets.
Return on invested capital (ROIC)	-15.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	8.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.0%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	41.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-28.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-21.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-44.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	31.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-60.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-12.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	-54.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-1.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	75.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	37.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	18.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	10.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	40.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.26x	Current assets / current liabilities.
Quick ratio	2.97x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.00x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	17.2%	Total liabilities / total assets.
Working capital	$93.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	2.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$103.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.58x	Revenue / average total assets.
Fixed asset turnover	4.27x	Revenue / average property, plant and equipment.
Inventory turnover	0.60x	Cost of revenue / average inventory.
Days inventory	613 days	365 x average inventory / cost of revenue.
Receivables turnover	4.19x	Revenue / average receivables.
Days sales outstanding	87 days	365 x average receivables / revenue.
Days payables	66 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	634 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.26	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1.16	Revenue / diluted weighted shares.
FCF per share	-$0.06	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.05	Cash from operations / diluted weighted shares.
Book value per share	$1.02	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.98	Tangible book value / shares outstanding.
Cash per share	$0.54	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$819.6M	Share price x shares outstanding.
Enterprise value	$762.3M	Market cap + total debt - cash - short-term investments.
P/S	7.04x	Market cap / revenue.
P/B	7.59x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.93x	Market cap / tangible book value, when positive.
EV/Sales	6.55x	Enterprise value / revenue.
FCF yield	-0.7%	Free cash flow / market cap.
Earnings yield	-3.1%	Net income / market cap (the inverse of P/E).

What was GYRE THERAPEUTICS, INC.'s revenue in fiscal 2025?

GYRE THERAPEUTICS, INC. reported revenue of $116.6M for fiscal 2025, 10.2% higher than the year before.

Was GYRE THERAPEUTICS, INC. profitable in fiscal 2025?

Yes. Net income was $9.9M, a net margin of 8.5%.

How much free cash flow did GYRE THERAPEUTICS, INC. generate in fiscal 2025?

Cash from operations of $1.0M minus capital expenditures of $1.2M left free cash flow of -$180.0K.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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